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Market Research Report

Telemedicine Market: Current Analysis and Forecast (2021-2027)

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Telemedicine Market: Current Analysis and Forecast (2021-2027)
Published: April 27, 2021 Content info: 206 Pages
Description

Telemedicine is a virtual digital platform of caring patients remotely when the provider and patient are not physically present. It allows patients to connect with physicians, which lowers the overall healthcare expenditure of the patients. In the current scenario, due to the Covid-19, most of the patients needed remote monitoring, to overcome the spread and prevention from infection. Moreover, the Government's involvement in the healthcare sector helped in providing a safer platform to the people and to develop some policies and regulations accordingly. The emerging use of telemedicine in the upcoming years is anticipated to become the most acquired method of diagnosis and medical consultations. It will sideways also improve the technologies in account to mobile and internet market amplification. The acquisition of digital technologies and tele-consultations are going to be the driving factor for the reduction of cost burden in healthcare. According to FCC, Telehealth technologies are projected to save the US healthcare industry USD XX billion annually. According to ResearchGate, during Covid-19 pendamic 62.6% of patients used virtual healthcare appointments and 59% of clinicians said that the cases were as actual as in-office care.

Telemedicine is the delivery of health care services, where

distance is a critical factor, by all health care professionals

using information and communications technologies for

the exchange of valid information for diagnosis, treatment

and prevention of disease and injuries, research and

evaluation, and for the continuing education of health

care providers, all in the interests of advancing the health

of individuals and their communities."

Telemedicine is the delivery of health care services, where

distance is a critical factor, by all health care professionals

using information and communications technologies for

the exchange of valid information for diagnosis, treatment

and prevention of disease and injuries, research and

evaluation, and for the continuing education of health

care providers, all in the interests of advancing the health

of individuals and their communities."

Telemedicine is the delivery of health care services, where

distance is a critical factor, by all health care professionals

using information and communications technologies for

the exchange of valid information for diagnosis, treatment

and prevention of disease and injuries, research and

evaluation, and for the continuing education of health

care providers, all in the interests of advancing the health

of individuals and their communities."

Telemedicine is the delivery of health care services, where

distance is a critical factor, by all health care professionals

using information and communications technologies for

the exchange of valid information for diagnosis, treatment

and prevention of disease and injuries, research and

evaluation, and for the continuing education of health

care providers, all in the interests of advancing the health

of individuals and their communities."

Telemedicine is the delivery of health care services, where

distance is a critical factor, by all health care professionals

using information and communications technologies for

the exchange of valid information for diagnosis, treatment

and prevention of disease and injuries, research and

evaluation, and for the continuing education of health

care providers, all in the interests of advancing the health

of individuals and their communities."

Telemedicine is the delivery of health care services, where

distance is a critical factor, by all health care professionals

using information and communications technologies for

the exchange of valid information for diagnosis, treatment

and prevention of disease and injuries, research and

evaluation, and for the continuing education of health

care providers, all in the interests of advancing the health

of individuals and their communities."

Telemedicine is the delivery of health care services, where

distance is a critical factor, by all health care professionals

using information and communications technologies for

the exchange of valid information for diagnosis, treatment

and prevention of disease and injuries, research and

evaluation, and for the continuing education of health

care providers, all in the interests of advancing the health

of individuals and their communities.

Telemedicine is the delivery of health care services, where

distance is a critical factor, by all health care professionals

using information and communications technologies for

the exchange of valid information for diagnosis, treatment

and prevention of disease and injuries, research and

evaluation, and for the continuing education of health

care providers, all in the interests of advancing the health

of individuals and their communities.

Telemedicine can be determined as an integration

of several components including information and

communication technologies, hardware and soware

technologies and medical services operating together in

order to provide required features or services to users

Telemedicine can be determined as an integration

of several components including information and

communication technologies, hardware and soware

technologies and medical services operating together in

order to provide required features or services to users

Telemedicine can be determined as an integration

of several components including information and

communication technologies, hardware and soware

technologies and medical services operating together in

order to provide required features or services to users

as shown in Fig 1. e underlying technologies are seen

as a black box to the users and they are responsible for

facilitating processes of each proposed service

.......... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... ...........

....................................... ................................

EDUCATION AND PRACTICE Fundamentals

" Introduction to the practice of telemedicine

John Craig* and Victor Patterson*

w

Department of Neurology, Royal Victoria Hospital, Belfast, UK;

w

Centre for Online Health, University of Queensland, Brisbane,

Australia

Summary

Telemedicine is the delivery of health care and the exchange of health-care information across distances. It is not

a technology or a separate or new branch of medicine. Telemedicine episodes may be classified on the basis of:

(1) the interaction between the client and the expert (i.e. realtime or prerecorded), and (2) the type of

information being transmitted (e.g. text, audio, video). Much of the telemedicine which is now practised is

performed in industrialized countries, such as the USA, but there is increasing interest in the use of telemedicine

in developing countries. There are basically two conditions under which telemedicine should be considered:

(1) when there is no alternative (e.g. in emergencies in remote environments), and (2) when it is better than

existing conventional services (e.g. teleradiology for rural hospitals). For example, telemedicine can be expected

to improve equity of access to health care, the quality of that care, and the efficiency by which it is delivered.

Research in telemedicine increased steadily in the late 1990s, although the quality of the research could be

improved - there have been few randomized controlled trials to date.

Introduction

One of the great challenges facing humankind in the

21st century is to make high-quality health care available

to all. Such a vision has been expressed by the World

Health Organization (WHO) in its health-for-all strategy

in the 21st century.

1

Realizing this vision will be difficult,

perhaps impossible, because of the burdens imposed on

a growing world population by old and new diseases,

rising expectations for health, and socioeconomic

conditions that have, if anything, increased disparities in

health status between and within countries.

Traditionally, part of the difficulty in achieving

equitable access to health care has been that the

provider and the recipient must be present in the same

place and at the same time. Recent advances in

information and communication technologies,

however, have created unprecedented opportunities for

overcoming this by increasing the number of ways that

health care can be delivered. This applies both to

developing countries with weak or unstable economies

and to industrialized countries. The possibilities for

using information and communication technologies to

improve health-care delivery ('health telematics') are

increasingly being recognized. The WHO has stated that

with regard to its health-for-all strategy it recommends

that the WHO and its member states should:

integrate the appropriate use of health telematics in

the overall policy and strategy for the attainment of

health for all in the 21st century, thus fulfilling the

vision of a world in which the benefits of science,

technology and public health development are made

equitably available to all people everywhere.

2

Such a commitment to improve health-care delivery,

by utilizing information and telecommunications

technologies, is also being considered by those with the

financial means to do so, for example, the participants

in various European Commission projects. At the

national and subnational level, there is also evidence of

governmental interest in the benefits that these

technologies might bring to health care. For example,

in the UK, information technology including

telemedicine is at the heart of the government's

strategy to modernize and improve the NHS.

3

Telemedicine, the area where medicine and infor-

mation and telecommunications technology meet, is

probably the part of this revolution that could have the

greatest impact on healthcare delivery

The UK Government giving preference and providing funds to revolutionize and expand the telemedicine sector among with information technology. As per McKinsey & Company in 2020, customer acceptance of telehealth amenities has increased to 49% from 11% in 2019. Increased adoption of advanced technologies like machine learning, the internet of medical things (IoMT), virtual hospitals, artificial intelligence, and tele-health has emerged fruitful for the patients and doctors. In March 2020, the UAEs Ministry of Healthcare collaborated with the telecom department to establish their first virtual hospital, to upsurge the telemedicine market growth. However, high cost of development, implementation, and cyberthreat privacy concerns are some of the major limiting factor for the market growth.

Based on Service, the market is fragmented into Tele-consulting, Tele-monitoring, and Tele-education. It is anticipated that Tele-consultation service would maintain its dominance owing to telemedicine applications that support health provider's stay connected with their patients are more appreciated and appropriate than they have ever been. Based on the Specialty, the market is bifurcated into Cardiology, Neurology, Dermatology, Gynecology, Orthopedics, Mental Health, and Others. The Mental Health segment dominated the market, generating revenue of USD XX million in 2020. Based on Delivery mode, the market is fragmented into Mobile/Web and Call centers. The Web/Mobile segment accounted for the major revenue share, accounting for 75.2% share in 2020. The segment is anticipated to observe significant growth in the upcoming years through offering direct admittance to care delivery solutions.

Based on Modality, the market is fragmented into Real-time, Store and Forward, and others. The real-time segment is anticipated to observe profitable growth due to the extreme rise in the number of virtual visits. According to the On-demand Virtual Care Benchmark Survey, 32.1% of doctors in the US had an on-demand virtual care service in 2018. This is expected to boost the substantial growth of the real-time segment. Based on end-user, the market is fragmented into Providers, Payers, Patients, and Others. The Providers segment is anticipated to observe lucrative growth of more than 41.2% due to the extreme rise in the number of virtual visits.

For a better understanding of the market adoption of telemedicine, detailed regional level analysis id done for major regions including North America (US, Canada, and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. North America dominates the market, owing to chaotic schedules, busy and fast lifestyle, and increasing awareness about the benefit of telemedicine technology. Some of the major players operating in the market include MDlive, Inc., SteadyMD, Inc., Maven, Inc., HealthTap, Inc., BioTelemetry, Inc., American Well, CVS Health, Teladoc Health, Inc, Doctor On Demand, Inc, Plantronics, Inc. (Polycom), etc. Several M&As along with Partnerships have been undertaken by these players to boost their presence in different regions.

The global Telemedicine market have witness high adoption in 2020, compatred to 2019, and is projected to expand significantly from 2021F to 2027F. The market is expected to witness a boost on Increasing patient pool and higher teleconsultation are augmenting the need for Telemedicine globally. Ongoing investments would drive the growth of telemedicine sector worldwide.

Table of Contents
Product Code: UMHE21214

TABLE OF CONTENTS

1 MARKET INTRODUCTION

  • 1.1 Market Definitions
  • 1.2 Objective of the Study
  • 1.3 Limitation
  • 1.4 Stake Holders
  • 1.5 Currency Used in Report
  • 1.6 Scope of the Global Telemedicine Market Study

2 RESEARCH METHODOLOGY OR ASSUMPTION

  • 2.1 Research Methodology for the Global Telemedicine Market
    • 2.1.1 Main Objective of the Global Telemedicine Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 TOP START-UPS UNDER TELEMEDICINE SECTOR

6 TELEMEDICINE AMID COVID-19

7 GLOBAL TELEMEDICINE MARKET REVENUE (USD BN), 2019-2027F

8 MARKET INSIGHTS BY SERVICE

  • 8.1 Tele-Consulting
  • 8.2 Tele-Monitoring
  • 8.3 Tele-Education

9 MARKET INSIGHTS BY SPECIALTY

  • 9.1 Cardiology
  • 9.2 Neurology
  • 9.3 Dermatology
  • 9.4 Gynecology
  • 9.5 Orthopedics
  • 9.6 Mental Health
  • 9.7 Others

10 MARKET INSIGHTS BY DELIVERY MODE

  • 10.1 Web/Mobile
    • 10.1.1 Telephonic
    • 10.1.2 Visualized
  • 10.2 Call Centers

11 MARKET INSIGHTS BY MODALITY

  • 11.1 Real-time
  • 11.2 Store and Forward
  • 11.3 Others

12 MARKET INSIGHTS BY END-USER

  • 12.1 Providers
  • 12.2 Payers
  • 12.3 Patients
  • 12.4 Others

13    MARKET INSIGHTS BY REGION

  • 13.1 North America Telemedicine Market
    • 13.1.1 United States
    • 13.1.2 Canada
    • 13.1.3 Rest of North America
  • 13.2 Europe Telemedicine Market
    • 13.2.1 Germany
    • 13.2.2 France
    • 13.2.3 United Kingdom
    • 13.2.4 Italy
    • 13.2.5 Spain
    • 13.2.6 Rest of Europe
  • 13.3 Asia Pacific Telemedicine Market
    • 13.3.1 China
    • 13.3.2 Japan
    • 13.3.3 India
    • 13.3.4 Australia
    • 13.3.5 Rest of Asia Pacific
  • 13.4 Rest of World Telemedicine Market

14 TELEMEDICINE MARKET DYNAMICS

  • 14.1 Market Drivers
  • 14.2 Market Challenges
  • 14.3 Impact Analysis

15 TELEMEDICINE MARKET OPPORTUNITIES

16 TELEMEDICINE MARKET TRENDS

17 LEGAL & REGULATORY FRAMEWORK

18 DEMAND AND SUPPLY SIDE ANALYSIS

  • 18.1 Demand Side Analysis
  • 18.2 Supply Side Analysis
    • 18.2.1 Top Product Launches
    • 18.2.2 Top Business Partnerships
    • 18.2.3 Top Business Expansions, Investments and Divestitures
    • 18.2.4 Top Merger and Acquisitions

19 VALUE CHAIN ANALYSIS

20 COMPETITIVE SCENARIO

  • 20.1 Porter's Five Forces Analysis
    • 20.1.1 Bargaining power of Supplier
    • 20.1.2 Bargaining power of Buyer
    • 20.1.3 Industry Rivalry
    • 20.1.4 Availability of Substitute
    • 20.1.5 Threat of new Entrants
  • 20.2 Competitive Landscape
    • 20.2.1 Company Shares, By Revenue

21    COMPANY PROFILED

  • 21.1   American Well
  • 21.2   SteadyMD, Inc
  • 21.3   Maven, Inc
  • 21.4   HealthTap, Inc
  • 21.5   BioTelemetry, Inc
  • 21.6   MDlive, Inc
  • 21.7   CVS Health
  • 21.8   Teladoc Health, Inc
  • 21.9   Doctor on Demand, Inc
  • 21.10   Plantronics, Inc (Polycom)

22 DISCLAIMER

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