As per the report published by Fortune Business Insights, the global telemedicine market was valued at USD 34.28 Bn in the year 2018 and is anticipated to reach USD 185.66 Bn by 2026. The analysts stated that technological developments in telemedicine products would make healthcare more accessible and affordable to all. Spurred by this, the telemedicine market growth is likely to increase in the forthcoming years.
The global telemedicine market is highly competitive and is likely to witness the entry of new players, besides the launch of new products. Recently in May 2019, a telemedicine company called CirrusMD Inc. raised around US$ 15 million by Drive Capital. The company aims to offer seamless communication between patients and doctors online. Rapid advancements in information and communication technology (ICT) has revolutionized the healthcare industry.
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Teleradiology to Cover Leading Share Among Application Segments
Telemedicine services are anticipated to lead the market during the forecast period. Presence of favorable reimbursement policies on teleconsultation is one of the primary factors responsible for the growth of telemedicine services. Other factors such as the entry of new players and increasing adoption of real-time communication devices are driving the telemedicine services segment. Driven by these factors, the telemedicine market size is expected to increase over the projected horizon. Among application, teleradiology is projected to cover leading share in the market. Other segments based on application include teledermatology, telepathology, and telepsychiatry. Healthcare providers are increasingly adopting Picture Archiving and Communication System or PACS. This system securely stores and transmits electronic images from anywhere in the world. It enables easy transmission of images with the help of Electronic Health Records (EHR).
Active Government Support Catapults North America Market to the Fore
From a geographical standpoint, North America is anticipated to emerge dominant in the global telemedicine market. Governments in this region are planning to develop favorable reimbursement policies and practice standards for telemedicine and e-health. This, coupled with increasing patient pool, is boosting the market in North America. The Senate in Florida passed a House Bill 23 in April 2019, establishing standards of practice for telemedicine and telehealth providers. As the aging population is increasing and preference towards telemedicine is rising, the number of e-health visits are increasing exponentially. This will further increase the telemedicine market share in North America.
Apart from North America, Europe is also expected to grow considerably primarily on account of increasing technological advancements in telecommunications. In addition to this, increasing start-up funding is expected to help the market expand in Europe. Increasing geriatric and rural population are factors attributable to the growth of the market in Asia Pacific.
Comcast and Independence Health Group’s Partnership to Improve Delivery Experience Between Patients and Providers
Companies such as GlobalMed, InTouch Technologies, Inc., MeMD, MDLIVE Inc., 2nd.MD, Encounter Telemedicine, and SnapMD, Inc. are functioning in the global telemedicine market. However, some companies such as American Well, Doctor On Demand, and Teladoc Health are leading the market. This is predominantly attributable to their strong customer reach and an increasing number of online consultation. These companies are continuously focusing on collaborations, acquisitions, and other strategies to increase their market share.
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For instance, InTouch Health launched a virtual care platform called Solo in April 2019. This platform is a fully integrated end-to-end platform, accommodates multiple settings, and can be used by any user. In the same year, Comcast partnered with Independence Health Group to develop a new communication platform enabled with patient-centered technology. This platform aims to enhance the overall efficiency and experience of patients and healthcare providers.
Major TOC For Telemedicine Market:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Overview of Telemedicine Services
Reimbursement Scenario - For Key Countries
Overview of Telemedicine Policies - For Key Countries
Technological Advancements in Telemedicine Market
Startups with their Funding Overview
Key industry Developments - Mergers, Acquisitions and Partnerships
Global Telemedicine Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Products
Services
Market Analysis, Insights and Forecast – By Application
Teleradiology
Telepathology
Teledermatology
Telepsychiatry
Telecardiology
Others
Market Analysis, Insights and Forecast – By Modality
Store-and-forward (Asynchronous)
Real-time (Synchronous)
Others
Market Analysis, Insights and Forecast – By End User
Healthcare Facilities
Homecare
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
TOC Continued….!
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