Fortune Business Insights in a new report, titled “Telemedicine Market Size, Share and Global Trend By Type (Products, Services), By Application (Teleradiology,m Telepathology, Teledermatology, Telepsychiatry, Telecardiology, Others), By Modality (Store-and-forward (Asynchronous) , Real-time (Synchronous), Others) and Geography Forecast till 2026: Global Market Analysis, Insights and Forecast, 2019-2026” predicts the market to rise at a CAGR of 23.5% between 2019 and 2026.
Increasing penetration of smartphones in developing as well as developed regions is enabling growth in the market. Telemedicine allows medical practitioners and clinicians to access patient’s health records such as computed tomography, X-rays, electrocardiogram, and others.
Some of the major companies that are present in the Global Telemedicine Market
- American Well
- Teladoc Health, Inc.
- InTouch Technologies, Inc.
- Doctor On Demand, Inc.
- MDLIVE Inc.
- Encounter Telemedicine
- SnapMD, Inc.
- Other players
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As per the report, the global market for telemedicine was valued at US$ 34,289.2 Mn in the year 2018 and is anticipated to reach US$ 185,669.6 Mn by 2026. The analysts stated that technological developments in telemedicine products would make healthcare more accessible and affordable to all. Spurred by this, the telemedicine market growth is likely to increase in the forthcoming years.
The global telemedicine market is highly competitive and is likely to witness the entry of new players, besides the launch of new products. Recently in May 2019, a telemedicine company called CirrusMD Inc. raised around US$ 15 million by Drive Capital. The company aims to offer seamless communication between patients and doctors online. Rapid advancements in information and communication technology (ICT) has revolutionized the healthcare industry.
“Teleradiology to Cover Leading Share Among Application Segments”
Telemedicine services are anticipated to lead the market during the forecast period. Presence of favorable reimbursement policies on teleconsultation is one of the primary factors responsible for the growth of telemedicine services.
Other factors such as the entry of new players and increasing adoption of real-time communication devices are driving the telemedicine services segment. Driven by these factors, the telemedicine market size is expected to increase over the projected horizon. Among application, teleradiology is projected to cover leading share in the market.
Other segments based on application include teledermatology, telepathology, and telepsychiatry. Healthcare providers are increasingly adopting Picture Archiving and Communication System or PACS. This system securely stores and transmits electronic images from anywhere in the world. It enables easy transmission of images with the help of Electronic Health Records (EHR).
“Active Government Support Catapults North America Market”
From a geographical standpoint, North America is anticipated to emerge dominant in the global telemedicine market. Governments in this region are planning to develop favorable reimbursement policies and practice standards for telemedicine and e-health. This, coupled with increasing patient pool, is boosting the market in North America.
The Senate in Florida passed a House Bill 23 in April 2019, establishing standards of practice for telemedicine and telehealth providers. As the aging population is increasing and preference towards telemedicine is rising, the number of e-health visits are increasing exponentially. This will further increase the telemedicine market share in North America.
Apart from North America, Europe is also expected to grow considerably primarily on account of increasing technological advancements in telecommunications. In addition to this, increasing start-up funding is expected to help the market expand in Europe. Increasing geriatric and rural population are factors attributable to the growth of the market in Asia Pacific.
“Comcast and Independence Health Group’s Partnership to Improve Delivery Experience Between Patients and Providers”
Companies such as GlobalMed, InTouch Technologies, Inc., MeMD, MDLIVE Inc., 2nd.MD, Encounter Telemedicine, and SnapMD, Inc. are functioning in the global telemedicine market. However, some companies such as American Well, Doctor On Demand, and Teladoc Health are leading the market. This is predominantly attributable to their strong customer reach and an increasing number of online consultation.
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These companies are continuously focusing on collaborations, acquisitions, and other strategies to increase their market share. For instance, InTouch Health launched a virtual care platform called Solo in April 2019.
This platform is a fully integrated end-to-end platform, accommodates multiple settings, and can be used by any user. In the same year, Comcast partnered with Independence Health Group to develop a new communication platform enabled with patient-centered technology. This platform aims to enhance the overall efficiency and experience of patients and healthcare providers.
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