June 05, 2020
As per the report titled ‘Telemedicine Market Size By Service, By Type, By Specialty, By Delivery Mode, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, telemedicine market is expected to record substantial growth through 2026.
The evolution in the medical domains such as neurology, cardiology, and mental health along with advancements in the field of internet are the key factors driving the telemedicine market growth.
Telemedicine applications in healthcare such as clinical care, therapy, patient education, and professional supervision, are slated to have a positive impact the market growth. Secure audio and video connections aid in providing remote healthcare services at home, hospital, work, or clinic. Clinical facility can be provided to the patients remotely through telemedicine.
Speaking of India, ISRO initiated telemedicine projects through the INSAT satellites with the aim to bridge the gap between specialty hospitals in cities and hospitals in rural areas. This helped establish connectivity between the patients in rural areas and the doctors in cities.
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Telemedicine market is divided based on regional hierarchy, delivery mode, type, specialty, and service.
Speaking of the service spectrum, the market is segmented into tele-monitoring, tele-consulting, tele-education, and others. The tele-education segment accounted for USD 5.5 billion in 2019 and is estimated to record a significant growth in the coming years.
Based on specialty, the market is classified into mental health, neurology, cardiology, dermatology, orthopedics, gynecology, and others. The dermatology segment accounted for USD 10.9 billion in 2019 and is expected to witness substantial growth over the estimated timeframe.
In terms of geographical landscape, the Latin America telemedicine market is anticipated to record a growth rate of 20.5% over 2020-2026. Telemedicine market in Africa and Middle East accounted for more than USD 1.1 billion in 2019 and is anticipated to register a CAGR of 19% in the predicated timeframe.
The leading organizations in telemedicine market are American Well, Blue Sky Telehealth, Cisco Systems, Cerner Corporation, Honeywell International Inc, Eagle Telemedicine, McKesson Corporation, Koninklijke Philips N.V, Allscripts Healthcare Solutions Inc, and AMD Global Telemedicine among the others.