Telemedicine uses ICTs (Information and communication technologies) to control international barriers and surge access to health care services. This technology mainly benefits rural and underserved communities in developing nations – groups traditionally suffer from a lack of benefits to health care services. ICTs have great potential to address the hurdles faced by both developed and developing nations in providing quality health care services and more cost-effective. As per our analysis, the Global Telemedicine Market projected to grow up to US$ 218.49 Billion by 2026.
Key players in the telemedicine market have experienced exponential growth during the COVID-19 pandemic compared to 2019.
• United States-based company SOC Telemed deals in telemedicine technology and services, stated that in 2020, the company’s revenue surged in COVID period.
• Teladoc Health Inc Company’s revenue also increased due to the COVID-19 pandemic.
• In China, companies like WeChat, TikTok, Weibo came together in the pandemic. They helped mental health professionals, health care bodies to provide safe health services online through mental health surveys and communication programmes.
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Today, the advancement in technology has further triggered the government to develop regulations and reimbursement policies revolving around telehealth. Thereon, developments in the telemedicine industry have made healthcare affordable and accessible to all. The market endures many opportunities to grow during the forecast period. The market is owing to the lack of access to care and rising provider adoption of telemedicine, increasing consumer demand and patient acceptance, and enhanced quality of care. Besides, the global giant COVID-19 has also been unprecedented and staggering, with telemedicine beholding an assertive demand shock over all regions between the pandemic. Further, the Tele-medicine Industry Worldwide is projected to grow with a staggering CAGR of 21.37% from 2020 to 2026.
In this era of adversities, telemedicine has emerged as a powerful weapon in the war against the COVID-19 pandemic. The global influence of COVID-19 has been unprecedented and tremendous, with telemedicine witnessing a positive demand shock across all regions amid the pandemic. Additionally, most virtual visit service providers are showcasing a tremendous increase in users and subscribers. According to Renub Research Telemedicine Market Size estimated to be US$ 68.36 Billion by 2020.
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