Market Research Report
Telemedicine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ; Product and Services ; Specialty ; Delivery Mode ; and Geography
|Published by||The Insight Partners||Product code||1004665|
|Published||Content info||200 Pages
Delivery time: 1-2 business days
|Telemedicine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ; Product and Services ; Specialty ; Delivery Mode ; and Geography|
|Published: April 20, 2021||Content info: 200 Pages||
The telemedicine market was valued at US$ 51,094.75 million in 2020 and is projected to reach US$ 199,544.64 million by 2028; it is expected to grow at a CAGR of 18.6% during 2021-2028. The market growth is attributed to key factors such as the increasing use of smartphones and development of various mobile platforms, and rising prevalence of chronic and lifestyle-associated diseases. However, healthcare fraud and rising data security concerns, barriers to telemedicine in rural areas and developing countries, and lack of universal reimbursement policies restrain the market growth. Further, the rising adoption of telemedicine amid COVID-19 outbreak pandemic offers lucrative opportunities for the growth of the global telemedicine market.
Smartphones are making healthcare practices more comfortable and manageable as they play key role in the collection of patient's health data; moreover, they can also act as a medium to provide healthcare services as well as to provide prescriptions, medical knowledge, recommendations, and so on. The telemedicine technology allows healthcare providers to support patients throughout disease surveillance, guidance treatments, and chronic disease management. The number of Internet users is currently rising at an annual rate of more than 7%, equating to an average of ~875,000 new users every day. However, the COVID-19 pandemic has had a big impact on internet user research, and hence, the actual figures are likely to be much higher. Moreover, according to Data Reporter Review, 42 published in February 2021, there were 5.11 billion unique mobile users worldwide in 2019, and 2.71 billion of them used smartphones. Additionally, 82.2% of the people in the UAE have a smartphone, which is the highest smartphone penetration in the world.
Based on type, the global telemedicine market is bifurcated into telehospital and telehome. The telehome segment held a larger market share in 2020 and is expected to register a higher CAGR during the forecast period. By delivery mode, the market is segmented into mobile, call centers, and web. The mobile segment held the largest share of the market in 2020, and it is further expected to register the highest CAGR in the market during 2021-2028.
The Food Safety and Inspection Service, Food and Drug Administration, National Institute of Health, and European Medical Association are a few of the major secondary sources referred to while preparing the report on the global telemedicine market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the telemedicine market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global telemedicine market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution