BIS Research Study Highlights the Global Telemedicine Market to Reach $123.0 Billion by 2030
FREMONT, Calif., Sept. 1, 2020 /PRNewswire/ -- According to the new market intelligence report by BIS Research, "Global Telemedicine Market - Analysis and Forecast, 2019-2030", the global telemedicine market generated a revenue of $21.55 billion in 2019 and is estimated to grow over $123.0 billion by the end of 2030. The market is projected to grow at a CAGR of 17.16% during the forecast period from 2020 to 2030.
The comprehensive study of global telemedicine market by BIS Research extensively covers the following:
- Market numbers on micro-segments that are influencing the market
- Insights from in-depth interviews with key opinion leaders of leading companies, market participants, and end users
- Market share analysis of key participants (telemedicine software providers, remote patient monitoring device manufacturers, infrastructure and connectivity providers, and telemedicine service providers
- Detailed global and regional market share analysis including the scrutiny of more than 20 countries
The detailed market study is a compilation of 17 Data Tables and 117 Figures spread through 238 Pages and in-depth TOC on "Global Telemedicine Market"
The study encompasses market growth drivers, opportunities, market restraining factors, competition mapping, and segmental analysis. The market report by BIS Research indicates that the increased patient demand for virtually-delivered care, increased reimbursement for remote care services (particularly in the U.S.), urgent need to reduce the cost of care, and increased regulatory approvals, among others, are fueling the growth of the market.
The concept of telemedicine is not new and incepted during the 1950s. However, the technology could not enter the mainstream of healthcare delivery due to the lack of consumer demand, absence of reimbursement framework, security concerns, and high cost of infrastructure required to implement telemedicine programs.
However, the dynamic of the market has changed in the last three years due to a shift to direct-to-consumer telemedicine service, which gained significant attention from both investors and patients. In conjunction to rising consumer adoption and technological advancements, the COVID-19 pandemic has also significantly bolstered the adoption of telemedicine. It has perhaps changed the ways patients and providers used to interact with each other.
View the Report from BIS Research at "Global Telemedicine Market "
Owing to the lockdown situation and social distancing measures to prevent the risk of infection, people are refraining from going to clinics and healthcare organizations to consult with doctors in-person. This situation has significantly increased the adoption of telemedicine among masses.
To gain a holistic view of the market, data from different segments of the market has been analyzed minutely. These segments include component types, types of technologies used, medical specialties, different modes of delivery, and regions. Each of these segments is further categorized into sub-segments and micro-segments to compile an in-depth study.
Abdul Wahid, Principal Consultant - BIS Research, states, "Telemedicine has experienced a significant boost during the COVID-19 pandemic. With social distancing guidelines enforced by state and national governments around the world, telemedicine has become a "new normal" for healthcare delivery. During the pandemic, telemedicine sector witnessed numerous changes in terms of regulatory relaxations, reimbursement frameworks, and surge in demand for teleconsultations, among others. In developed countries, such as the U.S., the reimbursement and regulatory hurdles were removed. For example, on March 17th, the U.S. government expanded telehealth coverage for Medicare beneficiaries during COVID-19 Outbreak."
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This report is a meticulous compilation of research on more than 200 players in the market ecosystem. The report also profiles 15 leading companies in the telemedicine, space such as Teladoc Health Inc., Doctor On Demand, MDLIVE, Inc., American Well, Virtrial Inc., AMD Global Telemedicine, Inc., Poly, Koninklijke Philips N.V, General Electric Company (GE), International Business Machines Corporation (IBM), Crossover Health, Inc., Allscripts Healthcare Solutions, Inc., Cisco Systems, Inc., and Intel Corporation.
The study also offers strategic recommendations that can help organizations in tracking various products, trends, and technologies that are changing the dynamics of the market. The recommendations by BIS Research also offer bespoke research services to help organizations meet their objectives.
Who should buy this report?
- Companies in the services market of telemedicine
- Companies offering software solutions to hospitals/clinics
- Manufacturers of remote monitoring equipment
- Companies looking to venture into the telemedicine market
How can market intelligence on telemedicine add value to an organization's decision- making process?
- Aid in product development
- Help in targeting a segment for launching a new product
- Offer go to market strategies for different source types
- Support in diversifying the product portfolio basis risk and progression of technology
- Help in analyzing technological substitutes and compare the specification
- Aid in understanding the end-user requirement
- Assist in exploring newer applications
- Support in analyzing the competitors' funding scenario
Insightful Questions Covered to Enable Companies take Strategic Decisions
- How has COVID-19 impacted the global telemedicine market? How was the market prior to the COVID-19 pandemic?
- How are different social distancing norms and emerging work culture impacting the telemedicine market?
- What is the impact of telemedicine on medical practices in health systems during the COVID-19 situation?
- What are the revised regulatory and reimbursement related guidelines after the COVID-19 has struck?
- What are the major business models employed by companies in the global telemedicine market?
- What is the average cost of software, a device, and services in the telemedicine market?
- What are the emerging areas of application in the field of telemedicine?
- What is the degree of readiness for different geographies in terms of their digital infrastructure?
- What are the major opportunities market participants see in the telemedicine market in a post COVID-19 scenario?
- What was the total number of teleconsultation requests received by the leading players in the market, and what were the growth rates?
- How is the global telemedicine market expected to evolve in a post-COVID-19 scenario?
- What is the current market size of the global telemedicine market? How will the market evolve in terms of revenue during the forecast period?
- What are the ways through which companies can ensure working with an insurance company, to ensure an increased reach among masses?
- What are the major drivers and restraints for the market?
- What was the average number of tele-consultations, pricing, and reimbursement scenario (if any) by country, in 2019?
- What are the key developmental strategies implemented by the key players to sustain in the competitive market?
- What is the current market share of each of the companies in the global telemedicine market, and what are expected to be their contributions in 2030?
- What is the growth potential of telemedicine in each region, including North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World?
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About BIS Research
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as, custom studies, and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
BIS Healthcare scans, analyzes, and tracks markets to provide superior intelligence and consultations to its clients. Over the years, it has created a knowledge pool through whitepapers, analyst notes, case studies, and customized solutions.
BIS Healthcare caters to different facets of the healthcare industry, including Medical Devices, Digital Health, Life Sciences, Robotics and Imaging, Information Technology, Precision Medicine, and other emerging healthcare technologies, covering the entire industry spectrum.
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