Telemedicine Market (Specialty, Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Others) and Services (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the Telemedicine market for the historical period 2017–2018 and forecast period 2019–2027, increasing incidences of chronic and other acute diseases, ageing & baby boomers population, technological advancements awareness about the Telehealth services, and increase in healthcare expenditure are projected to drive the Telemedicine market during the forecast period.
- According to the report, the Telemedicine market was valued at US$ 27.51Bn in 2018 and is anticipated to expand at a CAGR of 14.0% from 2019 to 2027.
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Increased government spending and reimbursement policies along with increase in ageing population to boost telemedicine preference: Key Drivers
- Governments across the world have increased spending on healthcare and related services due to growing health concerns and rise in non-infectious diseases. According to a research conducted by the Institute for Fiscal Studies, U.K., the government spending on healthcare from the national income increased from 7.0% in 2000 to 9.4% in 2017. The public spending on health increased from 79% in 2000 to 82.8% in 2017. Moreover, real spending on healthcare grew at faster rate which was reportedly higher than the national income growth rate.
- Continuous growth in geriatric population is expected to be one of the potential drivers of the telemedicine market during the forecast period. According to WHO estimates, the global geriatric population is likely to reach around 2 billion (22% of global population) by 2050, which is further expected to further drive the telemedicine market over the forecast period. Ageing population are prone to long term care and other chronic diseases including cardiology, orthopedic and other conditions, this is one major factor driving the demand of the telemedicine services.
Increase Tele-nursing and Remote Care to Handle Solutions to Handle Larger Patient Pool
- The increasing patient pool has created a huge burden on existing healthcare systems of the world. Patient complaints and infections have created mild panic situations in developed and developing countries. A large percentage of these patients represent near normal situations and false alarms. Many of these cases arise due to misinformation regarding medical applications and unnecessary confusion or panic. These problems can be effectively filtered out by trained front level medical practitioners i.e., nursing staff and practice doctors. This filtering can be efficiently implemented to decrease workload and increase the effectiveness and productivity of experienced medical practitioners, who are scarce in many regions. This also improves patient care and paves the way for providing increased attention toward more serious cases that are highly time-bound (i.e. emergency cases).
- Since nurses are often well informed about the appropriate expert medical practitioner specializing in a particular case. According to the WHO, stroke accounted for 6 million deaths, and more than 2 million people died of injuries and accidents globally every year. Such emergency cases would highly benefit from timely, accurate and organized telemedicine service, thereby reducing global fatalities.
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Increasing demand for personal healthcare and privacy boosts the market of telemedicine
- The out of pocket per capita spending on healthcare has increased in past few years across the people across globe. Thus, there have being huge demand in the personal healthcare services amongst growing patient burden. These outpatients had shifted to other forms of patient care i.e., telemedicine, which witnessed constant growth rate.
- This demonstrated that people were favoring telemedicine and personal healthcare over hospital visits. This trend is expected to continue in the future and telemedicine is likely to replace outpatient hospital visits. Individuals consider hospital infections, location convenience and maintenance of privacy as the primary factors for preferring at home telemedicine solutions. Telemedicine usage, therefore, is expected to rise with the increased demand for personal healthcare.
Telemedicine Market: Competitive Landscape
- This report profiles major players in the Telemedicine market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
- The Telemedicine market is highly fragmented, due to presence of various players offering telemedicine services across growing patient population.
- Prominent players operating in the Telemedicine market are
- Agfa-Gevaert Group
- Allscripts Healthcare
- LLC and/or its affiliates
- AMD Global Telemedicine
- CISCO Systems Inc
- F. Hoffmann-La Roche Ltd.
- Honeywell HomMed LLC
- InTouch Technologies, Inc.
- BioTelemetry, Inc
- OBS Medical Ltd.
- Siemens Healthcare Private Limited
- McKesson Corporation
- other prominent players.
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Telemedicine Market: Key Developments
- Key players in the Telemedicine market are engaged in technological advancements, investments in healthcare infrastructure, increasing healthcare spending, awareness about the healthcare services, adoption of critical care at home, and offering telemedicine services to the ageing population. These strategies are likely to fuel the growth of the Telemedicine market across globe. A few expansion strategies adopted by players operating in the Telemedicine market are:
- In July 2020, AMD global Telemedicine, digital healthcare technology platform launched Virtual Portal to streamline to notify the patients with COVID-19 test results. The virtual portal is named as “Direct Health” which provides efficient services by delivering proper result to the COVID-19 population.
- In May 2020, Cisco Canada and the Centre for Addiction and Mental Health (CAMH), Canada's largest mental health teaching hospital, announced the expansion of its Telemedicine offerings of virtual are to fulfil the demand of the mental health services.
The report on the Telemedicine market discussed individual strategies, followed by company profiles of companies offering telemedicine offerings. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the Telemedicine market.
Global Telemedicine Market - Scope of Report
TMR’s report on the global Telemedicine market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global Telemedicine market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global Telemedicine market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global Telemedicine market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global Telemedicine market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global Telemedicine market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global Telemedicine market.
The report delves into the competitive landscape of the global Telemedicine market. Key players operating in the global Telemedicine market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global Telemedicine market that have been profiled in this report.
Key Questions Answered in Global Telemedicine Market Report
- What is the scope of growth of product companies in the global Telemedicine market?
- What will be the Y-o-Y growth of the global Telemedicine market between 2019 and 2027?
- What is the influence of changing trends on the global Telemedicine market?
- Which region will continue to be the most profitable market for Telemedicine providers?
- Which factors are anticipated to hamper the growth of the global Telemedicine market during the forecast period?
- Which are the leading companies in the global Telemedicine Market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global Telemedicine market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global Telemedicine market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, Orthopedic, Orthopedic surgeons, Research & Academic Institutes, and Medical Directors, who contributed to the production of TMR’s study on the Telemedicine market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the Telemedicine market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global Telemedicine market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global Telemedicine market more reliably and accurately.
Regional Segmentation of Telemedicine Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Telemedicine Market – Segmentation