Pune, India, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Telemedicine, a term coined in the 1970s, simply means healing at a distance. Telemedicine refers to the use of information and communication technology to enhance patient outcomes by increasing access to treatment and medical data. Telemedicine is a way to improve patient care and physician education. Increase in digitalization of healthcare services in developing countries such as India, China, Brazil, and Indonesia, and awareness about applications for telemedicine is fueling the growth of the telemedicine market. Also, increase in use of artificial intelligence, machine learning, and Internet of Things (IoT) to develop smart medications techniques is driving the telemedicine market growth.
Telemedicine Market in terms of revenue was estimated to be worth $51.09 billion in 2020 and is poised to reach $199.54 billion by 2028, growing at a CAGR of 18.6% from 2021 to 2028 according to a new report published by The Insight Partners.
Global telemedicine market growth is driven by increasing use of smartphones and development of various mobile platforms and increasing prevalence of chronic and lifestyle-associated diseases.
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Browse Comprehensive TOC on "Telemedicine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Telehospital, and Telehome); Product and Services (Software and Hardware, Tele-Consulting, Tele-Monitoring, and Tele-Education/Training); Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health, and Others); Delivery Mode (Mobile, Call Centers, and Web); and Geography."
List of Tables - 112
List of Figures - 80
No. of Pages – 200
Global Telemedicine Market Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 51,094.75 Million in 2020 |
| Market Size Value by | US$ 199,544.64 Million by 2028 |
| Growth rate | CAGR of 18.6% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Type, Product and Services, Specialty, Delivery Mode and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Market Consolidation Through Product Enhancements and Acquisitions is Expected to Fuel the Growth of Global Telemedicine Market Growth in Upcoming Years:
The consolidation of the telemedicine industry through the strengthening of product offerings is an emerging trend followed by prime telemedicine companies. Increasing patient population and rising awareness toward technologies, the companies are to expand their manufacturing capabilities.
This factor has led to geographic diversification, therapeutic and development expertise building, enormous capital generation, and steady technical resource availability among the industry giants, which helps them meet the requirement of healthcare facilities and patients suffering from chronic diseases, such as cancer, autoimmune treatment, and blood disorders, dental diseases, so rising demand of mobile health are rising directly. In August 2020, AMD partnered with iTelemed, an Ontario-based company providing virtual healthcare solutions. The partnership is aimed at catering to the unmet healthcare needs of the marginalized populations in Canada during the COVID-19 pandemic. Furthermore, in July 2020, Teladoc Health, Inc. acquired InTouch Health, US. This acquisition would Teladoc Health to establish a leading position in the virtual care industry by providing a full range of acuity from chronic care to critical an everyday care. Similarly, in June 2020, Philips launched the Avalon CL Fetal and Maternal Pod & Patch for remote monitoring for the consumers in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring. In 2020, BioTelemetry acquired the On Demand remote patient monitoring (RPM) and coaching platform operated by Envolve People Care, Inc., a subsidiary of Centene Corporation. This acquisition helps BioTelemetry in expanding its current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure, with the addition of chronic RPM and coaching solutions.
Impact of COVID-19 Pandemic on Global Telemedicine Market:
As the number of COVID-19–infected patients increased, population using computers and tablets for telemedicine also increased, which also reduced staff exposure in ambulances and hospitals. Telemedicine has experienced a huge surge in adoption over the past few months, during the coronavirus pandemic. With people locked down at home, it has become the 'new normal' way of accessing healthcare. It is expected that demand for these services increased dramatically globally in COVID-19 pandemic, as the shares of one telehealth provider, Teladoc Health Inc., increased almost 50% since the start of 2020. Hospitals and health systems also encouraged people with suspected COVID-19 symptoms to use telehealth services to limit people's flow to already crowded emergency rooms and doctor surgeries. Therefore, the growing demand for telemedicine during COVID-19 worldwide is likely to boost the growth of the telemedicine market.
Healthcare Fraud and Rising Data Security Concerns is Hampering the Growth of the Global Telemedicine Market Growth:
Healthcare fraud is a critical concern associated with telehealth and telemedicine. Non-eligible or non-listed healthcare providers may conduct incorrect coding and billing for false claims, or they might use physicians’ name and account to collect payments from insurance companies. Healthcare fraud is a fraudulent enterprise carried out by a small number of deceptive health-care providers and organized crime groups. Health insurance fraud, opioid fraud, prescription drug diversion, and medical identity theft are among the key types of healthcare fraud. As per the Global Health Care Anti-Fraud Network, ~US$ 260 billion, i.e., ~6% of the global total health care expenditure is lost to fraud. This amount is almost equal to the GDP of countries such as Finland or Malaysia. Moreover, the tele-apps collect and analyze health data of their customers to improve automated digital services and solutions. Digital enterprises usually possess the right to use the consumer data for commercial and marketing purposes.
Furthermore, there are many legal issues associated with telemedicine. A physician can be held liable for not acting upon a patient’s request for medical attention. If a telemedicine doctor fails to respond to the requests for medical attention and patients suffer further complications, it is possible that a doctor-patient relationship would be deemed to exist and the physician would be held liable. The digital health setups lack clarity regarding whether the physician has a duty to respond to treatment requests or to tell the patient if he or she is unable to support them for whatever reason. Many consumers are likely to be concerned about this situation, as they may be unable to share confidential health details.
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Global Telemedicine Market: Competitive Landscape
Allscripts Healthcare, LLC, Cerner Corporation, Cisco Systems, Inc., Eagle Telemedicine, Honeywell International Inc., McKesson Corporation, Koninklijke Philips N.V., AMD Global Telemedicine, Inc., American Well, Teladoc Health, Inc., and Insight are a few of the key companies operating in the telemedicine market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Global Telemedicine Market - Key Industry Dynamics:
Drivers
- Increasing Use of Smartphones and Development of Various Mobile Platforms
- Increasing Prevalence of Chronic and Lifestyle-Associated Diseases
Restraints
- Healthcare Fraud and Rising Data Security Concerns
- Barriers to Telemedicine in Rural Areas and Developing Countries
- Lack of Universal Reimbursement Policies
Opportunities
- Rising Adoption of Telemedicine in Wake of COVID Pandemic
Future Trends
- Market Consolidation Through Product Enhancements and Acquisitions
Recent Developments:
In June 2020, Philips reported that it has re-joined forces with the American Telemedicine Association (ATA) to help advance the industry's implementation of telehealth, highlighting its contribution to linking treatment through acute, post-acute, and home care environments. The ongoing partnership highlights the increasing adoption and traction of telehealth in the context of COVID-19, as well as the need to communicate the exponential transition to telehealth capability.
In October 2019, Cerner Corporation announced a formal arrangement to establish a wholly owned subsidiary of AbleVets, a strategic IT advisory and engineering company. Cerner would gain ever more size and technological experience in developing and executing modernization solutions, especially in the federal space, as a result of its acquisition of the Washington, DC-based business. The deal is expected to close in the fourth quarter, according to the firms.
Global Telemedicine Market: Segmental Overview
Based on product and service, the telemedicine market is segmented into software and hardware, tele-consulting, tele-monitoring, and tele-education/training. In 2020, the software and hardware segment held the largest telemedicine market share. However, the tele-consulting services segment is expected to grow at highest CAGR during the forecast period. Based on type, the telemedicine market is segmented into telehospital and telehome. In 2020, the telehospital segment held the largest market share of the telemedicine market, by type. However, the demand for telehome is also expected to grow at the fastest rate during the coming years. Based on specialty, the telemedicine market is segmented cardiology, gynecology, orthopedics, neurology mental health (psychiatry) and others. In 2020, the mental health segment held considerable share of the market, by specialty. Based on delivery mode, the telemedicine market is segmented into mobile, web, and call centers. In 2020, the mobile segment held the largest share of the market, by delivery mode.
Report Spotlights:
- Progressive industry trends in the telemedicine market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the telemedicine market from 2021 to 2028
- Estimation of global demand for telemedicine
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the telemedicine market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the telemedicine market size at various nodes
- Detailed overview and segmentation of the market, as well as the telemedicine industry dynamics
- Size of the telemedicine market in various regions with promising growth opportunities
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