Global Telemedicine Market is Expected to Grow at a Higher CAGR of 15% over the Forecast Period

According to a new market report published by Transparency Market Research “Telemedicine Market Specialty (Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Others) and Services (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” the global telemedicine market was valued at over USD 41 billion in 2019 and is expected to grow at a CAGR of 15% in the forecast period from 2020 to 2027.

Traditional medical practices have been followed since the time of Hippocrates, which generally involved patients traveling to the physician locale and waiting for a long period of time to get treatment. However, hospitals today have reduced waiting time considerably with the help of modern technologies such as telephonic appointments. The central factor of traveling to a healthcare facility and waiting for an appointment still persists in most medical institutions across the world hence, in order to suffice the unmet medical needs of people healthcare facilities have amalgamated medical science and instant communication technology to create a novel mode of diagnosis and treatment; which is now known as telemedicine.

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According to the Health Care Cost Institute’s (HCCI) report for the U.S in 2019, the per capita spending on healthcare increased by 4.6% from 2018. This clearly signified the change in trend among patients, with an increased preference for home-based telemedicine services. The safety and convenience of home-based telemedicine was seen as the primary favoring factor for using telemedicine. The decreased risk of acquiring hospital infections is seen as the other factor responsible for choosing telemedicine over traditional medicine.

The global telemedicine market has been primarily segmented in terms of specialty and services offered. Based on medical specialty the market has been further segmented into cardiology, neurology, dermatology, orthopedics, emergency care, internal medicine, gynecology, and other specialty areas such as gastroenterology, pediatric care, ophthalmology, and dentistry. This corresponds with the Center for Disease Control (CDC) study that suggested dermatology cases to be among the most reported cases in an Emergency Room (ER). The highest growth rate however was attributed to the neurology segment that displayed a CAGR of over 15.9% during the forecast period, which was mainly attributed to a large number of strokes, Alzheimer’s, and Parkinson’s cases. Psychiatry is also one aspect included in neurology and globally; psychiatry problems are often included within the neurological or neurodegenerative segments, hence providing for a large patient pool in neurology. Psychiatry consultations are also the most frequently recorded form of neurological consultations worldwide.

By service type, telemonitoring showed the highest market revenue in 2019. Medical consultation services are the most common form of telemedicine used by physicians worldwide for differential diagnosis consultation. Video conferencing and telecommunication services like mobile phones, etc. are the favored forms of telemedicine consultation. Tele-monitoring exhibited the highest growth rate at a CAGR. This growth is in correspondence with a large number of diabetic and disabled patients in the world, which are rising with every passing year. Metabolic disorders like diabetes and other congenital diseases are the primary reason to activate constant monitoring among patients. Insulin injections and blood metabolite monitoring procedures are performed by devices that are then used to extrapolate the patient’s health.

In terms of geography, North America accounted for the largest share of the telemedicine market in the year 2019. This is attributed to factors such as the countrywide implementation of telemedicine and the presence of a majority of telemedicine service providers who have established their base of operation in the U.S. The fastest market growth rate was however exhibited by the Asia Pacific region, which is expected to grow with a CAGR of more than 16%. The ever-growing population in developing and developed countries provide a large market for telemedicine, primarily because of the increased reach of telemedicine services and access to modern communication infrastructure in rural and developing regions. A majority of the developing world’s population lives in rural areas and is therefore inaccessible to proper healthcare. Besides the convenience of location and cost efficiency, increased government initiatives are also supplementing high growth. Additionally, the existence of a large number of technology manufacturing units in this region offering cheaper equipment ensures competitive service pricing and steady market penetration. These factors in combination are expected to assist in the growth of the Asia Pacific market during the forecast period.

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The presence of a significant number of large and small players makes for a highly diverse and fragmented telemedicine market. However, a noted few players present themselves as the largest telemedicine companies globally, these include: CISCO Systems Inc., AMD Global Telemedicine Inc., Polycom Corp., and McKesson Corporation, to name a few. Among these, companies such as CISCO systems and AMD Global Telemedicine Inc. are the leading global companies in telemedicine. For instance, CISCO offers a wide range of TelePresence products and services in order to serve remote patient care and minimize the distance between the patient and healthcare experts through network managed services. The company has a prominent presence in countries such as the United States, Belgium, China, France, India, U.K., Japan, and Italy. CISCO’s “health presence” software is a healthcare exclusive program, designed specifically to cater to the needs of medical professionals and healthcare institutions worldwide. Likewise, AMD offers integrated high-definition video, advanced audio, third-party medical devices, and collaboration tools that provide convenience, efficiency, and high-quality patient care with a high degree of data security as well as privacy.