Global Telemedicine Market size to surpass $175 Bn by 2026

Telemedicine Market size is estimated to exceed USD 175 billion by 2026; according to a new research report by Global Market Insights, Inc. An increasing prevalence of chronic diseases across the globe will bolster the demand for telemedicine.
 

COVID-19 pandemic will have a lasting impact on the market expansion

The COVID-19 pandemic will have a major impact on the market expansion. Social distancing and isolation tactics are being adopted by countries to reduce the spread of the virus. Due to this, some patients have been unable to access healthcare. Thus, the number of teleconsultations has increased. As an increasing number of people adopt telemedicine, it will spur the market expansion. Furthermore, people living in remote areas have limited access to healthcare. Thus, they will turn to telemedicine for medical consultations. It is also expected that there will be an increase in awareness regarding the benefits of telemedicine. This will drive the e-health market growth.

 

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Advancements in smartphones will drive the telemedicine market

Growing sophistication of smartphones will be a positive impact rendering factor on the telemedicine market. Advancements in cell phones have made high resolution cameras on phones ubiquitous. This has increased the accessibility of telemedicine to patients. Furthermore, growing penetration of internet in the remote parts of the world will boost the demand for telemedicine.
 

However, security and privacy concerns regarding the storage of patient data will impede the market expansion in the short run. Furthermore, lack of awareness regarding telemedicine in the developing and underdeveloped markets could limit the industry growth.
 

Browse key industry insights spread across 200 pages with 283 market data tables & 9  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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/telemedicine-market
 

Growing geriatric population will boost the demand for telemonitoring

According to the report, telemonitoring market segment was valued at nearly USD 13 billion in 2019. Telemonitoring involves the use of patient monitoring devices to transmit patient parameters to the caregiver. This enables care-providers to diagnose diseases or respond to life-threatening conditions. Growing geriatric population and an increased lifespan has increased the demand for telemonitoring among the patients. Geriatric individuals show a higher incidence of diseases that require telemonitoring, which is propelling the market expansion. Furthermore, growing incidence of cardiovascular ailments and sleep apnea among the younger population will drive the telemedicine market demand.
 

The COVID-19 epidemic will positively impact the telemonitoring segment. As a growing number of countries enforce lockdowns and curfews, it will be difficult for patients to consult doctors. Thus, there will an increase in remote monitoring to observe patients for adverse symptoms.
 

Higher adoption of telemedicine in hospitals will propel telehospital market growth

Telehospital market will exhibit nearly 19% CAGR during 2020 to 2026. High growth can be attributed to an increasing use of telemedicine by doctors to consult specialists. This results in cost savings for the patients as well as the hospitals. Additionally, an increasing incidence of chronic diseases will increase the demand for specialist consultations.
 

Growing incidence of cardiovascular diseases

Cardiology segment held over 22% of e-health market share in 2019 and is expected to exhibit robust growth in the future. A growing incidence of cardiovascular diseases is expected to drive the demand for cardiac medicine. Furthermore, sedentary lifestyle and unhealthy habits such as smoking and excessive alcohol consumption will drive the patient pool. Growing advances in telemonitoring that enable real time remote diagnosis of heart disease will further propel telemedicine market growth.
 

Telemedicine call centers to showcase a positive trend

Call center segment was valued at nearly USD 18 billion in 2019. Telemedicine call centers have healthcare professionals who attend patient calls in case of emergencies. A growing number of hospitals are starting to maintain a helpline for such incidences. This will increase healthcare access to remote populations, propelling the segment expansion. Furthermore, due to COVID-19 there have been travel restrictions that could prevent transfer of patients. In this case, there will be a greater reliance on call centers for managing the emergency. Thus, these factors will spur the telemedicine market growth.
 

COVID-19 will spur the regional industry expansion in North America

North American market was valued at nearly USD 27 billion in 2019. It is expected that there will be robust growth in the future. There has been high incidence of COVID-19 in North America, especially in the U.S. This has led to stringent lockdowns and limited access to healthcare for patients in the region. Thus, there has been an increase in telemedicine adoption. Furthermore, patients prefer virtual consultation over conventional visits to reduce their risk of transmission of the virus.
 

The report predicts, U.S. e-health market will exhibit nearly 19% CAGR over 2020 to 2026. Benefits such as reduced cost, reliable diagnosis, low wait-time, and elimination of commuting has fostered the local telemedicine market demand. Furthermore, presence of key players in the region has bolstered the market growth. Also, various companies have expanded their capabilities to manage the high influx of patient calls due to COVID-19 pandemic. As higher proportion of the adult population is turning towards the virtual visits to avail healthcare services, the demand for telemedicine is expected to increase in the U.S.
 

Inorganic growth strategies by market players

Key players in the telemedicine market share 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 October 2019, American Well announced partnership with Cleveland Clinic to form a joint venture company named The Clinic. The newly formed company will offer virtual care provide broad access to comprehensive and high-acuity care services via telehealth.
 

 

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