Telemedicine Market to Exceed $110 Billion by 2026 End

  • 30 Apr 2019

Increasing use of smartphones coupled with high-speed internet is a boon in today’s digital world. Remote clinical services have become a modern-day reality in the form of telemedicine due to such boon. Telemedicine market survives on the very fact that adaptable sophisticated healthcare services can facilitate real-time patient and healthcare professional communication due to high-tech telemedicine platforms. Government funding and approval for telemedicine claims reimbursement are hugely promoting the adoption of telemedicine. Reduction in travel time and cost along with easy access to diagnose and treat patients at remote locations is also fuelling the growth of telemedicine market.
The global telemedicine market is poised to exceed the total market value of $110 billion by 2026 end.  Expert approximations suggest the market would register an exuberant CAGR at over 16% during the forecast period of 2019-2026.

Telemedicine Market to Expect Enormous Growth Owing to the Expanding Neurological Care Innovations

Neuropathy, Parkinson’s disease, sudden paralysis, epilepsy, seizers and multiple sclerosis are critical conditions that need effective management. Such medical emergencies and swift advancement in neurological care are estimated to stimulate a robust growth in telemedicine market during the forecasted years.  


Global Telemedicine Market, by Service Type
•    Telepathology
•    Teleradiology
•    Teledermatology
•    Teleconsultation
•    Others


Global Telemedicine Market, by End User 
•    Hospitals
•    Diagnostics Laboratories
•    Clinics
•    Outpatient Centres
Urgent and initial routine evaluation of patients suffering from chronic conditions in cardiology, orthopaedics, gynaecology and so on is quite possible with telemedicine. Thus hospitals segment which already has a huge patient base for such conditions is a major end-user segment and expected remain so in future. With telecommunication facilities availed in the telemedicine market, the diagnostic lab's segment is anticipated to witness healthy CAGR during the forecast period.

Global Telemedicine Market, by Region
•    Europe  
•    North America  
•    APAC  
•    Latin America
•    Rest of World

Urbanisation and Advancement in Telecommunication Technology Foreseen to Bolster Lucrative CAGR in the APAC Region
At present North America accounts for the largest share in the global telemedicine market due to the ageing population, prevalence of chronic diseases and advanced healthcare infrastructure. However, improvement in the healthcare sector with the help of telecommunication advancements in the APAC region is positively impacting the telemedicine platform implementations. Additionally, government aids and medical coverage fuel a promising growth in emerging economies of the APAC region during the forecast period.

Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants  
 

FutureWise Takeaways  
•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth  
 

Objectives of the Study:
•    To provide with an exhaustive analysis on global telemedicine market by service type, end-user and region 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies  

 

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