Telemedicine Market 2021 Global Industry Trends and Forecast to 2027

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Telemedicine Market size is set to register lucrative gains during the forecast timeframe led by the increasing prevalence of chronic diseases.

An exponential rise in the use of smartphones and mobile applications has driven the global telemedicine market value. Mobile/web-based telemedicine solutions provide user-friendly customization and easy integration. In recent years, patients have exhibited increased interest in virtual visits following the prevalence of apps. It has paved a new way for doctor consultations and has helped bridge the gap between a patient and doctor, driving the trend for telemedicine.

Telehealth has witnessed a marked rise in popularity and has become a compelling platform that provides emergency consultation. It has become a helping hand across segments, including gynecology, psychiatry, pediatrics, neurology, dermatology and cardiology. Based on revenue, the global market size will surpass USD 186.7 billion by 2027.

Amidst the COVID-19 pandemic, stakeholders are realizing the benefits of telemedicine that has become a convenient way of addressing health issues. Healthcare providers and other stakeholders are likely to cash in on the prevailing trends:

Tele-education slated to bring a paradigm shift

Tele-education services are changing the dynamics in the healthcare sector with enhanced standards of nursing. It has become a cost-effective method to provide emergency treatments and save the lives of individuals residing in remote locations. Further, the rising significance of information and communication technology and its growing significance in the healthcare sector are touted to drive tele-education and training needs across the globe. The tele-education/training segment will expand at a strong growth rate of 19.9% through 2027.

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Telehospitals to grow in prominence

Telehospitals have become a major market for the use of telecommunications technologies and electrical information to foster long-distance clinical health care, patient and professional health-related training and education. Remote patient monitoring, live video conferencing and streaming media have become massively popular through telehospitals. The telehospital segment held around 65.8% of telemedicine market share in 2020 and will expand at a notable rate through 2027.

Dermatology to seek telemedicine

Setting up dermatology centers for delivering accessible and affordable quality medical health will gain impetus in the next few years. The trend for telemedicine has become pronounced to streamline dermatological consultation. During the COVID-19 pandemic, several dermatologists have preferred seeing patients virtually through telemedicine. Telemedicine appointments through video conferencing and telephone calls with dermatologists have become the new norm. The telemedicine market value from the dermatology segment was around USD 14.6 billion in 2020 and will grow at a healthy rate up to 2027.

Telemedicine through web becomes common

Notable growth in internet penetration has reinforced the trend for telemedicine across the globe. Healthcare providers and patients have shown an inclination for web and mobile-based telemedicine platforms for easy integration, easy accessibility and customization. The delivery mode will create opportunities that enable information communication and technology platforms for seamless delivery of health services. It will lead to a reduced hospital stay and minimize travel time for accessing healthcare services. The telemedicine market share from web/mobile segment is projected to be valued at around USD 115.4 billion by 2027.

Creating growth opportunities in Europe

Considering the challenges in accessing basic healthcare services in many areas, telemedicine companies are envisaging growth potentials in the Europe market. The technology is leveraging seamless integration and communication with urban doctors for specialized treatment and consultation. Not to mention, there are major telecom firms and healthcare providers in the region. The growing prevalence of obstructive sleep apnea (OSA), hypertension and diabetes has augmented the demand for telemedicine services.

Future investments in telemedicine will lead to enhanced access to healthcare, utilization of resources and will stimulate the demand for remote patient monitoring services. The telemedicine market value is likely to flourish with innovations and the availability of mobile based telehealth options.

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