Market Research Report
Telemedicine Market Size By Service, By Type, By Specialty, By Delivery Mode, COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1009665|
|Published||Content info||220 Pages
Delivery time: 2-3 business days
|Telemedicine Market Size By Service, By Type, By Specialty, By Delivery Mode, COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
|Published: June 4, 2021||Content info: 220 Pages||
The telemedicine market is projected to showcase exponential growth by 2027 owing to rising awareness about benefits and ease-of-use of telemedicine services, along with an upsurge in the demand for remote patient monitoring.
Telemedicine has been in existence for decades, however, the COVID-19 Public Health Emergency (PHE) has greatly boosted its significance. To prevent virus transmission, both patients and healthcare professionals have been opting for call/video consultations from the safety of their homes.
Clinicians are leveraging technology to accommodate social distancing norms while providing effective healthcare. Subsequently, the escalating reliance on telemedicine by both patients as well as physicians in response to the pandemic is expected to support market adoption through 2027.
For instance, in Jan 2021, Mayo Clinic published a study that found that the number of its clinicians who were carrying out video telemedicine consultation had exceeded 6,500, which was 2000% higher than its pre-COVID numbers.
The telemedicine market has been segmented on the basis of service, type, specialty, delivery mode, and region. Based on service, the market has been divided into tele-consulting, tele-education/training, tele-monitoring, and others.
The tele-consulting sub-segment was valued at USD 25.6 billion in 2020 and is expected to amass lucrative gains over the analysis period. Due to lockdown restrictions that were imposed to curb the spread of the coronavirus, there has been a massive surge in dependence on tele-consultation for varied health requirements, which is projected to contribute to market demand by 2027.
In terms of type, the telemedicine market has been divided into telehospital and telehome. In 2020, the telehome sub-segment accounted for a 34.2% share in the telemedicine market and is expected to grow significantly through the forecast period.
With the growing number of COVID patients recovering in home isolation has enhanced the use of telehome services to advice and treat patients from the safety of their homes. Moreover, telehome services also enable patients to access healthcare without the risk of exposure to the coronavirus that is likely in hospital visits, which is expected to contribute to segmental growth in the coming years.
From the specialty perspective, the market has been bifurcated into cardiology, neurology, gynecology, dermatology, orthopedics, mental health, and others. The neurology segment was valued at USD 7.4 billion in 2020 and is estimated to grow at a notable pace over 2021 - 2027 due to the prevalent use of telemedicine by neurologists.
In terms of delivery mode, the market has been segmented into web/mobile and call centers. The call center sub-segment valuation is expected to reach USD 71.4 billion by 2027, delivering a steady CAGR through the assessment timeframe.
On the regional spectrum, Latin America accounted for a 3% share in the telemedicine market revenue. The improving regulatory landscape pertaining to telemedicine and robust internet infrastructure of the region are anticipated to foster regional market outlook over the forecast period.
The Middle East & Africa telemedicine market is estimated to register a 19.1% CAGR through the analysis timeframe driven by the escalating utilization of telemedicine for healthcare services in the region following the COVID-19 outbreak.