The Global Telemedicine Market- Growth drivers, Challenges and Impact of Covid-19
The global telemedicine products market has been segmented based on Type (Products, Services) , by Application ( Teleradiology, Telepathology, Teledermatology, Telepsychiatry, Telecardiology, Others), by End user ( Healthcare Facilities, Homecare), by Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), Others), by Region (North America, Europe, Asia Pacific and Rest of the World)
Introduction
The telemedicine market is a contributing segment of the global medicine market. From a top-down perspective, Strategy Here has analyzed the global medicine market as a parent market to set the context in which the global medicine market will be analyzed.
Telemedicine allows medical practitioners and clinicians to access patient’s health records such as computed tomography, X-rays, electrocardiogram, and others.
Telehealth solutions have demonstrated the ability to enhance health outcomes and reduce costs. Telemedicine saves the patients’, providers’, and payers’ money when compared to the traditional approaches.
Table of Contents
Market Overview
The global telemedicine market is expected to grow to $185669.6 million by 2026
Growth momentum is expected to accelerate during the forecast period with a 23.5% CAGR.
The telemedicine market is registering high market growth due to the increasing penetration of smartphones.
North America is anticipated to emerge dominant in the global telemedicine market.
Key Trends
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.
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.
Key Market Players
Companies, like Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Koninklijke Philips NV,
Resideo Technologies Inc. (Honeywell Life Care Solutions, hold significant market shares in the telemedicine market.The market studied is moderately consolidated, owing to the presence of few large market players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products with fewer prices
Growth Drivers and Challenges
Increasing penetration of smartphones in developing as well as developed regions is enabling growth in the market.
There’s the increasing availability of digital patient information. For telemedicine treatment to be successful, healthcare institutions need some way to digitally keep track of patient information.
Patients are also turned off by the high costs of traditional care. Telemedicine is a way to reduce costs for both healthcare providers and patients and will likely be introduced as a substantial cost-saving solution in the near future.
In the case of Telemedicine, certain aspects of communication with the patient such as non-verbal cues will be left out.
Regulating telemedicine in the absence of brick and mortar premises may not be straightforward.
In case of telemedicine, medical records are generated electronically and stored in the cloud. Issues of confidentiality, data sharing and privacy need to be strictly observed.