Telemedicine Market to Flourish at 23.5% CAGR and Hit USD 185.66 Billion by 2026; Rising Demand for Better Access to Advanced Healthcare to Aid Growth Says Fortune Business Insights
Pune, Oct. 19, 2020 (GLOBE NEWSWIRE) -- The global telemedicine market is expected to rise at an exponential CAGR of 23.5% during the forecast period. Rapid advancements in technology have transformed the healthcare industry. This, as a result, has bought some significant changes in telemedicine, especially regarding its accessibility and availability.
Fortune Business Insights in a new study, titled “TELEMEDICINE: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” predicts that the rising number of e-visits in developing and developed nations is enabling growth in the market. As per the report, the global market was worth US$ 34,289.2 Mn in 2018 and is estimated to reach US$ 185,669.6 Mn by the end of 2026.
Telemedicine is used in diverse sectors, which include cardiology, radiology, behavioural health, and others. This will further give rise to new healthcare business models in telemedicine. People around the world prefer virtual consultation as it reduces the cost of other healthcare services such as hospital stays.
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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.
Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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).
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.
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Telemedicine Market Players
- American Well
- Teladoc Health, Inc.
- InTouch Technologies, Inc.
- Doctor On Demand, Inc.
- MDLIVE Inc.
- Encounter Telemedicine
- SnapMD, Inc.
- Other players
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Telemedicine Market Segmentations:
• Store-and-forward (Asynchronous)
• Real-time (Synchronous)
By End User
• Healthcare Facilities
• 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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