Global Telemedicine Market (by End-Users, Specialty, Component, Service Types, Delivery Mode & Regional Analysis), Impact of COVID-19, Mergers and Acquisitions, Recent Trends, Key Company Profiles and Recent Developments - Forecast to 2027
The global market for telemedicine is predicted to exceed US$ 150 Billion by 2027. Telemedicine is a method that involves providing clinical services through a distance, the user doesn’t necessarily have to be present at the hospital or clinic and can avail the medical consultation through the comfort of his home. Telemedicine services are used in several medical areas, such as dermatology, gynecology, cardiology, neurology, diabetes control, psychiatry, primary healthcare and others. The deployment of telemedicine services has significantly changed the healthcare services, due to various technological innovation in the field of medical device and services. The growing geriatric population coupled with rising prevalence of chronic diseases, dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, and need for affordable treatment options due to rising healthcare costs are some of the factors expected to propel the growth of telemedicine market in the coming years. Some of the key factors restricting the growth of telemedicine market include lack of skilled and trained professionals in the remote areas, and privacy and security concern.
Impact of COVID-19 on Global Telemedicine Market
The COVID–19 outbreak has become a global stress test. The disease has infected over 85.6 Million people worldwide. Globally the death toll has reached 1,853,813 according to the latest statistics from the Worldometers (as of January 4, 2021). The number is still growing, and the duration of the pandemic is still difficult to predict. The COVID-19 outbreak has created a sense of urgency and panic among people globally. While people are being advised to stay indoors, healthcare professionals and researchers have registered a state of urgency. In this scenario, telemedicine has emerged as a significant alternative for healthcare providers to improve care delivery. The coronavirus pandemic is providing immense opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far, which is capable of minimizing exposure. In line with this, telehealth represents an attractive, effective, and affordable option.
By End Users - Global Telemedicine Market
By Specialty - Global Telemedicine Market and Forecast
- Among the end users, Telehospitals/teleclinics holds the largest share of the global telemedicine market.
- Telehome segment is predicted to grow at the fastest rate because of the rising inclination towards personalized healthcare.
By Component - Global Telemedicine Market and Forecast
- Dermatology segment captured maximum share of the global telemedicine market.
- Gynecology is expected to be one of the most revenue generating specialty segment in the telemedicine market.
- Cardiology is the third largest application of the telemedicine industry.
- Neurology market segment accounted for around 7.4% share of the global telemedicine market in 2020.
- The medical specialties such as the orthopedics, oncology, mental health, internal medicine and emergency care are also witnessing increasing demand for telemedicine services thus fueling the growth of the market.
By Service Types - Global Telemedicine Services Market and Forecast
- In terms of component, the services segment commands the largest share of the global telemedicine market.
- The hardware segment is predicted to account for around 17.5% share of the global telemedicine market by 2027.
- The software segment is expected to witness the highest growth during the forecast period.
By Delivery Mode - Global Telemedicine Market and Forecast
- Tele-consulting segment held maximum share of the total telemedicine services market.
- Among the various services of telemedicine, tele-monitoring is expected to grow at the highest rate during forecast period.
- Tele-education and tele-training segment accounted for combined share of nearly 16% in 2020.
By Region - Global Telemedicine Market and Forecast
- Web/mobile segment accounted for maximum revenue share in the year 2020.
- The call centers have emerged as a new channel for the delivery of a wide variety of healthcare information and services.
- North America accounted for lion’s share of the total telemedicine market, followed by Europe. The rising demand for quality healthcare and the need to curtail escalating government expenditure on healthcare services is expected to push governments towards adoption of e-health policies.
- In the coming years, the telemedicine market is expected to witness the highest growth in the Asia-Pacific region, with emphasis on India, China, and Japan.
- Telemedicine can be particularly useful in Latin America and Middle East & Africa given the uneven distribution of doctors and the significant lack of personnel in rural areas.
iGATE RESEARCH report titled “Global Telemedicine Market (by End-Users, Specialty, Component, Service Types, Delivery Mode & Regional Analysis), Impact of COVID-19, Mergers and Acquisitions, Recent Trends, Key Company Profiles and Recent Developments - Forecast to 2027” provides a complete assessment of the fast-evolving, high-growth Global Telemedicine Market. This 267 Page report with 73 Figures and 13 Tables has been analyzed from 14 viewpoints:
1. Global Telemedicine Market and Forecast (2012 - 2027)
2. Impact of COVID-19 on Global Telemedicine Market
3. Global Telemedicine Market Share and Forecast (2013 - 2027)
4. By End-Users - Global Telemedicine Market and Forecast (2013 - 2027)
5. By Specialty - Global Telemedicine Market and Forecast (2013 - 2027)
6. By Component - Global Telemedicine Market and Forecast (2013 - 2027)
7. By Service Types - Global Telemedicine Market and Forecast (2013 - 2027)
8. By Delivery Mode - Global Telemedicine Market and Forecast (2013 - 2027)
9. By Region - Global Telemedicine Market and Forecast (2013 - 2027)
10. Global Telemedicine Market - Mergers and Acquisitions (2013 - 2020)
11. Telemedicine Market - Financing Deals Volume
12. Global Telemedicine Market - Recent Trends
13. Global Telemedicine Market - Driving Factors and Challenges
14. Global Telemedicine Market - Company Profiles, Revenue and Recent DevelopmentsBy End-Users - Global Telemedicine Market and Forecast
2. Telehome By Specialty - Global Telemedicine Market and Forecast
7. Mental Health
8. Internal Medicine
9. Emergency Care
10. Other Specialties By Component - Global Telemedicine Market and Forecast
By Service Types - Global Telemedicine Services Market and Forecast
- Telecom and Networking
5. OthersBy Delivery Mode - Global Telemedicine Market and ForecastBy Region - Global Telemedicine Market and Forecast
1. North America
3. Asia Pacific
4. Middle East & Africa
5. Latin AmericaGlobal Telemedicine Market - Key Company Profiles and Recent Developments
1. McKesson Corporation
2. Philips Healthcare
3. GE Healthcare Ltd.
5. Cerner Corporation
6. Cisco Systems, Inc
7. Medtronic plc
8. Allscripts Healthcare Solutions Inc.
9. Plantronics, Inc
10. Polycom, Inc
11. BioTelemetry, Inc
12. SHL Telemedicine
13. AMD Global Telemedicine, Inc
14. Aerotel Medical Systems (1998) Ltd
15. Care Innovations LLC
16. Resideo Life Care Solution
17. GlobalMedia Group LLC Data Sources
iGATE RESEARCH employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. This report is built by using data and information sourced from Proprietary Information Database, Primary and Secondary Research Methodologies, and In house analysis by iGATE Research dedicated team of qualified professionals with deep industry experience and expertise.Research Methodologies
Primary Research Methodologies:
Questionnaires, Surveys, Interviews with Individuals, Small Groups, Telephonic Interview, etc.Secondary Research Methodologies:
Printable and Non-printable sources, Newspaper, Magazine and Journal Content, Government and NGO Statistics, white Papers, Information on the Web, Information from Agencies Such as Industry Bodies, Companies Annual Report, Government Agencies, Libraries and Local Councils and a large number of Paid Databases."