Market Research Future (MRFR) expects the Telemedicine Market to capture a valuation of USD 56,738.3 million by 2027-end. Furthermore, the market size is set to burgeon at a rate of 16.8% between 2020 and 2027.
Top Boosters and Challenges
Technological advances in telemedicine software and services have been favorable for the telemedicine market in recent years. emergence of new user-friendly systems and solutions has led to a strong demand, which helps bolster the market growth. For instance, in June 2021, Beazley has bolstered its range of risk management solutions for telemedicine sector by adding new advanced tools. These tools can be used for navigating the entire digital health regulatory framework. The company has created an interactive, multi-layered digital map that offers extensive information about the state-by-state regulations and laws with respect to the provision of telemedicine services across the US.
Telemedicine products are useful for patients living in remote areas and are devoid of the required medical facilities. For the same reason, these solutions also enjoy high demand among the health care providers in such areas. This can present business opportunities to the top manufacturers in the coming years. Moreover, as telemedicine helps facilitate smoother communication and interaction between the healthcare team members, the demand is bound to shoot up in the next few years.
Many of the medical device developers and telemedicine firms are collaborating and entering joint ventures to boost their businesses on a global scale. Majority of the firms in the telemedicine market are also adopting strategies such as acquisitions and mergers to improve their rankings. To illustrate, SHL Telemedicine Ltd. and VNA Care collaborated for the deployment of the SHL SmartHeart 12 Lead ECG technology in the home health care services offered by VNA Care. This could help patients to be discharged sooner from the hospital, shortening the stays at the medical facilities, or even better manage a relatively new disease. This collaboration will entail VNA Care using the portable and compact technology within the home setting.
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Application, component, service, deployment, and end-user are the key segments considered in the MRFR market study.
Major applications of telemedicine can be radiology, cardiology, ophthalmology, dermatology, psychiatry, and others.
Key components are hardware as well as software. The types of software listed in the report are standalone software and integrated software while the types of hardware include medical peripheral devices and monitors.
Depending on service, the global market caters to telepharmacy, telenursing, teledermatology, Tele oncology, teleradiology, and more.
Deployment-wise, the major segments are cloud-based along with on-premises.
With respect to end-user, the market has been considered for clinics, telemedicine hospitals, home care, and more. The telemedicine hospital category is in the lead, thanks to the surging use of telemedicine services in the hospital settings for consulting specialists by the doctors. This leads to cost savings for not only the hospitals but for patients as well.
Telemedicine market has been geographically segmented in terms of Asia Pacific/APAC, the Americas, Europe, and MEA/Middle East Africa.
North America is most likely to clinch the leading spot in the global market between 2020 and 2027, on account of the surging preference for online consultations and e-visits. In addition to this, the favorable insurance scenario and rapid adoption of the latest technologies including robots, AI, and chatbots in the healthcare sector, to treat the massive patient pool will favor the North American market in the future.
Europe is all set to secure the second spot in the global industry, thanks to the rising use of modern technologies within the healthcare industry. Significant burden of various chronic illnesses in line with the mushrooming patient base in the region will be another major reason for the strong market growth in the next couple of years.
The APAC market should mark the fastest progress in the following years, by virtue of the expanding geriatric populace, soaring cases of chronic illnesses, and the shortage of skilled healthcare personnel. The high number of unmet medical needs, especially among the rural population could give rise to a host of growth avenues in the upcoming period. Overcrowding in various medical facilities and the lack of advanced medical devices and hospital beds has boosted the need for telemedicine in the region as well.
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Tunstall Healthcare, CareClix, Koninklijke Philips N.V., SHL Telemedicine, Medtronic, Medvivo Group Ltd., Cisco, CardioNet, Cardiocom, Allscripts Healthcare Solutions, IBM Corporation, AMD Global Telemedicine Inc., Intel Corporation, Aerotel Medical Systems, GENERAL ELECTRIC, Care Innovations, Cerner Corporation, TeleVital, Aerotel Medical Systems Ltd., Honeywell Lifesciences, Iris Telehealth, are the leading industry contenders profiled in the MRFR report.