Pune India, Nov. 30, 2021 (GLOBE NEWSWIRE) -- The global “telemedicine market” is set to gain momentum from the introduction of artificial intelligence (AI)-powered booths in local malls. The system can dispense over 100 medications from a smart medicine cabinet. This information is given by Fortune Business Insights™ in a new report, titled, “Telemedicine Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), and Others), By Application (Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, and Others), By End User (Healthcare Facilities and Homecare), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 41.63 billion in 2019. It is projected to grow from USD 79.79 billion in 2020 to USD 396.76 billion in 2027 at a CAGR of 25.8% during 2020-2027.
COVID-19 Pandemic to Affect Growth Positively Fueled by Need to Prevent Transmission
The COVID-19 pandemic has caused a burden on healthcare workers because of the rising number of coronavirus positive patients. It is therefore resulting in the postponement or cancellation of non-essential appointments and elective surgeries to ensure safety of clinicians and patients. Telemedicine has come to the rescue by offering digital health services so that doctors can easily connect with their patients from home. We are providing detailed research reports to aid our clients get the best insights into the market.
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Rising Cases of Chronic Diseases to Accelerate Growth
As per CMS, the healthcare expenditure reached USD 3.6 trillion in 2018 in the U.S., alone. It revealed a surge of 4.6%. This shows that out-of-pocket expenditure and the rising incidence of chronic diseases have bolstered the healthcare cost. Besides, the increasing usage of teleconsultations and digital technologies would augment the telemedicine market growth in the near future.
Teleconsultation services are cost-effective and aid healthcare professionals to save time. Hence, governments of various countries are trying to implement telemedicine services in their healthcare infrastructure. However, the lack of skilled healthcare professionals may hinder the demand for this time of medicine.
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Services Segment to Dominate Stoked by Rising Adoption of Virtual Diagnostics Services
Based on type, the services segment is likely to remain at the forefront throughout the forthcoming years because of the rising deployment of e-consultation services in hospitals worldwide. The Merritt Hawkins Survey stated that the average waiting time for dermatological consultations in the U.S. increased to 32.2 days in 2017 from 28.8 days in 2014. The declining number of dermatologists is expected to raise the adoption of remote and virtual diagnostics services, thereby boosting the segment’s growth.
Increasing Teleconsultations to Favor Growth in North America
In 2019, North America generated USD 17.90 billion in terms of the telemedicine market share. This growth is attributable to the presence of several prominent players, such as MDLive and Teladoc in this region. At the same time, the rising teleconsultations and the robust support from government agencies would propel growth in this region.
In Europe, the increasing usage of digital health owing to the implementation of favorable guidelines by government bodies would aid growth. The region is expected to retain its second position in the upcoming years backed by the surging cases of chronic diseases. The British Skin Foundation, for instance, mentioned that every year, the U.K. showcases around 100,000 new cases of skin cancer.
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Key Players Focus on Partnerships & Acquisitions to Broaden Their Product Lines
The global market for telemedicine houses numerous renowned companies that are mainly focusing on partnership and acquisition strategies. They are doing so to expand their product portfolios and to gain a large consumer base. Below are the two latest industry developments:
- March 2020: VivaBem joined hands with Doktor.se to raise approximately USD 2.5 million. The fund will help them to refine its existing products by integrating the Doktor.se’s AI-driven technology. It will further improve the user experience for health and wellness services, chronic care management, and telemedicine.
- January 2020: Teladoc Health acquired InTouch Health to deliver its product offerings to the latter’s clients in more than 450 hospitals. It will also help Teladoc to enhance patient experience in home care, ambulatory care, and acute care settings.
A list of all the renowned service providers operating in this market:
- American Well (Boston, U.S.)
- MDLIVE Inc. (Sunrise, U.S)
- Teladoc Health Inc. (Purchase, U.S.)
- Doctor on Demand Inc. (San Francisco, U.S.)
- MeMD (Arizona, U.S.)
- Encounter Telehealth (Nebraska, U.S.)
- Global Med (Arizona, U.S.)
- SnapMD (California, U.S.)
- Other prominent players
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