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Telemedicine Market to Reach $396.76 Billion in 2027; Urgent Need to Prevent Transmission of COVID-19 will Boost Growth

January 12, 2021 | Healthcare

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/telemedicine-market-101067


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:



  • American Well (Boston, U.S.)

  • MDLIVE Inc. (Sunrise, U.S)

  • Teladoc Health Inc. (Purchase, U.S.)

  • Doctor on Demand Inc. (San Francisco, U.S.)

  • MeMD (Arizona, U.S.)

  • Encounter Telehealth (Nebraska, U.S.)

  • Global Med (Arizona, U.S.)

  • SnapMD (California, U.S.)

  • Other prominent players


A Noteworthy Industry Development-



  • October 2019: GlobalMed introduced a telemedicine program in Argentina to transform health care delivery across the country. It has partnered up with TeleMeditar to broaden its advanced care portfolio in remote areas.


Further Report Findings-



  • North America held USD 17.90 billion in 2019 in terms of the telemedicine market share. The rising number of teleconsultation services and strong government support in the region would aid growth in this region. The Amwell Physician Survey, for instance, stated that the adoption of telehealth surged to 340% among physicians between 2015-2019.

  • Europe would remain in the second position in the near future, backed by the higher cases of chronic diseases and the improvements of government guidelines regarding the adoption of tele-medicine services.

  • Based on end-users, the healthcare facilities segment is likely to remain at the forefront because of the increasing number of pilot programs funded by governments of various countries worldwide. These programs would help to train doctors in medical academies.


The global market can be segmented in the following way:






















































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



  Type; Modality; Application; End User, and Region



By Type


 




  • Products

  • Services



By Modality


 




  • Store-and-forward (Asynchronous)

  • Real-time (Synchronous)

  • Others



By Application


 




  • Teleradiology

  • Telepathology

  • Teledermatology

  • Telecardiology

  • Telepsychiatry

  • Others



By End User


 




  • Healthcare Facilities

  • Homecare



By Geography


 




  • North America

    • By Type

    • By Modality

    • By Application

    • By End User

    • By Country





  • Europe

    • By Type

    • By Modality

    • By Application

    • By End User

    • By Country/Sub-region





  • Asia Pacific

    • By Type

    • By Modality

    • By Application

    • By End User

    • By Country/Sub-region





  • Latin America

    • By Type

    • By Modality

    • By Application

    • By End User

    • By Country/Sub-region





  • The Middle East & Africa

    • By Type

    • By Modality

    • By Application

    • By End User

    • By Country/Sub-region




Telemedicine Market
  • PDF
  • 2019
  • 2016-2018
  • 146

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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