Selbyville, Delaware, April 14, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on telemedicine market which estimates the global market valuation for telemedicine will cross US$ 175 billion by 2026. Growing cases of COVID-19 infections across the globe is one of the significant factors boosting the market growth. For instance, total active COVID-19 cases have reached about 1.4 million cases across the globe.
Maintaining social distancing and self-quarantine are of key importance in containing the spread of corona virus. This have led to few countries taking stringent measures such as partial or complete lockdown. Which supports increasing adoption of telemedicine services to avail healthcare services. Also, various stringent regulations that were imposed on practicing telemedicine have also been relaxed. Such favorable government policies and growing inclination of patients towards virtual visits will propel the telemedicine market growth.
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Tele-monitoring services market accounted for revenue share of about 29% in 2019 and similar trend is expected during the analysis period. Tele-monitoring services can be used to monitor those patients that are suffering from flu-like symptoms but are negative for COVID-19 infection. Moreover, tele-monitoring reduces the overall burden on the medical fraternity, thereby increasing their access to those patients that are suffering from serious ailments.
Telehospital market will witness more than 19% growth during 2020 to 2026. As the medical and paramedical personnel are at higher risks of COVID-19 infections, the demand for telehospital services is expected to increase in the future. For instance, more than 60 doctors have died in Italy due to the COVID-19 pandemic. Thus, with increasing number of healthcare personnel getting infected by the corona virus, the need for telehospital services is likely to increase during the analysis timeframe.
Neurology segment was valued at around USD 5.5 billion in 2019 and is anticipated to witness significant growth through 2026. Increasing incidence of Parkinson’s disease, Alzheimer’s disease, autism, and epilepsy will increase the application of telemedicine in neurology. Growing demand for tele-neurology services especially amongst the older patient population will drive the telemedicine market for neurology. Moreover, with few countries implementing partial or complete lockdown, patients suffering from various neurological disorders will increasingly adopt telemedicine services.
Browse key industry insights spread across 200 pages with 283 market data tables & 9 figures & charts from the report, “Telemedicine Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/telemedicine-market
Call centers segment is forecasted to show steady expansion at 18.8% CAGR from 2020 to 2026. Increasing influence of home quarantine and social distancing will lead to a spike in number of calls received by various telemedicine call centers. Moreover, companies are expanding their capabilities to serve and cater the exponential increase in the virtual call volume. Aforementioned factors will drive the market growth.
China telemedicine market is projected to expand at a CAGR of more than 23% over the forecast period. The regional growth is attributed to the factors such as large number of COVID-19 infections and growing target geriatric population. Moreover, with implementation of partial lockdown in certain provinces of China, the patients are increasingly adopting telemedicine services. Factors such as increasing usage of smartphones and internet among the Chinese population will further drive the market growth.
Some major findings of the telemedicine market report include:
- Increasing cases of COVID-19 infection across the globe and growing influence of social distancing will drive the market.
- Increasing need to lower the overall healthcare cost and technological advancements will be conducive to the market growth.
- Tele-monitoring services will be increasingly adopted to lower the burden on medical fraternity.
- Minimizing the spread of COVID-19 infection among healthcare staff will lead to growth in the telehospital segment growth.
- Neurology segment will witness significant growth across the forecast timeframe.
- Growing importance of social distancing and self-quarantine will lead to increase in the number of virtual calls.
- Competitors focus on expanding the capability of managing the high influx of calls, strategic acquisitions, mergers and collaborations in a bid to capture market share and strengthen revenue generation.
Some of the prominent players operating in the e-health market are Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, BioTelemetry, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., and Teladoc. These players adopt various strategies such as acquisitions, collaborations, mergers, partnerships, geographic expansion. For instance, in May 2018, Allscripts signed an agreement to acquire HealthGrid Holding Company. This acquisition will enable significant expansion of FollowMyHealth platform portfolio and spur revenue generation.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Telemedicine industry 360⁰ synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Service trends
2.1.3. Type trends
2.1.4. Specialty trends
2.1.5. Delivery mode trends
2.1.6. Regional trends
Chapter 3. Telemedicine Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rising cases of COVID-19 infections across the globe
3.3.1.2. Increasing prevalence of chronic diseases
3.3.1.3. Growing number of smartphone users
3.3.1.4. Technological advancements related to mobile phones and internet
3.3.1.5. Greater need for cost-saving in healthcare delivery
3.3.1.6. Long waiting time in hospitals for disease treatment
3.3.1.7. Favorable government initiatives
3.3.2. Industry pitfalls & challenges
3.3.2.1. Security and privacy concerns
3.3.2.2. Lack of knowledge and trust in developing countries
3.4. Growth potential analysis
3.4.1. By service
3.4.2. By type
3.4.3. By specialty
3.4.4. By delivery mode
3.5. COVID-19 impact analysis
3.5.1. Impact of COVID-19 on major markets
3.5.1.1. Overview
3.5.1.2. U.S.
3.5.1.3. Canada
3.5.1.4. Germany
3.5.1.5. UK
3.5.1.6. France
3.5.1.7. Spain
3.5.1.8. Italy
3.5.1.9. Switzerland
3.5.1.10. China
3.5.1.11. Japan
3.5.1.12. Saudi Arabia
3.5.2. Impact of COVID-19 on industry segments, by 10 major markets (2020)
3.5.2.1. Teleconsultation
3.5.2.2. Tele-monitoring
3.5.2.3. Telehome
3.5.2.4. Mental Health
3.5.2.5. Respiratory illness
3.5.3. Impact of COVID-19 on industry competition
3.5.3.1. Strategy
3.5.3.2. Product portfolio
3.5.3.3. Business growth
3.6. Reimbursement scenario
3.6.1. U.S.
3.6.2. Europe
3.7. Telemedicine modalities
3.8. Telemedicine projects
3.9. Government initiatives
3.10. Telemedicine future trends
3.11. Analyst recommendations
3.12. Porter’s analysis
3.13. Competitive landscape, 2019
3.13.1. Strategy dashboard
3.14. PESTEL analysis
Browse reports complete table of contents (ToC): https://www.gminsights.com/toc/detail/telemedicine-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.