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Telemedicine Market Size, Status and Forecast 2021-2027
Published Date: January 2020
|
Report Code: QYRE-Othe-2M208
Home | Market Reports |Internet & Telecom
global telemedicine market

Telemedicine Market Size, Status and Forecast 2021-2027

Code: QYRE-Othe-2M208
Report
January 2020
97 Pages
QYResearch
Region: Global,
Description
Table of Content
Tables & Figures

Telemedicine Market - 2027

The Telemedicine Market size was valued at USD 31.46 Billion in 2018 and is expected to witness more than 19.28% CAGR during the forecast period. Telehealth helps to reduce emergency room visits and hospitalization rates. Furthermore, improving clinical infrastructure, increasing post-acute care monitoring, and growing demand in emerging economies is expected to increase the telemedicine market size.

Telemedicine Market Size & Share, Trends, Industry Report, Growth, Forecast 2027

Factors such as rising emergency medical incidents and the ageing world population are expected to drive growth over the forecast period in the global telemedicine market.

Telemedicine electronic communications and software offers clinical services to patients without an in-person visit. In telemedicine, technology enables healthcare providers by video conferencing to treat patients using a smartphone. Its system is used for the treatment of medication, chronic condition care, and other health services. Telemedicine is used by health care systems, physician practices, and skilled nursing facilities to provide more efficient health care facilities.

The healthcare sector is huge, and it is predicted that its centralization would help to harmonize the entire process as well as provide economic assistance. The ongoing outbreak of COVID-19 across the globe has resulted in increased demand for telemedicine solutions. Since social distancing is one of the key strategies to minimize the spread of COVID-19 infection, physicians can utilize telemedicine technologies to provide patients with healthcare services, thus encouraging social distancing and reducing the risk of infection.  

An increasing number of positive cases of coronavirus along with chronic respiratory diseases has improved telemedicine adoption services. Patients with suspected flu-like symptoms access various telemedicine platforms for remote access to healthcare services. Moreover, in the midst of the COVID-19 pandemic, various telemedicine companies are witnessing a spike in virtual visits. Such companies are increasing their ability to manage several thousand virtual visits a day to fulfill the rising need. This factor is expected to increase the telemedicine market size during the forecast period.

Within healthcare industry, telemedicine has paved into diverse industries. It's used in radiology, cardiology, mental health, and others. This surge in use in various applications has further sparked new telemedicine, business models. In addition, in response to the increasing geriatric population and improved accessibility to advanced healthcare around the world, the Telemedicine market size is expected to witness an upward spike.

Growing demand for mobile devices, combined with increasing patient acceptance of home treatment and decreased hospital visits, is expected to accelerate the growth of Telehealth market size.

Telemedicine Market Scope

Report Metric

Details

Report Name

Telemedicine Market

Market size value in 2018

31.46 Billion

Revenue forecast in 2027

xx Billion

Forecast Period 2020 to 2027 CAGR

19.28%

Base year considered

2019

Historical Data for

2020-2027

Forecast units

Value (USD)

Segments covered

Type, End-User, Offerings, and Region

Report coverage

Revenue & volume forecast, company share, competitive landscape, growth factors, and trends

Geographic regions covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Telemedicine Market Share Analysis

Due to the growing use of the internet and the adoption of smart devices, North America accounts for the largest telemedicine market share over the projected period. Thanks to the high-speed internet access, the demand for telemedicine has been rising rapidly over the past few years.

Europe is the second-largest region in the telemedicine market, followed by North America, owing to the strong support of the numerous telemedicine initiatives from European countries.

The Asia Pacific is predicted to witness lucrative growth over the forecast period owing to developing economies such as China and India. Economic reforms, a booming IT industry, and low cost of service are the main factors that draw market players in this area. The recent COVID-19 outbreak has further propelled the telemedicine market share in this region.

Telemedicine Market Regional Analysis

Due to the increasing use of the internet, North America accounts for a significant share over the forecast period, and the adoption of smart devices is the major factor that helps the telemedicine market to grow. Because of the high-speed internet access, the telemedicine industry has been growing rapidly over the past few years.

The telemedicine market in Europe is projected to witness significant growth over the forecast period. Factors such as rising healthcare costs and increasing chronic disease prevalence are expected to drive growth in Europe's telemedicine market in the coming years.

Asia-Pacific is capable of recording the fastest growth in the forecast period on the global telemedicine market.

The market is driven by the need for better healthcare in rural areas, tremendous growth in telecommunication, rising prevalence of chronic diseases in BRIC nations, and low cost of telemedicine. However, high infrastructural costs and a lack of skilled resources may restrain market growth to a certain extent. On the other hand, favorable government initiatives present a huge growth potential for telemedicine in the BRIC nations. Lack of telemedicine standards in the BRIC countries may pose a challenge to the growth of the BRIC telemedicine market.

Top Major Players in the Telemedicine Industry

The telemedicine market is highly competitive, with larger corporates dominating the market. Reputation becomes a major factor in telemedicine, and hence people majorly prefer large multinational corporations. Some of the major players analyzed in this report are:

  • GE HEALTHCARE

GE Healthcare is a New York-based American multinational corporation headquartered in Chicago, Illinois. As of 2017, the company is a manufacturer and distributor of radiopharmaceutical and diagnostic imaging agents for imaging modalities used in medical imaging procedures.

  • PHILIPS HEALTHCARE

Philips Koninklijke NV. It is a Dutch multinational business corporation based in Amsterdam, formerly one of the largest electronics firms in the world, currently concentrating on health technology and successfully divested in other divisions. 

  • APOLLO HOSPITALS

Apollo Hospitals Enterprise Limited is an Indian hospital chain based in Chennai, India. It was founded as the first corporate health care in India by Dr.Prathap C. Reddy in 1983.

Telemedicine Market Segments

Telemedicine Market by Regions

  • United States

  • Europe

  • China

  • Japan

  • Southeast Asia

  • India

  • Central & South America

Telemedicine Market Players

  • Amd Global Telemedicine

  • Apollo Hospitals

  • GE Healthcare

  • Haemonetics

  • Philips Healthcare

  • Cloudvisit Telemedicine

  • Maestros Telemedicine

  • Medisoft Telemedicine

  • Reach Health

  • SnapMD Telemedicine Technology

Telemedicine Market by Type

  • Web-based

  • Cloud-based

  • On-premise

Telemedicine Market by Application

  • Teleconsultation

  • Telecardiology

  • Teleradiology

  • Telepathology

  • Teledermatology

  • Tele Home health

  • Teleoncology

  • Emergency Medication

The Study Objectives of the global Telemedicine Market Report are

  • To analyze global Telemedicine status, future forecast, growth opportunity, key market, and key players.

  • To present the Telemedicine development in the United States, Europe, and China.

  • To strategically profile the key players and comprehensively analyze their development plan and strategies.

  • To define, describe and forecast the market by product type, market, and key regions. 

TABLE OF CONT
 
 

Telemedicine Market - 2027

The Telemedicine Market size was valued at USD 31.46 Billion in 2018 and is expected to witness more than 19.28% CAGR during the forecast period. Telehealth helps to reduce emergency room visits and hospitalization rates. Furthermore, improving clinical infrastructure, increasing post-acute care monitoring, and growing demand in emerging economies is expected to increase the telemedicine market size.

Telemedicine Market Size & Share, Trends, Industry Report, Growth, Forecast 2027

Factors such as rising emergency medical incidents and the ageing world population are expected to drive growth over the forecast period in the global telemedicine market.

Telemedicine electronic communications and software offers clinical services to patients without an in-person visit. In telemedicine, technology enables healthcare providers by video conferencing to treat patients using a smartphone. Its system is used for the treatment of medication, chronic condition care, and other health services. Telemedicine is used by health care systems, physician practices, and skilled nursing facilities to provide more efficient health care facilities.

The healthcare sector is huge, and it is predicted that its centralization would help to harmonize the entire process as well as provide economic assistance. The ongoing outbreak of COVID-19 across the globe has resulted in increased demand for telemedicine solutions. Since social distancing is one of the key strategies to minimize the spread of COVID-19 infection, physicians can utilize telemedicine technologies to provide patients with healthcare services, thus encouraging social distancing and reducing the risk of infection.  

An increasing number of positive cases of coronavirus along with chronic respiratory diseases has improved telemedicine adoption services. Patients with suspected flu-like symptoms access various telemedicine platforms for remote access to healthcare services. Moreover, in the midst of the COVID-19 pandemic, various telemedicine companies are witnessing a spike in virtual visits. Such companies are increasing their ability to manage several thousand virtual visits a day to fulfill the rising need. This factor is expected to increase the telemedicine market size during the forecast period.

Within healthcare industry, telemedicine has paved into diverse industries. It's used in radiology, cardiology, mental health, and others. This surge in use in various applications has further sparked new telemedicine, business models. In addition, in response to the increasing geriatric population and improved accessibility to advanced healthcare around the world, the Telemedicine market size is expected to witness an upward spike.

Growing demand for mobile devices, combined with increasing patient acceptance of home treatment and decreased hospital visits, is expected to accelerate the growth of Telehealth market size.

Telemedicine Market Scope

Report Metric

Details

Report Name

Telemedicine Market

Market size value in 2018

31.46 Billion

Revenue forecast in 2027

xx Billion

Forecast Period 2020 to 2027 CAGR

19.28%

Base year considered

2019

Historical Data for

2020-2027

Forecast units

Value (USD)

Segments covered

Type, End-User, Offerings, and Region

Report coverage

Revenue & volume forecast, company share, competitive landscape, growth factors, and trends

Geographic regions covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Telemedicine Market Share Analysis

Due to the growing use of the internet and the adoption of smart devices, North America accounts for the largest telemedicine market share over the projected period. Thanks to the high-speed internet access, the demand for telemedicine has been rising rapidly over the past few years.

Europe is the second-largest region in the telemedicine market, followed by North America, owing to the strong support of the numerous telemedicine initiatives from European countries.

The Asia Pacific is predicted to witness lucrative growth over the forecast period owing to developing economies such as China and India. Economic reforms, a booming IT industry, and low cost of service are the main factors that draw market players in this area. The recent COVID-19 outbreak has further propelled the telemedicine market share in this region.

Telemedicine Market Regional Analysis

Due to the increasing use of the internet, North America accounts for a significant share over the forecast period, and the adoption of smart devices is the major factor that helps the telemedicine market to grow. Because of the high-speed internet access, the telemedicine industry has been growing rapidly over the past few years.

The telemedicine market in Europe is projected to witness significant growth over the forecast period. Factors such as rising healthcare costs and increasing chronic disease prevalence are expected to drive growth in Europe's telemedicine market in the coming years.

Asia-Pacific is capable of recording the fastest growth in the forecast period on the global telemedicine market.

The market is driven by the need for better healthcare in rural areas, tremendous growth in telecommunication, rising prevalence of chronic diseases in BRIC nations, and low cost of telemedicine. However, high infrastructural costs and a lack of skilled resources may restrain market growth to a certain extent. On the other hand, favorable government initiatives present a huge growth potential for telemedicine in the BRIC nations. Lack of telemedicine standards in the BRIC countries may pose a challenge to the growth of the BRIC telemedicine market.

Top Major Players in the Telemedicine Industry

The telemedicine market is highly competitive, with larger corporates dominating the market. Reputation becomes a major factor in telemedicine, and hence people majorly prefer large multinational corporations. Some of the major players analyzed in this report are:

  • GE HEALTHCARE

GE Healthcare is a New York-based American multinational corporation headquartered in Chicago, Illinois. As of 2017, the company is a manufacturer and distributor of radiopharmaceutical and diagnostic imaging agents for imaging modalities used in medical imaging procedures.

  • PHILIPS HEALTHCARE

Philips Koninklijke NV. It is a Dutch multinational business corporation based in Amsterdam, formerly one of the largest electronics firms in the world, currently concentrating on health technology and successfully divested in other divisions. 

  • APOLLO HOSPITALS

Apollo Hospitals Enterprise Limited is an Indian hospital chain based in Chennai, India. It was founded as the first corporate health care in India by Dr.Prathap C. Reddy in 1983.

Telemedicine Market Segments

Telemedicine Market by Regions

  • United States

  • Europe

  • China

  • Japan

  • Southeast Asia

  • India

  • Central & South America

Telemedicine Market Players

  • Amd Global Telemedicine

  • Apollo Hospitals

  • GE Healthcare

  • Haemonetics

  • Philips Healthcare

  • Cloudvisit Telemedicine

  • Maestros Telemedicine

  • Medisoft Telemedicine

  • Reach Health

  • SnapMD Telemedicine Technology

Telemedicine Market by Type

  • Web-based

  • Cloud-based

  • On-premise

Telemedicine Market by Application

  • Teleconsultation

  • Telecardiology

  • Teleradiology

  • Telepathology

  • Teledermatology

  • Tele Home health

  • Teleoncology

  • Emergency Medication

The Study Objectives of the global Telemedicine Market Report are

  • To analyze global Telemedicine status, future forecast, growth opportunity, key market, and key players.

  • To present the Telemedicine development in the United States, Europe, and China.

  • To strategically profile the key players and comprehensively analyze their development plan and strategies.

  • To define, describe and forecast the market by product type, market, and key regions. 

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