Pune, March 23, 2022 (GLOBE NEWSWIRE) -- Telemedicine is increasingly changing the healthcare sector, which is projected to become the most commonly recognized diagnosis and prescription tool in the coming years. Numerous healthcare companies are increasingly introducing additional offerings to their current portfolio to raise revenues. The global telemedicine market is expected to grow from USD 40.57 billion in 2020 to USD 184.50 billion by 2028, at a CAGR of 20.77% during the forecast period 2021-2028, according to the new report published by The Brainy Insights.
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Telemedicine is the delivery of healthcare facilities, where distance is a vital aspect, for all healthcare professionals utilizing information and communication technology to exchange essential data regarding illness and injury diagnosis, treatment and prevention.Telemedicine offers clinical services to patients without an in-person consultation and enables remote delivery of healthcare resources. In telemedicine, the technology allows healthcare professionals to treat patients by video conferencing utilizing a smartphone. It is used to monitor the treatment, chronic condition care and other clinical services.
Rising tech-savvy people and an improvement in government reimbursement are projected to fuel the telemedicine market. Also, increasing aging population is a significant factor behind the rapid growth in the telemedicine industry. That is because older persons are more vulnerable to illness, have reduced levels of immunity and take more time to heal from illness. The shortage of qualified telemedicine medical professionals, however, is an obstacle for the telemedicine market.
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Major players in the global telemedicine market are 2ndMD, Aerotel Medical Systems Ltd., F. Hoffmann-La Roche Ltd, Allscripts Healthcare Solutions, Inc, AMD Global, American Well, Cardiocom, LLC, CISCO Systems, Doctor On Demand, Inc., Encounter Telemedicine, GlobalMed, Honeywell HomMed, InTouch Technologies, Inc., McKesson Corporation, MDLIVE Inc., MeMD, SnapMD, Inc., Teladoc Health, Inc. and Telemedicine, Inc. among others.The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global telemedicine industry.
• In May 2018, Allscripts signed an agreement to acquire HealthGrid Holding Company. The purchase would allow significant expansion of the portfolio of FollowMyHealth services as well as an increase in revenue.
• In April 2019, InTouch Health revealed the launch of Solo, a fully integrated end-to-end virtual care platform that suits every kind of patient in every healthcare environment.
• Additionally, in 2019, Doctor On Demand unveiled an integrated virtual primary care platform, while Virginia University revealed plans to broaden its internal telehealth program.
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The services segment led the telemedicine market with the largest market share of around 72% and a market value of about 29.21 billion in 2020
The type segment is divided into products and services. Owing to the accelerated adoption of real-time communication devices, entry of new service providers, health reimbursement for teleconsultation, the services segment emerged as the leader in the global telemedicine marketwith the largest market share of around 72% and a market value of about 29.21 billion in 2020.
The teleradiology segment is estimated to grow at the highest CAGR of 23.5% over the forecast period
The application segment includes telepsychiatry, telepathology, teleradiology, teledermatology,telecardiology, and others.Owing to the wide adoption of Picture Archiving and Communication System (PACS) in the healthcare environment, the teleradiology segment is estimated to grow at the highest CAGR of 23.5% over the forecast period. This also promotes the easy transmission of radiology images and integration with Electronic Health Records (EHR).
The store-and-forward or asynchronous method is expected to register a CAGR of around 22% in the market during the forecast horizon
The modality segment includes real-time (synchronous), store-and-forward (asynchronous)and others. Store-and-forward or asynchronous method is a practical approach that is accessible to patients around the globe and is also convenient. Therefore, the store-and-forward or asynchronous method is expected to register a CAGR of around 22% in the market during the forecast horizon. This method is more transparent and accessible as the patient, healthcare providers, and specialists can review the medical information while sitting in remote or different locations.
Homecare segment is expected to register the highest CAGR in the market during the forecast horizon
The end-user segment is divided into healthcare facilities and homecare. Due to the increasing geriatric population, home care is expected to achieve enormous prominence within the telemedicine industry.The demand for telemedicine is expected to increase across homecare and healthcare facilities in the forecast years, thereby boosting the telemedicine market.
Regional Segment Analysis of the Telemedicine Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
A growing number of patient pools coupled with supportive government policies in the North America region led the region dominate the global telemedicinemarket with a market share of 39.6% and a revenue of USD 16.06 billion in 2020.Due to the presence of several technological and pharmaceutical players in countries like Canada and the U.S., North America is projected to dominate the global telemedicine market on geographical front.The European regional market is projected to register the highest growth during the forecast period owing to technical developments in telecommunications technologies and growing support for startups.
About the report:
The global telemedicine market is analysed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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