Novel Coronavirus including remote monitoring solutions among others will facilitate growth of global telemedicine market

According to a research report titled 'Global Telemedicine Market: Analysis By Specialties (Teledermatology, Teleradiology, Telepsychiatry, Others), By Component, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025), published by Azoth Analytics in June 2020, the Global Telemedicine Market was valued at USD 30.7 billion in the year 2019. With the increasing aging population and prevalence of chronic diseases, there is an increasing need for finding new ways to improve patient outcomes, which increase access to care and reduce the cost of medical care as well. Moreover, the growing awareness and acceptance of remote monitoring solutions and increasing technological advancement in telecommunication is the key factor responsible for the burgeoning demand for telemedicine services globally. Additionally, the growth of the market is likely to be driven by increasing adoption of telemedicine, rising incidences of chronic diseases, growing geriatric population, government initiatives, and shortage of physicians amongst others.

The Azoth Analytics research report titled Global Telemedicine Market has analysed and segmented the Telemedicine Market by Value (USD Million). The report has further analysed the Telemedicine Market by Component (Hardware, Software, Services), by Specialties (Teledermatology, Teleradiology, Telepsychiatry, Others). The Global Telemedicine Market has been analysed By Region (North America, Europe, Asia Pacific, LAMEA) and By Country (United States, Canada, Germany, U.K, China, Japan) for the historical period of 2015-2019 and the forecast period of 2020-2025.

North America is the leading region in global telemedicine market, which holds a market share of 40.45% in the year 2019. Due to the increasing use of the internet, North America accounts for a significant share over the forecast period, and the adoption of smart devices is the major factor that helps the telemedicine market to grow.  

The COVID-19 pandemic rapidly expanded telemedicine use. Telehealth currently addresses everything from routine to pandemic-related care. To facilitate this expansion, federal healthcare programs have loosened, at least temporarily, telehealth restrictions. For instance, the Department of Health and Human Services (HHS) and the Centers for Medicare & Medicaid Services adjusted their telehealth requirements to expand telehealth’s ability to serve patients during the pandemic.

The large share of the service segment is mainly due to the increasing adoption of telehealth and telemedicine across the globe. Incorporating telemedicine within offices improves scope of productivity and reduces healthcare expenses by providing the employees certain medical care plans which enable them to utilize clinical services via phone calls, VoIP and web-communication systems.

Increasing occurrence of skin diseases such as skin cancer, and other dermatological conditions are increasing the demand for dermatologists, owing to which the segment holds the largest market share globally. Further, increasing demand for tele-dermatology due to easy procedure and promising results is anticipated to foster the growth of tele-dermatology during the forecast period.

Additionally, the year 2020 is expected to bring innovations such as drone-delivered medical supplies, mind-reading wristbands, and pocket ultrasound devices. In theory, healthcare practitioners and patients alike should be preparing to not just adopt but embrace these futuristic solutions, which will facilitate the market.