The rising geriatric population, increasing prevalence of chronic and lifestyle-associated diseases, increasing healthcare costs, rising government support, growing need for remote patient monitoring services, growing medical tourism industry, and increasing medical service requirement in remote locations are responsible for the growth of the global telemedicine market. Owing to these factors, the market is expected to generate $144.2 billion revenue by 2030, advancing at a CAGR of 15.8% during the forecast period (2020–2030).
COVID-19 has had a significant positive impact on the telemedicine market which is driving in the current scenario. Telemedicine tools have various utilities; teleconsultations and telemonitoring are useful approaches for triaging patients and reducing unnecessary visits to emergency departments. Scheduled teleconsultations allow for the evaluation, monitoring, and follow-up of outpatients, who do not require a face-to-face assessment. Ascribed to the above-mentioned advantages, the telemedicine industry is witnessing growth during the COVID period.
Tele Hospitals and Clinics To Hold Larger Share in Market throughout Forecast Period
On the basis of type, the telemedicine market is classified into two categories, namely tele hospitals and clinics, and tele home. The tele hospitals and clinics category is expected to dominate the telemedicine industry in the coming years. Hospitals and clinics all over the globe are implementing telemedicine solutions for consulting, monitoring, and other purposes, as they allow health systems to better distribute the staff and tend to more patients, with less strain on healthcare resources.
The telemedicine market is also segregated into various services, which include tele consulting, tele monitoring, tele education, tele training, and others. Out of all these services, the tele monitoring category is expected to witness the highest growth rate during the forecast period, on account of the rising cases of chronic and lifestyle-related diseases all around the world. By using telemonitoring, healthcare providers can more effectively manage patient health and prevent exacerbations and complications, which may lead to rehospitalizations and emergency room visits, especially among patients living with chronic illnesses.
Geographically, North America has been the largest telemedicine market, as a result of the surging geriatric population, initiatives taken by government and non-government organizations to fund and offer grants for telemedicine, and presence of giant players. The U.S. government has expanded telehealth consultations to nearly 62 million Medicare beneficiaries. The actions taken by these federal agencies are meant to minimize the health risks for all citizens and remove previous barriers, to make telehealth adoption as easy as possible for both providers and consumers.
Partnership Is Strongest Strategic Measure Taken by Players in Market
Players in the telemedicine market are focusing on partnerships to enhance their market presence and customer base. For instance, in June 2020, Koninklijke Philips N.V. announced a collaboration with American Telemedicine Association to further its commitment to telehealth. The two organizations have joined forces to drive future telehealth strategies across hospital settings into the home, propelled by COVID-19.
In January 2020, OBS Medical Ltd. announced its partnership with Qardio Inc. to launch QardioMD+VSI. It is a remote monitoring solution that combines the data from Qardio Inc.’s range of wearables with the Visensia predictive algorithm. This combination allows clinicians to remotely review patients’ vital signs in real time and prioritize those patients according to the Visensia risk stratification algorithm — Visensia Safety Index (VSI).
In addition to partnerships, players in the telemedicine market are also engaged in mergers & acquisitions, to expand their consumer base. For instance, in July 2020, Teladoc Health Inc. completed the acquisition of InTouch Technologies Inc., for approximately $150 million in cash and 4.6 million-worth shares of Teladoc Health Inc.’s common stock. With the integration of InTouch Technologies Inc.’s telehealth capabilities, linking providers to one another in a complex medical environment, Teladoc Health Inc. will connect the care experience across in-patient, outpatient, and home care settings, thus ensuring greater access to quality care.
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Some of the major players operating in the global telemedicine market include Koninklijke Philips N.V. (Philips), Honeywell International Inc., Medtronic plc, Cerner Corporation (Cerner), Cisco Systems Inc., McKesson Corporation, Teladoc Health Inc., Aerotel Medical Systems Ltd., OBS Medical Ltd., Care innovations LLC, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine Inc., BioTelemetry Inc., Plantronics Inc., and GlobalMedia Group LLC.