The global telemedicine market is anticipated to grow significantly at a CAGR of 20.2% during the forecast period (2024-2031). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, the advancements in technology have led to a boost in the demand for online consultation, thereby contributing to the market growth of telemedicine solutions and services during the forecast period. For instance, in April 2020, American Well launched Amwell Private Practice that is a secure, simple, and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID-19 patients.
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Further, in December 2020, Royal Philips, a global leader in health technology, and BioTelemetry, Inc., a supplier of remote cardiac diagnostics and monitoring based in the US, have announced that they have reached an agreement to merge. The indicated enterprise value, including BioTelemetry’s cash and debt, is $ 2.8 billion (around EUR 2.3 billion). In October 2020, UAB Medicine, a nationally recognized leader in patient care, research, and training, and Advanced ICU Care, a provider of high-acuity telemedicine services, have announced a large strategic telemedicine partnership with the technology. The partnership covers the entire UAB Health System, including the University of Alabama at Birmingham Hospital, the country’s third-largest public hospital facility. The partnership began with the construction of a new tele-ICU operations centre in Birmingham, to serve up to 750 ICU beds throughout Alabama and the surrounding states.
In July 2020, Advanced ICU Care, the nation’s premier high-acuity telemedicine provider, recently announced the beginning of tele-ICU services with Salem Regional Medical Center (SRMC) in Salem, Ohio. Advanced ICU Care’s sophisticated technology-enabled care services will equip the hospital’s bedside staff with clinical knowledge 24 hours a day, 7 days a week, 365 days a year, allowing them to give patients the gold standard of critical care. However, the rapid technological advancements and key initiatives by the major players are the factors driving the market growth. Apart from it, there has been a significant rise in telemental health visits during the COVID-19 pandemic, and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.
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Market Coverage
- Segment Covered-
o By Components
o By Applications
o By Mode of Delivery
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- AMD Global Telemedicine Inc., American Well Corp., CareClix Inc., Doctor on Demand Inc., MDlive Inc., Koninklijke Philips N.V, SnapMD, Inc., TeleVital Solutions, USARAD Holdings Inc., and Vitaphone GmbH, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Telemedicine Market Report Segment
By Components
- Hardware
- Software & Services
By Application
- Teleradiology
- Telepsychiatry
- Telepathology
- Teledermatology
- Telecardiology
By Mode of Delivery
- On-Premise
- Cloud-Based
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