LONDON, Jan. 20, 2021 /PRNewswire/ -- The urgent need for social distancing to contain COVID-19 has given the global telemedicine market a perfect opportunity, assesses Fairfield Market Research. The global telemedicine market is anticipated to reach US$ 152.1 Bn by 2025 from US$ 82.7 Bn in 2020, surging at a CAGR of 19% from 2021 to 2025.
The market holds great opportunities ever since the World Health Organization declared telemedicine as one of the essential services during the COVID-19 pandemic to tackle emergencies. Telemedicine ensured seamless solutions and access to high-quality healthcare services, improved clinical management and essential care delivery during the pandemic, which has presented the market an exponential opportunity. The latest report by Fairfield Market Research indicates that virtual care delivery by healthcare could be a huge step-up in handling remote medical care in the near future.
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Global outbreak has bolstered the demand for telemedicine as it assists patients in communicating effectively to their caregivers or doctors. This has reduced the stress on medical professionals by reducing the frequency of hospitalization, room visits, cross-contamination and hospital-acquired infections.
Social Distancing Accelerates Demand for Mobile or Web-based Segment
The mobile or web-based segment will likely dominate the global market as the ongoing COVID-19 pandemic continues to wreak havoc. Rising number of people are opting for telemedicine solutions as it provides easy access to medical care from the comfort of home. Furthermore, reduced travel time and waiting period at clinics have proven to be cost-effective and safe, prompting many to opt for telemedicine for consultations. This rise in demand has encouraged service providers and users to develop cloud-based solutions. The high magnitude of demand and quick solutions will act as excellent drivers for the mobile or web-based segments in the global telemedicine market in the coming years.
Consumer Fear Regarding Data Safety to Hamper Market Growth
The market is however is expected to face certain restraints such as safety issues and data privacy. Patients and practitioners are sceptical about adapting to new technology as a breach of privacy and data theft continues to be looming fear amongst end users. The cost of implementing new technology is also high, thus, making it less attractive to many. Additionally, many rural areas cannot access these services due to lack of internet facilities and higher illiteracy, especially in developing parts of the world.
Large Consumer Base and Tech Savvy Industry to Boost Demand for Telemedicine in North America
North America is expected to lead the global market as this region has a large consumer base and well-established healthcare industry that is tech-savvy. Furthermore, the region also boasts key players, which has given it a head start in terms of adoption and application. Currently, there are around 200 networked telemedicine programs in the U.S.A that are allocating telemedicine access to more than 3000 rural sites. This region is also technologically advanced due to hefty investments from government bodies for research and development activities.
Asia Pacific is also expected to rise in the global competition as this region is witnessing technological advancement in digital imaging. Government initiatives such as the recent launch of National Digital Health Mission by the Indian Government will also accelerate the market growth in this region.
Key Players Utilizing COVID-19 Crisis to Introduce Technologically Advanced Services
Key players are actively investing in research and development activities to stay ahead of the competition by introducing technologically advanced services. The market is also expected to witness the rise of new entrants as companies are actively trying to benefit from the COVID-19 lockdown crisis. Companies are focusing on expanding their consumer base by launching cost-effective and quality services.
The key players operating in the global telemedicine market are 2nd.MD, Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, BioTelemetry, Blue Sky Telehealth, Cerner Corporation, Cisco Systems, Doctolib, Eagle Telemedicine, Honeywell International Inc, iCLiniq, InSight, InTouch Technologies, Koninklijke Philips N.V., McKesson Corporation, MDLive, MeMD, OBS Medical, Polycom Inc., SOC Telemed, Specialist Telemed.
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