Telemedicine Market Size, Trends and Growth Analysis By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care) - Global Industry Size, Trends, Growth, Analysis, Share, Forecast 2027
|ID: VPR/HC/1160||Publishing Year: January 2022||Pages: 108||Format:|
Telemedicine Market Overview:
Telemedicine uses telecommunication to allow healthcare professionals to evaluate, diagnose, and treat patients from a distance. Telemedicine is defined as the use of electronic communication and software to give therapeutic services to patients without requiring them to contact a doctor in person.
Emergency Telemedicine Services make it easy and economical to get medical help when you need it. To provide remote clinical treatments to patients, telemedicine employs information and telecommunications technology.
The diagnosis and treatment of chronic disease through multiple trips to hospitals or clinics is an expensive alternative that the majority of the rural population in developing countries cannot afford. Telemedicine is a traditional solution to this problem because it has proven to be a cost-effective platform for patient diagnosis and treatment by removing the requirement for patients to attend hospitals or clinics.
The availability of a sufficient number of patients, the sharing of telemedicine infrastructure among multiple clinical users, and the efficacy of telemedicine in terms of patient utility and successful clinical consultations all contribute to Telemedicine's cost-effectiveness. As a result, the telemedicine market is predicted to develop due to the cost-effectiveness of telemedicine platforms for diagnosis and treatment over the forecast period.
- Aerotel Medical Systems Ltd.
- Koninklijke Philips N.V.
- SHL Telemedicine
- Aerotel Medical Systems
- Allscripts Healthcare Solutions
- IBM Corporation
- Iris Telehealth
- Intel Corporation
- Honeywell Lifesciences
- GENERAL ELECTRIC
- Care Innovations
- Cerner Corporation
- AMD Global Telemedicine Inc.
- Tunstall Healthcare
- Medvivo Group Ltd.
Growing demand on healthcare professionals to improve the quality of care is projected to be a major factor driving the global market forward over the forecast period. Another factor that is predicted to boost the telemedicine market size is increased efforts to relieve the escalating burden on healthcare specialists.
In telehealth services, the use of AI and analytics enables for risk prediction and management. AI's increasing efficacy is expected to open up a slew of new industry prospects in the coming years. In addition, the outbreak of COVID-19 is expected to be a significant driver driving market expansion.
The Global Telemedicine Market Is Divided Into Types and Specialties.
The market is divided into two types: Tele-hospitals and clinics, and Tele-home. In 2019, the Tele-hospitals and clinics segment had the largest market share, and it is expected to continue to grow at a steady rate over the projected period. In emergency situations, telemedicine is frequently used. Hospitals can use telemedicine for critical care, initial diagnosis, and second opinions as the role of eHealth services in healthcare grows. It can enable remote hospitals give 24/7 virtual assistance, small hospitals share the cost of night staffing, and provide more relevant post-discharge services. This segment's growth is being aided by the expansion of Tele-hospital and clinic applications.
Dermatology, Gynecology, Cardiology, Neurology, Radiology, and Others are the different specialties in the market. For the forecast period, the Radiology section is expected to have the greatest CAGR. An increase in imaging procedures, workflow adoption by healthcare providers, and the simplification and regulation of teleradiology activities are all elements that have contributed to the segment's growth. The incorporation of Artificial Intelligence (AI) into teleradiology, as well as the installation of the Picture Archiving and Communication System (PACS) and increased R&D activity in the eHealth sector, are the key factors driving market expansion over the projection period.
Due to increased healthcare awareness combined with cloud-based technology acceptance over the forecast years, North America accounted for a large proportion of the Telemedicine Market in 2020 and is expected to maintain its dominance during the forecast period. Furthermore, thanks to continuous R&D endeavours, a developed region such as North America has accounted for the largest revenue share in the worldwide business. Furthermore, the market's expansion is aided by the presence of key players in the region. However, due to rising demand for healthcare support, particularly in rural areas, Asia-Pacific is predicted to have the greatest CAGR from 2021 to 2030. Furthermore, in the near future, innovation and progress in the field of telecommunications are expected to propel the region's growth.
Telemedicine has been widely employed during the COVID-19 pandemic because it helps to reduce contact with healthcare facilities, personnel, and patients, hence lowering COVID-19 risk. During the epidemic in China, online mental health surveys and communication platforms like Weibo, TikTok, and WeChat, among others, aided health authorities and mental health experts in providing safe mental health services online. During the COVID-19 pandemic, such factors aided market growth.
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