Global Telemedicine Market

Global Telemedicine Market:

As per a study published in healthaffairs.org (2017), the average cost of telemedicine visit is $79 while the average doctor’s visit is $149 and the average trip to the emergency room is $1,734. 

SKU: BH239A
Published Year: 2020
 

Market Report Coverage - Global Telemedicine Market

Base Year

2019

Market Size

$XX Million

Forecast Period

2019-2030

Value Projection and Estimation by 2030

$XX Million

CAGR During Forecast Period

$XX Million

Number of Tables

XX

Number of Pages

XX

Number of Figures

XX

Research Hours

 XX

 

 

Market Segmentation

• Component – Hardware, Software and Services

• Application – Teleradiology, Tele-psychiatry, Tele-stroke, Tele-dermatology, Others
• Mode of Delivery – Cloud based, and On-Premise

• End Users- Providers, Payers and Patients

Regional Segmentation

• North America – U.S., Canada

• Europe – Germany, France, Italy, U.K., Spain, Turkey, Belgium, Switzerland, Russia, Sweden, Netherlands, Denmark, Norway, Czech Republic, Finland, Austria, Ireland
• Asia-Pacific – Japan, China, India, South Korea, Australia and New Zealand, Taiwan, Thailand, Malaysia, Singapore, Indonesia, Philippines

• Latin America – Brazil, Mexico, Argentina, Chile, Venezuela, Colombia, Panama, Uruguay, Puerto Rico

• Rest-of-the-World – Kingdom of Saudi Arabia (K.S.A.), Israel, Qatar, Pakistan, Egypt, Kuwait, Lebanon

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 Companies Profiled

Polycom Inc., Allscripts Healthcare Solutions Inc., McKesson Corporation, Cisco Systems Inc., Medtronic plc, Cerner Corporation, Honeywell International Inc., Koninklijke Philips N.V., InTouch Technologies Inc., Aerotel Medical Systems Ltd., and AMD Global Telemedicine Inc.

Some of the other companies include: MDLIVE, Amwell, CareClix, ConsultADoctor, Beam, Gyant, Hale health, Zipnosis, SnapMD, Heal and Psyalive, among others

Key Questions Answered:

•    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 tele-consultations, pricing, and reimbursement scenario (if any) by country, in 2019?

Market Overview

Telemedicine is a powerful tool that makes healthcare more 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 tele-communication 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 a 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 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 tele-consultations. In the U.S., many states such as Arkansas, Delaware, Georgia, 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 the 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 enrolles 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.

Competitive Landscape

The Telemedicine market comprises a large number of publicly traded healthcare service providers such as Teladoc Health, UnitedHealth Group Inc., Medtronic, Philips, Premier Health and Humana Inc. Teladoc is one of largest player holding a share of about 75% of the telehealth market. In March, the company reported a surge in tele-consultation requests to more than 15,000 per day. Apart from public companies, privately held technology start-ups have also significantly disrupted the market owing to the demand spike in the first quarter of 2020. Some of the prominent names are American Well, MDLive, DoctorOnDemand, Curatess, Vivify Health and eVisit, among others.

We understand that your business need specific answers pertaining to the market. And , therefore, we do provide customised research tailored to your need.

With the purchase of this report, you are entitled to certain degree of free customisation within the scope of the study.

Do get in touch to help us understand how we can serve u better with a custom solution to your research needs. We assure quick turnaround for your pressing business requirements.

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Market Report Coverage - Global Telemedicine Market

Base Year

2019

Market Size

$XX Million

Forecast Period

2019-2030

Value Projection and Estimation by 2030

$XX Million

CAGR During Forecast Period

$XX Million

Number of Tables

XX

Number of Pages

XX

Number of Figures

XX

Research Hours

 

XX

 

 

Market Segmentation

• Component – Hardware, Software and Services

• Application – Teleradiology, Tele-psychiatry, Tele-stroke, Tele-dermatology, Others
• Mode of Delivery – Cloud based, and On-Premise

• End Users- Providers, Payers and Patients

Regional Segmentation

• North America – U.S., Canada

• Europe – Germany, France, Italy, U.K., Spain, Turkey, Belgium, Switzerland, Russia, Sweden, Netherlands, Denmark, Norway, Czech Republic, Finland, Austria, Ireland
• Asia-Pacific – Japan, China, India, South Korea, Australia and New Zealand, Taiwan, Thailand, Malaysia, Singapore, Indonesia, Philippines

• Latin America – Brazil, Mexico, Argentina, Chile, Venezuela, Colombia, Panama, Uruguay, Puerto Rico

• Rest-of-the-World – Kingdom of Saudi Arabia (K.S.A.), Israel, Qatar, Pakistan, Egypt, Kuwait, Lebanon

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 Companies Profiled

Polycom Inc., Allscripts Healthcare Solutions Inc., McKesson Corporation, Cisco Systems Inc., Medtronic plc, Cerner Corporation, Honeywell International Inc., Koninklijke Philips N.V., InTouch Technologies Inc., Aerotel Medical Systems Ltd., and AMD Global Telemedicine Inc.

Some of the other companies include: MDLIVE, Amwell, CareClix, ConsultADoctor, Beam, Gyant, Hale health, Zipnosis, SnapMD, Heal and Psyalive, among others

Key Questions Answered:

•    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 tele-consultations, pricing, and reimbursement scenario (if any) by country, in 2019?

Market Overview

Telemedicine is a powerful tool that makes healthcare more 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 tele-communication 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 a 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 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 tele-consultations. In the U.S., many states such as Arkansas, Delaware, Georgia, 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 the 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 enrolles 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.

Competitive Landscape

The Telemedicine market comprises a large number of publicly traded healthcare service providers such as Teladoc Health, UnitedHealth Group Inc., Medtronic, Philips, Premier Health and Humana Inc. Teladoc is one of largest player holding a share of about 75% of the telehealth market. In March, the company reported a surge in tele-consultation requests to more than 15,000 per day. Apart from public companies, privately held technology start-ups have also significantly disrupted the market owing to the demand spike in the first quarter of 2020. Some of the prominent names are American Well, MDLive, DoctorOnDemand, Curatess, Vivify Health and eVisit, among others.

We understand that your business need specific answers pertaining to the market. And , therefore, we do provide customised research tailored to your need.

With the purchase of this report, you are entitled to certain degree of free customisation within the scope of the study.

Do get in touch to help us understand how we can serve u better with a custom solution to your research needs. We assure quick turnaround for your pressing business requirements.

Contact Information


Name *
Work Email *
 
Company Name *
Designation*
 
 
Contact No. *
Other Details
 
 

Write the characters in the image above
 
 
* Required Fields

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