Telemedicine Market Size By Service (Tele-consulting, Tele-monitoring, Tele-education/training), By Type (Telehospital, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health), By Delivery Mode (Web/Mobile {Telephonic, Visualized}, Call Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Apr 2020  |  Report ID: GMI3129  |  Authors: Sumant Ugalmugale, Rupali Swain

Report Format: PDF   |   Pages: 200   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Telemedicine Market size was valued at USD 45 billion in 2019 and is expected to witness 19.3% CAGR from 2020 to 2026. Telemedicine is the use of electronic communication to provide healthcare services to patients located in remote locations. Social distancing is one of the key strategies to minimize the spread of COVID-19 infection. Telemedicine technology can be leveraged by physicians to provide healthcare facilities to the patients, thereby promoting social distancing and lowering the risk of corona virus infection.
 

Telemedicine Market

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Increasing number of corona virus positive cases along with the chronic respiratory diseases have increased the adoption of telemedicine services. Patients with suspected flu-like symptoms are accessing various telemedicine platforms to avail healthcare services remotely. Moreover, various telemedicine companies are witnessing a spike in virtual visits amid the COVID-19 pandemic. These companies are increasing their capability to handle several thousand virtual visits a day to meet the growing need, thus propelling the market growth.
 

Telemedicine Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 45.5 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 19.3% 2026 Value Projection: 175.5 Billion (USD)
Pages: 200 Tables, Charts & Figures: 292
Geographies covered (20): U.S., Canada, Germany, UK, France, Spain, Italy, Poland, The Netherlands, Belgium, Switzerland, Sweden, China, Japan, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia
Segments covered: Service, Type, Specialty, Delivery Mode and Region
Companies covered (16): Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, BioTelemetry, Blue Sky Telehealth, Cerner Corporation, Cisco Systems, Eagle Telemedicine, Honeywell International Inc, InSight, Koninklijke Philips N.V., McKesson Corporation, OBS Medical, SOC Telemed, Specialist Telemed, Teladoc
Growth Drivers:
  • Rising cases of COVID-19 infections across the globe
  • Increasing prevalence of chronic diseases
  • Growing number of smartphone users
  • Technological advancements related to mobile phones and internet
  • Greater need for cost-saving in healthcare delivery
  • Long waiting time in hospitals for disease treatment
  • Favorable government initiatives
Pitfalls & Challenges:
  • Security and privacy concerns
  • Lack of knowledge and trust in developing countries

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Telemedicine technology is proving to be a key technology in managing the COVID-19 pandemic

Social distancing is one of the major strategies adopted by various markets across the globe to contain the spread of corona virus infection. More than 25 countries including India, UK, Spain, China, among others have implemented partial or total lockdown.
 

As economies are implementing partial or total lockdown, availing healthcare treatment has become a challenge. Amid such conditions, telemedicine is proving to be a key technology to get medical consultations. Increasing number of people are turning towards virtual visits for health check-ups, thus fostering market demand.
 

For instance, in March 2020, Teladoc, one of the leading companies offering virtual care, announced that it received about 15,000 virtual visit requests in a single day. High volume of patients requesting virtual visits and increasing influence of self-quarantine and social distancing will be the major factors fostering telemedicine market growth.
 

Moreover, various companies are involved in expanding their capabilities to cater to the large volume of virtual visits, thus stimulating market demand. Market player such as Teladoc and MDLive have expanded their capabilities to handle more volume of calls. Such expansion strategies will further drive the market growth.
 

Telemedicine is rapidly transforming the healthcare industry, and in the next few years, it is expected to become the most accepted and used method of diagnosis and prescription. Advent of technological improvements related to mobile and internet will be conducive to market expansion. However, security and privacy concerns will be the major factor that will negatively impede the market. Additionally, lack of knowledge and trust in the developing markets will further slowdown the industry expansion.
 

Increasing number of virtual visits from self-quarantined population

Telemedicine Market

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Tele-consulting services accounted for more than 40% market share in 2019 and is expected to show substantial growth during 2020 to 2026. High growth of tele-consulting service is attributed to the large number of self-quarantined population at homes. This is due to implementation of strict rules such as partial or total nation-wide lockdown and increasing importance of social distancing. Also, as people cannot visit the physicians in-person, they are opting for tele-consultation services and virtual visits to avail healthcare services.
 

Growing need to minimize the COVID-19 infection will foster the telehome segment

Telemedicine can be provided in hospitals as well as at homes. The telehome segment will show momentous growth of 19.6% during 2020 to 2026. Telehome services can be effectively used to monitor and assist patient suffering from various respiratory and chronic diseases that can be effectively managed without hospital visit. Moreover, telehome service can also be used as a primary tool in limiting personal contact and spread of communicable infections. Implementation of telehome services also benefits the patient economically and lowers the burden on physicians.
 

Various psychological effects of COVID-19 pandemic will lead to the upsurge in application of telemedicine for mental health

Mental health segment accounted for more than 15% market share in 2019. The COVID-19 pandemic impacts the patient both physically and mentally. Mass hysteria and panic have spread across the globe due to the exponential growth in number of COVID-19 positive cases. Such conditions require appropriate medical attention that can be provided effectively using telemedicine.
 

Growing telecommunication networks and infrastructure will augment the growth for web/mobile telemedicine market

Web/mobile delivery mode dominated the market and is expected to show similar trend across the forecast period. The widespread adoption of mobile and internet technologies along with increasing users of mobile and internet will drive the market. Also, various relaxations provided by federal government for the use of telemedicine services will prove conducive to web/mobile based delivery mode.
 

Relaxations and amendments in regulatory policies will play a major role

Europe Telemedicine Market

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Many European Union countries have amended or relaxed the stringent regulations for practicing telemedicine. This step was undertaken to increase the adoption of telemedicine and expand the reimbursement options. Moreover, this will also increase the access of healthcare services to patients located in low-resource and remote areas or are afraid to visit hospitals for fear of exposure.
 

Italy telemedicine market share was valued at USD 1.3 billion in 2019 and will show significant growth across the forecast timeframe. Italy is one of the most affected countries by COVID-19 infection. The government have undertaken various measures to contain the spread of infection and minimize the damage. Various regulation have been updated and implemented for limiting the exposure to corona virus. For instance, all the 20 Italian regions have implemented the telemedicine guidelines that were promulgated by the Health Council of Italy. This will facilitate the greater use of these services across the country, thus fostering the telemedicine industry growth.
 

Implementation of numerous expansion strategies by the major industry players will contribute to the market demand

A few key players in the telemedicine market share are Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, BioTelemetry, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., and Teladoc. These industry players are focusing on several strategies such as acquisitions, partnerships, new product launches, mergers and collaborations.
 

Recent industry developments:

  • In January 2020, Teladoc announced a definitive agreement to acquire InTouch Health. This acquisition will enable the company to establish a leading position in the virtual care industry. It will also enable the company to provide full range of acuity from chronic care to critical an everyday care.
     
  • In November 2019, American Well announced acquisition of Aligned Telehealth to expand its behavioral health virtual care service portfolio. This acquisition have enabled the company to increase its customer base and strengthen its market position.
     

The telemedicine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

By Service

  • Tele-consulting
  • Tele-monitoring
  • Tele-education/training
  • Others

By Type

  • Telehospital
  • Telehome

By Specialty

  • Cardiology
  • Gynecology
  • Neurology
  • Orthopedics
  • Dermatology
  • Mental health
  • Others

By Delivery Mode

  • Web/Mobile
    • Telephonic
    • Visualized
  • Call centers

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Poland
    • The Netherlands
    • Belgium
    • Sweden
    • Switzerland
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • South Africa
    • Saudi Arabia

 

Frequently Asked Questions (FAQ) :

Tele-consulting services accounted for more than 40% market share in 2019 and is expected to show substantial growth during 2020 to 2026.
The telehome segment is expected to grow at more than 19.6% CAGR during 2020 to 2026.
Italy market was valued at USD 1.3 billion in 2019, says this GMI report.
The top key players in the market are Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, BioTelemetry, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., and Teladoc.

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