Telemedicine is the practice of distributing health-related services and information through telecommunication technology that helps take care of the patient remotely when the patient and medical professionals are not physically present with each other.
According to the MarkNtel Advisors' research report, "Global Telemedicine Market Analysis, 2021," the market is likely to grow at a CAGR of around 18% during 2021-26 due to the continuously growing healthcare system, bolstering awareness among individuals regarding teleconsulting services, and extensive usage of mobile phones, the internet, and computers. Further, the rising healthcare costs, the surge in technological innovations, and mounting remote patient monitoring are the major factors driving the growth of the telemedicine market across the world.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, The Netherland|
|Asia-Pacific: China, India, Japan, South Korea, Australia, South East Asia|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kuwait, South Africa|
|Key Companies Profiled||GE, AMD Global, Allscripts Healthcare Solutions, Resideo Technologies, Aerotel Medical Systems, Philips, Medtronic, McKesson Corp, SHL Telemedicine, Polycom, InTouch Technologies|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The outbreak of the COVID-19 pandemic has positively affected the growth of the global telemedicine market. The social distancing measures and the need for isolation amidst the spread of coronavirus have been a convenient motivation for the Global Telemedicine market growth. The restriction on in-person visits to clinics & hospitals further encouraged the demand for telemedicine-based consultation.