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Rising cases of COVID-19 infections across the globe are driving the telemedicine services market. According to the World Health Organization (WHO), the number of coronavirus cases around the world is about 2.7 million, and this number is increasing. Telemedicine services provide healthcare services to affected people as they cannot step out to avail the services. Rising cases of COVID-19 infections across the globe boosts the demand for telemedicine services in order to contain the disease.
The global telemedicine services market is expected grow from $39.3 billion in 2019 to $48.3 billion in 2020 at a rate of 23%. The growth is mainly due to the lockdown across countries owing to the COVID-19 outbreak resulting in the preference for contactless medical services. The telemedicine services market size is then expected to stabilize and reach $78.3 billion in 2023 at a rate of 17.4%.
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Data Security Concerns Inhibit Telemedicine Services Market Growth
Possibility for breach in data makes patients uncomfortable with sharing personal information that would help the physicians to diagnose the patients’ health, affecting the telemedicine market negatively. Telemedicine services are provided online or through calls and might not have much security for storing the data. In some cases, telemedicine companies may use third-party servers to store customer data to cut down on maintenance cost, which might lead to easy data breaches. Breaches are potential threats to the telemedicine services industry, hampering the growth of the market.
Telemedicine Services Market Trends- Increasing Acceptance Of Telemedicine
Telemedicine is increasingly being accepted, and insurance companies and government-regulated health care programs are increasingly covering telemedicine services in their plans. 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 coronavirus outbreak, the US government announced that private insurers will be covering the cost of coronavirus testing and telemedicine services for patients.
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Key Players And Their Strategies In The Telemedicine Services Industry
According to the telemedicine services market research report, key global players include AMD Global Telemedicine, Philips Healthcare, Cisco Systems, McKesson Corporation, Allscripts Healthcare Solutions, GE Healthcare, Cerner Corporation, BioTelemetry, Teladoc, Aerotel Medical Systems, Honeywell HomMed, Apollo Hospitals, Haemonetics, Cloudvisit Telemedicine, Maestros Telemedicine, Medisoft Telemedicine, Reach Health, SnapMD Telemedicine Technology, American Telecare, American Well, Eagle Telemedicine, OBS Medical, SOC Telemed, Specialist Telemed, F. Hoffmann-La Roche, GlobalMedia Group, IBM, Medtronic, and SHL Telemedicine.
Some companies in the market are investing in mergers and acquisitions to strengthen their business. For example, in March 2019, a leading virtual care provider Teladoc Health announced plans to acquire MédecinDirect for an undisclosed amount. This acquisition will expand the geographical presence of Teladoc Health and help cover more patients in France as MédecinDirect is a leading telemedicine service provider in France.
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