Global Telemedicine Market (2020-2026) | Size, Share, Value, Outlook, Growth, Forecast, Analysis & COVID-19 IMPACT

Global Telemedicine market report thoroughly covers the market by Types, Components, end-users, and key regions including the Asia Pacific, Latin America, Middle East, Europe, North America, and Africa. The Global Telemedicine market outlook report provides an unbiased and detailed analysis of the ongoing Global Telemedicine market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Global Telemedicine Market Synopsis

Telemedicine has evolved as a premium development in the healthcare sector. With the market value of the Global Telemedicine market at merely around $ 25 billion, the market is all set to encompass a value of around $ 100 billion in the upcoming six years and foresee a double-digit growth in the coming timeframe. The increase in the healthcare costs, a spur in the technological innovations in the healthcare sector, and efforts to find a resolution to address the accessibility issues of the healthcare sector in remote areas have been a perennial problem in the developing economies across the world are expected to ramp up double-digit growth prospects for the global telemedicine market in the coming timeframe. Backed by the limits exerted by the outbreak of the novel coronavirus, telemedicine has evolved as primarily an effective way for front-line healthcare providers and physicians to address the need for medical aid for COVID-19 and urgent-care screenings. Although, the use of the technology is a bit hard to be determined to post the COVID-19 period and as the world comes back to normal, the present scenario of the market landscape is expected to be evident as an inflection point in the use of the virtual platform.

According to 6Wresearch, the Global Telemedicine Market size is anticipated to register growth during 2020-2026. The platform on the digital economy is benefitting the healthcare sector to leverage technology for enhanced agility in the face of environmental disruptions and to create innovative business orientation models for a new normal, purpose-driven, inclusive, and sustainable future growth in the foreseeable timeframe. A shortage of doctors and nurses has been a perennial problem faced by many developing economies across the world. The adoption of telemedicine is proving to be an effective option to shape the healthcare sector in these economies backed by the digital missions, increased use of mobile apps, pervasive last-mile internet connectivity, and deeper penetration of software technology is proving to be the potential drivers for the adoption of the technology. The growth of the market can further be contributed to the rising cost-shifts from the government to private payers which are working towards improving the technical aid provided by the newly evolved technology. Digitalization across the world has no doubt, turned the tables for the global telemedicine market, and once a hard-sell technology product has been turned out to witness skyrocketing growth prospects. Furthermore, growing e-visits and various innovations in radiology and cardiology are developing the growth of the market. Increasing demand for affordable healthcare is also one of the key factors adding to the telemedicine market trends.

The outbreak of the COVID-19 disease has led to a massive growth of the Telemedicine market globally. The unprecedented disruption of the pandemic has led to a rising need for agility, transformation, and adaptability of telemedicine solutions. The market which was at a nascent stage with limited access even in developed countries such as the United States pre-COVID period as a result of poor infrastructure has witnessed a spur by the effect of the virus. The outbreak has no doubt been proved evident to be a potential growth driver for the telemedicine market globally backed by the reliability it is offering along with increased knowledge of the technology in the world which as a result is going to increase in the coming years, once the technology completes almost 90 percent operation remotely and is expected to shape its competitive market landscape in the near future.

The geriatric population utilizes around 40% to 50% of the total healthcare facilities costs and tends to contribute four times towards the spending on medical facilities as compared to younger adults. The low reimbursements by the government as a result of cost-shifting to the private payers has led to an increased burden on the hospitals to look for better and premium medical facilities, especially for the elderly, and has led to a hike in the costs in the healthcare sector and increased demand for technical aid in the sector as a result of changing lifestyles of the urban and suburban population across the globe. Reduced time travel, reduced costs, and a shared healthcare professional staffing offered by the telemedicine platform have made it an ideal launch for the present times.

Market Analysis by component

Based on components, the product segment dominated the overall Global Telemedicine market growth. The service segment is anticipated to grow at the fastest rate.

Market Analysis by Region

North America dominated the overall Global Telemedicine market growth on account of rising digitalization across the healthcare sector. 

Key Highlights of the Report:

• Global Telemedicine Market Overview
• Global Telemedicine Market Outlook
• Global Telemedicine Market Forecast
• Historical Data of Global Telemedicine Market Revenues & Volume for the Period 2016-2019
• Global Telemedicine Market Size and Global Telemedicine Market Forecast of Revenues & Volume, Until 2026
• Historical Data of Global Telemedicine Market Revenues & Volume, by Types, for the Period 2016-2019
• Market Size & Forecast of Global Telemedicine Market Revenues & Volume, by Types, Until 2026
• Historical Data of Global Telemedicine Market Revenues, by Component, for the Period 2016-2019
• Market Size & Forecast of Global Telemedicine Market Revenues, by Component, Until 2026
• Historical Data of Global Telemedicine Market Revenues, By Regions, for the Period 2016-2019
• Market Size & Forecast of Global Telemedicine Market Revenues, By Regions, Until 2026
• Historical Data of Asia Pacific Telemedicine Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Asia Pacific Telemedicine Market Revenues, Until 2026
• Historical Data of Latin America Telemedicine Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Latin America Telemedicine Market Revenues, Until 2026
• Historical Data of Europe Telemedicine Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Europe Telemedicine Market Revenues, Until 2026
• Historical Data of Middle East Telemedicine Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Middle East Telemedicine Market Revenues, Until 2026
• Historical Data of North America Telemedicine Market Revenues, for the Period 2016-2019
• Market Size & Forecast of North America Telemedicine Market Revenues, Until 2026
• Historical Data of Africa Telemedicine Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Africa Telemedicine Market Revenues, Until 2026
• Market Drivers and Restraints
• Global Telemedicine Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Global Telemedicine Market Share, By Players
• Global Telemedicine Market Share, By Regions
• Global Telemedicine Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The Global Telemedicine Market report provides a detailed analysis of the following market segments:

• By Types:

  • Tele Hospitals
  • Tele Homes
  • mHealth (Mobile Health)
    
    

• By Component:

  • Product
    • Hardware
    • Software
    • Other Types
  • Services
    • Teleradiology
    • Telecardiology
    • Teledermatology
    • Telepsychiatry
    • Other Services

By Regions:

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East
• Africa