Major players in the telemedicine services market are AMD Global Telemedicine, Inc, Philips Healthcare, Cisco Systems, Inc, McKesson Corporation, Allscripts Healthcare Solutions Inc. , GE Healthcare Ltd.
New York, May 07, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Telemedicine Services Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06070201/?utm_source=GNW
, Cerner Corporation, BioTelemetry Inc. and Teladoc.
The global telemedicine services market is expected grow from $48.4 billion in 2020 to $55.53 billion in 2021 at a compound annual growth rate (CAGR) of 14.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $105.77 billion in 2025 at a CAGR of 17%.
The telemedicine services market consists of sale of telemedicine services and related products.Telemedicine services are health care services provided via video chat, phone calls, and text messages.
Patients can use telemedicine for physical examination as well as to ask questions regarding health concerns.
Breach in the data makes the patients uncomfortable on sharing personal information that would help the physicians to diagnose the patients’ health, affecting the telemedicines market negatively.Telemedicine services are provided online or through calls and might not have much security for storing the data, or in some cases the telemedicine companies may use third-party servers to store the customer data to cut down the maintenance cost, which might lead to easy data breaches.
For instance, in 2019, the USA has reported around 41 million healthcare records breached, with a single hacking incident affecting close to 21 million records.
Rising cases of COVID 19 infections across the globe is driving the telemedicine services market.As of December 2020, the total number of active cases around the world is around 19,649,961 million, and expected to increase until the availability of vaccines.
Telemedicine services will provide healthcare services to the COVID 19 affected people as they cannot step out to avail the services. Rising cases of COVID 19 infections across the globe is expected to boost the demand for the telemedicine services market.
The telemedicine services market covered in this report is segmented by technology outlook into store and forward; real time and by application into teleradiology; telepsychiatry; telepathology; teledermatalogy; telecardiology.
Telemedicine is increasingly being accepted and insurance companies and government-regulated health care programs are increasingly covering telemedicine services in their plans.The governments are probing companies to make changes to the policies to cover the services under their schemes.
For instance, in March 2020, in response to the corona virus outbreak, the USA government announced that private insurers will be covering the cost of coronavirus testing and telemedicine services for patients.
In March 2019, Teladoc health, a leading virtual care provider announced plans to acquire MédecinDirect for undisclosed amount.This acquisition will expand the geographical presence of Teladoc Health and help cover more patients in France.
MédecinDirect is a leading telemedicine service provider in France.
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