Telemedicine Market was valued at US$ 40 billion in 2019


PUNE, India, Sept. 24, 2020 (GLOBE NEWSWIRE) -- The Telemedicine Market Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.

Telemedicine is the exercise of taking care of the patient by the medical personnel or the medical care service provider when they are not physically present with each other. Rising number of corona cases across the globe coupled with mobility restriction is supporting the adoption of telemedicine market. Vast spread of pandemic diseases is restricting people to stay indoors and prevent the physical contact by any means. In such scenario the aged patient or the people suffering with chronic illness can consult doctors through virtual portal driving the telemedicine market. Telematic market will witness high demand in the forecast timeline as virtual consultancy are cost effective and doesn’t require travelling comforting the geriatric population. The market players are offering subscription packages with discounts or coupons attracting large number of customers to experience virtual treatment facility. Adoption of advanced technology such as introduction of cloud based platform for teleconsulting will propel the telemedicine market growth. The leading players operating in the market are focusing towards business expansions through strategic partnerships in the form of mergers and acquisitions, which is anticipated to expedite competition in the market.

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Rising adoption of specialized videoconferencing equipment along with customized diagnostic peripherals such as EKG monitors is anticipated to dominate telemedicine consumption in coming years

The global telemedicine market is segmented on the basis of component, mode of delivery, application, end-user and geography. Based on component, the global telemedicine market is segmented into software & services and hardware. Based on deployment, the global telemedicine market is segmented into cloud based and on premise platform. Based on application, the global telemedicine market is segmented into teleradiology, tele-consultation, tele-ICU, tele-stroke, tele-psychiatry, tele-dermatology and others. Based on end-user, the global telemedicine market is segmented into providers, payers, patients and others. The software of telemedicine in components contributed the largest share to the global telemedicine market in 2019 and is anticipated to be a dominating segment throughout the forecast period. Telemedicine is also used for emergency case conditions in which the patient life can be stabilized through virtual assistance. Additionally, healthcare awareness programs about regular medical consulting about physical and mental health is driving the market demand thereby fueling the growth of global Telemedicine market.

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The teleconsultation is anticipated to be the fastest growing application of Telemedicine during the forecast period. The payers of telemedicine in end users contributed significantly to the global telemedicine market in 2019 and is anticipated to witness prominent growth during the forecast period. Increasing demand for mental health consultancy is driving the telemedicine market.

Based on geography, the global telemedicine market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, the United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.

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North America held the largest share of the global telemedicine market in terms of revenue in 2019. Growing prevalence of chronic and pandemic diseases across the region is fueling the telemedicine market. Asia Pacific is expected to witness strong demand from advanced private hospitals and ambulatory centers across Asia. With positive growth of smartphone usage and increased domestic consumption, the demand for Telemedicine from Asia Pacific telemedicine industry is anticipated to grow significantly during the forecast period. Increased investment in transformation of telecom infrastructure s across major countries, primarily Brazil, Argentina is anticipated to drive the growth of South America telemedicine market in coming years.

Major players active in the global Telemedicine market include 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, Telespecialists Llc, GlobalMed, MedWeb, IMediplus Inc., Vsee, Chiron Health, Zipnosis.

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