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The Global Telemedicine Market is expected to rise at an exponential CAGR of 23.5% during the forecast period. Rapid advancements in technology have transformed the healthcare industry. This, as a result, has bought some significant changes in telemedicine, especially regarding its accessibility and availability.
Fortune Business Insights in a new study, titled “TELEMEDICINE: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” predicts that the rising number of e-visits in developing and developed nations is enabling growth in the market. As per the report, the global market was worth US$ 34,289.2 Mn in 2018 and is estimated to reach US$ 185,669.6 Mn by the end of 2026.
Telemedicine is used in diverse sectors, which include cardiology, radiology, behavioural health, and others. This will further give rise to new healthcare business models in telemedicine. People around the world prefer virtual consultation as it reduces the cost of other healthcare services such as hospital stays.
Not only this, virtual consultation helps healthcare providers to access readily available records of patients, thus saving their time. The increasing preference for telemedicine and e-health is likely to increase the telemedicine market growth.
Consequently, manufacturers are planning to develop virtual consultation apps to ensure seamless communication between doctors and patients. The market’s growth is driven by advancements in Electronic Health Record (HER) software which includes streamlining administrative tasks and treating patients remotely. All these factors are projected to expand the telemedicine market share in the forthcoming years.
The demand for different types of telemedicine applications such as teleradiology, telecardiology, telepathology, telepsychiatry, and teledermatology is increasing. Among these, teleradiology is expected to lead the market on account of the increasing adoption of real-time communication devices.
CirrusMD Receives US$ 15 Mn Funds from Drive Capital to Strengthen its Foothold
The report profiles some of the leading players in the global telemedicine market. Some of them include American Well, MeMD, Teladoc Health, Inc., Encounter Telemedicine, GlobalMed, Doctor On Demand, Inc., 2nd.MD, MDLIVE Inc., SnapMD, Inc., and InTouch Technologies, Inc. Of these.
Doctor on Demand, American Well, and Teledoc Health are dominating the market. Their widespread customer reach is likely to increase the telemedicine market size. In order to maintain their leading position, the companies are collaborating and acquiring other small and domestic players.
Several other companies are putting efforts to gain competitive strength. For instance, InTouch Health announced the launch of a fully integrated virtual care platform in April 2019. This platform called Solo offers an end-to-end solution to any type of user under multiple homecare settings, which include direct-to-consumer, provider-to-provider, direct-to-patient, worksites, emergency departments, and clinics.
A ‘chat-first virtual care provider called CirrusMD raised funding of US$ 15 million in May 2019. The company believes in further improving the communication between patients and physicians by optimizing member engagement and providing the utmost care when needed.
Comcast joined hands with Independence Health Group to develop a new virtual care communication platform in April 2019. This platform aims to improve the operational efficiency and care delivery process. Such launches will accelerate market growth and increase telemedicine market revenue.
To get a detailed report summary and research scope of this market, click here:
Raise in Start-up Funds to Propel Growth in the Market in Europe
Among regions, North America is anticipated to maintain its dominance in the global telemedicine market through the forecast period. Presently, the market in this region is worth US$ 14,610.3 Mn. Favorable reimbursement policies for telehealth and active government support regarding the establishment of practice standards for telemedicine are growth engines in the market.
Furthermore, the presence of leading players and a growing preference for e-visits in North America are likely to give significant impetus to the growth of the market. Following North America, Europe is expected to grow substantially owing to the rising technological improvements in telecommunications.
Several start-ups in Europe are raising funds in telemedicine to strengthen their position in the market. Enabled by these factors, the demand for telemedicine products is likely to increase, which will drive the market in Europe.
Other regions such as Asia Pacific, the Middle East & Africa, and Latin America are expected to register considerable growth in the market in the forecast years.
The global telemedicine market can be segmented into the following categories: