- March 2021 |
- Healthcare & Pharmaceutical / Healthcare Services
Global Telemedicine Market, By Type (Tele-Hospital and Tele-Home), By Application (Teleradiology, Tele-ICU, Telestroke, Tele-pathology, Tele-dermatology, Tele-psychiatry, and others);By Mode of Delivery: Web/Mobile-based, Telephonic, Visualized Access to Healthcare; By End-Use (Healthcare Providers, Healthcare Payers, and Patients); By Region (North America, Europe, the Asia Pacific, the Middle East & Africa and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Global Telemedicine Market- Industry Trends & Forecast Report 2027
The global telemedicine market was worth USD 51.0 Billion in 2020 and is further projected to reach USD 152.3 Billion by 2027, at a CAGR of 16.1% during 2021-2027 (forecast period). Increasing consumer demand, shortage of healthcare specialists, growing patient acceptance, rising healthcare expenses, government assistance, advancements in telecommunications, and the growing demand for improved quality of healthcare offers the global telemedicine market plenty of room to expand. Furthermore, the ongoing pandemic has fueled the increased use of telehealth, ensuring its continued market growth in the coming years. Spurred by these factors, the global telemedicine market is projected to grow over the forecast period.
Source: BlueWeave Consulting
Global Telemedicine Market Overview
The importance of telehealth has been emphasized in light of the global shortage of hospital beds and medical workers. Telemedicine involves the use of technology via video, phone, messaging, etc., for delivering healthcare services to patients remotely. The concept of telemedicine has lowered healthcare expenses while boosting productivity through better chronic disease management, faster travel times, and a shorter stay in hospitals. Moreover, telemedicine has grown in popularity as a result of increasing technology adoption following COVID-19. Many telemedicine businesses are witnessing an increase in virtual visits as a result of the COVID-19 pandemic. To meet the growing demand, telemedicine companies are now expanding their ability to handle thousands of virtual visits per day, thereby, propelling the global telemedicine industry forward.
Global Telemedicine Market Trends
Technological Advancements Empowering the Global Telemedicine Market
Telehealth technology is being lauded for its role in coronavirus treatment. Technological advancements make it possible for healthcare providers to diagnose, treat and, and monitor patients’ progress remotely with more efficiency, which in turn encourages market growth. Telemedicine nowadays is not limited only to wireless devices or other telecommunications tools. Advanced technologies such as robotics, Blockchain Technology, wearables, the Internet of Medical things, Machine Learning (ML), and AI (Artificial Intelligence)-enabled chatbots are being used increasingly by telemedicine companies worldwide for collecting patient information, analyzing patient records, treating patients, making diagnoses, and even for developing vaccines. Moreover, these technologies are also being used for supporting and developing innovative remote healthcare models. According to...