During the forecast period, The telemedicine market is expected to reach USD 232.02 billion by 2027, growing at a CAGR of 24.8%.
Telemedicine, often referred to as telehealth or e-medicine, is the remote delivery of health services through telecommunications infrastructure, such as examinations and consultations. Telemedicine has the potential to reduce medical expenses, increase efficiency and cost-effectiveness, and provide patients with better access to medical services. This will have a favorable impact and propel the telemedicine market forward.
Key Players of Global Telemedicine Market:
• This will.
• Venkys India.
• Phibro Animal Health Society.
• Merk & Co., Inc.
• Boehringer Ingelheim.
• ROMVAC COMPANY S.A.
• Hester Biosciences Limited.
• Eli Lilly and company.
• Bayer SA.
• Merial Animal Health. (Sanofi)
• AffiniTech, Ltd.
• Bimeda, Inc.
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Global Telemedicine Industry Segmentation:
By product type:
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Scope of the Global Telemedicine Market Report:
Telemedicine is the modern technology in which doctors can treat patients remotely from the practice when the provider and the patients are not physically present for each other. Doctor and patients can share information in real time from one computer screen to another. They can see capture readings from medical devices at different locations. The advantage of telemedicine is that patients can see doctors for diagnosis and treatment without having to wait for an appointment. Patients can consult a doctor at the ease of their home. Telemedicine is the remote delivery of health services such as consultation by telecommunication or teleconferencing and it allows health professionals to diagnose and treat patients.
Electronic communications and telemedicine software provide clinical services to patients without in-person visit and offer remote health care services. In telemedicine, the technology allows health care providers to diagnose patients using smartphones through video conferencing. This technology is used for medication management, chronic disease management and other clinical services.
Due to these benefits, doctors and hospitals are eager to adopt digital health technologies in their practice. The creation of telemedicine began with the creation of the telecommunications infrastructure which included radio, telephone and telegraph. The first adoption of telemedicine technology occurred when injuries were reported from the use of the telegraph during the Civil War to order medical supplies.
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MFine adds 70 new hospitals to meet growing demand for telemedicine
November 6, 2020 – Ashutosh Lawania, co-founder of Mfine has announced that the year 2020 of Covid-19 cases is expected to increase and they have partnered with more hospitals to meet the growing demand for telemedicine. Mfine, a platform that enabled virtual medical counseling, said it added 2 new missing Delhi-NCR users on its telemedicine platform and onboarded 70 new hospitals including Fortis Hospital, India. PSRI Hospital and CK Birla Hospital, and a growing demand for remote consultation. Along with teleconsultations, Mfine has also enabled users to book radiology appointments as well as home lab tests through six leading lab partners and 60 radiology centers in NCR Delhi.
The growing prevalence of chronic diseases is the key factor driving the global telemedicine market.
Increase the prevalence of chronic diseases such as heart disease, cancer, diabetes and lifestyle diseases due to lack of physical activity, poor diet including low fruit diets, and tobacco and alcohol consumption. For example, according to the Cancer Patients Aid Association (CPAA), on January 18, 2021, there are about 70% of cancer patients in India due to chewing tobacco, premature marriages and multiple pregnancies. Hence, the prevalence of chronic diseases is the key factor driving the global telemedicine market.
In addition, an increase in corona cases also fuels the entire global telemedicine market, because in the COVID-19 pandemic, when two or more people come into direct or indirect contact with an infected person, there is a fear of get infected. For example, according to the report published by the World Health Organization (WHO), on February 7, 2021, there were 105,394,301 confirmed cases including 2,302,302 deaths worldwide. Thus, patients prefer to contact doctors without taking health risks, which increases the safety as well as the growth of the global telemedicine market.
North America dominates the global telemedicine market.
North America is the dominant regional market for telemedicine; this is due to growing awareness of healthcare, recognition of cloud-based technology, and increased awareness of telemedicine. For example, according to the Amwell Physician and Consumer survey in 2020, in the United States, 59% of patients consulted by video call. Telehealth usage in 2015 was 57% and increased in 2019 to 69%. The adoption of telehealth increased from 2015 to 2019, which fueled the telemedicine market in the region.
In the global telemedicine market with special requirements. The report is also available for the regions and countries below:-
- The rest of Europe
- South Korea
- Rest of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of MEA
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