Telemedicine Market is Expected to Reach $153.66 bn by 2027

The Telemedicine Market was valued at US $39.52 billion in the year 2019 and is estimated to reach US $153.66 billion by 2027, at a CAGR of 18.5%.

Telemedicine involves the use of information to communicate technologies to support healthcare when distance separates the patients. Telemedicine has various applications in education, patient care, research, administration and public health. Telemedicine is an interface between software, hardware and a communication channel to connect two geographical locations to exchange information and enable tele-consultancy. There are three main types of telemedicine, they are store-and-forward, remote monitoring and real-time interactive services.

The growth of telemedicine is a long-standing discussion across the medical forum that could transform the treatment landscape altogether. Technological advancements, affordability and accessibility to telemedicine tools are enhancing faster market growth. Much focus is on retail clinics, urgent care centers, ambulatory care centers, etc.

Telemedicine reduces the healthcare cost by reducing hospital stay, travel time, hospital related stress enhancing better disease management. According to studies, telehealth visit costs $79 on average when compared with hospital visit costing around about $146. Telemedicine in public healthcare plays a vital role contributing to epidemiological Surveillance, interactive health communication and disease prevention. Telemedicine along with information technology can be used to motivate, influence and educate people on health-related issues and healthy lifestyle modification.

The high-income countries already with a well-established healthcare infrastructure are contributing to the market growth. Middle- & Low- income countries, with rapid technological advancements, network connectivity and government support had increased the possibility of remote health monitoring, managing patients with acute conditions, suggesting aids, and guide during chronic illnesses. Scalability and comprehensive guidelines on legal and technological aspects are questionable hindrances that may curtail the telemedicine market.

The key market drivers for telemedicine market include capability to monitor various chronic conditions, increasing geriatric population, growing post-acute care supervision, self-governing & healthy existence and intent to reduce hospitalization stays. High cost of telemedicine technology, lack of professionals, privacy & security and health care coverage are the market restraints. Besides, patients fear and unfamiliarity, technical constraints, literacy rate are the factors which might hinder telemedicine market growth.

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The major challenges to be met in telemedicine market are security and interoperability, image resolution and video quality, technical support, organizational culture, provider retention in rural areas and underserved population. But, virtual interaction, societal and technological barriers are expected to change in near future due to widespread acceptance of telemedicine providing convenient healthcare for patients, even in remote areas.

Major companies for Telemedicine market include IBM Corp, Medtronic Inc, Aerotel Medical Systems Ltd., Cerner Corporation, Telemedicine, Inc, Teladoc, Cisco Systems, CareClix, American Well, MDLIVE, Siemens Healthineers AG, BioTelemetry Inc, SnapMD, Inc, iCliniq, eVisit, Inc., MyanCare Telemedicine and many more…

Based on Technology (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn):

  • Software

  • Hardware

  • Network & Connectivity

  • Others

Based on Specialty (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn):

  • Gynecology

  • Neurology

  • Dermatology

  • Orthopedic

  • Cardiac

  • Others

Based on Services (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn):

  • Training

  • Consulting

  • Education

  • Surgery

  • Others

Based on Services (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn):

  • Cloud-based

  • On-premise

Based on Geographic Region (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)

  • North America

  • Europe

  • APAC


Research Scope

  • Provides a detailed Analysis of the Market Structure along with forecast of the various segments and sub-segments.

  • Provides a Comparative Analysis of Key Marketed and Pipeline Products.

  • Provides Key Information on Players involved.

  • Provides a Complete Overview of Market Segments and the Regional Outlook.

  • Provides In-depth Coverage of Key News, including Major Mergers, Acquisitions and Product Development updates such as clinical trial progression updates and regulatory updates.

The Report Provides Key Insights on

  • History of the Telemedicine Market, 2015 to 2018

  • Forecast of the Telemedicine Market Growth till the year 2027

  • The key market drivers, restraints, challenges, future opportunities and the market dynamics driving the Telemedicine Market

  • Analysis of potential growth segments which will drive the market

  • Landscape analysis of the major companies, and new market entrants and companies which possess disruptive technologies which can change the trend of the entire market

  • Key market approaches adopted by the organizations and in-depth intelligence of potential strategies which could alter the market dynamics

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