Telemedicine market is anticipated to achieve a market of US$36.126 billion in 2026

Telemedicine market is anticipated to achieve a market of US$36.126 billion in 2026

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new report on Telemedicine Market from 2019 to 2026 to their offering.

According to the report, the Telemedicine Market is projected to increase at a CAGR of 12.20% over the forecast period.

Telemedicine was developed with telecommunication and information technology to transfer the heath informatics, imaging and history data of the patient from one place to another. In past the support was through radio and telephonic which has been replaced with telephony and advanced diagnostic methods. According to the report published by the Agency for Healthcare Research and Quality (AHRQ), the implementation of telemedicine or telehealth solution enhances the care delivery to the patients. Telemedicine has been extensively used during the pandemic as the patient gets effective treatment without visiting the hospitals as the telemedicine enable monitoring the health of the patient through remote access. Further, telemedicine also helped in decreasing the contact of the patients with the healthcare facilities and its staff in order to minimalize the spread of Covid-19. The virtual visit showcases a tremendous increase in the subscribers and users. For instance, Teladoc Health Inc. reported 60% increase in the number of virtual consultations and the it reached 2 million in three months from January to March 2020 compared to the fourth quarter of 2019. The data is maintained with the servers and database installed in the application and with the aid of a telemedical device it can be managed at home. Telemedicine improves the interaction between the patient and doctor while delivering pharmaceutical care through the tele-pharmacy. 

Government organizations are promoting telehealth with new policies and reimbursement guidelines. Various government organization are issuing new policies and guidelines. For instances Federal Commission in USA established program to help the institutions to deploy the telemedicine technology. Similarly,Medical Council of India partnered up with NITI Aayog in March 2020, to prepare guidelines for the telemedicine in India.  Telemedicine helps in decreasing the cost of healthcare and improves the efficiency by better management of chronic diseases, reduction in the amount of time spent in travel, shorter stays in the hospital, and shared professional staffing, these factors are boosting the market demand of the telemedicine market.  During the Covid-19 pandemic, the demand for the telemedicine rose which encouraged the hospitals to expand their telehealth service and provide training to their medical staff in a short period of time as telemedicine helps to reduce the burden on the hospitals and they could give proper treatment and priority to the Covid-19 patients. In June 2020, Siemens Healthineers with partnership Telebiomed Medizintechnik, IT Service GmbH in Austria and the Austrian Institute of Technology (AIT), with myCare Companion Software revealed their flexible and new telemedicine solution that would allow the remote care of the patients with chronic disease.

Telemedicine market on the basis of region is segmented as North America, South America, Europe, Middle East and Africa, Asia Pacific. North America is expected to hold the major share on account of the high adoption rate of healthcare technologies and the surge in the number of cases of chronic disease. Telemedicine aid in improving the quality of life, reducing healthcare spending and improving care management. USA is witnessing a positive trend and is boosting the market growth in the region.  In March 2020, SOC Telemed stated that it experienced a rise in the demand for the on-demand acute care via telemedicine. Similarly, Teladoc Health Inc. experienced 109% year-on-year growth from Quarter 3 of 2019 to Quarter 3 of 2020.

The telemedicine market by the service type is segmented as Telecare, Tele-Education, Telemonitoring, Telesurgery, Teletraining, Teleconsultation and Others.

While on the basis of usage the telemedicine market is segmented as Teledermatology, Teleneurology, Telecardiology, Teleorthopedics, Teleradiology and Others.

Artificial Intelligence have a significant impact on telemedicine services as it conducts data management and digital automation to provide more reliable access. However, the resistance in acceptance of technology by the practitioners and patients, data privacy, safety issues, and high cost of implementations are hampering the telemedicine market growth during the forecasted period. Further the lack of skilled professionals, technological barriers in less developed regions, and high cost of installations are the major drawback that is restricting the market demand during the forecasted period.

As a part of the report, the major players operating in the telemedicine market, which have been covered are IBM, GE, Siemens, Honeywell, McKesson, Cerner, Cisco, Hoffmann-La Roche, AMD   Global, Allscripts Healthcare, and Agfa HealthCare.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/telemedicine-market

This report segmented the telemedicine market on the basis following terms:

  • By Service Type
    • Telecare
    • Tele-Education
    • Telemonitoring
    • Telesurgery
    • Teletraining
    • Teleconsultation
    • Others
  • By Usage
    • Teledermatology
    • Teleneurology
    • Telecardiology
    • Teleorthopedics
    • Teleradiology
    • Others
  • By Geography
    • North America
      • U.S.
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Colombia
      • Others
    • Europe
      • U.K
      • Germany
      • Italy
      • France
      • Netherlands
      • Spain
      • Others
    • Middle East and Africa
      • Israel
      • South Africa
      • Saudi Arabia
      • Others
    • Asia-Pacific
      • China
      • Japan
      • Australia
      • South Korea
      • India
      • Others