Global Telemedicine Market Size, Growth Analysis Report, Forecast to 2021-2027

The global telemedicine market is anticipated to grow significantly at a CAGR of 20.2% during the forecast period (2021-2027). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, the advancements in technology have led to a boost in the demand for online consultation, thereby contributing to the market growth of telemedicine solutions and services during the forecast period. For instance, in April 2020, American Well launched Amwell Private Practice that is a secure, simple, and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID-19 patients.

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Further, in December 2020, Royal Philips, a global leader in health technology, and BioTelemetry, Inc., a supplier of remote cardiac diagnostics and monitoring based in the US, have announced that they have reached an agreement to merge. The indicated enterprise value, including BioTelemetry's cash and debt, is $ 2.8 billion (around EUR 2.3 billion). In October 2020, UAB Medicine, a nationally recognized leader in patient care, research, and training, and Advanced ICU Care, a provider of high-acuity telemedicine services, have announced a large strategic telemedicine partnership with the technology. The partnership covers the entire UAB Health System, including the University of Alabama at Birmingham Hospital, the country's third-largest public hospital facility. The partnership began with the construction of a new tele-ICU operations centre in Birmingham, to serve up to 750 ICU beds throughout Alabama and the surrounding states.

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In July 2020, Advanced ICU Care, the nation's premier high-acuity telemedicine provider, recently announced the beginning of tele-ICU services with Salem Regional Medical Center (SRMC) in Salem, Ohio. Advanced ICU Care's sophisticated technology-enabled care services will equip the hospital's bedside staff with clinical knowledge 24 hours a day, 7 days a week, 365 days a year, allowing them to give patients the gold standard of critical care. However, the rapid technological advancements and key initiatives by the major players are the factors driving the market growth. Apart from it, there has been a significant rise in telemental health visits during the COVID-19 pandemic, and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.

Global Telemedicine Market Report Segment

By Components

Hardware
Software & Services

By Application

Teleradiology
Telepsychiatry
Telepathology
Teledermatology
Telecardiology

By Mode of Delivery

On-Premise
Cloud-Based

Global Telemedicine Market Report Segment by Region

North America

United States
Canada

Europe

UK
Germany
Italy
Spain
France
Rest of Europe

Asia-Pacific

China
India
Japan
South Korea
Rest of Asia-Pacific

Rest of the World

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