Telemedicine Market worth over $186.7bn by 2027

Telemedicine Market size is set to surpass USD 186.7 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Telemedicine market growth is owing to the growing demand for accessible healthcare services especially in remote areas. Telemedicine is rapidly transforming the healthcare industry, and it is expected to become the most accepted and used method of diagnosis and prescription, thereby propelling the market progression. Also, advent of technological improvements related to mobile and internet will be conducive to the market expansion. Furthermore, telemedicine providers are witnessing a huge spike in the number of applications for virtual visits that will further drive the market share.

 

Request Sample Buy NowInquiry Before Buying

 

Increasing demand for cost-saving in healthcare delivery will spur the telemedicine market value

Most of the healthcare facilities have initiated implementation of telemedicine services to influence their operational capability. Hospitals as well as healthcare experts are focusing on sustaining high patient volumes to build clinical expertise and standardize care to achieve high value by consistently increasing both cost savings as well as positive outcome. In addition, adoption of advanced methodologies to enhance flow of the system and improve performance should result in cost savings in healthcare. Thus, implementation of advanced technologies and stream-lining of healthcare processes will enable cost-saving in coming future, thereby fueling the industry growth.
 

Poor internet connectivity and broadband in rural areas may limit the acceptance of telemedicine services

Telemedicine requires the use of internet for videoconferencing and high-speed internet is recommended to stream HD video as it will lead to accurate diagnoses. For instance, the Office of the Coordinator for Health Information Technology (ONC) states that a broadband connection is required in order to effectively avail telehealth services. A high-speed connection is required for effective transmission of video, audio, and text. Moreover, due to the nature of the service, poor quality of video can lead to inaccurate diagnoses, which could be potentially harmful. This limits the number of rural patients participating in telehealth programs, thereby hampering the industry expansion.
 

Advantages and implementation of tele-monitoring in home healthcare setting will boost the demand for tele-monitoring segment

The tele-monitoring segment in the telemedicine market accounted for USD 17.7 billion in 2020. Tele-monitoring leads to better follow-up of the patient and reduces complications of chronic diseases. It also reduces the overall treatment cost by providing health care services without using hospital beds and reduces patient travel time. Such advantages associated with tele-monitoring segment will augment the industry value. Implementation of tele-monitoring in home healthcare setting enables organizations, providing telemedicine services to capture previously inaccessible in-home patient data more efficiently with high accuracy levels. This will potentially increase the tele-monitoring service demand and impel the market demand.
 

Growing need to minimize the infection coupled with benefits offered by the telehome service will fuel the market revenue

Telehome segment will witness 18.6% growth rate through 2027. Telehome service supports elderly population of the community. Telehome service is designed to help patients suffering from serious conditions to stay healthy at home, in order that they do not experience frequent return to the hospital. Most patients using telehome services suffer from chronic conditions such as pulmonary artery hypertension or have undergone complex surgery. Telehome service can also be used as a primary tool in limiting personal contact and spread of communicable infections.
 

Browse key industry insights spread across 220 pages with 307 market data tables & 15  figures & charts from the report, “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), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/telemedicine-market
 

Increasing prevalence of mental disorders will accelerate application of telemedicine in mental health

The mental health segment held 15.5% of the telemedicine market share in 2020. Rising prevalence of mental disorders will surge application of telemedicine in mental health. In addition, large number of patients needing mental health care cannot get access when they need it. This shortcoming can be overcome with implementation of telemedicine service in mental healthcare. This may foster the industry demand. Various government initiatives to increase adoption rate of telemedicine services in mental health will boost the segment growth.
 

Telemedicine call centers to showcase a positive trend

The call center segment in the telemedicine market exceeded USD 23.9 billion in 2020. The call center can also connect patients to specialists who can offer support through phone or through interactive videos. Moreover, call centers can cater to the needs of patients of all age group and assist in immediate care providing. Thus, these benefits offered by call center-based telemedicine service will enhance the market growth. Additionally, the telemedicine call center manages calls of patients and connects them to appropriate medical experts for telemedicine consultations. It is mainly used in multi-specialty medical centers that have large number of medical specialists in telemedicine. Also, call centers focus primarily on patients that are home bound and connect specific areas of hospitals or clinics for remote video consultations. This will increase healthcare access to remote populations, thus augmenting the segment expansion.
 

Technological advancement along with funding from European Union for several telemedicine project will spur the market expansion

Europe telemedicine market captured over 27% of revenue share in 2020. High prevalence of chronic disorders and rapid technological advancements in the region is set to propel the regional growth. Also, European Union is funding several telemedicine projects such as ELECTOR, THALEA, MOMENTUM, to optimize support implementation of telemedicine in daily practice. Such funding will upsurge the regional expansion. Furthermore, mobile health market is gaining momentum across the European region, with mobile applications widely being used for improving health and lifestyle.
 

Inorganic growth strategies by market players will drive the market progression

Key players in the telemedicine market are Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Cerner Corporation, McKesson Corporation, CISCO Systems, Honeywell, and Phillips. Companies are focusing on strategies such as new launches, collaborations, partnerships, and acquisitions to consolidate their market share.
 

 

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X