DUBLIN–(BUSINESS WIRE)–The “Telemedicine Market, Global Forecast Impact of COVID-19, Industry Trends, Growth, Opportunity Company Overview, Financial Insight” report has been added to ResearchAndMarkets.com’s offering.
Telemedicine uses ICTs (Information and communication technologies) to control international barriers and surge access to health care services. This technology mainly benefits rural and underserved communities in developing nations – groups traditionally suffer from a lack of benefits to health care services. ICTs have great potential to address the hurdles faced by both developed and developing nations in providing quality health care services and more cost-effective. As per our analysis, the Global Telemedicine Market projected to grow up to US$ 218.49 Billion by 2026.
Key players in the telemedicine market have experienced exponential growth during the COVID-19 pandemic compared to 2019.
Companies Mentioned
- CEVA, Inc.
- Eli Lilly and Company
- Bayer AG
- Merck & Co. Inc
- Teladoc Health, Inc.
United States-based company SOC Telemed deals in telemedicine technology and services, and stated that in 2020, the company’s revenue surged in the COVID period.
Teladoc Health Inc Company’s revenue also increased due to the COVID-19 pandemic.
In China, companies like WeChat, TikTok and Weibo came together in the pandemic. They helped mental health professionals and health care bodies to provide safe health services online through mental health surveys and communication programmes.
Today, the advancement in technology has further triggered the government to develop regulations and reimbursement policies revolving around telehealth. Thereon, developments in the telemedicine industry have made healthcare affordable and accessible to all. The market endures many opportunities to grow during the forecast period. The market is owing to the lack of access to care and rising provider adoption of telemedicine, increasing consumer demand and patient acceptance, and enhanced quality of care. Besides, the global giant COVID-19 has also been unprecedented and staggering, with telemedicine beholding an assertive demand shock over all regions between the pandemic. Further, the Tele-medicine Industry Worldwide is projected to grow with a staggering CAGR of 21.37% from 2020 to 2026.
COVID-19 Impact on Telemedicine Market
Globally virtual consultations are gracing the new normal: The unforeseen outbreak of the COVID-19 pandemic has brought the whole world to a halt. As hospitals are getting crowded with COVID-19 positive cases, the strain on healthcare staff is rising. Furthermore, the postponement and cancellation of surgeries, including appointments, have minimized patient volume in hospitals and clinics.
In this era of adversities, telemedicine has emerged as a powerful weapon in the war against the COVID-19 pandemic. The global influence of COVID-19 has been unprecedented and tremendous, with telemedicine witnessing a positive demand shock across all regions amid the pandemic. Additionally, most virtual visit service providers are showcasing a tremendous increase in users and subscribers. According to the publisher Telemedicine Market Size is estimated to be US$ 68.36 Billion by 2020.
Globally, the adoption of digital technologies and teleconsultations has become a helpful tool for addressing a health issue. Teleconsultations offer cheaper services and also lessen the work strain on healthcare professionals. This is the primary reason for increasing emphasis by government organizations on deploying digital health technologies, favouring the market’s growth rate. Moreover, with social distancing being the new normal, the demand for teleconsultations and digital health services peaked.
By Modality segment, the market is bifurcated in Real-Time Telemedicine and Remote Patient Monitoring. The real-time segment is expected to witness lucrative growth owing to the drastic rise in the number of e-visits. The developed region such as North America has deemed the maximum revenue share in the global industry due to the continuous research and development initiatives. Furthermore, the regional markets in Europe anticipated showing a similar drift over the forecast period due to growing healthcare awareness coupled with cloud-based technologies acceptance in the country.
In addition, developing regions such as Asia Pacific and the Middle East and Africa are expected to experience favourable growth in the industry owing to rapid demand for healthcare assistance, especially in the rural areas. Also, the emerging economies in India and China are estimated to witness growth over the next eight-year period. Innovation and development towards telemedicine anticipated enhancing the growth in this region in the coming years.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Telemedicine Market
6. Market Share
6.1 By Types
6.2 By Application
6.3 By Modality
6.4 By End Users
6.5 By Region
7. Types- Global Telemedicine Market
7.1 Products
7.2 Services
8. Application – Global Telemedicine Market
8.1 Teleconsultation
8.2 Telepathology
8.3 Telecardiology
8.4 Telesurgery
8.5 Teleradiology
8.6 Teledermatology
8.7 Telepsychiatry
8.8 Others
9. Modality – Global Telemedicine Market
9.1 Real-Time Telemedicine
9.2 Remote Patient Monitoring
10. End User – Global Telemedicine Market
10.1 Hospital
10.2 Diagnostic Center
10.3 Ambulatory Surgical Center
10.4 Specialty Center
10.5 Others
11. Region – Global Telemedicine Market
11.1 North America
11.2 Europe
11.3 Asia Pacific
11.4 Latin America
11.5 Middle East & Africa
12. Company Analysis
For more information about this report visit https://www.researchandmarkets.com/r/uxtt52
