Telemedicine Market is set to grow from its current market was valued at over USD 45 billion in 2019 to USD 175 billion by 2026, according to a new research report by Global Market Insights.
The rising number of COVID-19 infections across the globe is one of the key factors driving the demand for telemedicine. The pandemic has created a boom for businesses that offer telehealth infrastructure to hospitals and to healthcare providers and make direct-to-consumer telehealth apps, according to an article. in The New Yorker.
Growing importance of self-quarantine and maintaining social distancing for containing the spread of coronavirus is offering major growth avenue for telemedicine tech and equipment providers. Most of the countries across the globe are taking stringent measures like partial or complete lockdown to bring down the disease count. This has led to large-scale adoption of telemedicine among healthcare professionals.
With respect to service, the telemedicine market is classified into tele-education/training, tele-consulting, tele-monitoring, and others. Among these, the tele-monitoring services registered a revenue share of nearly 29% in 2019 and will continue to witness appreciative growth. These services can be utilized to monitor patient that are suffering from symptoms of flu but are tested negative for coronavirus infection. Furthermore, tele-monitoring also lessens the total burden on the medical organization, thus increasing their access to those patients who are suffering from serious diseases.
Telemedicine services can be availed in homes and hospitals as well. The tele hospital segment is likely to observe high growth of about 19% during the estimated time frame. As the medical and paramedical workforce are at much higher risks due to coronavirus, the demand for tele hospital facilities is anticipated to rise in the coming years.
Citing an example, nearly 60 doctors have died due to coronavirus epidemic in Italy. Consequently, with rising number of healthcare workforce being infected by the COVID-19 infection, the overall need for tele hospital facilities will increase during the coming years.
Based on specialty, the telemedicine market is categorized into neurology, mental health, gynecology, dermatology, cardiology, orthopedics, and other disorders like respiratory as well as chronic conditions. Among these, the neurology specialty segment registered a value of around $5.5 billion in 2019 and is likely to show appreciative growth in the future. Rising cases of diseases like epilepsy, Alzheimer, Parkinson, and autism will also lead to a rise in telemedicine application in neurology.
Moreover, the tele-neurology facilities among geriatric population will boost the market of telemedicine for neurology. Also, with the countries executing complete or partial lockdown, the patients who are suffering from neurological disorders will substantially adopt telemedicine services.
With respect to delivery mode, the market is segmented into call centers and web/mobile. Among these, the web/mobile segment is further divided into visualized and telephonic mode of delivery. The call centers delivery mode is estimated to show a stable growth at 18.8% CAGR. Growing impact of social distancing and home quarantine will prompt to a spike in the number of calls that would be received by different telemedicine call centers.
From a regional reference frame, telemedicine market in China is expected to rise at a CAGR of nearly 23% during the estimated time frame. The growth is ascribed to the factors like rising number of cases of coronavirus disease as well as growing geriatric patient population.
The competitive landscape of telemedicine market includes companies like Koninklijke Philips N.V., AMD Global Telemedicine, BioTelemetry, Honeywell International Inc, Allscripts Healthcare Solutions Inc, Teladoc, Cisco Systems, and American Well among others.