Pune, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Fortune Business Insights™ in a new report, predicts the telemedicine market to rise at a CAGR of 23.5% between 2019 and 2026. As per the report, the global market for telemedicine was valued at USD 34,289.2 Million in the year 2018 and is anticipated to reach USD 185,669.6 Million by 2026. The analysts stated that technological developments in telemedicine products would make healthcare more accessible and affordable to all. Spurred by this, the telemedicine market growth is likely to increase in the forthcoming years. Increasing penetration of smartphones in developing as well as developed regions is enabling growth in the market. Telemedicine allows medical practitioners and clinicians to access patient’s health records such as computed tomography, X-rays, electrocardiogram, and others.
Key Industry Developments:
- In April 2019, Comcast partnered with Independence Health Group for development of a new patient care and communication platform.
- In April 2019, the Florida Senate passed the House Bill 23, in order to standardize the telehealth and telemedicine practices.
- In May 2019, CirrusMD Inc., a telemedicine startup company raised US$ 15 Mn to expand and strengthen its position in the global telemedicine market.
- In April 2019, InTouch Health announced the launch of Solo, an end-to end fully integrated virtual care platform, which is suitable for any user type in any healthcare setting.
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Virtual consultation or e-visits are now emerging as the most convenient way of doctor and patient interaction. It improves clinical outcomes and saves time. This has resulted in an increasing preference for a virtual consultation, in turn, increasing the number of virtual consultation globally. Furthermore, the development of virtual consultation mobiles apps, emerging health reimbursement for telemedicine services, and advancements in Electronic Health Records (EHR) integration and transmission is anticipated to fuel the global telemedicine market.
In April 2019, InTouch Health announced the launch of Solo, an end-to-end fully integrated virtual care platform, suitable for any user type in any healthcare setting. Such launches are expected to witness promising growth opportunities for the market.
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Teleradiology to Cover Leading Share Among Application Segments
Telemedicine services are anticipated to lead the market during the forecast period. Presence of favorable reimbursement policies on teleconsultation is one of the primary factors responsible for the growth of telemedicine services. Other factors such as the entry of new players and increasing adoption of real-time communication devices are driving the telemedicine services segment.
Driven by these factors, the telemedicine market size is expected to increase over the projected horizon. Among application, teleradiology is projected to cover leading share in the market. Other segments based on application include teledermatology, telepathology, and telepsychiatry. Healthcare providers are increasingly adopting Picture Archiving and Communication System or PACS. This system securely stores and transmits electronic images from anywhere in the world. It enables easy transmission of images with the help of Electronic Health Records (EHR).
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Active Government Support Catapults North America Market to the Fore
From a geographical standpoint, North America is anticipated to emerge dominant in the global telemedicine market. Governments in this region are planning to develop favorable reimbursement policies and practice standards for telemedicine and e-health.
This, coupled with increasing patient pool, is boosting the market in North America. The Senate in Florida passed a House Bill 23 in April 2019, establishing standards of practice for telemedicine and telehealth providers. As the aging population is increasing and preference towards telemedicine is rising, the number of e-health visits are increasing exponentially. This will further increase the telemedicine market share in North America.
Apart from North America, Europe is also expected to grow considerably primarily on account of increasing technological advancements in telecommunications. In addition to this, increasing start-up funding is expected to help the market expand in Europe. Increasing geriatric and rural population are factors attributable to the growth of the market in Asia Pacific.
Global Telemedicine Market Players:
- American Well
- GlobalMed
- Teladoc Health, Inc.
- MeMD
- InTouch Technologies, Inc.
- Doctor On Demand, Inc.
- MDLIVE Inc.
- Encounter Telemedicine
- 2nd.MD
- SnapMD, Inc.
- Other players
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Global Telemedicine Market Segmentation:
By Type
• Products
• Services
By Application
• Teleradiology
• Telepathology
• Teledermatology
• Telepsychiatry
• Telecardiology
• Others
By Modality
• Store-and-forward (Asynchronous)
• Real-time (Synchronous)
• Others
By End User
• Healthcare Facilities
• Homecare
By Geography
• North America (the USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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