Telemedicine Market Size, Share, Growth Rate, Statistics, and Trend Analysis Report By Service, By Type, By Specialty, By Delivery Mode and By Region – Global Opportunities & Forecast, 2020-2027
Telemedicine Market Size, Share, Growth Rate, Statistics, and Trend Analysis Report By Service (Tele-Consulting, Tele-Monitoring, and Tele-Education/Training), By Type (Tele-hospital and Tele-home), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health, and Others), By Delivery Mode (Web/Mobile and Call Centers) and By Region
Telemedicine Market was calculated at USD 41,630 Million in 2019 and predicted to grow at 22.4% CAGR during the forecast period.
Introduction of the Telemedicine Market Report
Telemedicine is the practice of caring for patients remotely when the patient and provider are not physically present with each other. It enables healthcare professionals to diagnose, evaluate, and treat patients from a distance using telecommunication technology. The real feature of telemedicine at present lies in the convenience it provides to practitioners and patients by obviating the necessity for a physical visit to get medical advice or treatment.
To have an edge over the competition by knowing the market dynamics and current trends of “Telemedicine Market,” request for Sample Report here
Market Dynamic
Key Drivers and Emerging Trends
The key factors propelling the growth of the global telemedicine market size are improved clinical management, reduced variations in diagnosis, and effective care delivery by improving quality and access to healthcare services. Telemedicine is considered as the most effective technology in delivering health care, health information, and health education at a distance. Furthermore, there have been several technological advancements in the telemedicine industry, which has increased the access to remote locations. For instance, according to the telemedicine growth statistics, in 2020, AMD Global Telemedicine launched Direct Health, a new virtual portal to simplify the process of notifying patients of their COVID-19 results. These factors play a vital role in surging the telemedicine market growth. In addition, the growing pressure to enhance the quality of care and reduce the burden on medical practitioners is another factor supplementing the growth of the market share in terms of revenue.
Impact of COVID-19 on the Telemedicine Market
The telemedicine market analysis illustrates that the widespread outbreak of the coronavirus has positively impacted the growing demand of the market, especially since 2020 owing to the increasing online consultation services. Telemedicine became a basic necessity of the general population during the lockdown period. People increased the adoption of telemedicine process to mitigate the chances of getting infected by the virus as telemedicine does not involve any physical contact between the patient and healthcare professional.
Restraint in the Telemedicine Market
The expenses associated with the telemedicine systems, such as EMR and EHR and resistance in the acceptance of the technology by the patients and practitioners are restraining the growth of the market. The global telemedicine market analysis states that data privacy and safety issues are some other factors hampering the growth of the global telemedicine market. For instance, in 2020, Babylon Health, a UK-based telehealth app, experienced a breach of its general practitioner platform, where users were able to access other patients’ videos.
Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report
Type – Segment Analysis
Based on the type, the tele-home segment is expected to grow at a higher CAGR over the forecast period. This is mainly attributed to the increasing chronic diseases such as diabetes, COPD, among others. Tele-home care is an innovative way to monitor a patient, provide proper care, and offer information by using the newest technology in telecommunication. Tele-home care increases the accessibility to health care services as the need for homecare increases with the aging population. There are several countries that have initiated tele-home care programs, which include Whole System Demonstrator (WSD) Project in the United Kingdom, TELEKART program in Denmark, and Veterans Health Administration (VHA) project in the United States. These factors are significantly contributing to the growth of the tele-home segment in the global telemedicine market.
Delivery Mode – Segment Analysis
On the basis of the delivery mode, the web/mobile segment is anticipated to dominate the market over the forecast period. Web/mobile-based delivery offers direct access to care delivery solutions. Telephonic care delivery, which is a sub-segment of the web/mobile segment, offers several benefits, such as ease of operation and cost-effectiveness. In addition, rising disposable income, coupled with the increasing adoption of smartphones and growing penetration of internet are some other factors augmenting the growth of the web/mobile segment in the global telemedicine market.
In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here
Region – Segment Analysis
Based on the region, the North America region is projected to grow at a higher CAGR during the forecast period. Treatment of chronically ill patients comprises of four-fifths of the healthcare spending in the United States. The adoption of telemedicine in this region has improved the patient quality of life, enhanced care management, and reduced healthcare spending. Furthermore, the increasing demand for mobile technologies as well as the growing adoption of home care by patients to reduce hospital visits are some other factors supplementing the growth of the US telemedicine market.
Top Market Players
Various notable players operating in the market include AMD Global Telemedicine, Allscripts Healthcare, LLC, BioTelemetry, Inc., American Well, Blue Sky Telehealth, Cisco Systems, Cerner Corporation, Honeywell International Inc., Teladoc Health, Inc., and INSIGHT, among others.
Key Developments:
-
- In 2020, Teladoc Health, Inc. announced a definitive agreement to acquire InTouch Health. This acquisition is aimed to enable Teradoc to establish a leading position in the virtual care industry and enable the company to offer a full range of acuity from chronic care to critical care.
- In 2019, American Well expanded its behavioral health virtual care service portfolio by the acquisition of Aligned Telehealth. This acquisition aims to allow the company to strengthen its market position and increase its customer base.
Segments covered in the Report:
The global telemedicine market has been segmented on the basis of service, type, specialty, delivery mode, and regions. Based on service, the market is segmented into tele-consulting, tele-monitoring, and tele-education/training. Based on type, the market is segmented into tele-hospital and tele-home. Based on specialty, the market is segmented into cardiology, gynecology, neurology, orthopedics, dermatology, mental health, and others. Based on delivery mode, the market is segmented into web/mobile and call centers.
For detailed scope of the “Telemedicine Market” report request a Sample Copy of the report
Key questions answered in this research report:
-
- At what pace is global telemedicine market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in telemedicine market? What will be the impact of drivers and restraints in the future?
- What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global telemedicine market?
- Which service generated maximum revenues in 2019 and identify the most promising service during the forecast period?
- What are the various specialty areas of global telemedicine market and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
Report Coverage |
Details |
Market Base Year |
2019 |
Market Forecast Period |
2020-2027 |
Market Revenues (2019) |
USD 41,630 Million |
Base Year & Forecast Units |
Revenues (USD Million) |
Market Segment | By Service, By Type, By Specialty, By Delivery Mode, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | AMD Global Telemedicine, Allscripts Healthcare, LLC, BioTelemetry, Inc., American Well, Blue Sky Telehealth, Cisco Systems, Cerner Corporation, Honeywell International Inc., Teladoc Health, Inc., INSIGHT, among others; a total of 10 companies covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Telemedicine Market by Service
-
- Tele-Consulting
- Tele-Monitoring
- Tele-Education/Training
Global Telemedicine Market by Type
-
- Tele-hospital
- Tele-home
Global Telemedicine Market by Specialty
-
- Cardiology
- Gynecology
- Neurology
- Orthopedics
- Dermatology
- Mental Health
- Others
Global Telemedicine Market by Delivery Mode
-
- Web/Mobile
- Call Centers
Global Telemedicine Market by Region
-
- North America Telemedicine Market (Option 1: As a part of the free 25% customization)
- North America Telemedicine Market by Service
- North America Telemedicine Market by Type
- North America Telemedicine Market by Specialty
- North America Telemedicine Market by Delivery Mode
- US Telemedicine Market All-Up
- Canada Telemedicine Market All-Up
- Europe Telemedicine Market (Option 2: As a part of the free 25% customization)
- Europe Telemedicine Market by Service
- Europe Telemedicine Market by Type
- Europe Telemedicine Market by Specialty
- Europe Telemedicine Market by Delivery Mode
- UK Telemedicine Market All-Up
- Germany Telemedicine Market All-Up
- France Telemedicine Market All-Up
- Spain Telemedicine Market All-Up
- Rest of Europe Telemedicine Market All-Up
- Asia-Pacific Telemedicine Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Telemedicine Market by Service
- Asia-Pacific Telemedicine Market by Type
- Asia-Pacific Telemedicine Market by Specialty
- Asia-Pacific Telemedicine Market by Delivery Mode
- China Telemedicine Market All-Up
- India Telemedicine Market All-Up
- Japan Telemedicine Market All-Up
- Rest of APAC Telemedicine Market All-Up
- RoW Telemedicine Market (Option 4: As a part of the free 25% customization)
- RoW Telemedicine Market by Service
- RoW Telemedicine Market by Type
- RoW Telemedicine Market by Specialty
- RoW Telemedicine Market by Delivery Mode
- Brazil Telemedicine Market All-Up
- South Africa Telemedicine Market All-Up
- Saudi Arabia Telemedicine Market All-Up
- UAE Telemedicine Market All-Up
- Rest of world (remaining countries of the LAMEA region) Telemedicine Market All-Up
- North America Telemedicine Market (Option 1: As a part of the free 25% customization)
Major Players Operating in the Telemedicine (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
-
- AMD Global Telemedicine
- Allscripts Healthcare, LLC
- BioTelemetry, Inc.
- American Well
- Blue Sky Telehealth
- Cisco Systems
- Cerner Corporation
- Honeywell International Inc.
- Teladoc Health, Inc.
- INSIGHT
Frequently Asked Question About This Report
Telemedicine Market [HM40A-00-0719]
Telemedicine Market is projected to grow at 22.4% CAGR during the forecast period.
The key factors propelling the growth of the Telemedicine market are improved clinical management, reduced variations in diagnosis, and effective care delivery by improving quality and access to healthcare services.
The tele-home segment is expected to grow at a higher rate during the forecast period. This is mainly attributed to the increasing chronic diseases such as diabetes, COPD, among others.
North America region is projected to grow at a higher rate during the forecast period. Treatment of chronically ill patients comprises of four-fifths of the healthcare spending in the United States
- Published Date: Mar - 2021
- Report Format: Excel/PPT
- Report Code: HM40A-00-0719
Licensing Options
Single-User License:
The report is used by the purchaser (One Individual) only
Multi-User License:Report is shared with maximum 5 users (employees) including the purchaser of the purchasing corporation only
Corporate License:
Report is shared with unlimited user (employees) of the purchasing corporation only
The report is used by the purchaser (One Individual) only
Multi-User License:Report is shared with maximum 5 users (employees) including the purchaser of the purchasing corporation only
Corporate License:
Report is shared with unlimited user (employees) of the purchasing corporation only
Telemedicine Market Size, Share, Growth Rate, Statistics, and Trend Analysis Report By Service, By Type, By Specialty, By Delivery Mode and By Region – Global Opportunities & Forecast, 2020-2027
$ 4,499.00 – $ 6,649.00