Global Telemedicine Market Analysis

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  • Type: Service area
  • Published : March 2021
  • Region: Worldwide
  • Country: Other
  • Report ID : 300

  • Format: PPT, PDF

Global Telemedicine Market: Segmented by Service (Tele-consulting, Tele-monitoring, Tele-education/training), by Type (Telehospital, Telehome), by Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health), by Delivery Mode (Web/Mobile, Call Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2028

Clear

The global telemedicine market size stood at around USD 45 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period

Telemedicine solutions hold great opportunities as they help in improving clinical management, reduce variations in diagnosis, and make effective care delivery by enhancing quality and access to healthcare services

Market Drivers

The increasing prevalence of chronic diseases and out-of-pocket expenditure has led to a significant rise in healthcare cost. Teleconsultations are cheaper services and also reduce the work burden on healthcare professionals. This is the primary reason for the increasing emphasis by government organizations on deploying digital health technologies, favoring the market’s growth rate

Technological Advancements to Foster Growth of Market: With the advent of advanced technologies such as machine learning, artificial intelligence, the Internet of Things (IoT), virtual hospitals, and telehealth apps, the adoption of telemedicine is increasing rapidly. Apps developed based on machine learning algorithms can help in the diagnosis of diseases such as cancer, COVID-19, rare diseases, and others

1. Global Telemedicine Market Overview………………………………
A. Market Size
2. Market Growth Drivers…………………………………………………
A. Increasing prevalence of chronic diseases
B. Growing number of smartphone users
C. Technological advancements related to mobile phones and internet
3. Telemedicine use by Disease………………………………………………..
A. Diabetes
B. Oncology
C. Chronic Disease
D. Mental Health
E. Others
4. Telemedicine Therapeutics Market Segmentation………………………
A. Service
I. Tele-consulting
II. Tele-monitoring
III. Tele-education/training
B. Geography
I. North America Market Analysis
II. Europe Market Analysis
III. Asia-Pacific Market Analysis
IV. Middle-East and Africa Market Analysis
V. South America Market Analysis
5. Major Products Market Share…………………………………………….
A. Market Analysis, Insights and Forecast to 2028
6. Competitive Landscape……………………………………………………
A. Major Players
B. Company Market Position Analysis
7. Key Company Profiles…………………………………………………………
A. Allscripts Healthcare business overview & strategic outlook
B. AMD Global Telemedicine Company overview, Product & Services, Strategies & Financials
C. American Well Business overview, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape…………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth………………………………………………
A. New Trends and Development in Telemedicine market
B. Future Opportunities
10. Conclusion

Market Segmentation

By Application:

Based on application, the market is fragmented into teleradiology, telepathology, telecardiology, telepsychiatry, teledermatology, and others. The teleradiology segment is expected to dominate the market throughout the forecast period. Factors attributable to the expansion of the segment are advancements in the S&F technologies and the scarcity of radiologists in rural areas. According to the Canada Association of Radiologists (CAR), there will be a need for 1,700 new radiologists between 2019-2040. This, combined with the unequal distribution of radiologists, is expected to drive the teleradiology segment

By Region:

North America dominated the global market owing to the high demand for telemedicine in the recent past followed by Europe. These regional markets are expected to show a similar trend over the forecast period due to rising healthcare awareness coupled with cloud-based technologies acceptance. North America accounted for the maximum revenue share in the global market due to constant research and development initiatives

Developing regions such as Asia Pacific and Middle East and Africa are expected to experience positive growth owing to rapid demand for telemedicine and healthcare assistance, especially in rural areas. Emerging economies including India and China are estimated to witness growth over the forecast period. Innovation and development in telecommunication are anticipated to enhance the growth in this region in the near future

By End-User Analysis:

In terms of the end-user, the market is segmented into healthcare facilities and homecare. The increasing number of government-funded pilot programs for telemedicine, the use of telecommunications tools to train doctors in medical colleges, and the rising number of service providers for virtual consultations are the primary factors poised to surge the healthcare facilities segment during 2019-2028

The homecare segment is projected to show substantial growth during the forecast period. Primary factors responsible for the growth of this segment are signicant cost-saving in the healthcare services expenditure and the rising geriatric population. Furthermore, the adoption of telemonitoring to eliminate the need to visit hospitals is projected to fuel the segment’s growth

Key Market Players

Prominent industry participants include Teladoc; Doctor on Demand; iCliniq; IBM; Intel Corporation; Philips Healthcare; McKesson Corporation; AMD Telemedicine; GE Healthcare; CardioNet Inc.; 3m Health Information Systems; Medic4all; CirrusMD Inc.; Cisco; and American Telecare Inc

Vendors are investing in research and development to generate a technologically advanced system in order to gain a competitive advantage over other suppliers and provide economic benefits to the industry. The market is expected to become highly competitive as many startups are seeking opportunities in this sector

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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