Telemedicine Market worth over $186.7bn by 2027

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

The market growth is led by 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. Also, advent of technological improvements related to mobile, and internet will be conducive to the market expansion.

 

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

Most of the healthcare facilities have initiated implementation of telemedicine services to enhance 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.
 

Advantages and implementation of tele-monitoring in home healthcare setting

The tele-monitoring segment value was nearly 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.
 

Moreover, 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.
 

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), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Poland, The Netherlands, Belgium, Sweden, Switzerland, China, Japan, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), 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 boost application of telemedicine in mental health

The mental health segment held 15.5% telemedicine market share in 2020. Increasing prevalence of mental disorders will boost 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. Furthermore, various government initiatives to increase adoption rate of telemedicine services in mental health will impel the segment growth.
 

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

Telehome segment will exhibit significant growth of 18.6% throughout the forecast period. 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. Additionally, telehome service can also be used as a primary tool in limiting personal contact and spread of communicable infections.
 

Telemedicine call centers to showcase a positive trend

The call center segment size in the telemedicine market was around 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. In addition, call centers can cater to the needs of patients of all age group and assist in immediate care providing.
 

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, augmenting the segment expansion.
 

Technological advancement along with funding from European Union for several telemedicine project

Europe telemedicine market accounted for over 27% revenue share in 2020. High prevalence of chronic disorders and rapid technological advancements in the region will propel the market demand in the region. 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 market growth. Furthermore, mobile health market is gaining momentum across the European region, with mobile applications widely being used for improving health and lifestyle.
 

Poor internet connectivity and broadband in rural areas of developing nations may limit the telemedicine market expansion

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. Furthermore, 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.
 

Inorganic growth strategies adopted by market players

Prominent companies 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. For instance, in March 2020, Babylon signed a decade-long agreement with Rwandan government to provide consumers free access to its services. The company is aiming to provide free access to 12 digital services including telehealth. This strategy is expected to expand their geographic presence and maintain a long-term business relation.
 

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