The telemedicine market is anticipated to achieve a market of US$36.126 billion in 2026 from US$16.135 billion in 2019, growing at a CAGR of 12.20%. Some of the factors driving growth in the market are increasing government expenditure in healthcare, favorable industry regulations, a focus on privacy, and the new trend of personal healthcare.
Telemedicine is a small segment of e-health and has been witnessing high growth over the past few years. It is estimated that in the coming years with advancements in technology this market will grow significantly.
Impact of COVID on the market.
The impact of COVID has been adverse on every industry however the telemedicine market has witnessed a positive demand during this period and has grown across all regions. During the critical period of the COVID-19 outbreak, telemedicine use increased especially in industrial countries like the United States, the United Kingdom, and China. Due to lockdown restrictions in almost every country, lack of vaccines, and effective coronavirus treatment, telemedicine proved to be an effective and safer interaction medium for both the doctors and the patients. It is estimated that post-COVID the demand will grow even further with an increase in investments and advancements in the market.
North America is estimated to hold a major market share:
The North American region is estimated to hold a major share in the market of telemedicine. The high adoption rate of healthcare technologies and growing chronic diseases in the region are some of the major reasons for the driving growth in the region. Telemedicine has helped improve the quality of life, reduced healthcare spending, and improved care management. The United States is witnessing a positive trend in the telemedicine market and is thereby boosting growth in the North American region.
Major players in the market of telemedicine are IBM, GE, Siemens, Honeywell, McKesson, Cerner, Cisco, Hoffmann-La Roche, AMD Global, Allscripts Healthcare, and Agfa HealthCare. There is intense competition in the market wherein the companies are making huge investments in R&D, entering into mergers and acquisitions. Support for the government is also a major factor driving growth in the market. Growth in technological advancements will boost the demand for telemedicine in the market.
|The market size value in 2019||US$16.135 billion|
|The market size value in 2026||US$36.126 billion|
|Growth Rate||CAGR of 12.20% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Service Type, Usage, And Geography|
|Regions covered||North America, South America, Europe, Middle East, and Africa, Asia Pacific|
|Companies covered||IBM, GE, Siemens, Honeywell, McKesson, Cerner, Cisco, Hoffmann-La Roche, AMD Global, Allscripts Healthcare, and Agfa HealthCare|
|Customization scope||Free report customization with purchase.|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the telemedicine market?
A1. The telemedicine market is anticipated to grow at a CAGR of 12.20% during the forecast period.
Q2. What will be the telemedicine market size by 2026?
A2. The global telemedicine market is anticipated to reach a market size of US$36.126 billion by 2026.
Q3. What is the size of the global telemedicine market?
A3. The telemedicine market was valued at US$16.135 billion in 2019.
Q4. Which region holds the maximum market share in the telemedicine market?
A4. The North American region is estimated to hold a major share in the telemedicine market owing to the high adoption rate of healthcare technologies and growing chronic diseases in the region.
Q5. Who are the major players in the telemedicine market?
A5. Major players in the global telemedicine market are IBM, GE, Siemens, Honeywell, McKesson, Cerner, Cisco, Hoffmann-La Roche, AMD Global, Allscripts Healthcare, and Agfa HealthCare.
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of Suppliers
4.3.2.Bargaining Power of Buyers
4.3.3.The threat of New Entrants
4.3.4.Threat of Substitutes
4.3.5.Competitive Rivalry in the Industry
4.4.Industry Value Chain Analysis
5.Telemedicine Market Analysis, By Service Type
6.Telemedicine Market Analysis, By Usage
7.Telemedicine Market Analysis, by Geography
7.2. North America
7.2.1.North America Telemedicine Market Analysis, By Service Type, 2021 to 2026
7.2.2.North America Telemedicine Market Analysis, By Usage, 2021 to 2026
22.214.171.124. United States
7.3.1.South America Telemedicine Market Analysis, By Service Type, 2021 to 2026
7.3.2.South America Telemedicine Market Analysis, By Usage, 2021 to 2026
7.4.1.Europe Telemedicine Market Analysis, By Service Type, 2021 to 2026
7.4.2.Europe Telemedicine Market Analysis, By Usage, 2021 to 2026
7.5.Middle East and Africa
7.5.1.Middle East and Africa Telemedicine Market Analysis, By Service Type, 2021 to 2026
7.5.2.Middle East and Africa Telemedicine Market Analysis, By Usage, 2021 to 2026
7.6.1.Asia Pacific Telemedicine Market Analysis, By Service Type, 2021 to 2026
7.6.2.Asia Pacific Telemedicine Market Analysis, By Usage, 2021 to 2026
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
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