Telemedicine Market to Reach US$ 202.8 Billion by 2027 Globally |CAGR: 18.5%

A comprehensive overview of the Telemedicine market is recently added by UnivDatos Market Insights to its humongous database. The Telemedicine market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Telemedicine market. The Telemedicine market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Telemedicine market at the global and regional level. Global Telemedicine Market is expected to grow at a CAGR of 18.5% during the forecast period of 2021-27.

Market Overview

Telemedicine is the distribution of healthcare facilities, anywhere distance is a perilous aspect. It is provided by health care professionals via technologies. This information is converted for the diagnosis, treatment, prevention of disease or injuries through research and evaluation, and at last, the results are provided to patients. For instance, in 2016, Maryland, Frederick Memorial Hospital's virtual healthcare podium amplified the rate of patient care by 50%. Also, as per the Virtual Care blog, Telemedicine contributes almost one-fourth of the health IT market, which was about USD 15.6 billion in 2014 and it upsurged to nearly USD 20 billion by 2019. Moreover, the patients and healthcare professionals are shifting towards telemedicine due to their ease of operations, cost and time savings, etc.

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Telemedicine gives a progressive outlook for the preservation of records and documentation of patient's health. It minimizes the possibility of missing out on any advice from doctors or other healthcare professionals. Owing to this, the doctors have an exact document of the advice provided by them through teleconsultation. This provides legal protection to both the parties including the patient and healthcare professionals. Furthermore, according to the American Journal of Accountable Care, the routine of telemedicine permits improved long-term care of administration and patient gratification. In addition, the Geisinger Health-Plan study stated that the execution of a telemedicine program produced about 11% in cost savings. This directs the arrival of more investment in telemedicine.

COVID-19 Impact

The sudden outburst of the COVID-19 pandemic has fetched the entire world to a stoppage. As hospitals are getting occupied with COVID-19 cases, the burden on healthcare staff witnessed a significant rise. Currently, Telemedicine has appeared as a defendant in the combat against the COVID-19 pandemic. The majority of the patients are using virtual visit facilities for their safety. For instance, Teladoc Health Inc. reported a 60% intensification in the number of virtual sessions and reached 2 million in just three months from January to March 2020, compared to the fourth quarter of 2019. Also, according to the Vidyo Telehealth Adoption Survey 2019, 46% of surveyed health care benefactors (hospitals and clinics) practice live videoconferencing, and 41% practice Remote Patient Monitoring for medical care. The Store-and-Forward province is third with 26%.  These statistics indicate that virtual assessments are likely to become a more promising part of patient care.

Telemedicine Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Service, the market is primarily bifurcated into

• Tele-consulting
• Tele-monitoring
• Tele-education

The Tele-consulting segment generated more than 45% revenue in 2020. The market is expected to grow at a significant rate during the forecast period as it allows patients to have an appointment with experts at any time, without any waiting period.

By Specialty, the market is primarily segmented into

• Cardiology
• Neurology
• Dermatology
• Gynecology
• Orthopedics
• Mental health
• Others

Amongst Specialty, the Mental health or Telepsychiatry segment dominated the market by adding 21% revenue in 2020.

By Delivery mode, the market is primarily bifurcated into

• Web/Mobile
• Call Canters

The Web/Mobile segment accounted for the major revenue portion of 75.2% in 2020. The sector is anticipated to observe significant growth in the upcoming years through offering direct admittance to care delivery solutions.

By Modality, the market is primarily bifurcated into

• Real-time
• Store
• Forward and others

The real-time segment is anticipated to observe profitable growth due to the extreme rise in the number of virtual visits. According to the On-demand Virtual Care Benchmark Survey, 32.1% of doctors in the United States had an on-demand virtual care service in 2018. This is expected to boost the substantial growth of the real-time segment.

By End-user, the market is primarily bifurcated into

• Providers
• Payers
• Patients
• Others

The Providers segment is anticipated to observe lucrative growth of more than 41.2% due to the extreme rise in the number of virtual visits.

Telemedicine Market Geographical Segmentation Includes:

• North America (the United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
• Rest of the World

Based on the estimation, North America constitutes a major market for the Telemedicine industry and generated maximum revenue in 2020 owing to the increasing number of teleconsultations, and rising healthcare spending in the region.

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The major players targeting the market includes

• American Well
• SteadyMD, Inc.
• Maven, Inc.
• HealthTap, Inc.
• BioTelemetry, Inc.
• MDlive, Inc.
• CVS Health
• Teladoc Health, Inc
• Doctor on Demand, Inc
• Plantronics, Inc. (Polycom)

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Telemedicine market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Telemedicine market?
• Which factors are influencing the Telemedicine market over the forecast period?
• What are the global challenges, threats, and risks in the Telemedicine market?
• Which factors are propelling and restraining the Telemedicine market?
• What are the demanding global regions of the Telemedicine market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.

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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:

What is the aim of the report?

• The market report presents the estimated market size of Telemedicine market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
• The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
• The various parameters accelerating the growth of Market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

• Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
• The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
• The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
• Based on what factors are the key market players assessed in this report?
• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in the Market including Key Playes
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
• the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

• Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.

• The report offers the present scenario and future growth prospects Market in various geographical regions.
• The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
• The SWOT analysis is conducted along with Porter's Five Force analysis.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.