Major players in the telemedicine services market are AMD Global Telemedicine Inc, Philips Healthcare, Cisco Systems, Inc, McKesson Corporation, Allscripts Healthcare Solutions Inc., GE Healthcare Ltd., Cerner Corporation, BioTelemetry Inc and Teladoc.
The global telemedicine services market will grow from $103.06 billion in 2022 to $131.75 billion in 2023 at a compound annual growth rate (CAGR) of 27.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The telemedicine services market is expected to grow to $262.33 billion in 2027 at a CAGR of 18.8%.
The telemedicine services market includes revenues earned by entities by providing teleneuropsychology, telenursing, telepharmacy, and telerehabilitation services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Telemedicine services are health care services provided via video chat, phone calls, and text messages. Patients can use telemedicine for physical examination as well as to ask questions regarding health concerns.
North America was the largest region in the telemedicine services market in 2022.Asia Pacific was the second largest region in telemedicine services market.
The regions covered in the telemedicine services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of telemedicine services are web-based, cloud-based, and on-premises.Cloud-based solutions provide healthcare providers financial, logistical, and functional advantages over in-house client-server systems.
Cloud computing provides cost flexibility as well as the potential for cost reductions. The different technologies include store and foreward, real time and is used in teleradiology, telepsychiatry, telepathology, teledermatalogy, telecardiology.
Rising cases of COVID 19 infections across the globe is driving the telemedicine services market.As of December 2020, the total number of active cases around the world is around 19,649,961 million and expected to increase until the availability of vaccines.
Telemedicine services will provide healthcare services to the COVID 19 affected people as they cannot step out to avail the services. Rising cases of COVID 19 infections across the globe is expected to boost the demand for the telemedicine services market.
Breach in the data makes the patients uncomfortable on sharing personal information that would help the physicians to diagnose the patients’ health, affecting the telemedicines market negatively.Telemedicine services are provided online or through calls and might not have much security for storing the data, or in some cases the telemedicine companies may use third-party servers to store the customer data to cut down the maintenance cost, which might lead to easy data breaches.
For instance, according to Hippa Journal, the official publication of the American Health Information Management Association, the Office for Civil Rights (OCR) of the Department of Health and Human Services (HHS) received 347 reports of healthcare data breaches involving 500 or more records between January 1, 2022, and June 30, 2022.
Telemedicine is increasingly being accepted and insurance companies and government-regulated health care programs are increasingly covering telemedicine services in their plans.The governments are probing companies to make changes to the policies to cover the services under their schemes.
For instance, in March 2020, in response to the coronavirus outbreak, the US government announced that private insurers will be covering the cost of coronavirus testing and telemedicine services for patients.
In April 2022, Patient Square Capital, a US-based healthcare investment firm, acquired SOC Telemed for an undisclosed amount.Through this acquisition, Patient Square Capital will help SOC Telemed to be well-positioned to fulfill the expanding demands of patients, clinicians, and our hospital partners.
SOC Telemed is US-based company specializing in telemedicine technology and solutions.
The countries covered in the telemedicine services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The telemedicine services market research report is one of a series of new reports that provides telemedicine services market statistics, including telemedicine services industry global market size, regional shares, competitors with a telemedicine services market share, detailed telemedicine services market segments, market trends and opportunities, and any further data you may need to thrive in the telemedicine services industry. This telemedicine services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.