The global telemedicine market size is estimated to grow at a CAGR of 28.4% during the forecast period of 2021-2027. The market is witnessing a spike in the growth rate of around 33% due to COVID-19, which is anticipated to fall and catch the growth curve at an existing CAGR in the following years.
Telemedicine, also known as telehealth or e-medicine, refers to the remote provision of healthcare services, such as exams and consultations, via the Internet. Telemedicine provides a convenient method for evaluating, diagnosing, and treating patients without the need for in-person consultations. Communication with physicians is possible from a remote location through the technology that patients use, like smartphones, laptops, tablets, etc.
Telemedicine consists of three main categories:
Monitoring patients remotely - called telemonitoring, this type of monitoring allows patients to be monitored at their homes using mobile devices that monitor their vital signs, such as temperature, blood sugar, and blood pressure.
The interactive telemedicine/telehealth system - Real-time communication is possible between physicians and patients. A medical kiosk may exist, or a patient may receive care at their home. HIPAA-compliant video conferencing software is used for video conferencing or telephone conversations.
The store-and-forward technique- called asynchronous telemedicine since it allows one healthcare provider to share lab results with another.
Global Telemedicine Market: Market Dynamics
Future Opportunity: A big data analytics approach can process telehealth data that includes objective and subjective data, along with historical data to enable risk prediction and management. In addition, the pandemic has prompted federal agencies, public payers, and large commercial insurers to expand their telehealth coverage. It is a challenge for most of them to ensure that telehealth is applied to the right patients to meet their healthcare needs, improving effectiveness and efficiency in the delivery of healthcare services.
Driving force: In the wake of the pandemic, healthcare services and technologies were in high demand. Currently, telemedicine, chatbots, and robots are technologies being deployed to provide information to patients, reassure the population, make diagnoses and prepare vaccines for the future. With a global shortage of hospitals and healthcare workers, telehealth has been hailed as a promising new form of health care.
Challenge: Telehealth and telemedicine adoption are slowed by behavioral barriers, which may not be obvious, but remain significant hindrances. Physicians and patients tend not to readily give up existing (conventional) practices because they are unfamiliar with them. Due to a lack of familiarity with technology, older people might also be reluctant to use telehealth and telemedicine services.
Restraint: A major concern regarding telehealth and telemedicine practices is healthcare fraud. Patients or physicians can be victimized in many ways: the physician's name and bank account can be misused to obtain payments from insurance companies, or institutional providers who are not eligible or listed can submit false claims for payment.
Impact of COVID-19 on the Global Telemedicine Market
In most countries, the COVID-19 pandemic has had a devastating impact on public health, and it has also had an economic impact. In the COVID-19 pandemic, telehealth solutions will undoubtedly be extremely useful, considering that social distancing is currently the only method of minimizing exposure. Therefore, telehealth is an attractive, efficient, and cost-effective option. In addition, this technology plays a critical role in keeping healthcare providers safe.
COVID-19, a pandemic of unknown origin, has paralyzed the entire world. The number of COVID-19 positive patients in hospitals is growing, creating a strain on the healthcare workforce. Moreover, postponing and canceling surgeries, including appointments, have lowered patient numbers in hospitals.
Telemedicine has proven valuable during this era of adversity in the battle against the pandemic. Further, most providers of virtual visit services are reporting a significant increase in users and subscribers.
Globally, teleconsultations have become popular methods to address health issues using digital technologies. Also, the cost of teleconsultations is lower, and healthcare professionals are less stressed. In favor of the market's growth rate, it is the main reason government organizations emphasize the deployment of digital health technologies.
Global Telemedicine Market: Regional Analysis
North America is forecast to have the largest share of the Telemedicine Market during the forecast period.
U.S. chronic disease prevalence and high adoption of telemedicine as a leading component of healthcare have contributed to the North America telemedicine market growth.
The use of telemedicine has improved patient satisfaction, reduced healthcare costs, and improved care management.
As America's healthcare sector copes with the COVID-19 pandemic, telemedicine applications allow Americans to manage their health more easily.
In addition, AMD Global Telemedicine, Inc. partnered with iTelemed in 2020, an Ontario-based company that provides virtual healthcare solutions to meet the unmet healthcare needs of marginalized populations in Canada during the COVID-19 pandemic. Therefore, the telemedicine market is forecast to grow significantly in North America over the forecast period, given the factors outlined above.
Recent Developments in the field of Global Telemedicine Market
July 2021, A Cairo-based firm that provides online health consultations and telepharmacy services has acquired USD 500,000 in seed funding from Egypt Venture. Currently, there are more than 2 million users of the company with over 200,000 consultations tracked.
MedTelecare launched its "MediTely" product in May 2021. This technology provides direct-to-consumer mobile health services to older adults who do not reside in long-term care facilities.
May 2021, Teladoc Health and Vivo have partnered together to improve access to quality healthcare in Brazil, specifically through the use of telemedicine.
April 2021, A digital health start-up in Sweden has raised EUR 312 million to offer telehealth services and software tools to connect clinicians and patients for remote consultations. The platform and software are used by almost 6,000 clinicians.
In March 2021, AMD Global announced its integration with PointClickCare Technologies, a leading provider of online long-term and post-acute care (LTPAC) software.
In December 2020, Royal Philips and BioTelemetry Inc. entered a definitive merger agreement.
November 2020, A new unified telemedicine solution was launched in the United States by Morneau Shepell.
Key Industry Players of the global Telemedicine Market
The studied market is moderately consolidated due to the existence of a few large players. The introduction of new products with lower prices is helping smaller and mid-size companies increase their market presence through technological advancements and product innovations. In the telemedicine market, Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Koninklijke Philips NV all hold significant market share. A number of strategic alliances are being formed by major players to expand their product portfolios.
Major Competitors of the global telemedicine market are:
GE Healthcare (US)
Koninklijke Philips N.V. (The Netherlands)
The following companies also dominate this market:
Cerner Corporation (US)
Chiron Health (US)
Asahi Kasie Corporation (Japan)
Iron Bow Technologies (US)
Siemens Healthineers (Germany)
IMediplus Inc. (China)
Cisco Systems, Inc. (US)
AMC Health (US)
Doctor on Demand (US)
Medvivo Group Ltd (UK)
Teladoc Health Inc. (US)
American Well (US)
Telespecialists Llc (US)
Scope of the Global Telemedicine Market Report
Telehealth/telemedicine market segments are described below: