Telemedicine Market Analysis Report By Component, By Technology, By Application, By Delivery Mode, By Type, By End-use, By Region And Segment Forecasts From 2021 To 2028

Synopsis

With reference to the report published, the global telemedicine market size was prized by USD 55.9 billion in 2020. It is estimated to witness 22.4% CAGR from 2021 to 2028.

Drivers

Due to the increasing acceptance of telemedicine from the service providers, growing acceptance by the patients and the consumers, along with the improved quality of carefulness, there are several openings for the expansion of the market for telemedicine.

Rising admittance to necessary healthcare, together with enhanced class of healthcare plus the protection of the patients, is the most important objective of the telemedicine resolution. Consistent with the details, published by the Agency for Healthcare Research and Quality (AHRQ), the execution of telemedicine or tele health resolution enhances the deliverance of the treatment to the patients. The functions like e-Care and e-ICU assists in giving appropriate treatment and decrease undesirable indications or effects from leaving unobserved.

By means of offering superior protection as well as quality values to the patients, requirement for such arrangement is estimated to augment, during the period of the forecast, in addition to increase the development of the market. The U.S. sourced company, trading in telemedicine services and technology, SOC Telemed, declared in March 2020, that company faced gush in the order for on demand sensitive care by means of telemedicine.

The companies, operating in the telemedicine market, have undergone substantial development for the duration of the COVID-19 pandemic, as contrast to the preceding year. Such as, Teladoc Health, Inc. faced a 109% annual enlargement from Quarter 3 of 2019 to Quarter 3 of 2020. This entirely had an effect on the market, for the period of the COVID-19 pandemic.

Telemedicine is carefully planned and the most adaptable expertise existing to distribute the information and instructions about the health and carefulness, remotely. Because of the technologies, superior patient centric attention, the better admittance to the distant localities is feasible. In addition, it assists in dropping the visits to the emergency room and charges of hospitalization, thus boosting the development of the market.

Restraints

On the other hand, some challenges, confronted by this business, are elevated expenditure of the accomplishment, the issues regarding the safety and privacy of the information and opposition for the acceptance of the technology by the patients as well as the practitioners. These aspects, possibly will, hinder the speeding up progress of the market, to a definite degree.

Effect of Covid-19

Since it helps in reducing get in touch with patients, healthcare services as well as healthcare staff, telemedicine is widely used for the duration of the COVID-19 pandemic, so as to decrease the possibility of COVID-19.
In China, Online psychological healthiness inspection together with the communication plans, like We Chat, Weibo, TikTok, and others, help out experts of the mental fitness and the health establishments to provide protected services for psychological wellbeing, online, during the pandemic period. These things have supported in the expansion of the market, throughout the COVID-19 pandemic.

End Use Insight

The patients’ section accounted for the 43.6% revenue share in 2020, and ruled the telemedicine market. This is for the reason that the patients look for telemedicine services for a variety of functions starting from mild fitness problems to urgent situations. The payers sector comprises insurance companies which disburse the telemedicine service providers, for the patients.

Delivery Model Insight

The mobile or web sourced delivery model held the largest 78.6% revenue share in 2020, and directed the market. Since it provides the straight admittance to care resolutions, the sector is anticipated to observe major enlargement during the upcoming days.

This sector is more classified into visualized and telephonic admittance to the carefulness. Due to its benefits like simple to operate and lucrative, telephonic care delivery, directed the market. Besides, rising disposable income and increasing penetration of smart phones are adding to the expansion of the segment.

Application Insight

Due to the reasons like the reformation and regulation of tele-radiology practices, adoption of tele-radiology workflow by the sources of healthcare and an escalation in imaging practices, the tele-radiology held the largest 26.0% revenue share in 2020, and directed the market.

Component Insight

The product sector directed the telemedicine market and held the major 44.0% revenue share, in 2020. The product sector is additionally split into hardware, software, and others. The hardware division is estimated to retain the principal 41.8% market share and it comprises monitors, videoconferencing devices, microphones, webcams, laptops, display screens, speakers, and medical peripheral devices.

The services section is additionally classified into tele-education, tele-monitoring, and tele-consulting. Due to the rising elderly people, needing support at home, the tele-monitoring sector is estimated to expand, during the forecast period.

Tele-consulting sector is expected to be the profitable section for the period of the forecast, because of the greater demand for the video conferencing as well as increasing inventiveness by the government for the execution of tele health jobs.

Type Insight

The tele-hospitals segment retained the above 50.0% revenue share, and led the telemedicine market in 2020.The sector is anticipated to observe a stable expansion speed, all through the forecast period. Usually, telemedicine services are chosen in urgent situations.

Since, the acceptance of remote patient monitoring procedures is rising; the tele-home care solutions are expected to record the momentous expansion, during the near future. Growing wakefulness between the patients, regarding their fitness, greater penetration of internet sourced resolutions and encouraging programs by the government, are a few things credited to the expansion of the section.

Technology Insight

In 2020, the store and forward sector held the principal 40.0% revenue share and ruled the market. Store and forward system does not take place immediately, and comprises the storage space and broadcast of medicinal information to the professionals at a suitable moment in time. The industry is motivated by three models, that comprises store and forward (asynchronous), real-time (synchronous), as well as others similar to home health virtual medicine.

Regional Insight

Due to the speedy demand for the healthcare support, particularly in the rustic part, emergent regions, similar to Middle East & Africa in addition to Asia Pacific, are anticipated to undergo an optimistic expansion in the industry. Developing nations, similar to China and India, are anticipated to observe development, during the period of subsequent eight-years. Advancement as well as the modernization towards the telecommunication field is projected to increase the enlargement of the telemedicine market, within this region, during the nearby period.

On account of greater demand in the latest history, North America accounted for the major 34.4% revenue share and directed the market in 2020; the region was tracked by Europe. Due to the increasing wakefulness regarding the healthcare in addition to the acceptance of cloud sourced technology for the period of the forecast, the local markets are estimated to confirm an identical development, during the forecast period. Caused by the continuous research & development projects, the advanced region like North America held the highest revenue share, in the global business.

Companies

The companies are investing in mergers & acquisitions, partnerships, collaborations, and presentation of the new products, to persist in the market. Since, numerous startups are in search of openings in this segment, the market is anticipated to turn out to be extremely aggressive.

Some of the companies for telemedicine market are:

• Plantronics, Inc. (Polycom)
• AMD Global Telemedicine
• Teladoc Health, Inc.
• Synapse Medicine
• American Well
• Health Tap, Inc.
• Maven, Inc.
• MDlive Inc.
• Aerotel Medical Systems (1998) Ltd.
• Doctor on Demand, Inc.
• Practo
• CVS Health
• Bio Telemetry, Inc.
• iCliniq
• Steady MD Inc.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Million Insights has segmented the global telemedicine market report on the basis of technology, component, application, delivery mode, type, end-use, and region:

• Component Outlook (Revenue, USD Million, 2016 - 2028)
    • Product
        • Hardware
        • Software
        • Others
    • Services
        • Tele-consulting
        • Tele-monitoring
        • Tele-education

• Technology Outlook (Revenue, USD Million, 2016 - 2028)
    • Store and forward
    • Real time
    • Others

• Application Outlook (Revenue, USD Million; 2016 - 2028)
    • Teleradiology
    • Telepsychiatry
    • Telepathology
    • Teledermatology
    • Telecardiology
    • Others

• Delivery Mode Outlook (Revenue, USD Million, 2016 - 2028)
    • Web/Mobile
        • Telephonic
        • Visualized
    • Call Centers

• Type Outlook (Revenue, USD Million, 2016 - 2028)
    • Tele-hospital
    • Tele-home

• End-use Outlook (Revenue, USD Million, 2016 - 2028)
    • Providers
    • Payers
    • Patients
    • Other

• Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
        • Italy
        • Spain
        • Russia
        • Netherlands
        • Switzerland
        • Sweden
    • Asia Pacific
        • Japan
        • China
        • India
        • Australia
        • South Korea
        • Singapore
        • Malaysia
    • Latin America
        • Brazil
        • Mexico
        • Argentina
    • Middle East & Africa
        • South Africa
        • Saudi Arabia
        • UAE