global-telemedicine-market-all-set-to-flourish:-expected-to-reach-usd-152.3-billion-in-2027

Global Telemedicine Market All Set to Flourish: Expected to Reach USD 152.3 Billion in 2027

Noida, India, March 23, 2021 (GLOBE NEWSWIRE) — According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting, the global telemedicine market was worth USD 51.0 Billion in 2020 and is further projected to reach USD 152.3 Billion by 2027, at a CAGR of 16.1% during 2021-2027 (forecast period). Growing consumer demand, a dearth of healthcare professionals, increasing patient acceptance, escalating healthcare expenses, government assistance, developments in telecommunications, and rising demand for improved health outcomes have all contributed to the growth of the global telemedicine market. Furthermore, the ongoing pandemic has fueled the increased use of telehealth, indicating that there is still plenty of room for growth in the coming years.

Request for Free Sample: Click Here

Government Initiatives Accelerating the Growth of the Global Telemedicine Market

Government initiatives and policies have been playing an essential role in driving the growth of the global telemedicine market. The governments of several countries across the world are implementing new policies and reimbursement standards to support telehealth. At the same time, various governments have also issued guidelines for the use of telemedicine to aid in the continual delivery of healthcare services to the masses and to ensure perpetual healthcare services in times of crisis.

Many federal agencies are also working to reform existing telehealth policies in order to improve access to high-quality care while decreasing healthcare costs in the United States. For example, the CARES (The Coronavirus Aid, Relief, and Economic Security) Act passed by the 116th U.S. Congress has significantly boosted telehealth services by introducing a number of provisions aimed at increasing telehealth access in rural and deprived areas.

Technological Advancements Encouraging the Global Telemedicine Market

Telehealth technology is getting a lot of attention for coronavirus treatment. Technological innovations in telemedicine has enabled healthcare providers to diagnose, treat and monitor a patient’s progress remotely with greater efficiency, thereby propelling the growth of the global telemedicine market.

Telemedicine is no longer restricted to wireless devices or other telecommunications methods. Robotics, Machine Learning (ML), Blockchain Technology, IoMT (Internet of Medical Things), and AI (Artificial Intelligence)-enabled chatbots are increasingly being used by telemedicine businesses around the world for gathering patient information, reviewing patient records, treating patients, making diagnoses, and even creating vaccines. For example, IoMT involves the connected smart ambulance, in which real-time streaming of patient data and emergency consultation mostly through video facilitates remote support of on-site paramedics. Similarly, remote surgery (tele-surgery) via self-powered surgical robots is also being carried out. In addition to real-time video and patient data streaming, this support, along with emergency signal support, involves extremely low latency.

Impact of COVID-19 On the Global Telemedicine Market

COVID-19 has had a significant impact on almost all sectors, except the global telemedicine market. COVID-19, like everything else, is digitizing the healthcare sector too, thus accelerating the growth of the global telemedicine sector.

The COVID-19-induced pandemic spurred a historic shift in healthcare delivery. People’s perceptions of the industry have transformed significantly as a result of the pandemic. Given that the only way to avoid COVID-19 is through social isolation, the demand for the telemedicine sector soared globally in 2020. During the pandemic-induced lockdown, numerous healthcare apps were released for connecting patients with physicians and vice versa. Thus, checking one’s health through video and audio consultations became the new normal. Telemedicine is not only critical in securing the safety of healthcare providers but is also a cost-effective and efficient choice for patients requiring immediate medical help during the ongoing pandemic.

The tele-radiology segment is the largest by Application

The growth of the tele-radiology segment can be attributed to the increasing geriatric population, higher prevalence of associated diseases, increased adoption of cloud-based healthcare solutions, advances in imaging technologies, streamlining of tele-radiology processes, as well as a shortage of radiologists in rural areas. Due to financial constraints, many healthcare providers are unable to invest in trainee radiologists, resulting in a shortage of radiologists capable of interpreting more specialized and multifaceted scans. Because the demand for diagnostic imaging exceeds the supply of radiologists, hospitals are nowadays increasingly outsourcing their diagnostic reporting work.

Tele-radiology solutions help to boost diagnostic imaging efficiency by optimizing and simplifying radiology with accurate reads and fewer manual errors. What’s more, tele-radiology solutions are becoming more common as the fight against COVID-19 continues.

The web/mobile delivery model dominates the telemedicine market

Since mobile or web-based mode of delivery offers direct access to healthcare delivery solutions, this mode of delivery held the largest market share in 2020 and is projected to witness impressive growth in the coming years. The mobile or web-based mode of delivery is witnessing a huge demand in developing countries that are increasingly adopting telehealth technologies for providing access to healthcare services in remote areas. The explosive growth in smartphone and tablet usage, along with rising disposable income are also fueling the growth of this segment.

The cloud-based segment is also projected to expand at the fastest rate in the coming years as telehealth service providers are increasingly embracing cloud-based technology to save patient data besides allowing data access to other providers

Global telemedicine market: Regional insights

Geographically, the telemedicine market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America leads the global telemedicine industry and is projected to lead the overall industry during the forecast period. The rising incidence of chronic and lifestyle-related diseases, the region’s aging population, as well as increased government funding and grants for telemedicine, are driving this trend. Moreover, the geriatric population of North America has a high prevalence of cancer and other chronic ailments, which drives the need for advanced healthcare systems even higher.

Europe follows North America in terms of market share, owing to stronger government policies on the use of digital health and the rising prevalence of chronic diseases. Furthermore, the Asia-Pacific region is expected to experience positive growth in the industry as a result of the rising demand for healthcare assistance, particularly in rural areas

Enquire Before Purchase: Click Here

Competitive Landscape

Some of the key players in the global telemedicine market are SteadyMD Inc., GE Healthcare (US), Cisco Systems, MDlive Inc., Siemen’s Healthineers, Zipnosos, Maven, Inc., MDlive, CVSHealth, iCliniq, Practo, Doctor On Demand, SnapMD, Encounter Telehealth, Global Med, MeMD, Teladoc Health Inc., AMD Global Telemedicine, Vsee, and other prominent players. The global telemedicine market is now welcoming new competitors with innovative business models. For example, Amazon recently announced plans to join the telehealth services market, which any organization can utilize to offer benefits to their employees.

At the same time, many startups are receiving significant funding from private equity firms in order to expand their operations. As a result, market players are continually involved in acquisitions, alliances, and mergers in order to stay ahead of the competition. For example, in March 2021, San-Francisco-based telehealth services provider Grand Rounds announced its merger with video telemedicine company Doctor on Demand (also based in San Francisco) to form a business that will combine Grand Rounds’ care navigation services with the Doctor on Demand’s telehealth platform.

Scope of the Report:

By Type

  • Tele-hospital
  • Tele-home

By Application

  • Tele-radiology
  • Tele-ICU
  • Tele-pathology
  • Tele-dermatology
  • Tele-Psychiatry
  • Others

By Mode of Delivery

  • Mobile or Web-based
  • Telephonic
  • Cloud-based

By Region

  • The Asia-Pacific
  • North America
  • Europe
  • The Middle East & Africa
  • Latin America

Most requested Healthcare Reports by Clients in 2020-21:

Global Smart Hospital Market Size, By Application Type (Remote Medicine Management, Electronic Health Record & Clinical Workflow, Outpatient Vigilance, Medical Connected Imaging, Medical Assistance), By Connectivity (Wired and Wireless), By Component (Hardware and Software & Services), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2016-2026

Global Healthcare Data-Storage Market by Type (Flash & Solid-State Storage & Magnetic Storage), by Storage System (Storage Area Network, Direct-Attached Storage & Network-Attached Storage),by Delivery (Remote, Hybrid and On-premise), by End-user (Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, Research Centers, and Others), By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2021-2027

Global Virtual Fitness App market Size, by Streaming Type (Live, and On-demand), Device Type (Smart TV, Smart phones, Laptops Desktops & Tablets, and Others), Session Type (Group and Solo), Revenue Model (Subscription, Advertisement, and Hybrid) and End User (Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals, and Others), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2021-2027

Global Healthcare IT Market, By Application (Electronic Health Record, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, PACS, Laboratory Information Systems, Clinical Information Systems, Tele-Healthcare, Others), By (North America, Europe, Asia Pacific, and Rest of the World); Trend Analysis, Competitive Market Share & Forecast, 2020-2026.

Global Blockchain Technology in Healthcare Market, By Type (Private Blockchain and Public Blockchain); By Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, & Others); By End-Use (Pharmaceutical Company, Healthcare Providers, Healthcare Payers, & Others); By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2017-2027

Global Healthcare Contract Research Organization Market Size, by Type (Discovery, CMC, Preclinical, Clinical Research, Laboratory Services), By Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceuticals & Medical Device), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Competitive Market Share & Forecast, 2016-2026

More reports on Technology in Healthcare | Pharmaceutical Market: Click Here

About Us

BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to the businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.


Roboticulized digests/handpicks the latest news about the artificial intelligence/machine learning industry and serves them to you daily. We provide you with the latest news and press releases straight from the AI/ML industry.
Hipther

FREE
VIEW