Telemedicine Market is Expected to Reach USD 51972.5 Billion 2030 | Top Players Covered: Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDL

The global telemedicine market size was USD 79.6 billion in 2020. The market is estimated to grow from USD 79.6 billion in 2020 to USD 51972.5 billion in 2030 at a CAGR of 30.5% in the 2020-2030 periods. This information is published by “Decision Foresight”, in its report, titled, “Telemedicine Market, 2021-2030.” As per our researchers, growth in the telehealth and telemedicine market is mainly determined by factors such as the rising population, the need to enlarge healthcare contact, the growing prevalence of chronic diseases and situations, a shortage of doctors, developments in telecommunications, government support, and increasing technology adoption in the wake of COVID-19.

During the COVID-19 pandemic, tele-homecare has been one of the best options for pursuing medical advice at the ease of the patient's home. According to the research article published by JMIR Paediatrics’ and Parenting, 2020, development in medication devotion among adolescent transplant receivers was observed who were vigorously participating in the home-based telehealth video conference during the COVID-19 pandemic.

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List of Important Players Covered in this Market Report
• Koninklijke Philips N.V.
• Medtronic
• GE Healthcare
• Cerner Corporation
• Siemens Healthineers
• Cisco Systems, Inc.
• Teladoc Health Inc.
• American Well
• AMC Health
• MDLive
• Doctor on Demand
• Medvivo Group Ltd
• Asahi Kasie Corporation
• Iron Bow Technologies
• TelespecialistsLlc
• GlobalMed
• MedWeb
• IMediplus Inc.
• Vsee
• Chiron Health
• Zipnosis

COVID-19 Impact: Several Country’s Government has Adopted the Advanced Healthcare Systems and Provided Approvals Amid Covid-19 Pandemic

The COVID-19 pandemic had an overwhelming global impact on the health of the population and a huge economic effect on most countries. According to (Worldometer) as of October 27, 2020, 43.7 million cases have been reported worldwide, with 1,164,761 deaths. The COVID-19 pandemic is providing huge opportunities for telehealth solutions, considering that social distancing is the only present solution developed so far, which is accomplished of minimizing exposure. In line with this, telehealth signifies an attractive, effective, and reasonable option. Moreover, this technology is of serious importance in keeping healthcare providers safe.

Apart from this, many government organizations are implementing telehealth through new policies and reimbursement guidelines. In March 2020, the Federal Communications Commission in the U.S. recognized programs to aid healthcare institutions organize telemedicine technology. Similarly, in March 2020, the Ministry of Health and Family Welfare (MoHFW) delivered telemedicine practice guidelines in India.

Segmentation

On the basis of type, the market is segregated intoproducts and services.The service segment is expected to account for maximum share of the key market. Telemedicine significantly reduces the waiting time for consultation and appointment. According to the Merrit Hawkins Survey, in the U.S. waiting time in average, for dermatological consultation has increases from 28.8 days in 2014 to 32.2 days in 2017.  On the basis ofmodality, the market is further divided into real-time, store and forward (S&F), and others.The real-time segment is expected to witness lucrative growth due to the extreme rise in the number of e-visits.

ByApplication, the market is categorized into tele-radiology, tele-pathology, tele-cardiology, tele-psychiatry, tele-dermatology and others. The teleradiology segment is likely to dominate the market. According to Canada Association of Radiologist (CAR), there will be a necessity for 1,700 new radiologists between 2019-2040. This, united with the unsatisfactory distribution of radiologists, is expected to drive teleradiology segment.

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Drivers and Restraints

Growing Healthcare Costs And Increasing Remote Patient Monitoring Drive Market Growth

The major factors for the growth of the telemedicine market include the rising healthcare costs, technological innovations, swelling remote patient monitoring, and growing burden of chronic diseases.

Healthcare costs are rising across the world. The key driver for rising healthcare costs is increased operation of healthcare services, which results in the growth of consumer demand for advanced and new techniques, lifestyle factors, etc. Additionally, it can also be credited to the cost-shifting from government programs to private payers. Low compensation rates have increased the cost-shifting problem on hospitals and doctors, who, in turn, charge much higher rates for the same amenities to private payers, which eventually affects the health insurance rates. As per National Health Expenditure Projections 2018-2027, national health spending is expected to grow at an average rate of 5.5% per year for 2018-2027 and reach closely USD 6.0 trillion by 2027 in the United States.

However, certain challenges tackled by this industry are confrontation in technology acceptance by practitioners and patients, high cost of operation, and data privacy and safety issues. These factors may hamper the rushing growth to a certain extent.

Regional Insights

North America Is estimated to dominate the global telemedicine market -

North America held the Telemedicine market share worth USD XYZ billion in 2020 and is anticipated to dominate the market.The large share of this region in the global telehealth market can be recognized by the factors such as the rising prevalence of chronic conditions, the need to reduce healthcare expenditure and increasing overall and geriatric population.

The market in Europe is projected to increase at a sturdy CAGR during the mentioned timeframe. The enlightening government guidelines for the use of digital health and rising prevalence of chronic diseases. According to British Foundation, at least 100,000 new skin cancer cases are perceived every year in United Kingdom.

Asia Pacific is projected to displayprompt growth in the upcoming years.  The prevalence of chronic diseases and the congestion of hospitals. Additionally, the growing need to restrict COVID-19 cases, federal orders to increase healthcare facilities, and a growing focus on refining the quality of care delivered to COVID-19 patients are some key aspects driving the growth of the telehealth market in the wake of COVID-19.

Competitive Landscape

Increasing Launching of Advanced Technology Based Telemedicine’s by Key Players to Sustain their Position

Key Companies like Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Koninklijke Philips NV hold significant market shares in the telemedicine market. The major players are involved in various strategic associations to expand their product portfolios. For instance, in January 2020, Teladoc Health entered an agreement to acquire InTouch Health to boost Teladoc’s telemedicine line and spread its presence across hospitals and health systems.

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Key Industry Development

In July 2021, Estshara, a Cairo-based company providing tele pharmacy services and an online platform for health consultations secured USD 500,000 from Egypt Venture in a seed funding round. The company has more than 2 million users currently with a track record of over 200,000 consultations.

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This release was published on openPR.