Telemedicine Services Market:
The global telemedicine services market is expected grow from $39.3 billion in 2019 to $48.3 billion in 2020 at a compound annual growth rate (CAGR) of 23.0%. The growth is mainly due to the lockdown across countries owing to the COVID-19 outbreak and the preference for contactless medical services. The market is then expected to stabilize and reach $78.3 billion in 2023 at CAGR of 17.4%.
The telemedicine services market consists of sale of telemedicine services and related products. Telemedicine services are health care services provided via video chat, phone calls, text messages. Patients can use telemedicine for physical examination as well as to ask questions regarding health concerns.
North America was the largest region in telemedicine services market in 2019.
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Telemedicine is increasingly being accepted and insurance companies and government-regulated health care programs are increasingly covering telemedicine services in their plans. The governments are probing companies to make changes to the policies to cover the services under their schemes. For instance, in March 2020, in response to the corona virus outbreak, the USA government announced that private insurers will be covering the cost of coronavirus testing and telemedicine services for patients.
The telemedicine services market covered in this report is segmented by technology outlook into store and forward; real time and by application into teleradiology; telepsychiatry; telepathology; teledermatalogy; telecardiology.
Breach in the data makes the patients uncomfortable on sharing personal information that would help the physicians to diagnose the patients’ health, affecting the telemedicines market negatively. Telemedicine services are provided online or through calls and might not have much security for storing the data, or in some cases the telemedicine companies may use third-party servers to store the customer data to cut down the maintenance cost, which might lead to easy data breaches. For instance, in 2018, the USA has reported around 31.6 million healthcare records breached. Protenus’ Breach Barometer in the first six months of 2018 recorded around 15.1 million breached records by hackers. Breaches are potential threats to the telemedicine services industry hampering the growth of the market.
In March 2019, Teladoc health, a leading virtual care provider announced plans to acquire MédecinDirect for undisclosed amount. This acquisition will expand the geographical presence of Teladoc Health and help cover more patients in France. MédecinDirect is a leading telemedicine service provider in France.
Rising cases of COVID-19 infections across the globe is driving the telemedicine services market. According to WHO, the number of cases around the world is around 2.7 million, and is increasing. Telemedicine services will provide healthcare services to the affected people as they cannot stepout to avail the services. Rising cases of COVID-19 infections across the globe boosts the demand for the telemedicine services market.
Major players in the telemedicine services market are AMD Global Telemedicine, Inc, Philips Healthcare, Cisco Systems, Inc, McKesson Corporation, Allscripts Healthcare Solutions Inc., GE Healthcare Ltd., Cerner Corporation, BioTelemetry, Inc, and Teladoc.
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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