Real-time virtual telehealth platform accounts for a share of 45% of the global telemedicine market.
Arizton’s recent market research report on the global telemedicine market provides comprehensive industry and competitive analysis and trend forecasts. The research study segments the market into modality (real-time virtual health, remote patient monitoring, and store-and-forward), components (services, hardware, and software), delivery modes (web/app-based, cloud-based, and on-premise telehealth), end-users (healthcare providers, patients and individuals, employers and government organizations, and payers), and geography (North America, APAC, Europe, Latin America, and MEA).
The global telemedicine market is expected to reach around $40 billion by 2024, growing at a CAGR of over 25% during 2018–2024.
AMD Global Telemedicine, American Well, Biotelemetry, Global Media Group, Honeywell Life Care Solutions, MEDTRONIC, Philips Healthcare, Teladoc Health, and InTouch Technologies are the major vendors of global telemedicine market. Access to remote healthcare has improved medical treatment and helped in cost-reduction, thereby increasing the adoption of home healthcare services.
The global telemedicine market is divided into five major segments - modality, component, delivery modes, end-users, and geography.
The services segment to witness lucrative growth during the forecast period
In 2018, the services segment accounted for a share of 48% of the global telemedicine market. This segment includes the services required to conduct and process virtual visits, online consultations of patients, interact with other healthcare professionals, and monitor patients in real-time. The increase in prevalence/incidence of chronic conditions is a major factor driving the growth of the telemedicine services market. In 2015, about 15% of US adults had significant chronic or severe pain. Patients are also increasingly choosing telemedicine services to cut down costs and reduce the burden of hospital visits. The telemedicine services market is growing at a fast rate due to increase in the adoption of telehealth services by providers, payers, and patients and shift in focus to patient-centric value-based care from the conventional hospital-centric and fee-per-service model.
The real-time virtual health segment is likely to dominate the global telemedicine market
The real-time virtual health segment is likely to grow at a CAGR of over 30% during the forecast period. This segment accounted for a share of 45% of the global telemedicine market. Real-time virtual telehealth platforms help patients and consumers communicate with physicians through their personal computers (PCs), tablets, or smartphones. Real-time virtual visits basically include video visits, audio visits, and chat consultation. United Healthcare, one of the largest insurers, announced that it will enter a partnership with NowClinic, Doctor on Demand, and American Well to cover video-based doctor visits like it covers in-person visits. The typical cost of video visits is $40 to $50 per visit. Audio visits involve obtaining medical advice and prescription for non-emergency medical conditions such as flu, cold, cough, pink eye, ear infections, urinary tract infections (UTIs) through telephonic devices. Teladoc is one of the vendors providing telemedicine platform that offers the patient to connect with US-Board certified doctors for consultation.
North America is likely to be the largest market for the global telemedicine market
North America’s dominance is specifically due to the high uptake of telemedicine in the US compared to other countries. Telemedicine services are being widely adopted in the region as they can ease the shortage of healthcare professionals and also efficiently improve access to healthcare for people living in remote and rural areas. It is estimated that around 60−65% of the target people in the US are more willing to have a video visit with clinicians than personally visit hospitals. In Canada, the growth of the telemedicine market is driven by rising healthcare spending and the growing number of conferences and workshops that are generating awareness regarding telehealth services. Companies such as Maple and Akira are offering several telemedicine services to end-users. Maple has started offering physician consultations direct to consumers since 2016. It has collaborated with more than 200 physicians across the country.
Other prominent vendors in the global telemedicine market are AirStrip Technologies, iMDsoft, A&D Co., Abbott, BIOTRONIK, Boston Scientific, Biotricity, Cisco, Chiron Health, edgeMED Healthcare, eVisit, GE Healthcare, INTeleICU, iSelectMD, Masimo, MDLIVE, Capsule Technologies, MedXCom, Virtual Health Care, Vidyo, VSee, Spacelabs Healthcare, and Zipnosis.
The complete overview of the latest market research report on the global telehealth market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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