Telemedicine Market to Reach USD 185.66 Billion by 2026; Driven by the Surge in Product Adoption due to the Coronavirus Outbreak, says Fortune Business Insights™

Key Companies Covered in the Telemedicine Market Research Report are GlobalMed, InTouch Technologies, Inc., MeMD, MDLIVE Inc., 2nd.MD, Encounter Telemedicine, and SnapMD, Inc., American Well, Doctor On Demand, Teladoc Health and other key market players.

Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global telemedicine market size is projected to reach USD 185.66 billion by the end of 2026. The coronavirus outbreak has led to a surge in the adoption of this product across the world. According to a report published by Fortune Business Insights, titled “Telemedicine Market Size, Share & Industry Analysis 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), and Regional Forecast 2019-2026,” the market was worth USD 34.28 billion in 2018 and will exhibit a CAGR of 25.3% during the forecast period, 2019-2026.

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Product Overview:

Telemedicine is a process that allows doctors to examine and treat patients when they are not physically present in the hospital or clinic. It involves the use of a computerized technology wherein the doctor is connected to the patient over the internet. Recent technological advances in the field of telehealth and telemedicine have opened up a huge potential for the companies operating in the market. Moreover, the use of this technology in diagnosis of severe conditions such as cardiology, radiology, and behavioural health will create several opportunities for market growth. Accounting to the massive potential held by this product, several companies are looking to invest heavily in the research and development of newer concepts.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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Covid-19 Pandemic has Created a Surge In Telemedicine Use

The coronavirus outbreak has compelled governments across the world to take strict measures to prevent and minimize the spread of the disease. The strict rules imposed by governments have led to shut downs in major businesses across the world. The lockdowns and social distancing practises have urged people to stay indoors and thus halted several businesses across the world. As a result, peopled are focusing on telemedicine and telehealth practises for consultation and diagnosis purposes. As people are advised to stay indoors, they are forced to adopt telemedicine; a factor that will ultimately emerge in favor of the companies operating in the market.

Accounting to Huge Product Demand, Companies are Focusing on Product Innovations

The report includes a few of the major industry developments in recent times and states their impact on the growth of the market. The increasing number of product launches and innovations has made a positive impact on the growth of the market in recent years. Due to the sudden rise in the demand for these products, companies are looking to maximize the use of modern concepts and latest technologies with a view to establishing a stronghold in the market.

UVA Announces that Telemedicine Tools for Ebola Can Help Prevent Coronavirus

The University of Virginia Health System announced on 11th May 20020, that the telemedicine tools developed for the treatment of the Ebola virus have a huge potential in the treatment of the coronavirus. Professionals at the UVA state that these tools allow doctors to provide personal and high quality care that reduce the risks of infections. UVA states that these tools can help hospitals and doctors efficiently detect and diagnose patients suffering from the coronavirus.

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North America Dominates the Market; Rise in Incidence of Coronavirus to Provide Impetus to Market Growth

The report analyses the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The report will further include the impact of the coronavirus on the adoption of telemedicine across these regions. North America currently dominates the market with a valuation of USD 14.6 billion. The rise in coronavirus cases in the Unites States will lead to a subsequent rise in the adoption of telehealth and telemedicine services in this region. Technological advancements will play a huge role in the growth of the telemedicine market in North America.

Industry Developments:

May 2019: CirrusMD Inc., a telemedicine startup company announced that it has raised over US$ 15 Mn to expand and strengthen its position in the telemedicine market.

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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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Overview of Telemedicine Services
    • Reimbursement Scenario - For Key Countries
    • Overview of Telemedicine Policies - For Key Countries
    • Technological Advancements in Telemedicine Market
    • Startups with their Funding Overview
    • Key industry Developments - Mergers, Acquisitions and Partnerships
  • Global Telemedicine Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Products
      • Services
    • Market Analysis, Insights and Forecast – By Application
      • Teleradiology
      • Telepathology
      • Teledermatology
      • Telepsychiatry
      • Telecardiology
      • Others
    • Market Analysis, Insights and Forecast – By Modality
      • Store-and-forward (Asynchronous)
      • Real-time (Synchronous)
      • Others
    • Market Analysis, Insights and Forecast – By End User
      • Healthcare Facilities
      • Homecare
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

TOC Continued….!!!

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