Worldwide Telemedicine Industry to 2030 - Major Market Drivers, Challenges, and Opportunities

DUBLIN, Sept. 10, 2020 /PRNewswire/ -- The "Global Telemedicine Market: Analysis and Forecast, 2019-2030" report has been added to ResearchAndMarkets.com's offering.

Telemedicine is a powerful tool that makes healthcare accessible, cost-effective, and significantly enhances patient engagement. The debut of telemedicine dates back to late 1950s and has constantly evolved over the years with advancements in the field of telecommunication technology. The application of telemedicine is enormous. It enables physicians and patients to share real-time health-related information from one computer screen to another. With the help of telemedicine software, patients can connect with a doctor at the comfort of their home for diagnosis as well as treatment without needing an appointment.

The demand for telemedicine has significantly increased due to the cost savings opportunity offered by the technology. It also reduces the need for patients to visit an emergency room and the costs associated with the same. As per a study published in healthaffairs.org (2017), the average cost of a telemedicine visit is $79 while the average doctor's visit is $149 and the average trip to the emergency room is $1,734.

As the demand and popularity of telemedicine grows, many health insurance plans are also starting to provide coverage for teleconsultations. In the U.S., many states such as Arkansas, Delaware, Georgia, and Hawaii, have laws established that require health insurance plans to reimburse remotely delivered care at the same rate as in-person doctor visits.

With the ongoing COVID-19 pandemic, telemedicine services have become a critical asset for the healthcare community. The telemedicine services can provide efficient delivery of care especially for populations and patients affected by the COVID-19 infection, especially when under active quarantine. Under these critical times, these services can significantly help healthcare systems to reduce resource usage across the stressed health-care infrastructure, ameliorates access to care, and reduces the risk of direct person-to-person transmission of the infectious agent.

The current telemedicine market is strongly fuelled by the fears related to coronavirus and staggering shifts in payment rules. To further boost demand, many health insurers have also come forward. For example, in February, Aetna, a leading health insurance provider waived its $45 patient co-payment for virtual care. In 3rd week of March, Medicare also allowed its enrolled customers to use telemedicine. This option was previously available to only people living in remote areas. The demand surge can also be understood from the fact that Cleveland Clinic, a leading health system in the U.S., logged more than 60,000 telemedicine visits in March, while prior to the month, the health system registered only 3,400 visits a month.

Within the research report, the market is segmented on the basis of component type, application, end-users, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.

Market Segmentation

• Component - Hardware, Software and Services
• Application - Teleradiology, Telecardiology, Telepathology, Tele-ICU, Telepsychiatry, Teledermatology, Others
• Mode of Delivery - Cloud-based, and On-Premise
• Type - Tele-hospitals/Clinics, and Tele-homes

Regional Segmentation

• North America - U.S., Canada
• Europe - Germany, France, Italy, U.K., Spain, Poland, Sweden, Netherlands, Denmark, Rest-of-Europe
• Asia-Pacific - Japan, China, India, South Korea, Australia, Rest-of-Asia-Pacific
• Rest-of-the-World - Kingdom of Saudi Arabia (K.S.A.), Israel, Brazil, Mexico, United Arab Emirates, South Africa, Russia, Rest-of-RoW

Growth Drivers

• Surge in population and need to expand healthcare access
• Rising prevalence of chronic conditions and cost-benefits of telehealth & telemedicine
• Shortage of physicians
• Advancements in telecommunication technology
• Government support and rising awareness

Market Challenges

• Reimbursement framework
• Lack of integration
• Lack of sufficient data for care continuity
• Awareness related to services
• Lack of technical skills among patients

Market Opportunities

• Providing frontline care
• Remote monitoring of compliance with treatment plans and medication
• Behavioral health telemedicine consultations

Key Telemedicine Companies Profiled

Teladoc Health Inc., Doctor On Demand, MDLIVE, Inc., American Well, Virtrial Inc., AMD Global Telemedicine, Inc., Poly, Koninklijke Philips N.V, General Electric Company (GE), International Business Machines Corporation (IBM), Crossover Health, Inc., Allscripts Healthcare Solutions, Inc., Cisco Systems, Inc., and Intel Corporation, among others.

Key Questions Answered in this Report:

• How has the market evolved in the last five years, and what are the awaited technological advancements in the field of telemedicine?
• What are the major market drivers, challenges, and opportunities in the global telemedicine market?
• What are the underlying structures resulting in the emerging trends within the telemedicine industry?
• What was the market value of the leading segments of the global telemedicine market in 2019?
• What are the influencing factors that may affect the market share of the key players?
• How is industry expected to evolve during the forecast period 2019-2030?
• What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?
• What is the current market share of each of the companies in the global telemedicine market and what are expected to be their contributions in 2030?
• What is the growth potential of telemedicine in each region, including North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World?
• What are the key regulatory implications in developed and developing regions for telemedicine?
• What was the average number of teleconsultations, pricing, and reimbursement scenario (if any) by country, in 2019?

In the global telemedicine market, the revenue is majorly generated by four key participants: telemedicine software providers, remote patient monitoring device manufacturers, infrastructure and connectivity providers, and telemedicine service providers.

As of 2019, the telemedicine software companies (including RPM software and health IT infrastructure providers) generated a revenue of $7.07 billion while remote patient monitoring device manufacturers generated a revenue of $5.94 billion followed by infrastructure and connectivity providers ($5.26 billion) and telemedicine service providers ($1.78 billion).

In the hardware segment, some of the major companies include Masimo, Medtronic, and GE Healthcare, accounting for 15.75%, 14.04%, and 13.46% of the overall market, respectively.

Among the software providers, Microsoft held the largest share in the global telemedicine market accounting for 33.50% of the overall market, followed by IBM and Allscripts, accounting for 25.45%, and 22.34% of the market, respectively.

From a service provider perspective, Ping A Good Doctor was the global leader in the telemedicine services market accounting for 40.10% of the overall market in 2019. This is followed by Teladoc and Amwell, accounting for 31.00% and 11.60% of the global telemedicine services market, respectively.

Additionally, several start-ups emerged to provide telehealth consultations globally, such as 98point6, Vida Health, Medici, Healthtap, Maven Clinic, Doctor Anywhere, Zipnosis, SnapMD, Cloudbreak Health, Cloud DX, Maple, TeleClinic, and Genome Medical.

Key Topics Covered:

1 Product Definition

2 Scope of the Study

3 Research Methodology

4 Industry Analysis
4.1 Evolution of Telemedicine
4.2 Need for Telemedicine: A View of Changing Medical Practices
4.3 Telemedicine Changing Medical Practices
4.4 Level of Telemedicine Adoption from a Pre-and Post-COVID-19 Perspective
4.4.1 Pre-COVID Scenario
4.4.2 During COVID-19 Scenario
4.4.3 Post-COVID-19 Scenario
4.5 Competitive Landscape: Existing and New Entrant Competition Analysis
4.6 Funding Scenario
4.7 Reimbursement and Regulatory Scenario

5 New Business Model and Pricing Analysis
5.1 Business Model and Revenue Channel Analysis (for New Entrants and Existing Players)
5.2 Cost Analysis (in Terms of Infrastructure such as (Hardware/Software/ Services)
5.2.1 Hardware
5.2.2 Software
5.2.3 Teleconsultation Services
5.3 Consumer Spending Analysis
5.4 Readiness of Geographies (in Terms of Digital Infrastructure)

6 Regulatory Framework
6.1 North America
6.1.1 U.S.
6.1.2 Canada
6.2 Europe
6.2.1 Germany
6.2.2 France
6.2.3 Italy
6.2.4 Spain
6.2.5 U.K.
6.3 Asia-Pacific
6.3.1 India
6.3.2 China
6.3.3 South Korea
6.3.4 Japan

7 Market Dynamics
7.1 Market Drivers
7.1.1 Increase in Patient Demand for Virtually Delivered Care
7.1.2 Increased Reimbursement for Remote Care Services
7.1.3 Urgent Need to Reduce the Cost of Care
7.1.4 Increasing Regulatory Approval
7.2 Market Restraints
7.2.1 Reluctance by Physicians
7.2.2 Lack of ICT (Information and Communications Technology) Infrastructure in Rural Areas
7.2.3 Data Privacy
7.3 Market Opportunities
7.3.1 Accelerated Growth in the Post-COVID-19 World
7.3.2 Increase in Funding for the Telehealth Start-Up Ecosystem
7.3.3 Remote Monitoring

8 Competitive Landscape
8.1 Recent Key Developments
8.1.1 Product Launches
8.1.2 Collaborations and Partnerships
8.1.3 Mergers and Acquisitions
8.1.4 Funding
8.1.5 Joint Ventures
8.2 Market Share Analysis

9 Global Telemedicine Market (by Component Type)
9.1 Hardware
9.2 Software
9.3 Services

10 Global Telemedicine Market (by Technology)
10.1 Real-Time Video
10.2 Remote Patient Monitoring (RPM)
10.3 Store and Forward
10.4 Others

11 Global Telemedicine Market (by Medical Specialty)
11.1 Teleradiology
11.2 Telecardiology
11.3 Telepathology
11.4 Tele-ICU
11.5 Telepsychiatry
11.6 Teledermatology
11.7 Others
11.7.1 Telestroke
11.7.2 Tele-endocrinology
11.7.3 Telegynecology
11.7.4 Teleophthalmology
11.7.5 Telenephrology

12 Global Telemedicine Market (by Mode of Delivery)
12.1 Cloud-Based
12.2 On-Premise

13 Global Telemedicine Market (by Type)
13.1 Tele-Hospitals
13.2 Tele-Home

14 Global Telemedicine Market (by Region)
14.1 North America
14.1.1 U.S.
14.1.2 Canada
14.2 Europe
14.2.1 U.K.
14.2.2 Spain
14.2.3 Italy
14.2.4 Germany
14.2.5 France
14.2.6 Netherlands
14.2.7 Poland
14.2.8 Sweden
14.2.9 Denmark
14.2.10 Rest-of-Europe
14.3 Asia-Pacific
14.3.1 India
14.3.2 South Korea
14.3.3 Japan
14.3.4 Australia
14.3.5 China
14.3.6 Rest-of-Asia-Pacific
14.4 Rest-of-the-World
14.4.1 Brazil
14.4.2 Mexico
14.4.3 Kingdom of Saudi Arabia
14.4.4 United Arab Emirates
14.4.5 Israel
14.4.6 South Africa
14.4.7 Russia
14.4.8 Rest-of-RoW

15 Company Profiles
15.1 Allscripts Healthcare Solutions, Inc.
15.1.1 Company Overview
15.1.2 Role of Allscripts Healthcare Solutions, Inc. in the Global Telemedicine Market
15.1.3 Product Offerings
15.1.4 Recent Developments
15.1.5 Financials
15.1.6 SWOT Analysis
15.2 AMD Global Telemedicine, Inc.
15.3 American Well
15.4 Cisco Systems, Inc.
15.5 Crossover Health, Inc.
15.6 Doctor On Demand
15.7 General Electric Company (GE)
15.8 iCliniq
15.9 Intel Corporation
15.1 International Business Machines Corporation (IBM)
15.11 Koninklijke Philips N.V.
15.12 MDLIVE, Inc.
15.13 Poly
15.14 Teladoc Health Inc.
15.15 VirTrial Inc.

For more information about this report visit https://www.researchandmarkets.com/r/ehtepi

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