Telemedicine Market: Current Analysis and Forecast (2021-2027)
Telemedicine is termed as process of distributing healthcare services virtually. In the digital world Telemedicine is considered to the most adaptable technology available that helps accessing health education, health information and health care at a distance. Other advancements in the category includes patient-centric care and increased admittance to remote locations. It not only benefits patients to connect to doctors or hospitals remotely but it also diminishes the cost in healthcare. For instance, Patients in rural areas have inadequate access to medical professionals; on average, only 40 specialists are serving 100,000 rural population, globally. Emerging adoption of telemedicine across end-users’ is helping in the market growth. According to Massachusetts General Hospital, 79% of patients stated that scheduling a telemedicine follow-up visit was easier and more suitable than arranging an in-person follow-up. Moreover, the hospitals are emerging and have begun implementing telemedicine in their practice. According to the annual survey of the American Hospital Association (AHA), in 2019, the Use of telehealth in hospitals has grown significantly from 35% in 2010 to 76% in 2018. Also, implementation of remote patient monitoring capabilities at hospitals has grown from 43.1% in 2015 to 61.2% in 2017. Virtual care technology saves patients time and money, by reducing patient transfers, emergency department and urgent care center visits, and delivers savings to payers. Besides this, telemedicine helps to address physician exhaustion by decreasing clinician's drive times and permitting more time for patients. Telemedicine allows Remote patient monitoring and live videoconferencing facility between patient and doctors. According to the Vidyo Telehealth Adoption Survey 2019, 46% of surveyed health care providers (hospitals and clinics) use live videoconferencing, and 41% used RPM to deliver medical care.
Insights Presented in the Report
“Amongst Service, Tele-consultation service holds the largest market share in 2020.”
Based on Service, the market is fragmented into Tele-consulting, Tele-monitoring, and Tele-education. It is anticipated that Tele-consultation service would maintain its dominance owing to telemedicine applications that support health provider's stay connected with their patients are more appreciated and appropriate than they have ever been.
“Amongst Specialty, Mental health is anticipated to grow at the highest CAGR during the analyzed period”
Based on specialty, the market is fragmented into Cardiology, Neurology, Dermatology, Gynecology, Orthopedics, Mental health, and Others. In 2020, the Mental health or Telepsychiatry segment accounted for a maximum market revenue by adding 21% to previous year revenue.
“Amongst Delivery mode, Mobile/Web is anticipated to grow at the highest CAGR during the analyzed period”
Based on Delivery mode, the market is fragmented into Mobile/Web and Call centers. The Web/Mobile segment accounted for the major revenue share, accounting for 75.2% share in 2020. The segment is anticipated to observe significant growth in the upcoming years through offering direct admittance to care delivery solutions.
“Amongst Modality, Real-time segment holds the major share”
Based on Modality, the market is fragmented into Real-time, Store and Forward, and others. The real-time segment is anticipated to observe profitable growth due to the extreme rise in the number of virtual visits. According to the On-demand Virtual Care Benchmark Survey, 32.1% of doctors in the US had an on-demand virtual care service in 2018. This is expected to boost the substantial growth of the real-time segment.
“Amongst end-user, the Provider's Segment holds the major share in 2020.”
Based on end-user, the market is fragmented into Providers, Payers, Patients, and Others. The Providers segment is anticipated to observe lucrative growth of more than 41.2% due to the extreme rise in the number of virtual visits.
“North America signifies one of the largest markets of Telemedicine Market”
For a better understanding of the market adoption of telemedicine, detailed regional level analysis id done for major regions including North America (US, Canada, and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America dominates the market, owing to chaotic schedules, busy and fast lifestyle, and increasing awareness about the benefit of telemedicine technology.
Some of the major players operating in the market include MDlive, Inc., SteadyMD, Inc., Maven, Inc., HealthTap, Inc., BioTelemetry, Inc., American Well, CVS Health, Teladoc Health, Inc, Doctor on Demand, Inc, Plantronics, Inc. (Polycom), etc. Several M&As along with Partnerships have been undertaken by these players to boost their presence in different regions.
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