Telemedicine Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2021 - 2026

 Telemedicine Market Overview:

According to a survey conducted by Peterson-Kaiser Health System Tracker, a non-profit organization monitoring U.S. healthcare systems, telemedicine cover plan for employees in different firms saw an increase to 74% in 2018 from 27% in 2015.[1]  As modern medical technology progresses, people steer clear of visits to hospitals to avoid standing in queue. Incorporating telecommunications and information technology, telemedicine offers outcome-based health care plans to patients obstructed from medical facilities owing to distance. Telemedicine technology provides clinical services at one’s fingertips and has opened up astounding possibilities for medical innovations. These facilities inculcated via modern telecommunication technologies include telenursing, tele-consulting, tele-training, tele-surgery, tele-education, tele-monitoring services, and others. Effective results of telehealth services outpace conventional medical treatments, thus opening up an array of opportunities and significantly boosting the telemedicine market. In 2018, the global telemedicine market was valued at $38.08 billion, mainly owing to the increased convenience for patients and consultants. During the forecast period 2019-2025, the telemedicine market demand is evaluated to grow at a robust CAGR of 18.12%.

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Telemedicine Market Outlook:

Virtual presence is the new art of technology pursued in the developed and developing countries through adoption of diverse systems including mobiles, satellites, the Internet, wireless devices, and media services. Paving its way into the medical sector, virtual care acts as a platform for remote delivery of expert consultancy, detailed information and appropriate services to any desired location. According to the International Telecommunication Union (ITU), 70.9% of Americans had internet access in the year 2018.[2] This region is the center for various industrial firms and technological innovations along with huge economic stability opening up wider opportunities for the telemedicine market. As a result, North America held the largest regional market share, in this segment, of 45.68% as of 2018. Telemedicine technology delivers customer-centric services across all industries; primarily benefiting employers through on-premise software applications. This is expected to increase market demand at a notable CAGR of 16.48% through to 2025.

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Telemedicine Market Growth Drivers:

·       Growing urbanization and increasing occurrence of diseases requires immediate and appropriate clinical aid globally, which majorly influences the growing demand for telemedicine market.

·       Incorporating telemedicine within offices improves scope of productivity and reduces healthcare expenses by providing the employees certain medical care plans which enable them to utilize clinical services via phone calls, VoIP and web-communication systems.Not only does it benefit employees, but telemedicine technology also minimizes sick leaves thereby profiting employers which directly boosts the global telemedicine market growth.

·      With advanced telecommunication technology, doctors can now access diagnostic reports and reach patients which eases the guidance and consultation procedure for patients and fellow professionals. This facilitates telemedicine practices amongst people generating wider scopes of opportunity for all parties.

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Telemedicine Market Challenges:

Virtual care offered through online cloud meetings and video conferencing requires resilient third party Internet connections, since slow or restricted Internet network systems hamper video and audio quality. This might lead to information being miscommunicated, which can cause severe repercussions during telesurgical procedures. Additionally, erratic treatment due to a lack of proper access to a patient’s medical history and present health condition might hamper the telemedicine market growth. However, adequate technical knowledge provided by incorporating IT staff in medical facilities will effectively remove the drawbacks, and thereby enhance the services provided and expand the market and thereby revenue..

Telemedicine Market Key Players:

Pioneers in the telemedicine market include LifeWatch AG, Honeywell Life Care Solutions, Allscripts Healthcare Solutions Inc., Aerotel Medical Systems Ltd., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Cardiocom, LLC, InTouch Technologies Inc., Koninklijke Philips N.V., and others.

Honeywell Life Care Solutions is a life-care solutions company which delivers advanced monitoring benefits to medical experts, as well as enhances the treatment procedures for patients. Their services include life stream clinical monitoring, video visits, genesis touch, and associated software.