Valued at $ 178 billion by 2026, telemedicine is expected to experience robust growth globally
SAN FRANCISCO, November 16, 2021 / PRNewswire / – A new market study released by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Telemedicine – Global Market Trajectory & Analytics”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.
FACTS AT A GLANCE
Editing: 15; Posted: October 2021
Executive pool: 1966
Companies: 344 – Actors covered include Aerotel Medical Systems Ltd .; Allscripts Healthcare Solutions, Inc .; AMD Global; American well; BioTelemetry, Inc; Cardiocom, LLC; CISCO systems; Doctor on Demand, Inc; F. Hoffmann-La Roche LtÃ©e; GlobalMedia Group, LLC. ; InTouch Technologies, Inc; MDLIVE Inc; MeMD; Premier Health Group Inc .; Teladoc Health, Inc; Telemedicine, Inc .; TELUS Health; WELL Health Technologies Corp et al.
Blanket: All major geographies and key segments
Segments: Component (software and services, hardware); Application (Tele-Radiology, Tele-Psychiatry, Tele-Stroke, Tele-Dermatology, Tele-Consultation, Other Applications); End use (provider, payer, patient, other end use)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Rest of the world.
Free project preview – This is an ongoing global program. Preview our research program before making a purchase decision. We offer free access to qualified executives in charge of strategy, business development, sales and marketing and product management roles in selected companies. Insights provide privileged access to business trends; competing brands; profiles of experts in the field; and market data models and more. You can also create your own bespoke report using our MarketGlassâ¢ Platform that offers thousands of bytes of data with no obligation to purchase our report. Registry overview
Global telemedicine market to reach 178 billion US dollars by 2026
Telemedicine is on the verge of evolving from its role as a complement to modern medicine to become an essential and indispensable part of the health system. Telemedicine refers to the practice of improving patient health from a distance through the exchange of medical information through electronic communication technologies. The growth of the global market is influenced by trends such as the growth of chronic diseases in the BRIC countries, the increase in telecommunications, and the demand in rural areas for improved healthcare facilities. The COVID-19 pandemic has caused a sharp increase in the global telemedicine market. The coronavirus outbreak was widespread, which had a significant positive impact on market demand, throughout 2020, when online consultation for various health issues became the norm. Going forward, countries would continue to embrace telemedicine processes in a major way as a critical step towards reducing overall health care costs. Another important factor that would boost the telemedicine market in the future would be the increasing prevalence of autism, epilepsy, PD, Alzheimer’s disease, and other neurological disorders. Another important growth factor for the market is the growth of the geriatric population. Other factors driving the growth of the telemedicine market globally are the inherent benefits, including reduced diagnostic variations, better clinical management as well as efficient delivery of care through improved access and better quality of care. health services.
Amid the COVID-19 crisis, the global telemedicine market is estimated to be 36.5 billion US dollars in 2020, is expected to reach a revised size of 178 billion US dollars by 2026, with a CAGR of 30.1% over the analysis period. Software and Services, one of the segments analyzed in the report, is expected to grow at a CAGR of 29.4% to reach 162.3 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Hardware segment is readjusted to a revised CAGR of 32% for the next 7 year period. This segment currently represents a 26.8% share of the global telemedicine market. Telemedicine software and electronic communications allow healthcare providers to treat patients via video conference using a smartphone, eliminating the need for a physical patient consultation in person.
The US market is estimated at $ 15.1 billion in 2021, when China is expected to reach $ 15.5 billion by 2026
The telemedicine market in the United States is estimated at US $ 15.1 billion in 2021. The country currently represents a 32.47% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 15.5 billion during the year 2026, with a CAGR of 36.2% during the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 26.4% and 27.2% respectively during the analysis period. In Europe, Germany is expected to grow by around 29% CAGR while the rest of the European market (as defined in the study) will reach US $ 21 billion at the end of the analysis period. North America accounts for a larger share of the telemedicine market due to the increasing use of high-speed internet and the widespread adoption of smart devices. Convenience, access to care, favorable cost and reimbursement, and quality of care are the main factors driving the demand for telemedicine. Europe represents the second largest regional market and is driven by strong impetus from government initiatives. The growing interest in telemedicine and the growing penetration of smart devices are fostering the prospects for telemedicine in Asia Pacific Region. Following
Glass Marketâ¢ Platform
Our market Glassâ¢ Platform is a free comprehensive knowledge center that is custom configurable to meet the intelligence needs of today’s busy business leaders! This interactive influencer-driven research platform is at the heart of our core research engagements and draws on the unique perspectives of participating leaders from around the world. Features include – enterprise-wide peer-to-peer collaborations; overviews of research programs relevant to your business; 3.4 million profiles of experts in the field; competitive company profiles; interactive research modules; custom report generation; monitor market trends; competing brands; create and publish blogs and podcasts using our primary and secondary content; follow events in the field around the world; and much more. Client companies will have full insider access to the project’s data stacks. Currently used by over 67,000 subject matter experts around the world.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our new mobile application on iOS or Android
About Global Industry Analysts, Inc. & StrategyRâ¢
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher, the only influencer-focused market research company in the world. Proudly serving more than 42,000 clients in 36 countries, GIA has been recognized for its accurate forecasting of markets and industries for more than 33 years.
Director, Corporate Communications
Global Industry Analysts, Inc.
Email: [email protected]
Join our panel of experts
Connect with us on LinkedIn
Follow us on twitter
Journalists and media
View original content to download multimedia: https://www.prnewswire.com/news-releases/valued-to-be-178-billion-by-2026-telemedicine-slated-for-robust-growth-worldwide-301423771 .html
SOURCE Global Industry Analysts, Inc.