As per the research report, Telemedicine Market is anticipated to expand immensely by 2027 at a significant CAGR during the forecast period (2021-2027). Telemedicine is the practice of medicine using technology to deliver care at a distance. It not only encourages people to communicate with doctors or physicians virtually, but it also reduces healthcare costs. Doctors and doctors are migrating to a digital network as demand for remote treatment rises as the Covid-19 pandemic continues. It has also promoted government intervention in order to provide citizens (particularly the elderly) with a safer forum for using telemedicine and to implement policies and regulations in this regard.
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Any of the major factors driving the development of the telemedicine industry include the ongoing Covid-19 pandemic and technical advancements in the field of healthcare. Furthermore, expanded mobile and internet usage are projected to fuel demand growth. Furthermore, increased federal investment and initiatives for telemedicine technologies may be a development factor. In addition, insufficient access to medical practitioners in rural areas may provide a potential growth opportunity for the telemedicine sector in the coming years. In remote areas around the world, there are just 40 healthcare professionals per 100,000 people. According to Massachusetts General Hospital, 79 percent of patients said scheduling a telemedicine follow-up appointment was simpler and more convenient than scheduling an in-person follow-up visit. Furthermore, hospitals all around the world have begun to incorporate telemedicine into their treatment practises.
According to the American Hospital Association's (AHA) annual report, the use of telehealth in hospitals has increased dramatically from 35% in 2010 to 76 percent in 2019. In addition, from 43.1 percent in 2015 to 61.2 percent in 2017, hospitals have implemented remote patient control capabilities. Virtual treatment systems saves patients time and resources by reducing the cost of ambulance transfers, as well as trips to the emergency room and urgent care centres. Furthermore, telemedicine aids in the reduction of physician fatigue by reducing clinician travel times and allowing more time for patients. According to the Vidyo Telehealth Adoption Survey 2019, live videoconferencing is used by 46 percent of surveyed health care providers (hospitals and clinics), and RPM is used by 41 percent.
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The global telemedicine industry is divided into three categories based on service: tele-consulting, tele-monitoring, and tele-education. Tele-consultation services are expected to dominate the industry. Apps that help health providers keep in touch with their patients are becoming more common and appropriate than ever before. Cardiology, Neurology, Dermatology, Gynecology, Orthopedics, Mental Wellbeing, and Others are only a few of the specialties that fall under the telemedicine umbrella. The behavioural health or telepsychiatry division accounted for the highest market share in 2020, accounting for 21% of total revenue. The industry is divided into two segments based on delivery mode: mobile/web and call centres. In 2020, the Web/Mobile division accounted for the majority of sales.
The industry is divided into real-time, store and forward, and other segments based on modalities. Because of the massive increase in simulated trips, the real-time segment is expected to expand profitably. In 2018, 32.1 percent of physicians in the United States used an on-demand virtual care provider, according to the On-demand Virtual Care Benchmark Survey. This is supposed to help the real-time segment expand significantly. The telemedicine sector's main end-users include providers, payers, patients, and others. Because of the growing demand for virtual visits among patients, the Providers segment is expected to rise at a rate of more than 41.2 percent.
In addition, the study details the various projects being undertaken in the telemedicine sector around the world. North America (US, Canada, and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and the Rest of the World are all covered in depth in the survey. Because of their hectic schedules, busy lifestyles, and the knowledge of the benefits of telemedicine technologies among patients and healthcare professionals, North America dominates the industry. Some of the major companies operating in the global telemedicine market includes American Well, SteadyMD, Inc., Maven, Inc., HealthTap, Inc., BioTelemetry, Inc., MDlive, Inc., CVS Health, Teladoc Health, Inc, Doctor on Demand, Inc and Plantronics, Inc.
Global Telemedicine Market Segmentation
Market Insight, by Service
Market Insight, by Specialty
Market Insight, by Delivery mode
Market Insight, by Modality
Market Insight, by End-user
Market Insight, by Region
The Telemedicine Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.