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Telemedicine market 2020 by industry trends, statistics, key companies growth and regional forecast

Author : Ronak Bora | Published Date : 2020-09-03 

With growing number of COVID-19 cases across the world, the telemedicine market is anticipated to register momentous gains over the forthcoming timeframe. The total coronavirus cases have reached to approximately 1.4 million worldwide. Essential factors that would help in controlling the spread of coronavirus disease are maintaining self-quarantine and social distancing.

These factors have further led to few countries adopting measures like partial or complete lockdowns. All these measures have thereby led to a rise in the adoption of telemedicine services in order to use healthcare services.

Furthermore, numerous stringent rules that were forced on practicing telemedicine have also been relaxed. Growing preference of patients regarding virtual visits and favorable government policies will also drive the market growth.

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According to research report by Global Market Insights, Inc., telemedicine market is estimated to surpass $175 billion by 2026.

Key efforts to increase value in healthcare has been dedicated by improving efficiency, along with cost reduction. Adoption of advanced methodologies like LEAN and Six Sigma for enhancing flow of the system and improving performance is likely to result in cost savings in healthcare services.

Implementation of various advanced technologies as well as streamlining of healthcare processes will further enable cost-saving in the coming years. This growing focus on cost reduction may supplement telehealth business landscape.

In 2019, tele-monitoring services accounted for more than 29% of the total market revenue share. These services reduce the overall burden on the medical fraternity, by providing access to patients that are suffering from serious ailments.

Currently, tele-monitoring services are experiencing heavy demand for monitoring patients that are suffering from flu-like symptoms but are negative for coronavirus infection.

Tele-hospital segment is estimated to experience growth over 19% over 2020-2026. Medical and paramedical personnel are at the forefront and are higher risks of infections, and especially after the COVID-19 outbreak, the demand for tele-hospital services is expected to increase.

Over 60 doctors had died in Italy during to the global pandemic while catering to patients. Events like these are likely to fuel the adoption of tele-hospital services to protect healthcare providers and patients from virus and other diseases.

Increasing incidence of neurological disorders like Alzheimer’s disease, Parkinson’s disease, epilepsy and autism will lead to rise in the application of telemedicine in neurology. In 2019, revenues from the neurology segment accounted for over USD 5.5 billion and is expected to grow significantly over the analysis period.

In countries that have implemented partial or complete lockdown, patients suffering from various neurological disorders are increasingly opting for telemedicine services.

China telemedicine market is estimated to register a CAGR of 23% through 2026. This can be attributed to exponential rise in COVID-19 infections as well as growing target geriatric population. Also, with implementation of partial lockdown in several provinces of the country, patients are increasingly adopting telemedicine services. Growing penetration of internet and smartphones among the Chinese population may further boost industry growth across the region. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/telemedicine-market

Partial Chapter of the Table of Content 

Chapter 4.    Telemedicine Market, By Service

4.1. Key segment trends

4.2. Tele-consulting

4.2.1. Market estimates and forecast, by region, 2015 – 2026 (USD Million)

4.3. Tele-monitoring

4.3.1.    Market estimates and forecast, by region, 2015 – 2026    (USD Million)

4.4. Tele-education/training

4.4.1.    Market estimates and forecast, by region, 2015 – 2026    (USD Million)

Chapter 5.    Telemedicine Market, By Type

5.1. Key segment trends

5.2. Telehospital

5.2.1.    Market estimates and forecast, by region, 2015 – 2026 (USD Million)

5.3. Telehome

5.3.1.    Market estimates and forecast, by region, 2015 – 2026 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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