SAN FRANCISCO, March 9, 2021 /PRNewswire/ -- The global
telemedicine market size is expected to reach USD 298.9 billion by 2028, according to a new
report by Grand View Research. The market is expected to expand at
a CAGR of 22.4% from 2021 to 2028. Key drivers of the market
include increasing incidences of chronic conditions and rising
demand for self-care. Furthermore, enhancing internet application,
virtual medicine and rising demand for centralization of healthcare
are expected to save on cost incurred, which is one of the critical
success factors attributing to market growth.
Key suggestions from the report:
- The product segment registered largest revenue share in 2020
due to increasing adoption of remote monitoring devices
- Increasing demand of automation and synchronization across
the system is anticipated to be the key driving factor for the real
time technology segment
- Telemedicine found wide applications in dermatology,
psychiatry, intensive care units, emergency care, ophthalmology and
radiology. The teleradiology segment accounted for the largest
revenue share in 2020
- The web/mobile based delivery model is expected to witness
significant growth in coming years due to high adoption of
smartphones and penetration of internet
- The tele-homecare segment is anticipated to witness a
lucrative CAGR in coming years due to increasing awareness
pertinent to benefits of remote healthcare amongst patients and
introduction of advanced technologies to monitor patient's health
from remote locations
- The patients segment held the largest revenue share in 2020.
Government initiated healthcare programs across the world are
anticipated to propel segment growth in coming years
- North America dominated the
market as there is high adoption of telehealth solution due to
COVID-19 pandemic. Availability of advanced healthcare facilities
with plenty funds contributed to the emergency care delivery to
stop spread of the disease is contributing towards the growth of
the market in the region
- In Asia Pacific, the market
is predicted to witness lucrative growth over the forecast period.
Developing economies such as China
and India are facing challenge to
provide access to patients due to corona outbreak is expected to
boost the adoption of telemedicine services in this region.
Economic reforms, boosting IT industry, and low functioning costs
are the key factors attracting market players to participate in
this region
- Telemedicine products are distributed by direct supply
contract amongst the manufacturers and end users or maybe concluded
via a third-party supplier
Read 150 page research report with ToC on "Telemedicine
Market Size, Share & Trends Analysis Report By Component, By
Technology, By Application (Teleradiology, Telepsychiatry), By
Delivery Mode, By Type, By End-use, By Region, And Segment
Forecasts, 2021 - 2028" at:
https://www.grandviewresearch.com/industry-analysis/telemedicine-industry
In the U.S. both state and federal laws have evolved to
facilitate the widespread use of telemedicine to cope up with the
COVID-19 pandemic. For instance, in March 6,
2020 the U.S. president signed Coronavirus Preparedness and
Response Supplemental Appropriations Act. It includes USD 8.0 billion emergency funding for the federal
agencies and to expand reimbursement coverage for telehealth
services. Various U.S. states also waived of the licensure for
better utilization of the service. This positively impacted the
market growth during the pandemic.
Rapid advancements in technology is further expected to boost
the demand for online consultation, thereby contributing to the
market growth of telemedicine solutions and services over the
forecast period. For instance, in April
2020, American Well launched Amwell Private Practice that is
a secure, simple and cost-effective solution for doctors to deliver
virtual primary or specialty care for COVID19 patients. There has
been a significant rise in telemental health visits over the past
decade in the U.S. and the trend is expected to continue during the
forecast period, thereby contributing to the adoption of
telemedicine systems by hospitals and healthcare settings.
Grand View Research has segmented the global telemedicine
market by component, technology, application, delivery mode, type,
end-use, and region:
- Telemedicine Component Outlook (Revenue, USD Million, 2016 -
2028)
-
- Product
-
- Services
-
- Tele-consulting
- Tele-monitoring
- Tele-education
- Telemedicine Technology Outlook (Revenue, USD Million, 2016
- 2028)
-
- Store and forward
- Real time
- Others
- Telemedicine Application Outlook (Revenue, USD Million, 2016
- 2028)
-
- Teleradiology
- Telepsychiatry
- Telepathology
- Teledermatology
- Telecardiolog
- Others
- Telemedicine Delivery Mode Outlook (Revenue, USD Million,
2016 - 2028)
-
- Telemedicine Type Outlook (Revenue, USD Million, 2016 -
2028)
-
- Telemedicine End-use Outlook (Revenue, USD Million, 2016 -
2028)
-
- Providers
- Payers
- Patients
- Other End Users
- Telemedicine Regional Outlook (Revenue, USD Million, 2016 -
2028)
-
- North America
-
- Europe
-
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Netherlands
- Switzerland
- Sweden
- Asia Pacific
-
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Malaysia
- Latin America
-
- Middle East & Africa
-
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Telemedicine Market
- MDlive Inc.
- SteadyMD Inc.
- Maven, Inc.
- iCliniq
- HealthTap, Inc.
- BioTelemetry, Inc.
- American Well
- CVS Health
- Synapse Medicine
- Practo
- Teladoc Health, Inc.
- Doctor On Demand, Inc.
- AMD Global Telemedicine
- Aerotel Medical Systems (1998) Ltd.
- Plantronics, Inc. (Polycom)
Find more research reports on Healthcare IT Industry,
by Grand View Research:
- eHealth Market – The global eHealth market size was valued at
USD 85.44 billion in 2014 and is
expected to increase at the rate of 15.8% over the forecast
period.
- U.S. Telehealth Market – The U.S. telehealth market size was
valued at USD 572.0 million in 2014.
Key drivers of the market include rising demand for centralization
of healthcare administration and enhanced quality and safety of the
applications.
- Telepsychiatry Market – The global telepsychiatry market size
was valued at USD 5.5 billion in 2019
and is expected to grow at a compound annual growth rate (CAGR) of
24.7% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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