LONDON , UK, Oct. 19, 2021 (GLOBE NEWSWIRE) -- According to Brandessence market research, the global telemedicine market is set to reach USD 232.02 Billion by 2027, rising at 24.8%. The telemedicine market size was valued at USD 49.21 Billion in 2020. Global telemedicine market size is set to witness a gargantuan increase during the 2020-2027 period.
Telemedicine Market: Patient Monitoring Remains Promising Arena for Growth
Worker turnover remains a major challenge in homecare services across the globe. In the US, this problem has reached a terrible peak. For example, according to industry insiders, nurses are often poached by the retail and food industry for $15 an hour. Furthermore, according to the CDC, there were over 1.7 million beds being served in nursing homes across the country. The rising population of elderly has forced President Biden to release a $400 billion payout to support jobs in the nursing home industry. Furthermore, the healthcare costs are skyrocketing. In 1960, the health expenditure in the United States remained at USD 27.2 billion. On the other hand, it increased to USD 3, 649.4 billion. As mentioned earlier, elderly also show tremendous willingness to visit doctors through virtual channels, more so than any other group. This is unsurprising considering the penetration of chronic diseases, and disability in the US population. The telemedicine technology can provide more in-person care, can lower costs considerably, and offer more care to the most vulnerable group of patients in the United States.
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Telemedicine Market 2021: Telemedicine Growth Statistics
According to the Centers for Disease Prevention and Monitoring (CDC), the percentage of people visiting physicians via phones or video reached a total between 20% to 25% in 2021. Percentage for those with an education remained high with 23% opting for virtual conferencing in June 2021. The elderly (over 80) age group remains the key consumer of telemedicine in the United States. The percentage for adults over 80 remained between 28.1% to 30.0 during September-June 2021. Women also show a much higher preference for telemedicine with as many as 26.1% opting for the digital medium in June 2021. While men showed a lower preference, there was a continuous increase from 18.6% in September to 21.3% in June 2021.
Telemedicine Market: Key Drivers
According to the World Health Organization, Cardiovascular Diseases (CVD) account for 17.9 million deaths globally each year. The CVD group consists of diseases like coronary heart disease, strokes, and heart attacks. More than four out of five deaths due to CVD are strokes, and heart attacks. Furthermore, 1 in 3 CVD deaths occur among premature individuals, under 70 years of age. In heart diseases, it is important for doctors, and patients to communicate as often as possible. Growing studies show that doctor’s checks on high cholesterol, regular monitoring of blood pressure, and smoking can result in major improvements in CVD led mortalities. Furthermore, in emerging regions, lack of access to in-person care remains a major barrier to health-outcome improvements in conditions like CVD. According to American Heart Association, CVD accounted for fewer than 10% deaths. However, today, it accounts for nearly 30% deaths globally, among which 80% occur in developing countries. CVD penetration remains highest in China, followed by India.
Telemedicine Market: Key Insights
Covid-19 pandemic has made global waves, with death tolls exceeding nearly 5 million. However, chronic diseases like CVD kill far more people each year than Covid-19. Despite this contradiction, covid-19 has accelerated development of virtual health. The covid-19 pandemic forced major insurers, government entities, and individuals, for an adoption towards telemedicine. According to a CDC report published in 2021, nearly 16% of the population avails telemedicine solutions each year. The telemedicine treatment can provide access in low-resource setting, which are taking over rural regions in the global economy. for example, higher proportion of rural men, and women report heart conditions across the US. Furthermore, more rural population reports limitation to work due to heart risks. Additionally, urban population is also screened in far higher quantizes for chronic diseases as compared the folks in rural areas. Growing chronic diseases like HIV also show more than ¾ of rural population travels to urban areas to get tested for HIV. These diseases include breast, colon, prostate, and other forms of cancer. While more than half of urban residents are screened with a stool test, only 42% of rural residents are tested for the same. With covid-19 economic slowdown, and declining population in rural areas, this trend with exacerbate as clinics, pharmacies, and hospitals remain susceptible to closure without adequate demand.
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Telemedicine Market: Covid-19 Impact
The covid-19 pandemic has brought a three-fold change to the global telemedicine market. On one hand, it has accelerated change towards digital channels for healthcare. On the other hand, it has increased awareness about reduced costs, and increased access to both patients, and healthcare providers. And, lastly, it has increased attention of global investors in the arena of telemedicine industry. For example, in 2020, the investment in telemedicine increased by 3 times to its levels in 2017. The tangible investment in the space, and growing burden of chronic illnesses increased the patient footfall in countries like the US by 38 times. Moreover, rising open-minded approach towards telemedicine by regulators signal that as much as $250 billion opportunity will open in telemedicine during the 2020-2027 period.
In a 2018 survey, the awareness among physicians for telemedicine remains low at best. For example, the survey revealed that only 18% of physicians used telemedicine to deliver care, and less than 10% had used medicine to deliver care. Furthermore, less than 1% of total services were rendered through telemedicine industry in January 2020. However, growing government initiatives are likely to change that. For example, over half of the states after covid-19 required insurers to reimburse providers with telemedicine. Furthermore, the reimbursement remained on-par with in-person visit. While the coverage for only-audio visits remains limited (only in three states), the growing recognition of telemedicine on par with in-person visits is a game changer for players in the telemedicine market.
Telemedicine Market: Technology Insights
According to leading experts at Brandessence market research, “the adoption of telemedicine continues to improve despite waning covid-19 pandemic. The telemedicine is emerging as an in-person, and hybrid virtual care delivery system. While challenges like perception of security remain restraints to market growth, telemedicine has ventured into new areas like longitudinal virtual care, integration with existing AI diagnosis tools like medical imaging. Furthermore, the healthcare service providers are increasingly happy with its adoption, thanks to proven-efficacy in areas like CVD, and growing potential to improve transparency, and cost-structure.
The Global Telemedicine Market is segmented based on type, component, application, technology, delivery model, end-use and region & country level. Based on type the Telemedicine Market is bifurcated into Tele-hospital and Tele-home. In terms of component type, the market is classified as products and services. Based on application, the Global Telemedicine Market is segmented as Teleradiology, Telepathology, Telecardiology, Telepsychiatry, Teledermatology and Others. Based on the technology Global Telemedicine Market is divided into Store & forward, Real time and other. Based on the delivery model Global Telemedicine Market is classified as Web/Mobile and Call centers. Based on end-use Global Telemedicine Market is categorized as Providers, Payers, Patients and Others.
Companies included in Telemedicine Market
- Ceva, Zoetis
- Venkys India
- Phibro animal health corporation
- Merk & Co., Inc.
- Boehringer Ingelheim
- ROMVAC COMPANY S.A.
- Hester Biosciences Limited
- Indovax, Eli Lilly Company
- Bayer AG
- Merial Animal Health (Sanofi)
- AffiniTech, Ltd,
- Bimeda, Inc
Global Telemedicine Market Segmentation:
By Product Type:
- Tele-hospital
- Tele-home
By Component:
- Products
- Services
By Application:
- Teleradiology
- Telepathology
- Telecardiology
- Telepsychiatry
- Teledermatology
- Others
By Technology:
- Store & forward
- Real time
- Other
By Delivery Model:
- Web/Mobile
- Call centers
By End-use:
- Providers
- Payers
- Patients
- Others
The regions covered in global Telemedicine market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global feminine hygiene is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
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