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.
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.
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.
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 speciality, the market is primarily segmented into:
- Cardiology
- Neurology
- Dermatology
- Gynaecology
- Orthopaedics
- Mental health
- Others
Amongst speciality, 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:
- Providers
- Payers
- Patients
- 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.
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.
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 shed 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.
