NEW YORK, Sept. 9, 2021 /PRNewswire/ -- As per research findings made by analysts working at Zion market Research, telemedicine market garnered revenue worth about US$ 23.6 billion in 2018 and is predicted to earn nearly US$ 62.2 billion by 2025. The telemedicine market is anticipated to record CAGR of approximately 14.9% during 2019-2025. Moreover, with healthcare industry constantly expanding for fulfilling health needs of patients, healthcare service providers are focusing on providing high quality telemedicine services to patients in a timely, affordable, and convenient way.
This will create lucrative growth avenues for telemedicine market in near future. Additionally, telemedicine has ability of improving primary healthcare services, access to specialty care solutions, and facilitating behavioral health support. Apart from this, need for effective home care services and chronic disease management solutions will drive market trends. Moreover, telemedicine enables healthcare tools in delivering high quality patient care services commencing from initial triage & primary care to specialty drug & home care. Telemedicine also referred as telehealth has proved to be most robust tool that assists healthcare systems make optimum utilization of clinical services & medical resources irrespective of the physical location of doctors. Furthermore, telemedicine provides patient with means to connect with healthcare service provider more frequently without any mobility or location barriers. Additionally, successful execution of telemedicine services and accruing its benefits depends on information exchange, network connectivity, end-user outreach, workflow design, governance, and accurate assessment of patient healthcare needs.
Onset of COVID-19 Pandemic to Accelerate Telemedicine Market Growth
Expansion of telemedicine market over forecast timeline is owing to rapid spread of COVID-19 across globe resulting in patients preferring medical treatment from doctors at home through telemedicine services. Growing smartphone penetration and availability of strong network connectivity with high internet speed is predicted to escalate demand for telemedicine solutions over years ahead. This, in turn, will proliferate size of telemedicine market in years to come. Moreover, pandemic has enhanced acceptance of telemedicine owing to strict social distancing norms & requirement for remote care. Hockey stick growth of telemedicine market during 2020-2021 can be attributed to payer reforms and favorable compensation norms from payers also covering telemedicine consultations. Apparently, surge in remote patient monitoring activities and digital therapeutics along with escalating preference for digital health solutions will boost telemedicine market growth. Moreover, in case of patients availing telemedicine consultation services, payers have increased medical insurance coverage of remote patient monitoring. This will scale up market growth within a span of few years.
With steep increase in adoption of new digital patient care models due to COVID outbreak, patients have availed telemedicine as a service for quick diagnosis of disease, thereby facilitating effective & timely treatment, for patients. This will expand scope of telemedicine market over next couple of years. Telemedicine has helped single physicians for accessing patient from remote places. Additionally, the former has facilitated easy-to-accept plug & play services, thereby profiting consultation business of small clinics & single medical practioners.
Moreover, telemedicine does not require setting up of huge technology infrastructure and this has resulted in decentralization of healthcare sector. Some of players in telemedicine business provide drug prescription & treatment post consultation for patients. This will make telemedicine as the most sought digital health service in foreseeable future. Reportedly, due to swift spread of COVID-19 pandemic, nearly 50% of doctors are diagnosing patients through telemedicine and have contributed majorly towards patient satisfaction levels. In this COVID pandemic period, telemedicine services have proved to be effective means for diagnosing potential COVID patients, thereby reducing huge burden on healthcare activities. Telemedicine is predicted to be standard practice of doctors even post COVID-19 pandemic. All these aforementioned aspects will help telemedicine market enter new arena of growth in a long run.
North America to Dominate Overall Telemedicine Market Growth By 2025
With humungous use of telemedicine services during COVID-19 pandemic, it is more likely that telemedicine market in North America is slated to grow geometrically over forecast period. Furthermore, it is predicted that post pandemic era will witness more use of telemedicine for doctor follow-ups, setting appointments with doctors, and primary care activities. This will drive regional market trends. Additionally, telemedicine will help reputed pharma firms to directly connect with patients for selling OTC medicines, thereby not only helping them in triggering strong business relationships with patients but assisting them to be more patient centric. Apparently, favorable government laws encouraging use of digital health services in countries such as the U.S. and Canada coupled with huge funding of communication technologies will help telemedicine market in North America witness exponential growth.
Key players influencing market growth and profiled in our report are OBS Medical, LifeWatch, F. Hoffmann-La Roche, Medtronic, Siemens Healthcare, Honeywell HomMed, Agfa HealthCare, McKesson, CISCO Systems, Allscripts Healthcare Solutions, Polycom, AMD Global Telemedicine, and InTouch Technologies.
This review is based on a report by Zion Market Research, titled, "Telemedicine Market- By Service (Tele-Monitoring, Tele-Education, Tele-Consultation, Tele-Surgery, Tele-Care, and Tele-Training) and By Application (Cardiology, Neurology, Dermatology, Emergency Care, Orthopedics, Gynecology, Internal Medicine, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025."
This report segments the global telemedicine market into:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
Browse All other Related Research Reports from Zion Market Research
Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client's needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.