Telemedicine Market Report, Size 2021: Global Trends, Top Players Updates, Future Plans, Industry Impact and Forecast till 2027
A
comprehensive overview of the Telemedicine market is recently added by
UnivDatos Market Insights to its humongous database. The Telemedicine market
report has been aggregated by collecting informative data of various dynamics
such as market drivers, restraints, and opportunities. This innovative report
makes use of several analyses to get a closer outlook on the Telemedicine
market. The Telemedicine market report offers a detailed analysis of the latest
industry developments and trending factors in the market that are influencing
the market growth. Furthermore, this statistical market research repository
examines and estimates the Telemedicine market at the global and regional
level. Global Telemedicine Market
is expected to grow at a CAGR of 18.5% during the forecast period of 2021-27.
Market Overview
Telemedicine
is the distribution of healthcare facilities, anywhere distance is a perilous
aspect. It is provided by health care professionals via technologies. This
information is converted for the diagnosis, treatment, prevention of disease or
injuries through research and evaluation, and at last, the results are provided
to patients. For instance, in 2016, Maryland, Frederick Memorial
Hospital's virtual healthcare podium amplified the rate of patient care by 50%.
Also, as per the Virtual Care blog, Telemedicine contributes almost one-fourth
of the health IT market, which was about USD 15.6 billion in 2014 and it
upsurged to nearly USD 20 billion by 2019. Moreover, the patients and
healthcare professionals are shifting towards telemedicine due to their ease of
operations, cost and time savings, etc.
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Telemedicine
gives a progressive outlook for the preservation of records and documentation
of patient's health. It minimizes the possibility of missing out on any advice
from doctors or other healthcare professionals. Owing to this, the doctors have
an exact document of the advice provided by them through teleconsultation. This
provides legal protection to both the parties including the patient and
healthcare professionals. Furthermore, according to the American Journal
of Accountable Care, the routine of telemedicine permits improved long-term
care of administration and patient gratification. In addition, the Geisinger
Health-Plan study stated that the execution of a telemedicine program produced
about 11% in cost savings. This directs the arrival of more investment in
telemedicine.
COVID-19 Impact
The sudden outburst of the COVID-19 pandemic has fetched the entire
world to a stoppage. As hospitals are getting occupied with COVID-19 cases, the
burden on healthcare staff witnessed a significant rise. Currently, Telemedicine
has appeared as a defendant in the combat against the COVID-19 pandemic. The majority
of the patients are using virtual visit facilities for their safety. For instance,
Teladoc Health Inc. reported a 60% intensification in the number of virtual sessions
and reached 2 million in just three months from January to March 2020, compared
to the fourth quarter of 2019. Also, according to the Vidyo Telehealth Adoption
Survey 2019, 46% of surveyed health care benefactors (hospitals and clinics)
practice live videoconferencing, and 41% practice Remote Patient Monitoring for
medical care. The Store-and-Forward province is third with 26%. These statistics indicate that virtual
assessments are likely to become a more promising part of patient care.
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Telemedicine Market report is studied thoroughly with several
aspects that would help stakeholders in making their decisions more curated.
By Service, the market is primarily bifurcated into
·
Tele-consulting
·
Tele-monitoring
·
Tele-education
The Tele-consulting segment
generated more than 45% revenue in 2020. The market is expected to grow at a
significant rate during the forecast period as it allows patients to have an appointment
with experts at any time, without any waiting period.
By Specialty, the market is primarily segmented into
·
Cardiology
·
Neurology
·
Dermatology
·
Gynecology
·
Orthopedics
·
Mental health
·
Others
Amongst Specialty, the Mental health or Telepsychiatry segment
dominated the market by adding 21% revenue in 2020.
By Delivery mode,
the market is primarily bifurcated into
·
Web/Mobile
·
Call Canters
The Web/Mobile
segment accounted for the major revenue portion
of 75.2% in 2020. The sector is anticipated to observe significant growth in
the upcoming years through offering direct admittance to care delivery
solutions.
By Modality, the
market is primarily bifurcated into
·
Real-time
·
Store
·
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 United States
had an on-demand virtual care service in 2018. This is expected to boost the
substantial growth of the real-time segment.
By End-user, the
market is primarily bifurcated into
·
Payers
·
Patients
·
Others
Telemedicine Market Geographical Segmentation Includes:
·
North America (the United States,
Canada, and Rest of North America)
·
Europe (Germany, United Kingdom,
Italy, France, Spain, and Rest of Europe)
·
Asia-Pacific (China, Japan, India,
Australia, and
Rest of Asia-Pacific)
·
Rest of the World
Based
on the estimation, North America constitutes a major market for the
Telemedicine industry and generated maximum revenue in 2020 owing to the
increasing number of teleconsultations, and rising healthcare spending in the
region.
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The
major players targeting the market includes
·
American Well
·
SteadyMD, Inc.
·
Maven, Inc.
·
HealthTap, Inc.
·
BioTelemetry, Inc.
·
MDlive, Inc.
·
CVS Health
·
Teladoc Health, Inc
·
Doctor on Demand, Inc
·
Plantronics, Inc. (Polycom)
Competitive Landscape
The degree of competition among prominent global companies has been
elaborated by analyzing several leading key players operating worldwide. The
specialist team of research analysts sheds light on various traits such as
global market competition, market share, most recent industry advancements,
innovative product launches, partnerships, mergers, or acquisitions by leading
companies in the Telemedicine market. The major players have been analyzed by
using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report
include:
·
What are the latest trends, new
patterns, and technological advancements in the Telemedicine market?
·
Which factors are influencing
the Telemedicine market over the forecast period?
·
What are the global challenges,
threats, and risks in the Telemedicine market?
·
Which factors are propelling
and restraining the Telemedicine market?
·
What are the demanding global
regions of the Telemedicine market?
·
What will be the global market
size in the upcoming years?
·
What are the crucial market
acquisition strategies and policies applied by global companies?
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Market Insights
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UnivDatos
Market Insights
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Client
Development Lead
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