Pune, India, May 11, 2021 (GLOBE NEWSWIRE) -- According to the report by Fortune Business Insights, Telemedicine market size is projected reach USD 396.76 Billion by 2026. Global Telemedicine market was USD 41.63 billion in 2018 and is anticipated to exhibit a CAGR of 25.8% during the forecast period set between 2019 to 2026. The increasing adoption and accessibility of digital health technologies will accelerate the telemedicine market growth in the forthcoming years
Government Funding for Telemedicine Practice to Favor Industry During Pandemic
The abrupt arrival of the COVID-19 pandemic has resulted in a massive disruption of the world’s economy. The pressure on healthcare workers is growing as hospitals fill up with positive COVID-19 patients. In addition, the cancellation and postponement of elective procedures and appointments have reduced patient capacity in clinics and hospitals. This necessitates physicians' adoption of telemedicine.
The market for digital health services and teleconsultations is at an all-time high, owing to the current normal of social disconnection. In the fight against the outbreak, telehealth has occurred as a potent tool. The majority of virtual visit providers are reporting a significant rise in customer and subscriber numbers. For instance, in just three months from January to March 2020, Teladoc Health Inc. announced a 60 percent rise in virtual consultations, reaching 2 million, compared to 2019.
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Furthermore, strong government support is expected to create new growth opportunities for the telemedicine market. The Federal Communications Commission in the United States developed programs to assist healthcare organizations in deploying telemedicine technology in March 2020. Likewise, in India, the Ministry of Health and Family Welfare (MoHFW) released telemedicine practice guidelines in March 2020.
The Teleradiology Segment to Hold the Largest Share
The market is divided into products and services based on type. The services sector is projected to account for the lion’s share in the telemedicine industry. Telemedicine significantly cuts the time it takes to get a consultation or a referral. One of the main reasons for the growing number of hospitals offering or deploying e-consultation services is that the services sector gains traction.
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The market is divided into three types of modalities: real-time, store-and-forward (S&F), and others. Because of the dramatic increase in the number of e-visits, the real-time segment is projected to expand at a profitable pace. In 2018, 32.1 percent of physicians in the United States used an on-demand virtual care provider, according to the On-demand Virtual Care Benchmark Survey. This is likely to boost the growth of the segment.
Teleradiology, telepathology, telepsychiatry, telecardiology, teledermatology, and other applications make up the market. During the forecast period, the teleradiology segment is expected to dominate the industry. The market is divided into two types of end-users: healthcare facilities and homecare.
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High Health-care Spending to Drive Telemedicine Market
Healthcare costs have risen dramatically as the incidence of chronic illnesses and out-of-pocket spending has increased. According to CMS, healthcare spending in the United States rose by 4.6 percent in 2018, hitting USD 3.6 trillion, or USD 11,172 per individual. Furthermore, healthcare expenses were a financial burden for 34% of the population in 2017, with 11% seeing those costs as a household budget constraint.
Moreover, machine learning algorithms-based apps can aid in the diagnosis of diseases like cancer, COVID-19, rare diseases, and others. For instance, the UAE Ministry of Health began collaborating with telecom operators to create its first virtual hospitals in March 2020. As a result, increased investment in virtual hospitals is expected to boost the telemedicine industry.
Increasing Prevalence of Chronic Diseases to Stimulate Market in Europe
In 2019, the North American market stood at USD 17.90 billion. The presence of major players such as Teladoc, MDLive, and others will boost the market in the region. The strong government support and high need for teleconsultations are factors aiding growth in the region. In the United States, doctors' willingness to use telehealth increased from 57 percent in 2015 to 69 percent in 2019.
This is according to the Amwell Physician Survey. Europe is expected to be the second-largest market, owing to improved government standards for the utilization of digital healthcare and the increasing cases of chronic illnesses. According to the British Skin Foundation, 100,000 new cases of skin disease are diagnosed in the United Kingdom each year. This places a financial strain on the nation.
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Global Telemedicine Market Segmentations:
By Type:
- Products
- Services
By Modality
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Others
By Application
- Teleradiology
- Telepathology
- Teledermatology
- Telecardiology
- Telepsychiatry,
- Others
By End User:
- Healthcare Facilities
- Homecare
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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