The Telemedicine Services Market Will Grow At 23% CAGR Due to COVID-19, TBRC Report Suggests
LONDON, June 15, 2020 /PRNewswire/ -- The global telemedicine services market is expected grow from $39.3 billion in 2019 to $48.3 billion in 2020 at a compound annual growth rate (CAGR) of 23.0%. The growth is mainly due to the lockdown across countries owing to the COVID-19 outbreak resulting in the preference for contactless medical services. The market is then expected to stabilize and reach $78.3 billion in 2023 at CAGR of 17.4%.
Rising cases of COVID-19 infections across the globe is driving the telemedicine services market. According to the World Health Organization (WHO), the number of coronavirus cases around the world is around 2.7 million, and this number is increasing. Telemedicine services will provide healthcare services to the affected people as they cannot step out to avail the services. Rising cases of COVID-19 infections across the globe boosts the demand for telemedicine services.
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The telemedicine services market consists of sale of telemedicine services and related products. Telemedicine services are health care services provided via video chat, phone calls, or text messages. Patients can use telemedicine for physical examination as well as to ask questions regarding health concerns. The telemedicine services market is segmented by technology outlook into store and forward, and real time. By application, it is segmented into teleradiology, telepsychiatry, telepathology, teledermatalogy, and telecardiology.
Increasing Acceptance Of Telemedicine
Telemedicine is increasingly being accepted, and insurance companies and government-regulated health care programs are increasingly covering telemedicine services in their plans. The governments are probing companies to make changes to the policies to cover the services under their schemes. For instance, in March 2020, in response to the coronavirus outbreak, the US government announced that private insurers will be covering the cost of coronavirus testing and telemedicine services for patients.
Data Security Concerns Inhibit Market Growth For Telemedicine Services
Breach in the data makes patients uncomfortable with sharing personal information that would help the physicians to diagnose the patients' health, affecting the telemedicines market negatively. Telemedicine services are provided online or through calls, and might not have much security for storing the data, or in some cases the telemedicine companies may use third-party servers to store the customer data to cut down the maintenance cost, which might lead to easy data breaches. For instance, in 2018, the USA reported around 31.6 million healthcare records breached. Protenus Breach Barometer in the first six months of 2018, recorded around 15.1 million breached records by hackers. Breaches are potential threats to the telemedicine services industry, hampering the growth of the market.
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Key Players And Their Strategies In The Telemedicine Services Market
Key players in the global telemedicine services market include AMD Global Telemedicine, Inc, Philips Healthcare, Cisco Systems, Inc, McKesson Corporation, Allscripts Healthcare Solutions Inc., GE Healthcare Ltd., Cerner Corporation, BioTelemetry, Inc, Teladoc, Aerotel Medical Systems Ltd, Honeywell HomMed, Apollo Hospitals, Haemonetics, Cloudvisit Telemedicine, Maestros Telemedicine, Medisoft Telemedicine, Reach Health, SnapMD Telemedicine Technology, American Telecare Inc, American Well, Eagle Telemedicine, OBS Medical, SOC Telemed, Specialist Telemed, F. Hoffmann-La Roche Ltd, GlobalMedia Group LLC, IBM, Medtronic plc, and SHL Telemedicine.
Some companies in the market are investing in mergers and acquisitions to strengthen their business. For example, in March 2019, Teladoc Health, a leading virtual care provider announced plans to acquire MédecinDirect for an undisclosed amount. This acquisition will expand the geographical presence of Teladoc Health and help cover more patients in France. MédecinDirect is a leading telemedicine service provider in France.
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