Global telemedicine market is driven by rising healthcare costs, technological improvements, remote patient monitoring, and the burden of chronic diseases. Healthcare costs are rising globally. Increasing consumer demand for creative and novel therapies, as well as lifestyle difficulties, is a major contributor to growing healthcare costs. It is also due to the cost shifting from public to private payers. As a result of low reimbursement rates, hospitals and physicians charge much higher fees to private payers, impacting health insurance prices.
During the epidemic, demand for healthcare services and technologies soars. Telemedicine and chatbots are also being used to collect data, reassure the public, treat patients, and diagnose. Some governments are also investing in cutting-edge technology and telecom solutions to allow physicians to work remotely. As a result, it is expected to be helpful during the forecast period.
The global telemedicine market was valued at $40,205.68 million in 2020 and is expected to grow at a 25.90 percent CAGR to $431,823.81 million by 2030.According to recent data, 90% of firms have started or implemented telemedicine initiatives. Independent doctors are turning to telemedicine to compete with neighborhood retail clinics and keep patients. Using cutting-edge telemedicine technologies can assist clinics in many ways. Telemedicine has the potential to reduce medical costs, boost efficiency, and improve patient access. This will help the telemedicine sector grow and prosper.
The global telemedicine market is expected to reach USD 636.38 billion by 2028, growing at a compound annual growth rate of 32.1 percent.The increasing acceptance of telehealth in online consultations, behavioral health, cardiology, and radiology, together with the increased funding of start-ups, is likely to drive the market’s growth. In 2020, the market is expected to reach a value of USD 144.38 billion.
The global epidemic of chronic diseases is putting pressure on healthcare resources. Tele-homecare solutions help people manage, prevent, and treat chronic diseases through remote monitoring. Monitoring enables the early detection of diseases and thus the prevention of chronic problems.
During the COVID-19 epidemic, tele-homecare was one of the most convenient ways for patients to get medical advice in the comfort of their own homes. According to a study report published in JMIR Pediatrics and Parenting in 2020, improved medication adherence was observed among adolescent transplant recipients who participated actively in a home-based telehealth video conference during the COVID-19 pandemic. As a result, the COVID-19 pandemic is predicted to stimulate growth in the segment.
The store and forward categories dominated telemedicine in 2015 and are expected to do so again in 2022. The store and forward system involves storing and forwarding medical data to a practitioner at a mutually convenient time. The sector is driven by three principles: real-time, store and forward, and virtual medicine in home health.
Real-time telemedicine, on the other hand, involves technological contact between patient and physician, most notably video conferencing. This technique, also known as synchronous telemedicine, has uses ranging from simple phone calls to complex robotic surgery. Home health telemedicine sometimes involves monitoring patients (e.g., patient data and vital signs) from a distance (typically at home) to save unnecessary hospital expenditures.
North America will lead the telemedicine industry with a 34.4 percent revenue share in 2020, followed by Europe. Increasing healthcare awareness and acceptance of cloud-based technologies are projected to drive comparable regional market trends. Due to constant R & D efforts, North America has the greatest revenue share in the global market.
Developing countries in Asia, the Middle East, and Africa are expected to grow faster than the rest of the world due to an increased need for healthcare, particularly in rural areas. Both India and China are predicted to grow rapidly over the next eight years. In the near future, telecommunications innovation and development will likely increase growth in this region.
Companies invest in new product launches, partnerships, and mergers and acquisitions to stay competitive. Telemedicine is going to become a very competitive sector in the next few years as many startups seek opportunities. In August 2020, AMD partnered with iTelemed, an Ontario-based virtual healthcare company. During the COVID-19 epidemic, this alliance tried to meet the unmet healthcare needs of vulnerable Canadians. In July 2020, Teladoc Health Inc. acquired InTouch Health, a US-based company. To provide superior inpatient, outpatient, and home care, the business combined InTouch Health’s portfolio with existing products and services. Several major players in the telemedicine market include: