The global telemedicine market is set to gain momentum from the introduction of artificial intelligence (AI)-powered booths in local malls. The system can dispense over 100 medications from a smart medicine cabinet. This information is given by Fortune Business Insights™ in a new report, titled, “Telemedicine Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), and Others), By Application (Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, and Others), By End User (Healthcare Facilities and Homecare), and Regional Forecast, 2020-2027.” The report further states that the telemedicine market size was USD 41.63 billion in 2019. It is projected to grow from USD 79.79 billion in 2020 to USD 396.76 billion in 2027 at a CAGR of 25.8% during 2020-2027.
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COVID-19 Pandemic to Affect Growth Positively Fueled by Need to Prevent Transmission
The COVID-19 pandemic has caused a burden on healthcare workers because of the rising number of coronavirus positive patients. It is therefore resulting in the postponement or cancellation of non-essential appointments and elective surgeries to ensure safety of clinicians and patients. Telemedicine has come to the rescue by offering digital health services so that doctors can easily connect with their patients from home. We are providing detailed research reports to aid our clients get the best insights into the market.
Drivers & Restraints-
Rising Cases of Chronic Diseases to Accelerate Growth
As per CMS, the healthcare expenditure reached USD 3.6 trillion in 2018 in the U.S., alone. It revealed a surge of 4.6%. This shows that out-of-pocket expenditure and the rising incidence of chronic diseases have bolstered the healthcare cost. Besides, the increasing usage of teleconsultations and digital technologies would augment the telemedicine market growth in the near future. Teleconsultation services are cost-effective and aid healthcare professionals to save time. Hence, governments of various countries are trying to implement telemedicine services in their healthcare infrastructure. However, the lack of skilled healthcare professionals may hinder the demand for telemedicine.
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