DUBLIN--(BUSINESS WIRE)--The "Global Telemedicine Market (2021-2026) by Type, Component, Mode of Delivery, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Telemedicine Market is estimated to be USD 42.5 Bn in 2021 and is expected to reach USD 73.2 Bn by 2026, growing at a CAGR of 11.5%.
Various factors such as the low accessibility to healthcare, Increasing adoption of electronic health record (EHR)/ electronic medical record (EMR), and rising chronic diseases have led to telemedicine adoption. The market is witnessing growth due to the increasing geriatric population, rising healthcare expenditure, growing need for remote patient monitoring services, expanding medical tourism industry, and increasing Government grants.
Factors such as data privacy issues restrict the growth of this market. The high cost of implementing telemedicine systems, the need for telemedicine training, and stringent government regulations about telemedicine are estimated to limit market growth during the forecast period.
Some of the companies covered in this report are Honeywell Lifecare Solutions, Philips Healthcare, McKesson Corporation, AMD Telemedicine, GE Healthcare, Cerner Corporation, Medtronic Inc., and Intouch Technologies.
Segments Covered
- By Type, the Tele-home segment is estimated as the fastest-growing segment during the forecast period. Various telehomecare projects are initiated such as the whole system demonstrator (WSD) in the UK or the Veterans Health segmentation (VHS) in the US. Alternatively, telehomecare also helps in managing chronic diseases through shorter hospital stays, accessibility to healthcare professionals, and faster and frequent check-ups.
- By Component, the Services segment is estimated as the fastest-growing segment during the forecast period. The factors attributed to the growth of the market is the rapid adoption of real-time communication devices through the entry of new service providers. The products are cost-effective compared to on-premise consultation and can prove to be beneficial while providing service in remote areas. Also, (teleconsultation) services provide access to specialists at any time, without any waiting period, thus boosting the growth of the segment.
- By Mode of Delivery, the Cloud-based delivery system is estimated to be the fastest-growing segment during the forecasted period. Cloud-based systems are known to enhance the performance of the system, which widens the scope of the market. Hence in the light of the recent advancements in technology, substantial progress shall be made in the cloud-based segment necessitating a strong demand. Besides, it is a preferred choice of health care providers.
- By Geography, North America is expected to lead the market. The factors attributed to the growth of the market include an established healthcare network with a more preference for e-visits, government support, and the increasing demand for mobile technologies.
Market Dynamics
Drivers
- Low Accessibility to Healthcare Facilities
- Enabling Remote Patient Monitoring
- Increasing Use of Smartphones
- Growing Burden of Chronic Diseases
- The Ability of Telemedicine to Reduce Healthcare Cost
Restraints
- Legal and Reimbursement Issues
- High Initial Capital Requirements and Lack of Physician Support
- Lack of Healthcare Infrastructure and Value Evidence
- Resistance to Technology Acceptance due to Data Privacy and Safety Issues
Opportunities
- Increase in Covid-19 Cases
- Increasing Technological Innovations
- The Rise in Personal Emergency Response Systems (Pers)
Trends
- Increasing Number of Retail Clinics and Employer Onsite Health Centers
- The Emergence of Remote Clinical Enterprises
Companies Mentioned
- Aerotel Medical Systems (1998) Ltd
- Allscripts Healthcare Solutions Inc.
- AMD Global Telemedicine Inc.
- Biotelemetry
- Resideo Technologies Inc. (Honeywell Life Care Solutions)
- InTouch Technologies Inc.
- Koninklijke Philips NV
- Medtronic PLC
- SHL Telemedicine
- Teladoc
- Doctor on Demand
- iCliniq
- IBM
- Intel Corporation
- Philips Healthcare
- McKesson Corporation
- GE Healthcare
- CardioNet Inc
- 3M Health Information Systems
- Medic4all
- CirrusMD Inc.
- Cisco
- American Telecare Inc.
- Cerner Corporation
- Medtronic Inc
For more information about this report visit https://www.researchandmarkets.com/r/xwkmpr
