Telemedicine Market is valued at USD 49.21 Billion in 2020 and expected to reach USD 232.02 Billion by 2027 with a CAGR of 24.8% over the forecast period. Increasing predominance of chronic diseases is the key factor for driving the Global Telemedicine Market.
Telemedicine is the modern technology in which physicians can care for the patients remotely to the practice when the provider and the patients are not physically present for each other. The physician and patients can share information in real-time from one computer screen to another one. They can see the capture readings from medical devices at a different locations. The benefit of telemedicine is the patients can see the doctors for diagnosis and treatment without having to wait for an appointment. Patients can look up a physician at the ease of their home. Telemedicine is remote delivery of healthcare services such as consultation over telecommunication or teleconference and it allows healthcare professionals to diagnose and treat the patients.
Telemedicine electronic communications and software provide clinical services to patients without an in-person visit and offer remote delivery healthcare services. In telemedicine, the technology allows healthcare providers to diagnose patients using smartphones through video conferencing. This technology is used for medicine management, management of chronic conditions, and other clinical services. The healthcare systems, physician practices, and skilled nursing facilities are using telemedicine to provide healthcare facilities more efficiently. Due to the artificial intelligence provider monitoring, diagnosis, and treatment of telemedicine can be easily performed in real-time.
Due to these advantages, physicians and hospitals are looking forward to adopting digital health technologies in their practice. The telemedicine creation was begun with the inception of the telecommunication infrastructure which included the radio, telephone and telegraph. The earliest adoption of telemedicine technology was, the injuries were reported by the use of telegraph during the civil war for ordering the medicine supplies. By 1879, a Lancet report discussed the number of unnecessary visits to the office can be reduced by using the telephones. In 1922, Dr. Gernsback featured the sensory feedback device named as teledactyl which would permit physicians to see their patients by the television screen and contact them from far away with the robot arms.
The Global Telemedicine Market is segmented on the basis of type, component, application, technology, delivery model, end-use and region & country level. Based on type the Telemedicine Market is bifurcated into Tele-hospital and Tele-home. In terms of component type, the market is classified as products and services. Based on application, the Global Telemedicine Market is segmented as Teleradiology, Telepathology, Telecardiology, Telepsychiatry, Teledermatology and Others. Based on the technology Global Telemedicine Market is divided into Store & forward, Real time and other. Based on the delivery model Global Telemedicine Market is classified as Web/Mobile and Call centers. Based on end-use Global Telemedicine Market is categorized as Providers, Payers, Patients and Others.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2020:||USD 49.21 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||24.8|
|Market Size Expected in 2027:||USD 232.02 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Ceva, Zoetis, Venkys India, Phibro animal health corporation, Merk & Co., Inc., Boehringer Ingelheim, ROMVAC COMPANY S.A., Hester Biosciences Limited, Indovax, Eli Lilly and Company, Bayer AG, Merial Animal Health (Sanofi), AffiniTech, Ltd, Bimeda, Inc., and others|
|Segments Covered||By Product Type, By Component, By Application, By Technology, By Delivery Model, By End-use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
News: MFine adds 70 new hospitals to fulfill the rising demand for telemedicine
On November 6th, 2020– Ashutosh Lawania, Co-Founder of Mfine announced that 2020 year of Covid-19 cases were expected to rise and they partnered with more hospitals to fulfill the increasing demand for telemedicine. Mfine, a platform which enabled the virtual medical consultancy said that it had added 2 lacks new users from Delhi-NCR on its telemedicine platform and onboarded 70 new hospitals including Fortis Hospital, PSRI Hospital, and CK Birla Hospital and increasing demand for remote consultation. Along with the teleconsults, Mfine also allowed users to book radiology appointments as well as laboratory testing at-home through six foremost lab partners and 60 radiology centers across Delhi NCR.
Raising the prevalence of chronic diseases like heart diseases, cancer, diabetes, and lifestyle-associated diseases due to lack of physical activity, poor nutrition, including diets low in fruits and tobacco & alcohol use. For instance, According to the Cancer Patients Aid Associations (CPAA), on 18 January 2021, there are approximately 70% of cancer patients in India because of chewing tobacco, premature marriages, and multiple pregnancies. Hence the predominance of chronic diseases is the key factor for driving the Global Telemedicine Market.
In addition, an increase in corona cases also fuels the overall Global Telemedicine Market as in the COVID-19 pandemic when two or more people come in direct or indirect contact with an infected person, there is fear of getting infected. For instance, according to the report published by World Health Organization (WHO), on 7 February 2021, there have been 105,394,301 confirmed cases including 2,302,302 deaths globally. Thus the patients prefer to contact doctors without taking health risks which increases the safety as well as the growth of the Global Telemedicine Market.
Moreover, the developing efficiency provided by Artificial Intelligence is likely to offer various opportunities for Telemedicine market expansion. Also, the outbreak of coronavirus is estimated to be another factor that can boost the growth of the Telemedicine market. However, technological barriers in middle and low-income countries and high-cost installation might hamper the implementation of the service and growth of the Global Telemedicine Market.
North America is the dominating regional market for telemedicine; this is because of increasing healthcare awareness along with cloud-based technology recognition and increasing awareness about telemedicine. For Example, According to the Amwell Physician and Consumer survey in 2020, in United State, 59% of the patients visited by video calling. The use of telehealth in 2015 was 57% which increased 2019 to 69%. Telehealth adoption is increased from 2015 to 2019 which fueled the Telemedicine market into the region.
In the case of Europe, it is at second position in dominance in the Telemedicine market due to improving government’s guidelines for the use of digital health and rising the prevalence of chronic diseases. For example, according to the report published by the State of Health in the EU, Italy, Country Health Profile 2019, about 16% of death were related to dietary risk. Tobacco consumption was responsible for the estimated 14% of all death. About 4% of deaths were contributed to alcohol consumption and 3% to low physical activity. Hence all the 20 Italian regions had implemented the telemedicine guidelines. This facilitates the greater use of the service and increases the demand for the Telemedicine market in the region.
Middle East and Africa