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Global Telemedicine Market Predicted to Reach USD 150 Billion by 2026

25-Mar-2021 | Facts and Factors

According to the report published by Facts & Factors, the global telemedicine market was valued at approximately USD 40 Billion in 2019 and is expected to generate revenue of around USD 150 Billion by end of 2026, growing at a CAGR of around 20% between 2020 and 2026.

Telemedicine, which allows patients to see their doctor via video or phone, is beneficial to both their health and their convenience. More health-care services are allowing patients to "see" them via computers or smartphones.

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In view of the COVID-19 pandemic, health organizations are offering virtual appointments and widening their telehealth options. It has been used to address geographical barriers and increase access to medical facilities that are not always accessible in remote rural areas. It's also used in critical care and emergency cases to save lives.

Major players in the Telemedicine Market:

Maven, Inc., iCliniq, HealthTap, Inc., Synapse Medicine, Doctor On Demand, Inc., BioTelemetry, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Chetu, Babylon, MDlive Inc., SteadyMD Inc., Teladoc Health, Inc., and American Well among others.

Rising virtual consultation

The use of telemedicine systems has increased as the number of covid-19 positive cases and a growing number of chronic respiratory diseases. Patients with flu-like indications are using telemedicine systems to receive healthcare facilities from a distance. Furthermore, telemedicine service providers are reporting an increase in virtual visits as a result of the COVID-19 pandemic. To meet the rising demand, these businesses are expanding their capacity to handle thousands of virtual visits every day, pushing the market forward. In addition, during the COVID-19 pandemic, telemedicine was widely used to reduce interaction with healthcare facilities, healthcare workers, and patients in order to reduce the risk of COVID-19. During the pandemic in China, online mental health surveys and networking platforms like Weibo, TikTok, and WeChat, among others, aided health officials and mental health practitioners in providing secure mental health services online. During the COVID-19 pandemic, such factors aided business development.

North America is projected to Dominate Global Telemedicine Market Growth

In 2019, North America dominated the global telemedicine market in recent years followed by Europe. The growth of these regions is mainly attributed to the growing cloud-based technology in healthcare, these regional markets are expected to exhibit similar trends during the forecast period. As a result of ongoing research and development in the telemedicine area, North America is expected to have the largest market share in the world. Due to increased demand for telemedicine and health care, emerging regions such as the Asia Pacific, the Middle East, and Africa are expected to see positive development, especially in rural areas.

Browse the full“Telemedicine Market By Component (Product Type (Software, and Hardware), Services (Tele Consulting, Tele Monitoring, Tele Education, and Tele Training)), By Modality (Real-time, Store-and-Forward, and Others), By Specialty Areas (Neurology, Orthopedics, Gynecology, Cardiology, Radiology, Pathology, Psychology, Dermatology, and Others), By End–Users (Providers, Payers, Patients, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/telemedicine-market

The global telemedicine market is segmented as follows:

By Components:

  • Product Type
    • Software
    • Hardware
  • Services
    • Tele Consulting
    • Tele Monitoring
    • Tele Education
    • Tele Training

By Modality:

  • Real-time
  • Store-and-Forward
  • Others

By Specialty Areas:

  • Neurology
  • Orthopedics
  • Gynecology
  • Cardiology
  • Radiology
  • Pathology
  • Psychology
  • Dermatology
  • Others

By End User:

  • Providers
  • Payers
  • Patients
  • Others

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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