What is Telemedicine?
Telemedicine uses electronic communication platforms to provide healthcare services to patients across the world. Telemedicine is considered the most versatile technology utilized for health education, healthcare information, and healthcare in remote areas. Telemedicine has witnessed the largest market share over the forecast periods. It provides communication between the patients and doctors along with it reduces the extra cost burden to the hospitals as well as other clinics. While considering the benefits offered by telemedicine, the physicians and the hospitals are looking forward to encouraging use of telemedicine as a communication platform. The telemedicine market is gradually becoming highly competitive on introducing different platforms and the key market players’ entry into the market with high investment to develop the market standards.
Moreover, Telemedicine can minimize expenditure and maximize outcomes. According to the survey results, over 64% of the consumers are willing to adopt online consultations during the COVID 19 pandemic period.
Telemedicine Market Size (2020 to 2025)
According to the trending data, the size of the global telemedicine market is forecasted to worth USD 80.61billion by 2025 from USD 35.46% billion in 2020, registering a Compound annual growth rate (CAGR) of 17.85% between 2020 to 2025.
The telemedicine market has witnessed a better market share over the forecasted years with the influential growth factors. Telemedicine has more advantages than challenges. The Telemedicine market growth is considered to be driven by the factors such as the telemedicine platform which provides various opportunities for the players in the market to improve clinical management; also, the telemedicine platform delivers effective care by enhancing the quality and access to healthcare services.
The necessity to improve the quality of care and to curtail the cost burden on the hospitals and clinics, health education, health information, and healthcare at a distance was made possible through versatile technology, which is the major driving factor.
However, despite beneficial factors, it also has some growth restricting factors which are restraining the growth of the market. The factors such as the telemedicine market require huge capital for the maintenance of such platforms, the primary concern for both the medical professionals and the patients is that the privacy on the data exchange, the doctors and the patient share confidential information using telemedicine platform, where there is a chance of getting breached. Moreover, the lack of security to the patient’s confidential data impedes market growth over the years.
Physicians and patients frequently lack familiarity with the introduction of new practices and lack of awareness in the older people. The older people may refuse the telemedicine services due to the unfamiliar technology, which was a challenge for the telemedicine market.
The Artificial intelligence(AI) and analytics applications in telemedicine services provide risk prediction and management therefore it also expands the efficacy of AI to offer various opportunities for the market growth in the coming years.
COVID-19 impact on the telemedicine industry:
The outbreak of COVID-19 has made a positive impact on the healthcare sector. It has created significant acceleration for the telemedicine market and helped them reach new heights in the recent past. The COVID-19 is providing immense opportunities for telehealth solutions. People around the world are opting for virtual consultation instead of physical presence to stay safe. The manufacturers are focused on developing virtual apps to make seamless communication between the doctors and patients; thus, telemedicine’s market growth had a positive impact during the pandemic period. However, the market is expected to have witnessed the largest market share in the coming years.
The North American telemedicine market held the majority share in the global market in 2019 and forecasted the same to be continuing during the forecast period. The majority share is attributed to the increasing prevalence of chronic diseases to minimize the hospital expenditure and increasing geriatric population in this region.
The European market is anticipated to register the better growth of the TeleMedicine market during the forecast period. The influential factors such as the rising geriatric population in this region, increasing technology adoption, and rising investment activities are having an effect on the market growth over the years.
The Asia Pacific held the largest market share of the Telemedicine market in 2019 due to widespread chronic diseases and overcrowding hospitals. An increase in the need for Telemedicine platforms to communicate with healthcare professionals is expected to drive the market growth of the Asia Pacific region.
Middle East Africa held a large market over the years in the Telemedicine market, and it is expected to record a majority share in the market forecast period. An increasing need for Telemedicine and investment and advancing technologies are anticipated to hold the market share.
Key Market Participants:
AMD Global Telemedicine, Honeywell Life Care Solutions, Philips Healthcare, Cerner Corporation, Medtronic, Inc., GE Company, Lifewatch, McKesson Corporation, InTouch Technologies, and others are some of the notable players dominating the global telemedicine market.
Recent Happenings in this market:
- In 2020. The Phillips had launched the Avalon CL Fatal and patch for remote monitoring in the United States. Australia. Europe, Singapore, and New Zealand to encourage fetal and maternal monitoring.
- In 2020, the collaboration happened between the Koninklijke Phillips, American Telemedicine Association has helped increase the adoption of Telehealth and homecare settings.
- In 2020, Bio-Telemetry, operated by Envolve people care, inc., acquired remote patient monitoring and coaching platforms to expand RPM and coaching solutions.
RatnaSri, currently working as a Research Analyst with experience in the Healthcare industry. She has firm knowledge of predictions and identifies trends that can impact the market and business growth.