Telemedicine Market Size & Share 2020-2026, North America, Europe & APAC Industry Statistics with COVID-19 Impact Analysis: Graphical Research
Europe carsharing market size to cross $49.1 billion valuation by 2026 | Asia Pacific industry to register 21.8 % CAGR through the projected duration | Teleconsulting segment to boost growth in North American market
Pune, India – August 3, 2021 /MarketersMedia/ —
Telemedicine market report added by Graphical Research offers industry size, share, growth, trends and forecast analysis up to 2024. The market report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the ++ market and provides information regarding the revenue for the period 2020 to 2026.
The following top nine trends across the prominent regional markets are demarcating the global telemedicine industry outlook:
Spike in demand assisting Europe to capture $49.1 billion by 2026
The Europe telemedicine market is expected to surpass $49.1 billion by 2026, considering the recent spike in the demand for video consultation across the region. In 2019, the market was estimated at $12.8 billion and is projected to exhibit a high CAGR of 19.1% between 2020 and 2026. The convenience, cost-effectiveness, and time-saving benefit offered by telemedicine have been the key factors stimulating the growth of the market. Apart from this, the current covid-19 situation is also fueling growth.
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Telehome services to remain popular in Europe as more patients prefer contactless alternatives
The telehome segment is projected to rise at a 19.5% CAGR through the forthcoming period and was the leading segment by type in 2019. With the governments around the world imposing lockdown, the adherence to practices such as social distancing and hygiene related measures has instigated a large volume of patients to adopt contactless telehome services. The increasing deployment of remote patient monitoring devices has also been aiding the progression of the Europe telemedicine market.
Asia Pacific to progress appreciably by 2026
The telemedicine market in Asia Pacific is expected to present lucrative opportunities in the forthcoming years and is anticipated to collect more than $15.9 billion by 2026, driven by a plethora of factors such as increasing government initiatives for introduction and advancement of healthcare infrastructure, R&D activities, and rapid penetration of technology.
According to a study, almost 85% of patients are required to wait for 10 to 30 minutes before their scheduled appointment. Healthcare facilities have begun embracing telemedicine, which has resulted in minimization of long waiting time along with better overall patient outcome. The Asia Pacific market was estimated to be worth $3.8 billion in 2019 and will grow at a CAGR of 21.8% between 2020 and 2026.
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Backed by demand from rural professionals, tele-education to lead
The tele-education or tele-training segment is expected to lead the Asia Pacific telemedicine market, and it accounted for nearly 30% share of the total revenue generated in 2019. The prominence of the segment can be attributed to the escalating demand for education programs for health-care professional based in remote and rural areas through video, audio, and computer. Telemedicine is also used for interaction between healthcare professionals from across the world.
Dermatology segment to retain its leading position due to increasing cosmetic surgeries
Dermatology segment was representative of 30% share of the total market in 2019 and is anticipated to move forward in leaps and bounds. The high degree of consciousness regarding facial appearance alongside the multiplying numbers of cosmetic surgeries in the region, will assure a stable demand for dermatological online consultation. Moreover, as the frequency of skin conditions such as acne and rashes shoots up, the demand is likely to further multiply. Environmental factors such as increased exposure to ultraviolet (UV) rays, excessive pollution, and exposure to airborne allergens are pushing growth.
Government initiatives to activate further expansion of China
The telemedicine market in China is flourishing at a considerable pace and held a valuation of nearly $700 million during 2019 and might continue to bring in more revenue over the forthcoming times as well. The ongoing COVID-19 infection, alongside numerous initiatives by the Chinese government aimed at offering better healthcare services, is supporting the expansion. The high rate of adoption of telemedicine in China is evident from the number of teleconsultations during the 12-year span when more than 12 thousand teleconsultations were recorded in the diagnosis of injuries, cardiovascular conditions, and neoplasms.
North America to rise at 19% CAGR with shift in patient preferences
In 2019, North America telemedicine industry size was valued at $25.8 billion and is anticipated to surge at a fruitful CAGR of 19% through the forecast period. The ongoing pandemic has led to the imposition of restrictions including lockdown to reduce the risk of contagion. With health-related awareness escalating, more individuals have been adhering to policies such as social distancing. This has led to a shift toward telemedicine platforms for regular health check-ups as well as for appointments in general.
Teleconsulting to be at the front owing to its convenience and ease
The teleconsulting segment held a share of 44% of the total telemedicine market in North America in 2019 and is likely to emerge as a chief contributor even during the upcoming times. The popularity of tele-consulting is attributable to easy and effective patient examination specially in remote settings, ensuring better access to healthcare at minimal cost. The recent advancements in technology have enabled video consultation between doctors and patients, and compliance with HIPAA will further assist the growth of the segment due to enhanced monitoring abilities.
US to seize maximum share as incidence of chronic disease rises
The telemedicine market in the US is brimming with significant opportunities. By 2016, the US market is expected to garner more than $80 billion, thanks to the growing popularity of smartphones, widespread internet usage, and a preference for product and services with high-end technologies across the country. With the increasing number of platforms such as apps and web portals in the area of healthcare and medicine rising, the market will expand further. Telehome services in the US have been gaining traction, supporting the market growth.
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
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