Global Telemedicine Market to Reach US$178 Billion by the Year 2026

Telemedicine is poised to evolve from its role as a supplement to modern medicine to emerge as an essential and indispensable part of the healthcare system. Telemedicine refers to the practice of improving patient`s health remotely through the exchange of medical information through electronic communication technologies. Growth in the global market is influenced by trends such as growth in chronic diseases in BRIC countries, rise in telecommunication, and demand from rural areas for improved health care facilities. The COVID-19 pandemic led to a major surge in the global market for telemedicine. Outbreak of coronavirus was widespread, which led to a significant positive impact on market demand, throughout 2020 when online consultation for various health queries became the norm. Going forward, nations would continue to embrace telemedicine processes in a major way in the form of a critical step towards reducing overall healthcare cost. Another important factor that would drive market for telemedicine going forward would be the increasing prevalence of autism, epilepsy, PD, Alzheimer`s and such other neurological disorders. Growing geriatric population is another important growth promoting factor for the market. Other factors promoting growth for the telemedicine market at the global level are the inherent advantages including reduced diagnosis variations, better clinical management as well as effective delivery of care through improved access to and also quality of healthcare services.

Amid the COVID-19 crisis, the global market for Telemedicine estimated at US$36.5 Billion in the year 2020, is projected to reach a revised size of US$178 Billion by 2026, growing at a CAGR of 30.1% over the analysis period. Software & Services, one of the segments analyzed in the report, is projected to grow at a 29.4% CAGR to reach US$162.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 32% CAGR for the next 7-year period. This segment currently accounts for a 26.8% share of the global Telemedicine market. Telemedicine software and electronic communications enables healthcare providers treat patients through video conferencing using a smart phone, thus eliminating the need for patient`s in-person physical consultation.

The U.S. Market is Estimated at $15.1 Billion in 2021, While China is Forecast to Reach $15.5 Billion by 2026

The Telemedicine market in the U.S. is estimated at US$15.1 Billion in the year 2021. The country currently accounts for a 32.47% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$15.5 Billion in the year 2026 trailing a CAGR of 36.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 26.4% and 27.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 29% CAGR while Rest of European market (as defined in the study) will reach US$21 Billion by the end of the analysis period. North America accounts for bigger share of the telemedicine market owing to the rising usage of high-speed Internet and widespread adoption of smart devices. Convenience, access to care, favorable cost and reimbursement, and quality of care are the major factors driving demand for telemedicine. Europe represents the second major regional market, and is driven by robust impetus from governmental initiatives. Growing interest in telemedicine and rising penetration of smart devices favor the prospects for telemedicine in Asia-Pacific region.