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Global Telemedicine Market to Grow at a CAGR of 24% During 2021-2026, Aided by the Growing Demand for Virtual Care and Remote Patient Monitoring, Particularly Amidst the COVID-19 Pandemic

According to a new report by EMR titled, ‘Global Telemedicine Market Report and Forecast 2021-2026’, the market attained a value of nearly USD 55 billion in 2020. The telemedicine industry is further expected to grow at a CAGR of 24% between 2021 and 2026 to reach USD 173 billion by 2026.

The global telemedicine industry is being driven by the advancing healthcare systems and the growing need to enhance patient outcomes. The growing focus on enhancing clinical management and providing effective care delivery by improving quality and access to healthcare solutions is aiding the industry growth. Moreover, with the emergence of mobile technology and increasing smartphone penetration, there is expected to be an increased utilisation of mobile health apps, thus, contributing to the industry growth.

To extend the care beyond the walls of hospitals in the current situation where healthcare is disrupted, telemedicine is expected to witness a robust growth compared to pre-pandemic levels. Additionally, it is expected to serve as a game changer for low resource and developed countries alike. According to Philips’s Future Health Index (FHI) report, telehealth has been ranked as the most seamless digital health technology by approximately 61% of younger doctors to enhance patient experience during COVID-19, overtaking artificial intelligence (AI) (53%). The use of telehealth by healthcare professionals allows them to have a greater collaboration with colleagues across different skill sets, while improving patient satisfaction.

The growing partnership and innovations in the industry are significantly contributing to the industry. In June 2020, Koninklijke Philips N.V. (NYSE: PHG), one of the key players in the industry, announced to collaborate with the American Telemedicine Association (ATA) to promote the adoption of telehealth. The partnership is aimed at developing future telehealth strategies across hospitals and clinics into the home, especially with the recent outbreak of the novel coronavirus. Such developments are expected to enhance the demand for telemedicine in the forecast period.

Market Breakup by Type, Technology, Service, Mode of Delivery, Application, End Use, and Region:

  • The market is segmented based on type into telehospitals, telehomes, and mHealth.
  • The different technologies utilised in the industry include store and forward, and real time, among others.
  • On the basis of services, the industry can be divided into tele-consulting, tele-monitoring, and tele-education, among others.
  • By mode of delivery, the industry can be bifurcated into cloud based and on-premises.
  • On the basis of application, the industry is categorised into teleradiology, telepsychiatry, telepathology, teledermatology, and teleconsultation, among others.
  • Based on end use, the industry is divided into providers, payers, and patients, among others.
  • Region-wise, the global market for telemedicine can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for telemedicine is being driven by the growing demand for virtual care and remote patient monitoring, globally.
  • The favourable government initiatives, particularly in developing nations, and the advancements in healthcare IT are further contributing to the market expansion. 
  • The growing incidences of chronic diseases and the rising demand to reduce the healthcare associated cost are aiding the market growth. 
  • The increasing adoption of telemedicine by healthcare professionals with the outbreak of COVID-19 pandemic and the increasing utilisation of mobile health apps are expected to significantly boost the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for telemedicine for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the types, technologies, services, modes of delivery, applications, end uses, and major regions of telemedicine.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global telemedicine market are Koninklijke Philips N.V., Aerotel Medical Systems Ltd, Allscripts Healthcare, LLC, AMD Global Telemedicine, InTouch Technologies Inc., MDLIVE Inc., and Medtronic plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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