Business Impacts of COVID-19 on Telemedicine Market. Strategies of Major Industry Competitors

The geriatric population is increasing across the world. As per the World Population Aging report by the United Nations Department of Economics and Social Affairs, the number of people aged 60 years and over rose from 382 million in 1980 to 962 million in 2017. This number is further projected to increase to 2.1 billion by 2050. Aged people are more susceptible to diseases and need regular care in order to maintain their conditions. However, it’s hard for older people to go to medical facilities again and again for check-ups, which is why, the requirement for remote healthcare facilities is growing rapidly.

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People these days are increasingly making use of telemedicine services, as they aid in improving patient outcomes and quality of treatment. Telemedicine enables healthcare professionals to diagnose, treat, and evaluate patients from a distance by making use od telecommunication technologies. This technology is mostly utilized for follow-up visits, medication management, management of chronic diseases, specialist consultations, and other clinical services which can be offered remotely via audio and video connections. Due to this, the global telemedicine market size is expected to attain $48.8 billion, increasing from $21.5 billion in 2017, progressing at a 14.8% CAGR during the forecast period.

Tele home and tele-hospital & clinic are the two types of telemedicine solutions, between which, the demand for tele-hospital & clinic was higher in the past. This is particularly because of the surging burden of health conditions associated with changes in lifestyles. Apart from this, the demand for tele home is also predicted to rise in the near future, owing to the facility of monitoring patient health remotely. Different kinds of telemedicine services are tele-training, tele-consulting, tele-education, and tele-monitoring. Among these, the adoption if tele-consulting services was highest in the past.

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The telemedicine market is fragmented in nature, with the presence of small and big players, such as Polycom Inc., Allscripts Healthcare Solutions Inc., McKesson Corporation, Cisco Systems Inc., Medtronic plc, Cerner Corporation, Honeywell International Inc., Koninklijke Philips N.V., InTouch Technologies Inc., Aerotel Medical Systems Ltd., and AMD Global Telemedicine Inc.

Market Segmentation by Type

• Tele-hospital and clinic
• Tele-home

Market Segmentation by Service

• Tele-consulting
• Tele-monitoring
• Tele-education
• Tele-training

Market Segmentation by Specialty

• Dermatology
• Gynecology
• Cardiology
• Neurology
• Orthopedics

Report Coverage

• Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis
• Porter analysis identifies competitive forces within the market
• Provides information on the historical and current market size and the future potential of the market
• Provides sizes of key regional markets using yardsticks of segments
• Highlights the competitive scenario of the market and major competitors

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Tags: Telemedicine Industry, Telemedicine Market, Telemedicine Market Trends