Report credits rapid technological advances and improved access and availability for exponential growth.
The global telemedicine market will see an exponential compounded annual growth rate of 23.5% over the next six years, reaching $185.5 billion by 2026, according to an analysis from Fortune Business Insights.
The report credits rapid advances in technology, and the expansion of remote care venues for subspecialities such as cardiology, radiology, and behavioral health with transforming the sector, especially by improving accessibility and availability, both in developed and developing nations.
"This will further give rise to new healthcare business models in telemedicine," the analysis said. "People around the world prefer virtual consultation as it reduces the cost of other healthcare services such as hospital stays."
The projected growth over the next six years marks a five-fold increase from the $34.5 billion global market in 2018, Fortune Business Insights said.
Teleradiology, teledermatology, telepathology, and telepsychiatry services are projected to lead the market over the forecast period, fueled by favorable reimbursement policies. In addition, the entry of new players and the increased adoption of real-time communication are driving the sector, Fortune Business Insights said.
The analysis notes that healthcare providers are increasingly adopting the Picture Archiving and Communication System to securely store and transmit electronic images from anywhere in the world with the help of electronic medical records.
The United States is expected to play a dominant role in the growth of telehealth, thanks to government and commercial payer reimbursement policies, a growing and aging patient pool, and improving practice standards for telehealth and e-health, the analysis said.
"As the aging population is increasing and preference towards telemedicine is rising, the number of e-health visits are increasing exponentially. This will further increase the telemedicine market share in North America," the analysis said.
Editor's note: This story was updated on October 22, 2020.
“People around the world prefer virtual consultation as it reduces the cost of other healthcare services such as hospital stays.”
Fortune Business Insights
John Commins is a content specialist and online news editor for HealthLeaders, a Simplify Compliance brand.
KEY TAKEAWAYS
The projected growth over the next six years marks a five-fold increase from the $34.5 billion global market in 2018.
Teleradiology, teledermatology, telepathology, and telepsychiatry services are projected to lead the market over the forecast period.
In addition, the entry of new players and the increased adoption of real-time communication are driving the sector.
Healthcare providers are increasingly adopting PACS to securely store and transmit electronic images from anywhere in the world.
The U.S. will play a dominant role in the growth of telehealth, thanks to favorable reimbursements, an aging patient mix, and improving practice standards.