Asia-Pacific Telemedicine Market is expected to reach US$ 45,710.04 million by 2028

PRESS RELEASE BY The Insight Partners 09 Sep 2021

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Others Segment to Dominate APAC Telemedicine Market during 2020–2028      

According to The Insight Partners market research study on “APAC Telemedicine Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Product and Services, Specialty, Delivery Mode” is expected to reach US$ 45,710.04 million by 2028 from 13,430.12 US$ million in 2021. The market is estimated to grow at a CAGR of 19.1% from 2021 to 2028. The report provides trends prevailing in the APAC telemedicine market along with the drivers and restraints pertaining to the market growth. Surging acceptance of telemedicine owing to COVID-19 pandemic is the major factor driving the growth of the APAC telemedicine market. However, issues associated with telemedicine challenges in rural areas and emerging economies hinders the growth of APAC telemedicine market.  

 APAC telemedicine market is segmented into type, product and services, specialty, delivery mode, and country. APAC telemedicine market, based on the product and services is segmented into software and hardware, tele-consulting, tele-monitoring, and tele-education/training. In 2020, the software and hardware segment held the largest share of the market. APAC telemedicine market, based on the type was segmented into telehospital, and telehome. In 2020, the telehospital segment held the largest share of the market. APAC telemedicine market, based on the specialty was segmented into cardiology, gynecology, orthopedics, neurology mental health (psychiatry) and others. In 2020, the others segment held considerable share of the market. APAC telemedicine market, based on the delivery mode was segmented into mobile, web, and call centers. In 2020, the mobile segment held the largest share of the market. Based on country, the APAC telemedicine market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020. Countries in APAC are facing challenges due to the increasing incidence of COVID-19. People are packing India's public hospitals, as many are unable to afford private ones that generally uphold higher standards of care. The outbreak has severely affected the tourism industry and imposed supply chain disruptions. Moreover, low-income countries face additional challenges due to the shortage of healthcare infrastructure. Although telemedicine has been used spottily in Indian health care so far. In 2020 COVID-19 pandemic provided the nation's health systems an unprecedented opportunity to make a concerted effort to increase access and coverage. India's digital health market is poised to grow rapidly over the next five years, propelled by the COVID-19 pandemic, according to a MedTech article published in 2020. E-pharmacies in India are also gaining traction and are expected to account for 10% to 12% of all sales of medicines in the next five years, up from the current 2% to 3% level. The growth will be driven by solid regulations, increased funding, and the creation of a more substantial digital infrastructure. Thus, in APAC, the COVID-19 pandemic brings to the forefront digital solutions that allow patients to gain access to a doctor without stepping into a hospital or clinic. For instance, according to Philips' 2019 Future Health Index survey, Singapore, China, and Australia are early adopters of telemedicine across APAC. Before the pandemic, these countries were already characterized by robust telemedicine platforms and government support. Moreover, telemedicine practices in India have slowly and steadily gained a foothold. ISRO took various steps for the department of information technology (DIT), the ministry of external Affairs, the ministry of health and family welfare, and the state governments played a vital role in developing telemedicine services in India. Healthcare professionals who are in the frontline response to the COVID-19 pandemic are at the highest risk of infection. Hence, adopting telemedicine can help to minimize the risk by reducing the number of personal interactions. Thus, the rising need for telemedicine in the pandemic is likely to boost the market growth during the forecast period.

Allscripts Healthcare Solutions, Inc.; Cerner Corporation; Cisco Systems, Inc.; Honeywell International, Inc.; Insight; Koninklijke Philips N.V.; McKesson Corporation; and Teladoc Health are among the leading companies in the APAC telemedicine market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Philips to become a global leader in patient care management solutions for the hospital and the home through the acquisition of BioTelemetry, Inc.    

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