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The global telemedicine market size was valued at USD 34,289.2 Mn in 2018 and is projected to reach USD 185,669.6 Mn by 2026, exhibiting a CAGR of 23.5% in the forecast period.
Advancements in information and communication technology have revolutionized the modes of healthcare delivery. Developments in medical technology have made healthcare affordable and accessible to all. Telemedicine refers to the delivery of healthcare at a distance. The increasing number of e-visits, expansion of telemedicine in areas of radiology, cardiology, behavioral health, and others have resulted in the development of new business and healthcare models surrounding this novel medicine delivery system.
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The telemedicine industry is gradually becoming highly competitive with the launch of various products and the entry of new players with huge funding. For example, in May 2019, CirrusMD Inc., a telemedicine startup company, raised USD 15 Million to expand and strengthen its position in the global market. In addition to this, the emerging telemedicine policies and service providers are poised to surge the market during the forecast period.
"Gradual Shift Towards Virtual Consultation, to Fuel the Global Telemedicine Market"
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.
Furthermore, the development of virtual consultation mobiles apps, emerging health reimbursement for telemedicine services, and advancements in Electronic Health Records (EHR) integration and transmission is anticipated to fuel the global market growth. In April 2019, InTouch Health announced the launch of Solo, an end-to-end fully integrated virtual care platform, suitable for any user type in any healthcare setting. Such launches are projected to accelerate the growth of the market.
Based on the type, this market segments include products and services. The services segment accounted for the maximum share in 2018 and is estimated to dominate the market throughout the forecast period owing to the favorable health reimbursement for teleconsultation, rapid adoption of real-time communication devices, and entry of new service providers.
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Based on application, the global market segments include teleradiology, telepathology, teledermatology, telepsychiatry, telecardiology, and others. The teleradiology segment is estimated to hold a considerable share of the market owing to the rapid adoption of Picture Archiving and Communication System (PACS) in healthcare environment which promotes easy transmission of radiology images and integration with Electronic Health Records (EHR). Based on modality, the global telemedicine market segments include store-and-forward (asynchronous), real-time (synchronous) and, others. Based on end user, the global market segments include healthcare facilities and homecare.
"Strong Government Support to make North America as a Dominating Segment in the Market"
North America dominated the telemedicine market revenue with USD 14,610.8 Million and is expected to continue the same throughout the forecast duration. Strong government support through the establishment of practice standards and reimbursement policies are factors attributable to the telemedicine market growth in North America. In April 2019, the Florida Senate passed the House Bill 23, in order to standardize the telehealth and telemedicine practices. In addition, the strategic presence of the major players in this region and the increase in a number of e-visits is anticipated to augment the market in North America.
North America Telemedicine Market Size, 2018
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In Europe, the market is projected to expand owing to the technological advancement in telecommunication technologies and increased startup funding. Asia Pacific is anticipated to register a remarkable growth during the forecast period owing to the high rural population, rising geriatric population, and initiation of various telemedicine programs by a non-profit organization, especially in India. High unmet patient population and increasing healthcare spending are estimated to favor the growth of the market in Latin America and the Middle East and Africa.
"Teladoc Health, American Well, Doctor On Demand Together Account for the Maximum Share in the Market"
American Well, Teladoc Health, and Doctor On Demand are estimated to have a leading position in the global market share, owing to their huge client base and number of online consultation. These companies are striving for acquisitions and collaborations with domestic players to increase their market share. Some of the other player operating in the global telemedicine market are GlobalMed, MeMD, InTouch Technologies, Inc., MDLIVE Inc., Encounter Telemedicine, 2nd.MD, SnapMD, Inc., and other players.
A majority of the population in developing countries is still residing in rural areas, for whom distance becomes a major barrier for access to quality healthcare. Telemedicine, which includes the usage of technology for healthcare delivery at a distant, has become an important means to address such challenges. Its advantages have also led to active government reforms through policies and programs. People are gradually shifting towards teleconsultation rather than traditional consultation in developed countries.
This innovation has found application in various fields such as pathology, radiology, cardiology, behavioral health, and others, which has broadened the global telemedicine market size considerably. Apart from these, there is also a huge surge for teleICUs and telehomecare services. The potential of telemedicine to address the healthcare needs of the unmet population is the most important reason which is encouraging the government to invest in the technology.
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The report provides qualitative and quantitative insights on the industry trends and detailed analysis of telemedicine market size and growth rate for all possible segments in the market for the product. The market segments include type, application, modality, end user, and geography. On the basis of the type, the global market segments include products and services. Based on application, the market is segmented into teleradiology, telepathology, teledermatology, telepsychiatry, telecardiology, and others. Based on modality, the global market is segmented into store-and-forward (asynchronous), real-time (synchronous), and others. Based on end user, the global industry is segmented into healthcare facilities and homecare.
Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
Along with this, the report analysis includes telemedicine market dynamics and competitive landscape. Various key insights provided in the report are the health reimbursement overview, telemedicine services and policies overview for key countries, technological advancements, recent industry developments such as mergers & acquisitions, and others.
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Fortune Business Insights says that the telemedicine market is projected to reach USD 185,669.6 Million by 2026.
In 2018, the market was valued at USD 34,289.2 Million.
Growing at a CAGR of 23.5%, the market will exhibit fast growth in the forecast period (2019-2026)
Telemedicine services segment is expected to be the leading segment in this market during the forecast period.
Shift towards virtual consultation will drive the growth of the telemedicine market.
Teladoc Health, American Well, and Doctor On Demand are the top players in the market.
North America is expected to hold the highest market share in the market.
Preference for virtual consultation, accessibility & affordability and reimbursement policies would drive the adoption of Telemedicine solutions.
Adoption of advanced telemedicine, better investment opportunities, mobility and cloud access are the market trends of telemedicine.