Telemedicine Market: Few Things You Never Knew About.

 

Market Insights

The global telemedicine market size is projected to reach USD 272,756.3 Million by 2027 from USD 104,437.92 Million in 2021, at a CAGR of 26.9% during the forecast period (2020 - 2027).

Telehealth is the delivery of health-related services and information via the use of electronic information and telecommunications technologies. It enables long-distance contact between patients and clinicians, as well as care, guidance, reminders, education, intervention, monitoring, and remote admissions.

In recent years, there has been tremendous growth in the field of telemedicine. It not only allows patients to communicate with doctors remotely, but it can also help to reduce the cost of healthcare. Because of these benefits, physicians and hospitals are ready to integrate digital health technologies into their practices. This has also prompted the government to adopt telehealth-related rules and reimbursement standards.

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Segmental Analysis

The global telemedicine market is segmented based on type, Modality, Application, and End-User. Based on Type it is categorized into Products and Services. Based on Modality it is categorized into Store-and-forward (Asynchronous), Real-time (Synchronous), and Others. Based on Application it is categorized into Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, and Others. Based on End-User it is categorized into User Healthcare Facilities and Homecare. Based on Region it is categorized into North America, Europe, Asia-Pacific, America, and MEA.

Analysis by Type

Based on Type, the market is segmented into two parts: products and services. The services sector is expected to account for the largest share of the key market. Telemedicine significantly minimizes consultation and referral wait times. This is one of the primary reasons for the growing number of hospitals offering or deploying econsultation services, which benefits the services industry.

 

 

 

Analysis by Modality

 

Based on modality, Telemedicine market is fragmented into Teleradiology, telepathology, telecardiology, telepsychiatry, teledermatology, and other specialties make up the market. Throughout the forecast period, the teleradiology segment is expected to dominate the market. Advances in S&F technologies and a scarcity of radiologists in rural areas are contributing factors to the segment's growth. According to the Canada Association of Radiologists (CAR), 1,900 additional radiologists will be required between 2021 and 2040.

 

Regional Insights

North America dominated the global market in 2021, accounting for more than 33.8% of total revenue.  This is due to increased digitalization in healthcare, advanced healthcare facilities, and the use of telemedicine technologies.  The presence of prominent firms contributes to the region's significant share.  Companies headquartered in the United States include MDlive, Inc., Teladoc Health, Inc., American Well Corp., Doctor On Demand, Inc., SteadyMD, Inc., and Zoom Video Communications, Inc.  These businesses undertake strategic initiatives to enhance their market share.

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Market Dynamics

Driver

 

·         Adoption of digital technology and teleconsultations can be beneficial in tackling this issue. Teleconsultations provide lower-cost services while also reducing the workload on healthcare providers. This is the key reason for government organizations' increased attention to installing digital health technology, which boosts the market's growth rate.

·         The growing geriatric and medically underserved (especially rural) populations, the increasing prevalence of chronic conditions, the benefits of telehealth and telemedicine given the current shortage of physicians and care personnel, advancements in telecommunications, and increasing technology adoption are driving growth in the telehealth and telemedicine market.

 

 

Restraint

 

·         Adoption of the service may be restricted by technological and infrastructure barriers in medium and low-income countries. The adoption of digital health technology requires the use of cutting-edge telecommunications devices, high-speed internet with sufficient bandwidth, and storage capacity for the integration and transfer of medical data, all of which remain a difficulty in many developing nations.

·         Furthermore, the high cost of installation and a shortage of experienced healthcare personnel are some of the primary factors limiting market growth throughout the projection period.

 

Competitive Landscape

To attract an environmentally concerned client base and strengthen the brand position, key players operating in developed regions are increasingly emphasizing sustainable infrastructure. For instance, in 2021, Walmart Inc. acquired MeMD-a telehealth provider. This would enable Walmart to offer virtual care access for urgent, behavioural, and primary care across the U.S. This type of acquisition will help the players to expand their business over the forecast period.

 

 

 

Top Players Company Profiles

 

·         Koninklijke Philips N.V. (Netherlands)

·         Medtronic (Ireland)

·         GE Healthcare (US)

·         Cerner Corporation (US)

·         Siemens Healthineers (Germany)

·         Cisco Systems (US)

·         Asahi Kasei Corporation (Japan)

·         Teladoc Health (US)

·         American Well (US)

·         AMC Health (US)

 

 

Recent Developments

 

·         In September 2021, Medtronic collaborated with Statis Labs Inc to scale up and expand access to the state-of-the-art Stasis Monitor, a linked care bedside multi-parameter monitoring device, in India.

·         In June 2020, To facilitate foetal and maternal monitoring, Koninklijke Philips developed the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the United States, Europe, Australia, New Zealand, and Singapore.

·         In June 2020, The collaboration between Koninklijke Philips and the American Telemedicine Association (ATA) (US) helped in increasing the adoption of telehealth across acute, post-acute, and home care settings.

 

Key Market Trends

·         In recent years, artificial intelligence-powered booths have appeared in local malls. The system features a smart medicine cabinet that can administer over 100 different prescriptions. Ping An Good Doctor announced the opening of a small unstaffed clinic that uses artificial intelligence. Patients who seek immediate consultations can sit in the three-square-meter booth and consult with an artificial intelligence-powered doctor.

·         The AI computer gathers medical history and recommends a diagnosis plan, which is subsequently passed on to a clinical expert. These mini-clinics are known as "One-Minute Clinics." These clinics can then make referrals to a doctor on the 'Ping An Good Doctor's in-house medical team. AI-based clinics can be set up in multiple of locations, including schools, shopping malls, pharmacies, and highway rest areas. As a result, such digital health advances present a huge opportunity for the market to demonstrate a positive growth trajectory over the forecast period.

 

SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research has identified that, Telemedicine advancements have made healthcare more affordable and accessible to anyone and everyone. The growing number of e-visits, as well as developments in radiology, cardiology, mental health treatment, and other fields, has resulted in the creation of new business and healthcare models centered on telehealth. With the debut of multiple platforms and the entry of new firms with substantial finance, the industry is gradually becoming increasingly competitive.

 

 

 

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