Analysis of Potential Impact of COVID-19 on Telemedicine Market

[Pavan Ishi]

The increasing presence of vast telemedicine providers is projected to add a boost to the growth of the global telemedicine market. Telemedicine is a clinical benefit presented to patients distantly through telecom or video conferencing apparatuses. This is alluded to as clinical practice for the patients with the nonphysical presence of patients and medical care suppliers. Telemedicine frameworks are an expansion of the clinical practice in many created and non-industrial nations with a huge country populace. Such distantly found people have been enormously benefitted by the presence of telemedicine for their normal medical care arrangements.

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Dermatology Segment Holding Highest Shares owing to Increasing Prevalence of Skin Issues Worldwide

Based on the specialty segment, the market is classified into neurology, dermatology, internal medicine, cardiology, emergency care, gynecology, orthopedics, and others. Among these, the market was dominated by the dermatology segment in the year 2018. Also, dermatological sicknesses require individual consideration and therapy, which is assessed to support the interest of the telemedicine administrations. With protection being presented to the patient, without making a trip to the medical clinic, telemedicine in dermatology practice is relied upon to develop consistently during the figure time frame.

According to Transparency Market Research, the global telemedicine market is projected to expand at a CAGR of 14% between 2019 and 2027 and rise significantly from revenue of USD 27.51 billion earned in 2018.

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Increasing Awareness about Better Therapeutic Practices will Augment Demand for Telemedicine

Governments across the world have expanded spending on medical care and related administrations because of developing wellbeing concerns and the ascent in non-irresistible illnesses. Additionally, genuine spending on medical care developed at a quicker rate which was supposedly higher than the public pay development rate.  The expanding patient pool has made a tremendous weight on existing medical services frameworks of the world. Patient grievances and contaminations have made gentle frenzy circumstances in created and non-industrial nations. A considerable lot of these cases emerge because of deception in regards to clinical applications and superfluous disarray or frenzy. These issues can be adequately sifted through via prepared front-level clinical experts i.e., nursing staff and practice specialists. This sifting can be productively executed to diminish responsibility and increment the adequacy and usefulness of experienced clinical specialists, who are scant in numerous areas. This likewise works on quiet consideration and prepares for giving expanded consideration toward more genuine cases that are profoundly time-bound.

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Nonstop development in the geriatric populace is relied upon to be one of the possible drivers of the telemedicine market during the estimated time frame. Maturing populaces are inclined to long haul care and other persistent illnesses including cardiology, muscular and different conditions, this is one central point driving the interest for telemedicine administrations.

The cash-based per capita spending on medical care has expanded beyond a couple of years across individuals across the globe. In this manner, there has been enormous interest in close-to-home medical care administrations among the developing patient weight. These outpatients had moved to different types of patient consideration i.e., telemedicine, which saw a consistent development rate.

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Demographically, the market is dominated by North America on account of the presence of vast telemedicine providers across the developed nations such as the United States and Canada. Besides this, the presence of technological advancement, coupled with supportive government regulations and favorable reimbursement policies and health insurances will further help this region continue dominating the market in the coming years as well. On the other side, Asia Pacific is likely to witness promising growth opportunities on account of the improving healthcare infrastructure and facilities in the developing nations and the presence of low-cost manufacturers. The presence of a high population and the increasing prevalence of non-communicable, communicable, and lifestyle diseases, and improving the medical tourism industry in the developing nations of this region will further add a boost to the regional growth of this market.

The nature of market competition is highly fragmented for the global telemedicine market on account of the presence of multiple players. Major strategies adopted by players include merger and acquisition, joint ventures, and others.

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The information presented in this report is derived from Transparency Market Research, titled, “Telemedicine Market (Specialty, Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Others) and Services (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027.”

Prominent players of the global telemedicine market include  McKesson Corporation, OBS Medical Ltd., BioTelemetry, Inc., Honeywell HomMed LLC, CISCO Systems Inc., LLC and/or its affiliates, Agfa-Gevaert Group, Siemens Healthcare Private Limited, Medtronic, InTouch Technologies LLC., F.Hoffmann-La Roche Ltd., AMD Global Telemedicine, Allscripts Healthcare, and others.

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