Pune, India, Nov. 19, 2020 (GLOBE NEWSWIRE) -- As per the report, the global telemedicine market size was valued at US$ 34,289.2 Mn in the year 2018 and is anticipated to reach US$ 185,669.6 Mn 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.

The global telemedicine market is highly competitive and is likely to witness the entry of new players, besides the launch of new products. Recently in May 2019, a telemedicine company called CirrusMD Inc. raised around US$ 15 million by Drive Capital. The company aims to offer seamless communication between patients and doctors online. Rapid advancements in information and communication technology (ICT) has revolutionized the healthcare industry.

Key Industry Developments:

  • 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.
  • 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.


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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.


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Comcast and Independence Health Group’s Partnership to Improve Delivery Experience Between Patients and Providers 

Companies such as GlobalMed, InTouch Technologies, Inc., MeMD, MDLIVE Inc., 2nd.MD, Encounter Telemedicine, and SnapMD, Inc. are functioning in the global telemedicine market. However, some companies such as American Well, Doctor On Demand, and Teladoc Health are leading the market.

This is predominantly attributable to their strong customer reach and an increasing number of online consultation. These companies are continuously focusing on collaborations, acquisitions, and other strategies to increase their market share. For instance, InTouch Health launched a virtual care platform called Solo in April 2019.

This platform is a fully integrated end-to-end platform, accommodates multiple settings, and can be used by any user. In the same year, Comcast partnered with Independence Health Group to develop a new communication platform enabled with patient-centered technology. This platform aims to enhance the overall efficiency and experience of patients and healthcare providers.


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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


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 DATA SOURCES THAT WE REFER TO:

  • Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
  • Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
  • Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
  • Industry journals and paid databases

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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