Telemedicine Market Growth Predicted at 18.2% Through 2027: GMI
Major telemedicine market players include Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., and Teladoc.
According to the latest report "Telemedicine Market by Service (Tele-consulting, Tele-monitoring, Tele-education/training), Type (Telehospital, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health), Delivery Mode (Web/Mobile, Call Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of telemedicine will cross $186.7 billion by 2027.
Smartphones, tablets, and mobile applications have become an integral part of modern healthcare, generating the need for instant access to information about health among people. Various modern apps in mobile phones enable the patient to schedule doctor's appointments, manage their health insurance, and hence save money on prescriptions. With such services via mobile phones, even healthcare professionals can focus on providing quality care during the time they interact with their patients. Thus, the growing number of smartphone users and mobile applications will spur market growth. Furthermore, various stringent regulations that were imposed on practicing telemedicine have also been relaxed.
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Tele-education/training segment in the telemedicine market is expected to showcase a 19.9% growth rate through 2027. Tele-education can be used to provide emergency treatment in time to save the life of individuals located in remote areas. Also, tele-education services improve standards of nursing, saves time, allows the nurse to play the role of multiple functioning, cost-effective and provide access in emergency times, thereby fostering market expansion. Additionally, the development of information and communication technology and its dominance in the health care sector will be the major impact rendering factor for the segment growth.
The telehospital segment dominated more than 65.8% of the telemedicine market share in 2020 led by the growing need for efficient healthcare quality services at low cost and rising number of smartphone users. In addition, various government initiatives will further lead to the segment revenue. For instance, UK's National Health Service (NHS) launched a novel service named 'GP in Hand' in 2017. The service allows patients to receive physician consultation via video call or text free of cost.
The dermatology segment in the telemedicine market accounted for around USD 14.6 billion in 2020. The application of telemedicine in dermatology is becoming a major tool in dermatological consultation, due to the only need for proper visualization of the dermatological disorder. Telemedicine was used in dermatology to consult patients in peripheral locations, for patient management purposes, or for medical support in-home care settings and nursing homes. Also, telemedicine allows patients to visit dermatologists quickly and for a relatively low cost.
The telemedicine market for the web/mobile segment is predicted to expand at a CAGR of more than 18.5% CAGR and will reach USD 115.4 billion by 2027. Advantages associated with web/mobile-based telemedicine platforms such as easy integration and user-friendly customization will ensure a high adoption rate in the future. Also, ease of accessibility and usage will further boost the segment expansion. Moreover, the web/mobile segment is further bifurcated into a telephonic and visualized mode of delivery. Telephonic-based telemedicine offers advantages that include efficient management of chronic diseases, reduced hospital stays, reduction in travel time for accessing healthcare services, and cost-saving.
The Asia Pacific telemedicine market is projected to grow at a CAGR of 20.9% by 2027 on account of government initiatives and the growing acceptance of smartphones. Also, the increasing prevalence of lifestyle disorders such as diabetes, hypertension and obstructive sleep apnea (OSA) in this region, generates a need for technologically advanced platforms for the prevention and treatment of such diseases. This will potentially increase the telemedicine service demand and impel regional growth.
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Some of the prominent players operating in the market are Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., and Teladoc. These companies adopt various strategies such as acquisitions, collaborations, mergers, partnerships, geographic expansion.
Table of Contents (ToC) of the report:
Chapter 3 Telemedicine Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By service
3.4.2 By type
3.4.3 By specialty
3.4.4 By delivery mode
3.5 COVID-19 impact analysis
3.6 Reimbursement scenario
3.7 Telemedicine modalities
3.8 Telemedicine projects
3.9 Government initiatives
3.10 Telemedicine future trends
3.11 Analyst recommendations
3.12 Porter's analysis
3.13 Competitive landscape, 2020
3.14 PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Original Source: Telemedicine Market Revenue to Cross USD 186.7 Bn by 2027: Global Market Insights Inc.
