Telemedicine Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2015-2020 and Forecast 2021-2027

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Global Telemedicine Market by Type (Telehospitals, Telehomes and mHealth (mobile health)), By Product (Hardware, Software and Others), By Service (Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry and Others) and Geography (North America, Latin America, Europe, Asia Pacific and Middle East and Africa)

 

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Report

Description

Global Telemedicine Market size was valued at USD 58 Billion in the year 2020 and is anticipated to value at USD 202 Billion till 2027 witnessing a CAGR rate of 20% during the forecast period 2021-2027. Some of the key factors fostering the market growth include increasing remote patient monitoring, growing burden of chronic diseases, rising healthcare costs, widespread availability of the internet and high-quality video devices, growing demand for tele-neurology services especially amongst the older patient population and various technological advancements in telecommunications network. However, high initial capital requirements, lack of physician support and strict legal & reimbursement issues are the major factors hindering the market growth. The COVID-19 pandemic is giving monstrous freedoms to telehealth arrangements, taking into account that social removing is the lone existing arrangement grown up until now, which is fit for limiting openness. In accordance with this, telehealth addresses an appealing, powerful, and reasonable choice. In addition, this innovation is of basic significance in protecting medical care suppliers. The report gives comprehensive outlook on telemedicine across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of type, product, service and region. This report studies global telemedicine market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global telemedicine market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policymakers, and healthcare service providers engaged in global telemedicine products.


Global Telemedicine Market

MARKET SUMMARY
-
20% CAGR
  • Study Period– 2021 – 2027
  • Base Year– 2020
  • CAGR– 20%
  • Largest Market– Asia Pacific
  • Fastest Growing Market– North America

Global Telemedicine Market

  • Global telemedicine market expanding at significant CAGR over 2019 to 2025 owing to growing burden of chronic diseases
  • Based on type, telehospitals segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
  • Players focusing on innovation of newer products and collaboration strategies to retain market position in global telemedicine market
  • Global telemedicine market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in May 2018, Allscripts acquired HealthGrid Holding Company. This acquisition will enable significant expansion of the FollowMyHealth platform portfolio and spur revenue generation.
Market Leaders
  • Aerotel Medical Systems (1998) Ltd
  • Allscripts Healthcare Solutions Inc.
  • AMD Global Telemedicine Inc.
  • Biotelemetry
  • Resideo Technologies Inc. (Honeywell Life Care Solutions)
  • InTouch Technologies Inc.
  • Koninklijke Philips NV
  • Medtronic PLC
Global Telemedicine Market

Drivers and Restraints

Over the years, the healthcare field has undergone many changes and a large number of these changes can be attributed to technology. As mobile devices and broadband Internet becomes ubiquitous, the world of telemedicine continues to advance. The future of healthcare will include mobile devices and videoconferencing technology. The need to provide high-quality healthcare to everyone while reducing costs has reached a crisis level, where it’s a major focus of the highest government offices. More and more healthcare leaders are realizing that telemedicine is clearly a cornerstone of the solution. Telemedicine allows health care professionals to evaluate, diagnose and treat patients at a distance using telecommunications technology. The approach has been through a striking evolution in the last decade.


Asia Pacific accounted for larger revenue share

Global Telemedicine Market

Asia Pacific accounted for larger revenue share in global telemedicine market with considerable CAGR. The growth in this region is due to increasing penetration rate of smart devices and huge interest about telemedicine. China is the major contributor for the growth of the market in the region. In addition, North America held substantial market share during estimated period owing to rapidly growing component of healthcare, demand for mobile technologies and internet by people and rising adoption of homecare by patients.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Key Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2027)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startup’s details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
Global Telemedicine Market Segmentation


Location

GEOGRAPHY


Report

Table Of Content


Report

Company Profile

  • Aerotel Medical Systems (1998) Ltd
  • Allscripts Healthcare Solutions Inc.
  • AMD Global Telemedicine Inc.
  • Biotelemetry
  • Resideo Technologies Inc. (Honeywell Life Care Solutions)
  • InTouch Technologies Inc.
  • Koninklijke Philips NV
  • Medtronic PLC
  • SHL Telemedicine
  • SnapMD, Inc.

Description

Global Telemedicine Market size was valued at USD 58 Billion in the year 2020 and is anticipated to value at USD 202 Billion till 2027 witnessing a CAGR rate of 20% during the forecast period 2021-2027. Some of the key factors fostering the market growth include increasing remote patient monitoring, growing burden of chronic diseases, rising healthcare costs, widespread availability of the internet and high-quality video devices, growing demand for tele-neurology services especially amongst the older patient population and various technological advancements in telecommunications network. However, high initial capital requirements, lack of physician support and strict legal & reimbursement issues are the major factors hindering the market growth. The COVID-19 pandemic is giving monstrous freedoms to telehealth arrangements, taking into account that social removing is the lone existing arrangement grown up until now, which is fit for limiting openness. In accordance with this, telehealth addresses an appealing, powerful, and reasonable choice. In addition, this innovation is of basic significance in protecting medical care suppliers. The report gives comprehensive outlook on telemedicine across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of type, product, service and region. This report studies global telemedicine market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global telemedicine market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policymakers, and healthcare service providers engaged in global telemedicine products.

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