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.
Tele-monitoring Accounted for the Largest Market Share
Based on services, the market segments are Tele-Training, Tele-Consultation, Tele-Monitoring, Tele-Surgery, Asynchronous (Store-and-Forward). Among these segments, Telemonitoring acquired the largest share in the global telemedicine market in the previous few years due to the rising prevalence of chronic diseases and the growing geriatric population requiring home assistance.
Further, the utilization of telemonitoring by healthcare providers to manage patient's health leads to a reduction in the readmission rate. Thus, this contributes to propel the overall growth of the telemedicine market, reveals MarkNtel Advisors in their research report, "Global Telemedicine Market Analysis, 2021."
Cloud-Based model acquires the Largest Share in the Global Telemedicine Market.
The Cloud-based model is more common in developed economies due to the high acceptance of advanced technologies. Cloud-based models are deployed for cost-cutting reasons and are easily accessible. However, there is a significant risk of data loss and other security issues by using on-premise models.
North America Grabbed the Highest Market Share
Region-wise, North America has held the largest share in the global telemedicine market in 2019 and is likely to retain its dominance during the forecast period due to rising awareness among consumers regarding developments in the healthcare sector and the acceptance of cloud-based technologies. Moreover, rapid adoption of the latest technologies, the increasing prevalence of chronic diseases among individuals, and mounting R&D initiatives are a few other factors contributing to the telemedicine market growth.
Reduced Healthcare costs likely to boost the market Growth
The rising prevalence of chronic diseases leads to increased expenditure on curing the disease, thereby resulting in a significant rise in healthcare costs. The adoption of digital technologies & telemedicine services further reduces the burden of medical professionals, enabling them to offer services at low cost; the need for establishing full furnished physical clinics gets eliminated.
According to MarkNtel Advisors, the major leading players in the global Telemedicine market are GE, AMD Global, Allscripts Healthcare Solutions, Resideo Technologies, Aerotel Medical Systems, Philips, Medtronic, McKesson Corp, SHL Telemedicine, Polycom, InTouch Technologies.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The measuring units of market size/industry size or the market value are USD Million.
A. The Global Telemedicine Market is forecast to grow at a CAGR of 18% during 2021-26.
A. GE, AMD Global, Allscripts Healthcare Solutions, Resideo Technologies, Aerotel Medical Systems, Philips, Medtronic, McKesson Corp, SHL Telemedicine, Polycom, InTouch Technologies are a few of the leading players in the Global Telemedicine Market.
A. Tele-monitoring is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR during 2021-26, thereby offering immense opportunities for market leaders of the Global Telemedicine Market.