Need to improve healthcare infrastructure coupled with the demand for adoption of modern healthcare technologies to drive the growth of global telemedicine market.
According to TechSci Research report, Global Telemedicine Market By Component (Software & Services, Hardware), By Deployment Mode (Cloud v/s On- Premise), By Type (Tele-Hospitals, mHealth, Tele-Homes), By Technology (Store & Forward, Real Time, Others), By Delivery Mode (Audio-Visual, Only Audio, Written), By Application (Telepsychiatry, General Consultations, Teleradiology Telepathology, Others), By End Users (Patients, Providers, Payers), By Region, Competition, Forecast & Opportunities, 2026, the global telemedicine market is expected to grow significantly at a CAGR of 18.83% during the forecast period, to reach USD177.99 billion by 2026 from an estimated USD75.12 billion in 2021 on account of the increasing technological advancements and adoption of new technologies in the healthcare industry.
Additionally, the growing telecommunication industry coupled with the increasing smartphones and internet penetration is further expected to propel the market during the forecast years. Furthermore, associated advantages of telemedicine such as improved care management, improved patient quality of life, reduced healthcare expenditure, among others are anticipated to spur the market through 2026. Besides, the growing popularity of remote patient monitoring services is also positively impacting the growth of the market.
Also, the growing number of patients suffering from chronic diseases has led to an increase in waiting time in hospitals and clinics hence driving a shift towards telemedicine and virtual doctors. Supportive government policies & schemes are also expected to bolster the growth of the market. However, the requirement of high initial investments can hamper the growth of market through 2026. Moreover, lack of awareness and trust among the population, especially in the developing economies, can hinder the growth of the market during the next five years. Moreover, associated legal and reimbursement issues, which are especially faced by the patients, might impede the growth of the market in the country.
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The global telemedicine market is segmented based on component, deployment mode, type, technology, delivery mode, application, end user, company, and region. Based on type, the market can be grouped into Tele-Hospitals, mHealth and Tele-Homes. The mHealth segment is expected to grow at a CAGR of 20.44% during the forecast period. This can be accredited to the use of this platform by people to monitor their weight, diet, exercise, track blood glucose levels, headaches, sleep patterns, among others.
Wearable devices and other mobile technologies allow users to track their vitals and manage certain health data regularly. It also aids faster communication, and data can be shared and tracked within a certain period of time. The Tele-Homes segment is also expected to rise further due to the increasing prevalence of chronic diseases. Additionally, Tele-Homes provide care, monitor a patient, and provide information by using the latest technology in telecom.
The Tele-Homes care programs manage and reduce chronic diseases by remote monitoring the patients. Based on application, the market can be fragmented into Telepsychiatry, General Consultations, Teleradiology Telepathology and Others. The Tele-Psychiatry segment is expected to dominate the market over the next few years with a CAGR of 21.94%. The COVID-19 has eliminated the traditional practice of psychiatric assessment and treatment through technological advancements.
The rapid spread of disease along with lockdown measures adopted by the Government presents a major mental challenge across the world, both in terms of fear of losing their loved ones and not being able to tackle the situation. In this scenario, Tele-Psychiatry proved to be a vital asset for mental health care. Based on end user, the market is segmented into Patients, Providers and Payers. The payers’ segment is expected to grow at a CAGR of 19.88% during the forecast period. The providers segment comprises doctors and health care workers and the payers segment includes the health insurance companies.
Allscripts Healthcare Solutions, Inc, Cardiocom, LLC, LifeWatch AG, InTouch Technologies, Inc, Honeywell HomMed, F. Hoffmann-La Roche Ltd, CISCO Systems Inc., McKesson Corporation, Telemedicine, Inc., AMD Global Telemedicine, Inc., Teladoc Health, Inc., MDLIVE, Inc., Doctor on Demand, Inc., SnapMD, Inc., Medtronic Plc, Koninklijke Philips N.V., and others are some of the leading players operating in the global telemedicine market.
The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in April 2019, InTouch Technologies, Inc, announced the release of “Solo”, a fully integrated end-to-end digital healthcare system which can be used in any healthcare facility for any patient.
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“North America has the largest share of telemedicine market in 2020. The large share of this region in the global telemedicine market can be attributed by the key factors that majorly consist of increasing prevalence of chronic conditions such as Thyroid, asthma, diabetes and rising geriatric population. Even before the outbreak of the COVID-19 pandemic, North America was well aware and had integrated the telemedicine services in the healthcare services but amidst the COVID-19 there has been a rapid hike in the telemedicine market” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Telemedicine Market By Component (Software & Services, Hardware), By Deployment Mode (Cloud v/s On- Premise), By Type (Tele-Hospitals, mHealth, Tele-Homes), By Technology (Store & Forward, Real Time, Others), By Delivery Mode(Audio-Visual, Only Audio, Written)By Application(Telepsychiatry, General Consultations, Teleradiology Telepathology, Others), By End Users (Patients, Providers, Payers), By Region, Competition, Forecast & Opportunities, 2026”, has evaluated the future growth potential of the global telemedicine market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global telemedicine market.
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