Telemedicine Market Size, Share & Industry Analysis By Type (Products, Services), By Application (Teleradiology, Telepathology, Teledermatology, Telepsychiatry, Telecardiology, Others), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), Others), By End User (Healthcare Facilities, Homecare), and Regional Forecast 2019-2026

Advancements in information and communication technology have revolutionized the modes of healthcare delivery. Developments in telemedicine 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 telemedicine.

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The market is gradually becoming highly competitive with the launch of various telemedicine products and the entry of new players with huge funding. For example, in May 2019, CirrusMD Inc., a telemedicine startup company, raised USD 15 Mn to expand and strengthen its position in the telemedicine market. In addition to this, the emerging telemedicine policies and telemedicine service providers are poised to surge the market during the forecast period.

MARKET DRIVERS

        “Gradual Shift Towards Virtual Consultation to Drive the 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 boost the telemedicine market share. 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.

        “Diverse Applications of Telemedicine Will Fuel Its Demand in the Healthcare Industry”

Telemedicine has paved into diverse sectors within the healthcare industy. For instance, it is used in radiology, cardiology, behavioural health, and others. This surging use in diverse applications have further stoked novel business models for telemedicine within the healthcare industry. In addition to this, the market will gain pace in response to the rising geriatric population and better accessibility to advanced healthchare across the world. Spurred by these factors, the adoption of telemedicine is increasing.

SEGMENTATION

By Type Outlook

“Services Segment Held Dominant and is Forecast to Continue Leading the Market Through Forecast Period”

Based on the type, the telemedicine 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. This is attributable  to the favorable health reimbursement for teleconsultation, rapid adoption of real-time communication devices, and entry of new service providers. The demand for telemedicine products is expected to fuel in the forthcoming years. These products help in the effective evaluation and diagnosis of patients living in remote areas through telecommunication technologies.

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Furthermore, these products are cost-effective in nature and have proved to deliver remote medical care to patients. This, in turn, results in enhancing the experience of healthcare professionals as well as patients.  Companies are planning to develop new telehealth systems to offer high-quality diagnostics to patients anywhere and at any time. Products such as Health-e-Chair, EyePrevent, HealthSpot among others are likely to shape the future of the remote healthcare industry.

By Application Outlook

“Teleradiology Segment Forecast to Exhibit Impressive Growth”

Based on the 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. This further promotes easy transmission of radiology images and integration with Electronic Health Records (EHR). Teleradiology helps to create a balance between the demand and availability of several diagnostics services. The demand for these services is expected to augment owing to the increasing prevalence of chronic disorders such as cardiovascular or orthopedic injuries. Furthermore, the rising support from governments regarding healthcare information or HCIT is likely to contribute to the growth of this segment in the years to come. Also, an increasing number of research and development (R&D) activities on e-health, coupled with an increasing number of imaging procedures, is expected to give significant impetus to teleradiology by 2026.

Apart from teleradiology, telepathology helps in keeping the head above water between medical and telecommunication technologies. This segment is expected to exhibit a moderate CAGR in the forecast years. This is ascribable to the timely and quick pathological assessment, which is one of the cardinal factors responsible for driving this segment’s growth. Other applications such as teledermatology, telecardiology, telepsychiatry, and others are estimated to exhibit a positive growth rate over the projected horizon.

By Modality Outlook

Based on modality, the telemedicine market segments include store-and-forward (asynchronous), real-time (synchronous) and, others. These modalities are expected to register a moderate CAGR in the market during the forecast horizon. Store-and-forward or asynchronous method enables healthcare providers to share relevant patient information such as imaging reports and lab reports with a physician at different locations. This method is more accessible and transparent as the patient, healthcare providers, and specialists can review the medical information while sitting in remote or different locations. In real-time telemedicine, patients use video conferencing to see and discuss the health conditions with their specialists. This is another type of effective method, which is accessible and convenient to patients across the world.

By End User Outlook

Based on end-user, the global market segments include healthcare facilities and homecare. The demand for telemedicine is expected to increase across homecare and healthcare facilities in the forecast years, thereby fostering the telemedicine market size. Homecare is likely to gain immense popularity in the telemedicine industry owing to the increasing geriatric population. For instance, Lutheran Senior Life’s MobileCare Monitor can remotely track the health condition of patients. Such product innovations are expected to drive the segment and eventually stimulate growth in the market.

REGIONAL ANALYSIS

"Strong Government Support to make North America as a Dominating Segment in the Market"

North America dominated the telemedicine market analysis with a value of USD 14.6 Billion and is expected to remain dominant through the forecast duration. Strong government support to the establishment of improved practice standards in healthcare and accessibility to better reimbursement policies are key factors contributing to the 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 major players in this region and the increase in the number of e-visits is anticipated to augment the telemedicine market in North America. The rising adoption of telemedicine applications is likely to propel growth in the market. With the emergence of mobile technology and burgeoning demand for smartphones, people in the U.S. are increasingly using mobile health apps.

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In Europe, the market is projected to expand owing to the technological advancements in telecommunication technologies and increasing startup funding. Additionally, rapid changes in socio-economic factors and increasing usage if internet are further projected to enable growth in the market in this region. The market in 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. Rising demand for quality access to healthcare services is another factor boosting the market in Asia Pacific.

For instance, the Japan Medical Association supports physicians to ensure the supply of high-quality healthcare by providing favorable healthcare insurance on telehealth services.  Aged people in this region are continuously looking for new ways to get homecare. This, as a result, can fuel demand for telehealth services in this region is the future.  High unmet patient population and increasing healthcare spending are estimated to favor the telemedicine market growth in Latin America and the Middle East and Africa.

INDUSTRY KEY PLAYERS

"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 market, owing to their huge client base and number of online consultations. These companies are focusing on acquisitions and collaborations with domestic players to increase their market share. For instance, Allscripts completed its acquisition of HealthGrid Holding Company in 2018. Through this acquisition, the company is looking at the expansion of the portfolio of its FollowMyHealth platform and spurring its revenue generation.

List of Market Leaders Profiled in This Report:

• American Well


• GlobalMed


• Teladoc Health, Inc.


• MeMD


• InTouch Technologies, Inc.


• Doctor On Demand, Inc.


• MDLIVE Inc.


• Encounter Telemedicine


• 2nd.MD


• SnapMD, Inc.


• Other players

REPORT COVERAGE

A major share of population in developing countries is still living in rural areas, for whom distance becomes a major barrier, hindering access to quality healthcare. Telemedicine, which includes the usage of technology for healthcare delivery in remote areas, has become an important means to address such challenges. These advantages of telemedicine have also resulted in the implementation of various government reforms through policies and programs. People are gradually shifting towards teleconsultation rather than traditional consultation in developed countries. Telemedicine has found its application in various fields such as pathology, radiology, cardiology, behavioral health, and others. Apart from these, there is a surge in the number of teleICUs and telehomecare services. The potential of telemedicine to address healthcare needs of the population living in remote locations is the most important reason which is encouraging the government to invest in telemedicine. 

The report provides qualitative and quantitative insights into the prevailing telemedicine market trends and an detailed analysis of market size and growth rate for all possible segments in the market. 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 telemedicine market report 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 market 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.

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Along with this, the telemedicine market research report includes market dynamics and competitive landscape. Various key insights provided in the report are the health reimbursement overview, telemedicine services overview, overview of telemedicine policies for key countries, technological advancements, recent industry developments such as mergers & acquisitions, and others.

Report Scope & Segmentation

Key Industry Developments

• In May 2019, CirrusMD Inc., a telemedicine startup company raised US$ 15 Mn to expand and strengthen its position in the  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.