Worldwide Telemedicine Market Size Worth US$ 198 Mn By 2027, Growing At A CAGR Of 37.9%

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Telemedicine is driving on account of the requirement of expansion in healthcare access across the globe. Telemedicine helps health care professionals to evaluate, diagnose and treat patients at a distance using telecommunications technology. Telemedicine uses electronic communications and software to provide clinical services to patients without an in-person visit. It is further used for follow-up visits, management of chronic conditions, specialist consultation, and a host of other clinical services that can be done remotely via secure video and audio connections. The Global Telemedicine Market is estimated to see healthy growth, pegged at a CAGR of around 37.9% throughout the forecast period 2021-2027.

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Hospitals are increasingly using telemedicine in the form of smart devices and software in their pursuit of easing clinical communication between hospitals and patients. This allows providers to effectively streamline communication between patients, providers, and their caregivers and allow management of a patient’s condition and the ability to personalize healthcare per patient. Hospitals leverage telemedicine, which also helps manage and access important healthcare data without compromising data security. Further, hospitals and health systems use telemedicine to make an immediate connection to family members, accepting nurses and doctors to post updates on surgical procedures and answer questions about patient care.

Modern innovation in mobile healthcare technology offers the potential to improve clinical communications, enhance learning, and improve patient care. The adoption of mobile apps by clinicians provides the potential to improve clinical communication and access to information systems and clinical tools at the point of care. In clinics, telemedicine is mainly used to check symptoms checkers, manage clinical and financial records, remote patient monitoring, prescription filling, compliance, and so on. Also, it allows clinicians to improve a patient’s dose, lowering the time spent on dose variations and minimizing the number of assays needed for a range of drugs that require therapeutic drug monitoring. An increase in the number of clinics and the increasing adoption of advanced technologies in healthcare facilities are the major forces that boost the demands of telemedicine across the globe.

Moreover, the disease R&D institutes are involved in telemedicine to develop technologists and clinical investigators with the multidisciplinary skills required to generate high-quality mHealth research and solutions. Since the burdens of poverty-associated disease are high in underserved rural communities in developing countries, with medical services often impeded by logistical and economic barriers, displacement, and conflict, this barrier can be overcome using telemedicine.  It can overcome this barrier, enabling reliable and scalable point of care research and services. These institutes are also inclined to develop innovative telemedicine platforms to improve the patient outcome and provide support to clinicians and physicians. Further, the software designed by the disease R&D institute is highly emphasized in several research facilities, including digital health centers, big data labs, and wearable. And the most prominent institutes are advancing these research facilities and exploring the benefits of wearable sensor technology.

Segmentation Overview of the Global Telemedicine Market

The telemedicine market is segmented into component, mode of delivery, application, and end user. These major market segments are further categorized into various sub-segments to study the market in detail.

By Component Outlook (Hardware and Software)
By Mode of Delivery Outlook (Cloud-based and On-premise)
By Application Outlook (Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, and Other Applications)
By End user Outlook (Providers, Payers, Patients, and Other End Users)

Key Players Insights
Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLive, Doctor on Demand, Medvivo Group Ltd, Asahi Kasie Corporation, Iron Bow Technologies, Telespecialists Llc, GlobalMed, MedWeb, IMediplus Inc., Vsee, Chiron Health, Zipnosis, and others, are some key market players included in the research study of the global telemedicine market.

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