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Region : Global | Latest Update: Aug, 2019 | Published Date: Jul, 2019 | Report ID: FBI101067| Status : Published
The Global Telemedicine Market was valued at US$ 34,289.2 Mn in 2018 and is projected to reach US$ 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 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. 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 US$ 15 Mn to expand and strengthen its position in the global telemedicine market. In addition to this, the emerging telemedicine policies and telemedicine service providers are poised to surge the market during the forecast period.
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Gradual Shift Towards Virtual Consultation, to Fuel 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 fuel the global telemedicine market. 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, the global 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 owing to the favorable health reimbursement for teleconsultation, rapid adoption of real-time communication devices, and entry of new service providers. 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.
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Strong Government Support to make North America as a Dominating Segment in the Market
North America dominated the global telemedicine market with US$ 14,610.8 Mn 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 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 North America telemedicine market. 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 telemedicine 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 market, 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.
North America Telemedicine Market Size, 2018
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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. The advantages of telemedicine have also led to active 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 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 telemedicine.
The report provides qualitative and quantitative insights on the telemedicine industry trends and 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 telemedicine market segments include products and services. Based on application, the global telemedicine 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 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.
Along with this, the report analysis 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.
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· 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)