Global Market Insights, Inc.

Telemedicine Market Prominent Players - Eagle Telemedicine, Honeywell International Inc, InSight, Koninklijke Philips N.V., McKesson Corporation, OBS Medical, Teladoc

Telemedicine Market forecasts on regional growth, industry players and more


Ocean View, DE -- (SBWIRE) -- 05/19/2020 -- The telemedicine market is poised to record lucrative growth owing to the expansion of the practice in medical domains such as cardiology, neurology, mental health, and the technological advancements in the medical field coupled with advancements related to internet and smartphones.

Telemedicine is simply referred as the remote delivery of healthcare services. It includes the usage of electronic communications as well as software to offer clinical services to patients without the need for in-person visit.

Telemedicine can be provided at hospital, home, work, or some other clinic through the use of secure video and audio connections. Telemedicine has applications in healthcare which include patient education, clinical care, professional supervision or consultant, and counselling or therapy. By using telemedicine doctors are able to perform extraordinary tasks.

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Citing an instance, ISRO started telemedicine projects in India using INSAT satellites so as to link healthcare centers and hospitals in distant rural areas with specialty hospitals in cities. Through this, connectivity between specialist doctors across urban areas and patients in remote areas can successfully be established.

Telemedicine can be conducted through a number of ways. The most commonly used method is by using a simple video call, but most of the countries require the need of a secured video conference tool known as HIPAA.

Apart from video tools, there are other telemedicine kits which include a mobile and computer medical devices like vital signs monitors or ECGs. In order to send in detailed medical images to medical specialists, digital cameras are also available through which physicians can send in images.

Telemedicine market is bifurcated in terms of service, type, specialty, delivery mode, and regional landscape.

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Based on service spectrum, the market is classified into tele-education/training, tele-consulting, tele-monitoring, and others. Tele-education segment was valued at around $5.5 billion in 2019 and is anticipated to witness robust growth over the projected timeframe.

Use of IT in medical education is where the medical informatics plays a role as a significant scientific discipline which guarantees benefit from information technology in processes like learning and teaching. Distance learning in medical education, and telemedicine, are substantially influencing healthcare in general and are shaping the future role of medical practice.

With respect to specialty, the market is segmented into dermatology, gynecology, orthopedics, cardiology, neurology, mental health, and others. Dermatology segment was valued at $10.9 billion in 2019 and will continue to show appreciative growth.

From a regional frame of reference, the Latin America telemedicine market was valued at more than $1.5 billion in 2019 and is projected to grow at more than 20.5% through the forecast period. Middle East & Africa telemedicine market was valued at more than $1.1 billion 2019 and is estimated to expand at a CAGR of more than 19% over the projected timeframe.