Telemedicine Market Overview
Market Research Future (MRFR) confirms that the telemedicine market 2020 is presumed to achieve a growth rate of 16.8% from 2014 to 2023 (appraisal period). The market is also touted to hit a valuation of USD 56,738.3 Mn by 2023. We will provide COVID-19 impact analysis with the report, along with all the notable developments following the coronavirus disease outbreak.
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Top Boosters and Primary Deterrents
The COVID-19 outbreak has been favorable for the market, as the use of telemedicine has spiked exponentially these solutions help caregivers to communicate effectively with their patients during the pandemic and provide better solutions for their health concerns. Following the prevalence of the social distancing practice and the worldwide lockdown, telemedicine has stepped up as an ideal solution for reliable and effective communication. The World Health Organization/WHO classifies telemedicine as an essential service in its policy pertaining to SARS-CoV-2. Besides, a number of telemedicine firms have been observing a spur in virtual visits since the pandemic. Therefore, these players are focusing on boosting their capacity to deal with several virtual visits a day to cater to the rising need, which could mean favorable growth prospects in the coming period.
Since its inception, telemedicine has been a game changer for the healthcare industry, and in subsequent years, it can be more widely accepted method of prescription and diagnosis. The emergence of several new technologies related to internet and mobile is expected to be conducive to further business growth. Since telemedicine helps bring down the number of emergency room visits as well as hospitalization rates, its adoption in health has been increasing at a remarkable pace. Additionally, the rising uptake of telemedicine by various government agencies for disease progress monitoring programs, clinical trials and research and development could also be instrumental to the market expansion in the following years.
An accelerated number of companies are spending heavily on research and development activities to come up with technically innovative systems, which could help them gain a better position than their competitors in the global market. For instance, in October 2020, Avail Medsystems managed to raise close to USD 100 million to develop a new procedural telemedicine technology. The procedural telemedicine system has been made especially for the operating room and allows the experts to remotely participate in the surgery and thereby, eliminates the need for more individuals in the operating room.
Telemedicine Market Segmentation
Telemedicine market can be categorized based on service type, component, deployment, application, and end-user.
Depending on service type, the telemedicine market caters to tele-oncology, telepharmacy, telenursing, teledermatology, teleradiology, others.
The key components discussed in the report are software as well as hardware.
Deployment-wise, market segments include cloud-based as well as on-premises.
Dermatology, ophthalmology, cardiology, radiology, psychiatry, and more are the primary applications of telemedicine.
Some of the prominent market end-users are home care, clinics and hospitals.
Telemedicine Market Regional Insight
Europe and APAC/Asia Pacific along with MEA/Middle East and Africa and the Americas are the main markets for telemedicine.
The American market for telemedicine can retain its winning streak throughout the review period and continue to lead, owing to the high prevalence of chronic diseases and the high healthcare expenditure. Frequent technological innovations, burgeoning elderly population and the rise in knowledge among medical professionals and patients about remote patient monitoring can also favor the regional market in the oncoming years.
Europe is in the second place and is gaining impetus at a stellar speed on account of the surging uptake of modern technologies by the healthcare industry and the heightened need to address the rising healthcare demands. Italy has had to bear the highest brunt of the COVID-19 outbreak, prompting the government to come up with several measures that could help curb the spread of the pandemic and reduce the damage. One of the measures includes promoting the use of advanced technologies like telemedicine and telehealth that facilitate remote monitoring and limit the exposure to the novel coronavirus.
The APAC market is on track to be the fastest progressing market, thanks to the rampant demand for healthcare assistance, particularly in rural locations. Emerging countries like India and China can be highly lucrative markets in the coming years, considering the rising innovations taking place in the telecommunication sector and the increasing use of internet and smartphones.
Telemedicine Market Renowned Industry Players
The renowned industry players profiled by MRFR experts include SHL Telemedicine, CareClix, Koninklijke Philips N.V., TeleVital, Iris Telehealth, IBM Corporation, Intel Corporation, Care Innovations, Medtronic, Aerotel Medical Systems, GENERAL ELECTRIC, Honeywell Lifesciences, AMD Global Telemedicine Inc., Medvivo Group Ltd., Tunstall Healthcare, Cardiocom, Cerner Corporation, Aerotel Medical Systems Ltd., Cisco, CardioNet, Allscripts Healthcare Solutions, and more.
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