According to Renub Research latest report “Global Telemedicine Market, Size, Forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis” Global Telemedicine Market is estimated to reach US$ 197.55 Billion by 2028. Telemedicine is the practice of providing remote clinical services, through a two-way communication between the healthcare provider and patient, when they are not physically present. The increasing prevalence of chronic disease, surging demand for patient management, growing telecommunications network and the urge for saving healthcare cost is expected to drive the telemedicine industry growth.The global telemedicine market is at US$ 54.02 Billion in 2022, as per our report.
Telemedicine is considered to be the most versatile among the technology available to deliver health education, health information, and health care at a distance. The increase in the number of e-visits, expansion in behavioural health, cardiology, and others, has led to the development of new telehealth business and healthcare models. Moreover, technologies, like telemedicine, chatbots, and others, are being used for the purpose of gathering information, treating the patients, and performing diagnosis.
In the recent times, even the smaller, independent medical professionals have started to use telemedicine, for the purpose of competing with local retail clinics and avoid losing their patients. This is one of the key contributors to the growth of the market. Also, the use of telemedicine can help in reduction of medical cost, improved efficiency and profitability, and better medical provision to the patients. The above points will further fuel the growth of the global telemedicine market.
Services Segments is Forecasted to grow at a Significant Rate:
Telemedicine considerably decreases the waiting time for medical consultations and referrals. This is considered one of the main reasons for the growth of the services segment, as it has propelled the number of hospitals providing e-consultation services. Furthermore, the rise in the digitally advanced medical services, that can be easily connected wirelessly to mobile phones, will also help in the services segment rise in the future period.
Teleradiology Division will register a High Growth during the Forecast Period:
The rise in S&F (Store and Forward) technologies, unequal distribution of radiologists, and the lack of radiologists in rural areas, are the key reasons for the rise in the growth rate of the teleradiology division of the global telemedicine market. According to a report published by the Canada Association of Radiologists (CAR), 1,700 new radiologists will be needed between 2019 – 2040. The telecardiology division is also expected to grow in the coming years. This is due to factors such as, increasing adoption of remote cardiac monitoring devices, and m-health apps for the purpose of tracking the heart and pulse rate.
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Real-Time Telemedicine segment has a dominant Market Share:
The real-time is especially helpful at the tele intensive care as it quickly transfers the patient’s data to the intensivist at a distant location, and helps the ICU members at the hospital in the treatment of the patient. Also, the huge rise in the number of e-visits will propel the growth of the segment. According to Centre for Disease Control and Prevention (CDC), year 2020 report, telehealth trends showed a 154% rise in telehealth visits during the last week of March 2020, in comparison to the same period in 2019, in the United States.
Hospital Category has the Highest Market Share, in Comparison to Other Categories:
The increasing adoption and usage of telemedicine services in hospital setting to consult various specialists by doctors, is responsible for the dominance of the hospital category in the global telemedicine market. This in turn has resulted in reduction of cost for the hospitals as well as for the patients. Furthermore, the increase in government funding and investments for stimulating the adoption of telemedicine services in hospitals will add to the segment demand.
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European Region is Forecasted to have a Significant Market Share, and is also expected to grow at a Steady Rate:
The rise of European region in the global telemedicine market, can be attributed to factors, such as growing cases of chronic diseases, and improving government regulations for the use of digital health. For instance; Nearly 100,000 new skin cancer cases are diagnosed each year in the U.K., as per the British Skin Foundation. So, the U.K. government appointed Telederm, that conducts over 50,000 diagnosis of skin cancer annually, to National Health Services (NHS) and other private patients, which has happened to produce cost effectiveness.
North American Region Holds the Largest Market Share
However, the North American region has the highest market share. This dominance is due to rise in the R&D activities in the region, and the presence of major competitors of the market in the region. On the other hand, the Asia-Pacific region is predicted to grow at the fastest rate. This is owed to factors like, the availability of a huge patient population pool, surge in internet usage, and quick demand for healthcare provisions, especially in the rural areas. Emerging economies including India and China are forecasted to lead the regional market in the future. India Brand Equity Foundation (IBEF), in March 2021, published a report, informing that the Indian government launched a telemedicine service-eSanjeevani and completed around 3 million consultations nationally.
The major competitors of the global telemedicine market, as mentioned in this report are: Ceva, Inc., Eli Lilly and Company, Bayer AG, Merck & Co., and Teladoc Health, Inc.
Application Outlook – Market has been covered from 8 viewpoints:
Modality Outlook – Market has been covered from 2 viewpoints:
- Real Time Telemedicine
- Remote Patient Monitoring
End Users Outlook – Market has been covered from 5 viewpoints:
- Diagnostic Center
- Ambulatory Surgical Center
- Specialty Center
Region Outlook – Market has been covered from 5 viewpoints:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- CEVA, Inc.
- Eli Lilly and Company
- Bayer AG
- Merck & Co. Inc
- Teladoc Health, Inc.
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