According to our latest study on “Telemedicine Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product & Services, Specialty, and Delivery Mode,” the market was valued at US$ 51,094.75 million in 2020 and is projected to reach US$ 199,544.64 million by 2028; it is expected to grow at a CAGR of 18.6% during 2021–2028. The report highlights trends prevailing in the market, and drivers and deterrents pertaining to its growth.
The market growth is attributed to key factors such as the increasing use of smartphones and development of various mobile platforms, and rising prevalence of chronic and lifestyle-associated diseases. However, healthcare fraud and rising data security concerns, barriers to telemedicine in rural areas and developing countries, and lack of universal reimbursement policies restrain the market growth. Further, the rising adoption of telemedicine amid COVID-19 outbreak pandemic offers lucrative opportunities for the growth of the global telemedicine market.
Vision care products include eye glasses, contact lens, intraocular lens, contact lens solution, eye drops and others. Increasing number of eye disorders have led to the development of advanced vision care products. Also, increasing vision care awareness programs have increased the adoption of vision care products.
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A few of the most notable companies occupying a considerable share of the market are Alcon Inc, Bausch Health Companies Inc, Carl Zeiss AG, Cooper Companies Inc, Essilorluxottica SA, Johnson And Johnson Services Inc., Hoya Corporation, Rodenstock Gmbh, Menicon Co. Ltd, Rayner Intraocular Lenses Limited.
Market leaders are involved in partnerships, product launches, acquisitions, and other strategies to improve their performance and consolidate the market position. For instance, in January 2021 Alcon Inc. launched its first and only non-diffractive extended depth of focus intraocular lens (IOL), the AcrySof IQ VivityT IOL (Vivity), in the US. This new lens is now available to all ophthalmologists for patients undergoing cataract surgery in the US.
Smartphones are making healthcare practices more comfortable and manageable as they play key role in the collection of patient’s health data; moreover, they can also act as a medium to provide healthcare services as well as to provide prescriptions, medical knowledge, recommendations, and so on.
The number of Internet users is currently rising at an annual rate of more than 7%, equating to an average of ~875,000 new users every day. However, the COVID-19 pandemic has had a big impact on internet user research, and hence, the actual figures are likely to be much higher. Moreover, according to Data Reporter Review, 42 published in February 2021, there were 5.11 billion unique mobile users worldwide in 2019, and 2.71 billion of them used smartphones. Additionally, 82.2% of the people in the UAE have a smartphone, which is the highest smartphone penetration in the world.
Allscripts Healthcare, LLC; Cerner Corporation; Cisco Systems, Inc.; Eagle Telemedicine; Honeywell International Inc.; McKesson Corporation; Koninklijke Philips N.V.; AMD Global Telemedicine, Inc.; American Well; and Teladoc Health, Inc. are among the prominent players operating in the telemedicine market. These players are focusing on product development and innovation to sustain their positions in the market. For instance, in June 2020, Teladoc Health, Inc., is among the pioneer in virtual treatment, acquired InTouch Health, headquartered in Santa Barbara, California.
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