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The global telemedicine market is projected to grow from USD 79.79 billion in 2020 to USD 396.76 billion in 2027. The COVID-19 pandemic has resulted in the rising implementation of telemedicine services by government bodies to prevent transmission of the coronavirus. The Federal Communications Commission, for instance, declared that it has set up unique programs in the U.S. to aid healthcare institutions to implement telemedicine technology effectively. Fortune Business Insights™ presented this information in a new study, titled, “Telemedicine Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), and Others), By Application (Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, and Others), By End User (Healthcare Facilities and Homecare), and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 41.63 billion in 2019. It is set to exhibit a CAGR of 25.8% between 2020 to 2027.
Vonage to Power TeleCorona Telehealth System of AfroSaúde
In June 2020, Vonage was chosen by AfroSaúde to power its TeleCorona telehealth system. The company will be able to deliver patients with the best care. It is considered to be a crucial tool that would enable real-time, secure, and seamless connectivity. The AfroSaúde aims to make high-quality healthcare accessible to everyone in Brazil.
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Increasing Adoption of AI and Machine Learning-based Apps to Bolster Growth
The adoption of telemedicine is surging rapidly across the globe on account of the emergence of numerous innovative technologies, such as telehealth apps, machine learning, virtual hospitals, the Internet of Things (IoT), and artificial intelligence (AI). Several prominent companies are trying to develop novel apps based on machine learning algorithms. These can smoothly diagnose rare diseases, COVID-19, cancer, and others.
The UAE’s Ministry of Health, for instance, announced in March 2020 that it commenced working with the top telecom operators in the country to create the first virtual hospitals. However, middle and low-income nations cannot deploy digital health technologies as they require a high-speed internet connection and the latest telecommunication devices. These factors may obstruct demand.
Key Players Aim to Intensify Competition by Launching New Programs
The market houses numerous companies. Teledoc Health Inc. was in the leading position in 2019 because it participated in strategic collaborations, established a network of GPs and specialists, and large customer base & users. Some of the others are focusing on introducing novel programs to help physicians and patients stay in touch with each other during the COVID-19 pandemic.
Fortune Business Insights™ lists out all the reputed telemedicine service providers operating in the global market. They are as follows:
A Noteworthy Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion)
Type; Modality; Application; End User, and Region
By End User