Dublin, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The "Telemedicine - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Telemedicine Market to Reach US$178 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Telemedicine estimated at US$36.5 Billion in the year 2020, is projected to reach a revised size of US$178 Billion by 2026, growing at a CAGR of 30.1% over the analysis period.
Growth in the global market is influenced by trends such as growth in chronic diseases in BRIC countries, rise in telecommunication, and demand from rural areas for improved health care facilities. The COVID-19 pandemic led to a major surge in the global market for telemedicine.
Outbreak of coronavirus was widespread, which led to a significant positive impact on market demand, throughout 2020 when online consultation for various health queries became the norm. Going forward, nations would continue to embrace telemedicine processes in a major way in the form of a critical step towards reducing overall healthcare cost.
Another important factor that would drive market for telemedicine going forward would be the increasing prevalence of autism, epilepsy, PD, Alzheimer's and such other neurological disorders. Growing geriatric population is another important growth promoting factor for the market.
Other factors promoting growth for the telemedicine market at the global level are the inherent advantages including reduced diagnosis variations, better clinical management as well as effective delivery of care through improved access to and also quality of healthcare services.
Software & Services, one of the segments analyzed in the report, is projected to grow at a 29.4% CAGR to reach US$162.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 32% CAGR for the next 7-year period.
This segment currently accounts for a 26.8% share of the global Telemedicine market. Telemedicine software and electronic communications enables healthcare providers treat patients through video conferencing using a smart phone, thus eliminating the need for patient's in-person physical consultation.
The U.S. Market is Estimated at $15.1 Billion in 2021, While China is Forecast to Reach $15.5 Billion by 2026
The Telemedicine market in the U.S. is estimated at US$15.1 Billion in the year 2021. The country currently accounts for a 32.47% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$15.5 Billion in the year 2026 trailing a CAGR of 36.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 26.4% and 27.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 29% CAGR while Rest of European market (as defined in the study) will reach US$21 Billion by the end of the analysis period.
North America accounts for bigger share of the telemedicine market owing to the rising usage of high-speed Internet and widespread adoption of smart devices. Convenience, access to care, favorable cost and reimbursement, and quality of care are the major factors driving demand for telemedicine.
Europe represents the second major regional market, and is driven by robust impetus from governmental initiatives. Growing interest in telemedicine and rising penetration of smart devices favor the prospects for telemedicine in Asia-Pacific region.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- A Prelude to Telemedicine
- Telemedicine Advantages
- Types of Procedures Supported by Telemedicine
- Benefits for Patients & Providers
- Impact of Covid-19 and a Looming Global Recession
- 2020 Marked as a Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
- COVID-19 Expedites Healthcare Ecosystem's Evolution for Better Care & Cost Savings
- Covid-19 Pandemic Accelerates Broader Use of Telemedicine
- Global Market Prospects and Outlook
- Global Market for Telemedicine Surges amid the Pandemic
- Telemedicine Boom Triggered by COVID-19
- US and Europe Dominate the Global Market, Asia-Pacific to Witness Fastest Growth
- Mobile/web Delivery Segment Dominates the Market
- Hardware Segment Leads the Global Telemedicine Market
- Market Outlook
- Competition
2. FOCUS ON SELECT PLAYERS (Total 344 Featured)
- Aerotel Medical Systems Ltd.
- Allscripts Healthcare Solutions, Inc.
- AMD Global
- American Well
- BioTelemetry, Inc
- Cardiocom, LLC
- CISCO Systems
- Doctor On Demand, Inc
- F. Hoffmann-La Roche Ltd
- GlobalMedia Group, LLC.
- InTouch Technologies, Inc
- MDLIVE Inc
- MeMD
- Premier Health Group Inc
- Teladoc Health, Inc
- Telemedicine, Inc.
- TELUS Health
- WELL Health Technologies Corp
3. MARKET TRENDS & DRIVERS
- Rapid Evolution in Telecommunication Technology Steers Telemedicine Market
- Aging Population Drives the Market Growth
- Increasing Occurrence of Chronic Diseases Drives Telemedicine Market
- Looming Physician Shortage to Drive the Need for Telemedicine
- Evolving Reimbursement Laws and Policies
- Emerging Trends in Telemedicine
- Emphasis on Telemedicine Widens among Insurance Firms
- Telemedicine Gains Traction among Physicians
- Telehealth in Home Care
- Advanced Technologies and Rapidly Growing Telemedicine
- Smartphones & Cloud Access Bring Forward a Collaborative Foundation
- Remote Patient Monitoring: A Key Benefit of Telemedicine
- Telemedicine in Disaster Management
- Diverse Healthcare Markets Open Up
- Telecardiology Witnesses Increased Popularity
- Telemonitoring Services Gain Grounds
- Decentralization of Healthcare
- Technology Trends in Telecommunication Drives Telemedicine Market
- Video Telemedicine Market Gains Ground
- Developing Countries Healthcare Systems Demand Directions in Video Telemedicine services
- Transforming Remote Health Care Amenities by Increasing Awareness on Video Telemedicine
- Video Chat Applications Garner Acceptance Among Patients in Emergency
- IoMT: The New Healthcare 'Tech' Evolution
- Telemedicine Seeks Role in Home Care & Direct Primary Care
- Increase in Healthcare Spending to Propel Demand
- Software and Video Call Tools are Favorite among Corporate Class
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/j6hpux
