The telemedicine market has experienced high demand during the ongoing COVID-19 pandemic, as individuals have adhered to policies such as social distancing, shifting to telemedicine platforms for regular health checks and appointments in general.
Pune, India, Feb. 03, 2021 (GLOBE NEWSWIRE) —
The global telemedicine market is expected to register significant growth during the forecast period. With the advantage of remote access and remote monitoring, patients and physicians alike show a growing preference for telemedicine. Videoconferencing tools have proven to be extremely useful, especially during the current pandemic, which is holding off social contacts due to the high risk of infection. Several physicians, such as general practitioners, orthopedists and gynaecologists, offer online consultations, which stimulates the growth of the market.
North America will increase with 19% CAGR with shift in patient preferences
In 2019, the size of the telemedicine market in North America was estimated at 25.8 billion dollars and is expected to increase with a fertile CAGR of 19% through the forecast period. The ongoing pandemic has led to the imposition of restrictions, including lockdown, to reduce the risk of contagion. With health-related awareness escalated, more people have become compliant with policies such as social distancing. This has led to a shift towards telemedicine platforms for regular health checks and appointments in general.
Teleconsultation will be at the forefront for its convenience and simplicity
The teleconsulting segment accounted for 44% of the total North American telemedicine market in 2019 and is likely to continue to act as the main carrier in the coming period. The popularity of teleconsultation is due to the simple and effective patient examination, especially in remote environments, which ensures better access to healthcare at minimal cost. Recent advances in technology have enabled video consultations between physicians and patients, and hipAA compliance will further support the segment’s growth due to improved monitoring capabilities.
Access the sample pages of the report “North America Telemedicine Market Size By Type (Telehospital, Telehome), Service (Tele-consulting, Tele-monitoring, Tele-education/training), Specialty (Dermatology, Mental Health, Cardiology, Neurology, Orthopedics, Gynecology), Delivery Mode (Web/Mobile ‘Telephonic, Visualized’, Call Centers), Regional Outlook (U.S., Canada), Competitive Share Market & Forecasts 2026” in detail
U.S. will take the largest share as the incidence of chronic diseases increases
The telemedicine market in the US is full of opportunities. By 2016, the U.S. market is expected to raise more than 80 billion dollars, thanks to the growing popularity of smartphones, widespread Internet use, and a penchant for high-end technology products and services across the country. With the increasing number of platforms such as apps and web portals in healthcare and medicine, the market will continue to expand. Telehome services in the US have gained traction and are supporting market growth.
Spike in demand supports Europe to capture $49.1 billion by 2026
The telemedicine industry in Europe is expected to exceed USD 49.1 billion by 2026, as demand for video consultations in the region has recently risen sharply. In 2019, the market was estimated at 12.8 billion dollars and is expected to show a high CAGR of 19.1% between 2020 and 2026. The comfort, cost-efficiency and time savings offered by telemedicine are the most important factors that drive the growth of the market. Apart from that, the current Covid 19 situation is also driving growth.
Access the sample pages of the report “Europe Telemedicine Market Size By Telemedicine Type (Telehospital, Telehome), Specialty (Cardiology, Dermatology, Mental Health, Neurology, Orthopedics, Gynecology), Service (Tele-consulting, Tele-monitoring, Tele-educational), Delivery Mode (Web/Mobile, Call centers), Country Outlook (Germany, UK, France, Spain, Italy, Poland, The Netherlands, Belgium, Sweden, Switzerland, Russia, Austria, Norway), Competitive Market Share & Forecasts 2026”
Telehome services remain popular in Europe as more patients prefer contactless alternatives
The Telehome segment is expected to grow with a CAGR of 19.5% in the coming period and was the leading segment by type in 2019. With governments around the world imposed lockdown, compliance with practices such as social distancing and hygiene related to measures has prompted a large number of patients to take over contactless telehome services. The increasing use of remote patient monitoring devices has also encouraged the advancement of the European telemedicine market.
Asia-Pacific region will develop noticeably by 2026
The telemedicine market in the Asia-Pacific region is expected to offer lucrative opportunities in the coming years, and is expected to raise more than USD 15.9 billion by 2026, driven by a host of factors such as increasing government initiatives to roll out and develop health infrastructure, R&D activities, and the rapid spread of technology.
According to one study, almost 85% of patients have to wait 10 to 30 minutes for their scheduled appointment. Health facilities have begun to take over telemedicine, which has led to a minimisation of the long waiting time together with a better overall outcome for the patient. The Asian-Pacific telemedicine market was estimated to be worth USD 3.8 billion in 2019 and will grow at a CAGR of 21.8% between 2020 and 2026.
Supported by the demand of skilled workers in rural areas, tele-education will be a leader
The Tele-Education or Tele-Training segment is expected to lead the Asia-Pacific market, accounting for almost 30% of total sales in 2019. The segment’s prominence can be attributed to the growing demand for educational programs for healthcare professionals in remote and rural areas through video, audio, and computers. Telemedicine is also used for interaction between healthcare professionals from all over the world.
Access the sample pages of the report “APAC Telemedicine Market Size By Service (Tele-Consulting, Tele-Monitoring, Training), Type (Telehospital, Telehome), Specialty (Cardiology, Dermatology, Mental Health, Neurology, Orthopedics, Gynecology), Delivery Mode (Web, Call centers), Country Outlook (China, India, Japan, Australia, South Korea, Malaysia, Indonesia, Thailand, Singapore, Philippines), Competitive Market Share & Forecasts 2026” in detail
Dermatology segment will maintain its leading position due to increasing cosmetic surgery
The dermatology segment represented a 30% share of the total market in 2019 and is expected to develop rapidly. The high awareness of the appearance of the face as well as the increasing number of cosmetic surgeries in the region ensure a stable demand for dermatological online consultation. Moreover, as the incidence of skin diseases such as acne and rashes soar, demand is likely to multiply further. Environmental factors such as increased exposure to ultraviolet (UV) rays, excessive pollution and exposure to allergens in the air drive growth.
Government initiatives to activate further expansion in China
The telemedicine market in China is thriving at a significant pace, with a valuation of nearly 700 million dollars in 2019 and could generate more revenue in the coming times. The ongoing COVID-19 infection, as well as numerous initiatives by the Chinese government aimed at providing better health services, support the expansion. The high rate of adoption of telemedicine in China is evident from the number of teleconsultations during the 12-year span, when more than 12 thousand teleconsultations have been recorded in the diagnosis of injuries, cardiovascular conditions and neoplasms.
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