Remote Consultations to Reduce Pressure on Healthcare Professionals Amidst COVID-19 Boosts Demand for Telemedicine

November 2020

The latest report by Fairfield Market Research presents unique insight about the global telemedicine market. The report discusses the disruption caused by COVID-19 in the healthcare system and presents a functional solution for the same. According to the analysts, the global telemedicine market is expected to surge as it offers a best possible way for handling the medical consultations during the ongoing pandemic.

Key Highlights in Global Telemedicine Market:

  • Telemedicine is widely being adopted as social distancing and quarantine has become the new normal
  • Virtual medical assistance is one of the essential services during COVID-19
  • Cloud-based solutions will boost demand for mobile or web based model segment
  • North America is expected to dominate the global market as it is technologically advanced
  • Key players are investing in research and development activities to stay ahead in the competition.

The global telemedicine market is expected to flourish during the forecast period as the pandemic provides great opportunities. With solutions such as improved clinical management, effective care delivery and reduced variations in diagnosis by improving access and quality to healthcare services, the telemedicine solutions could be the best way of handling remote healthcare.

Global outbreak of Coronavirus has boosted the market as these solutions help patients to communicate effectively to their caregivers. Virtual care delivery is a massive step up during the times of social distancing.

The World Health Organisation (WHO) has declared telemedicine as one of the essential services during COVID-19 emergency, offering the best possible way out for healthcare care providers. Reduced stress on medical professionals has been the key driving factor for the global telemedicine market during the pandemic. Telemedicine is one of the most versatile technologies that provides healthcare, health information and health education. It has aided in reducing frequency of hospitalization and emergency room visits, thus reducing the chances of cross contamination and hospital-acquired infections.

However, the market is expected to face certain restraints during the forecast period. The market might be affected due to lesser acceptance of technology by numerous patients and practitioners. High cost of implementation is another factor affecting the growth of the factor. Practitioners and patients are also skeptical about safety issues and data privacy. Furthermore, poor access to internet in rural parts of the world and technological ineptness are expected to tug the market in the opposite direction.

Mobile or web-based model is expected to flourish in the global market as it provides direct access to care delivery solutions. This segment will witness significant growth as it allows delivers ease of operation and cost effectiveness. Technological advancements and wide acceptance of cloud-based solutions are expected to boost the demand for this segment.

North America is expected to dominate the global market as this region has developed healthcare facility along with consumer awareness. Asia pacific is also expected to witness positive growth due to developing economies such as China and India. Development and innovation in telecommunication will boost the demand for telemedicine in this region.

Key players are focusing on research and development activities to generate technologically advanced systems that allow timely follow ups, reminders and predictive analysis. This will provide them with competitive advantage in the coming years. The market is expected to witness high competition due to entrance of new startups that are actively seeking opportunities in this sector.

The key players operating in the global telemedicine market are 2nd.MD, Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, BioTelemetry, Blue Sky Telehealth, Cerner Corporation, Cisco Systems, Doctolib, Eagle Telemedicine, Honeywell International Inc, iCLiniq, InSight, InTouch Technologies, Koninklijke Philips N.V., McKesson Corporation, MDLive, MeMD, OBS Medical, Polycom Inc., SOC Telemed and Specialist Telemed.