Recent Scenario of Telemedicine Industry in COVID19 Pandemic
The snowballing population, the necessity to expand healthcare services, the increasing prevalence of chronic diseases and illnesses, and the shortage of doctors, government support, increased awareness after the COVID-19 outbreak are the factors driving the global telemedicine market.
After the outbreak of COVID-19, the demand for healthcare services and technology has reached an all-time high. Technologies such as telemedicine, chatbots, and robots are being deployed to help gather information, comfort people, treat & diagnose patients, and even formulate future vaccines. In view of the global shortage of hospital beds and medical staff, the potential of telemedicine has been emphasized. Players in the telemedicine industry focus on providing innovative solutions for COVID-19 to support hospitals and healthcare providers. Increasing awareness and growing adoption to telemedicine during the Covid time is anticipated to propel the market during the forecast period.
According to AllTheResearch, ”The Global Telemedicine Market was valued at USD 56.5 billion in 2020, and it is expected to reach USD 246.7 billion by 2027, with a CAGR of 23.6%, during the forecast period.”
The Global Telemedicine Market is segmented by type which is further bifurcated into tele home and tele hospital. The sub- segment tele hospital is anticipated to have largest share in the market due to requirement of telemedicine in case of emergency. By services telemedicine market is sub divided into tele-consulting, tele-monitoring, and tele-education/training. Tele- monitoring is the highest growing segment due to increasing home care assistance for the generic population. By delivery mode the segment is bifurcated into call centers, and web/mobile. Web or mobile is witnessing the significant growth because is offers the direct access to deliver the care solutions. By application, the segment is sub- divided into tele radiology, tele psychiatry, tele dermatology, tele cardiology, and others. Tele radiology is the highest growing sub segment over the forecast period.
The major key players operating in the global telemedicine industry are SteadyMD Inc.; American Well; MDlive Inc.; Maven, Inc.; HealthTap, Inc.; iCliniq; BioTelemetry, Inc.; CVS Health; Synapse Medicine; Teladoc Health, Inc.; Practo, Doctor On Demand, Inc.; Aerotel Medical Systems Ltd.; AMD Global Telemedicine; and Plantronics, Inc. (Polycom).
Recent News:
• In August 2020, AMD partnered with iTelemed, an Ontario-based company that provides virtual healthcare solutions. This partnership aims to meet the unmet healthcare needs of marginalized people in Canada during the COVID-19 pandemic.
• In July 2020, Teladoc Health, Inc. acquired the American company InTouch Health. In this way, the company combined InTouch Health’s product portfolio with its existing products and enhances healthcare in inpatient, outpatient, and home care settings.
• In June 2019, Zava received funding of USD 32 Mn, with this funding the company plans to expand its telemedicine services across Europe.
• On April , 2021, Verizon launched Blue Jeans Telehealth, which will offer library functions so that health care professionals can guide patients to read important reading materials. In addition, it can also help patients complete the questionnaire in advance.
About AlltheResearch:
AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry. As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realize, that it’s not just sheer data-points, but the right analysis that creates a difference.
