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From The Blog

Global Telemedicine Market Size 2020-2027 | To Reach USD 396.76 Billion at a CAGR of 25.8%

October 12, 2021

Pune, India, Oct. 06, 2021 (GLOBE NEWSWIRE) -- According to the report, Telemedicine Market size is to reach USD 396.76 billion value at a CAGR of 25.8% during forecast period of 2021 To 2027. Telemedicine is used in diverse sectors, which include cardiology, radiology, behavioural health, and others. This will further give rise to new healthcare business models in telemedicine. People around the world prefer virtual consultation as it reduces the cost of other healthcare services such as hospital stays.

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.

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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).  

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.

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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.

Artificial intelligence-powered booths in local malls have emerged in the past few years. The system includes a smart medicine cabinet that could dispense more than 100 medications. In November 2018, Ping An Good Doctor announced the launch of a tiny unstaffed clinic that incorporates artificial intelligence. Patients who require immediate consultations can sit in the three-square meter booth and consult with a doctor, which functions through artificial intelligence.

Report CoverageDetailsForecast Period2020 to 2027Forecast Period 2020 to 2027 CAGR25.8%2027 Value ProjectionUSD 396.76 billionBase Year2019Market Size in 2020USD 79.79 billionHistorical Data for2016-2018No. of Pages146Segments coveredType, Modality, Application, End User, and RegionGrowth DriversSignificant Reduction in Healthcare Cost Burden to Boost Growth

Technological Advancements to Foster Growth of Market

Major key Players studied in report:

  • American Well (Boston, U.S.)
  • MDLIVE Inc. (Sunrise, U.S)
  • Teladoc Health Inc. (Purchase, U.S.)
  • Doctor on Demand Inc. (San Francisco, U.S.)
  • MeMD (Arizona, U.S.)
  • Encounter Telehealth (Nebraska, U.S.)
  • Global Med (Arizona, U.S.)
  • SnapMD (California, U.S.)