The Telemedicine Market was valued for $84.2 billion in 2022 and is estimated to reach $451.4 billion by 2032, exhibiting a CAGR of 18.3% from 2023 to 2032. Telemedicine can be defined as delivering remote healthcare services in real time to patients by electronic audio-visual solutions. Telemedicine helps the health care professionals to evaluate the health conditions, diagnose and treat the patients from a distance using telecommunications technology. The benefit of telemedicine is the ease it provides to patients who are using telemedicine and practitioners by reducing and eliminating the need for in-person visit to receive medical treatment. It is useful for routine check-ups, minor illnesses, medication management, and chronic disease monitoring. By eliminating the need for physical visits, telemedicine also help to reduce healthcare costs associated with transportation and missed work.
The telemedicine market growth is driven by an increase in need for patient management, surge in product launches, and shift of preference toward remote patient monitoring. The proliferation of smart devices and the ability of high-quality video opened up the possibility of delivering remote healthcare to patients in their homes, workplaces, or assisted living facilities. This new technology products increased the demand for telemedicine which, in turn, drives the growth of the market. For instance, in March 2023, Philips, a global health technology company, launched its Philips Virtual Care Management portfolio to help health systems, providers, payers, and employer groups. Philips Virtual Care Management can help reduce pressure on hospital staff by decreasing emergency department visits, as well as reducing the cost of care through better management of chronic disease.
Furthermore, advancements in the telemedicine technology such as reliable internet connectivity in the developed regions and highly improved video conferencing are making telemedicine more accessible. In addition, the emergence of smartwatches and other wearable devices to monitor a wide range of health conditions, from heart rate to sleep patterns, also boosts the growth of telemedicine market. Moreover, various software applications are being developed to assist in remote diagnoses. For instance, dermatology apps such as miiskin can allow patients to upload photos of their skin for analysis. However, the use of telemedicine solutions without proper security may lead to huge losses of confidential and critical information.
In addition, smartphones with telemedicine applications are vulnerable to various cyber threats due to low firewall safety. For instance, according to the World Economic Forum, cyber-attacks are considered as the top five risks to global stability. This could adversely affect the results and credibility of the companies, thereby impeding market growth.
On the other hand, development of advanced telecommunications solutions such as devices and software and increase in government funding and policies for telemedicine are expected to create lucrative opportunities for market growth during the forecast period. For instance, in April 2020, MyDoc partnered with First Medicine Corporation, a technology-driven healthcare company, to provide free access to the telemedicine solution in the U.S. for 3 months.
The telemedicine market is segmented on the basis of component, application, end user, and region. On the basis of component, the market is segmented into software, hardware, and services. As per application, the market is categorized into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology, and other applications. By end user, it is divided into healthcare providers, payers, and healthcare consumers.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global telemedicine market are AMC Health, American Well Corporation, Cerner Corporation, Cisco Systems, Inc., General Electric Company, Koninklijke Philips N.V., Cigna Corporation, Siemens AG, Teladoc Health, Inc., and Medtronic Plc.
The telemedicine market growth is driven by an increase in need for patient management, surge in product launches, and shift of preference toward remote patient monitoring. The proliferation of smart devices and the ability of high-quality video opened up the possibility of delivering remote healthcare to patients in their homes, workplaces, or assisted living facilities. This new technology products increased the demand for telemedicine which, in turn, drives the growth of the market. For instance, in March 2023, Philips, a global health technology company, launched its Philips Virtual Care Management portfolio to help health systems, providers, payers, and employer groups. Philips Virtual Care Management can help reduce pressure on hospital staff by decreasing emergency department visits, as well as reducing the cost of care through better management of chronic disease.
Furthermore, advancements in the telemedicine technology such as reliable internet connectivity in the developed regions and highly improved video conferencing are making telemedicine more accessible. In addition, the emergence of smartwatches and other wearable devices to monitor a wide range of health conditions, from heart rate to sleep patterns, also boosts the growth of telemedicine market. Moreover, various software applications are being developed to assist in remote diagnoses. For instance, dermatology apps such as miiskin can allow patients to upload photos of their skin for analysis. However, the use of telemedicine solutions without proper security may lead to huge losses of confidential and critical information.
In addition, smartphones with telemedicine applications are vulnerable to various cyber threats due to low firewall safety. For instance, according to the World Economic Forum, cyber-attacks are considered as the top five risks to global stability. This could adversely affect the results and credibility of the companies, thereby impeding market growth.
On the other hand, development of advanced telecommunications solutions such as devices and software and increase in government funding and policies for telemedicine are expected to create lucrative opportunities for market growth during the forecast period. For instance, in April 2020, MyDoc partnered with First Medicine Corporation, a technology-driven healthcare company, to provide free access to the telemedicine solution in the U.S. for 3 months.
The telemedicine market is segmented on the basis of component, application, end user, and region. On the basis of component, the market is segmented into software, hardware, and services. As per application, the market is categorized into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology, and other applications. By end user, it is divided into healthcare providers, payers, and healthcare consumers.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global telemedicine market are AMC Health, American Well Corporation, Cerner Corporation, Cisco Systems, Inc., General Electric Company, Koninklijke Philips N.V., Cigna Corporation, Siemens AG, Teladoc Health, Inc., and Medtronic Plc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the telemedicine market analysis from 2022 to 2032 to identify the prevailing telemedicine market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the telemedicine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global telemedicine market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Software
- Hardware
- Services
By Application
- Teleradiology
- Telepsychiatry
- Telepathology
- Teledermatology
- Telecardiology
- Other Applications
By End User
- Healthcare Provider
- Payer
- Healthcare Consumers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Medtronic plc
- Included Health Inc.
- American Well Corporation
- Oracle Corporation
- General Electric Company
- Koninklijke Philips N.V.
- Teladoc Health Inc.
- The Cigna Group
- Siemens AG
- AMC Health, LLC
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TELEMEDICINE MARKET, BY COMPONENT
CHAPTER 5: TELEMEDICINE MARKET, BY APPLICATION
CHAPTER 6: TELEMEDICINE MARKET, BY END USER
CHAPTER 7: TELEMEDICINE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the telemedicine market was valued at $84.3 billion in 2022, and is estimated to reach $451.4 billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.The telemedicine market is likely to experience a significant growth rate of 18.3% from 2023-2032 owing to rise in demand from healthcare industry
Telemedicine can be defined as the practice of caring for patients remotely when the healthcare provider and patient are not physically present with each other. This virtual consultation through video conferencing and through other media is called as telemedicine. Telemedicine is a tool that makes healthcare cost-effective, easily accessible, and increases patient engagement. There are three common types of telemedicine which includes interactive medicine, store and forward, and remote patient monitoring. Furthermore, most of the people today have access to telemedicine devices such as mobile phones and computers. Telemedicine provides various benefits to providers and consumers such as better patient outcomes, reduce the spread of disease, and healthcare cost.
Key factors driving the growth of the telemedicine market include rise in number of individuals adopting remote patient monitoring and technological advancement in telemedicine. For instance, according to Centers for Disease Control and Prevention (CDC), in 2021, 37% of adult used telemedicine in the past 12 months. In addition, as per the same source, the telemedicine use increased with age and was higher among women with 42% as compared to men with 31.7%. Among adults aged 65 and over the telemedicine use was 43.3% in 2021. Thus, increase in adoption of telemedicine is the key factor that drives the market growth.
The technological advancements in telemedicine such as the age of the Internet of Things (IoT) which provides ultrafast connectivity, as a result the telemedicine technology can use real time data to enable higher quality remote healthcare. In addition, telehealth robots can assist in remote patient monitoring and allow specialists to consult on cases in rural hospitals. For instance, autonomous telehealth robots can navigate to patients in hospital rooms, which allows clinicians to interact with patients from remote distance. Furthermore, Intel technologies works with a diverse ecosystem of hardware manufacturers and software providers to support telemedicine systems that meet various telemedicine needs such as integration with EHR software, secure IT infrastructure, and user-friendly customer service portal.
Furthermore, surge in adoption of telemedicine by various government organizations also boost the market growth. For instance, On March, 2020, the Government of India granted permission to the practice of telemedicine in India by any registered medical practitioner by issuing certain guidelines to follow. In addition, strong laws and policies further propels the growth of telemedicine market. For instance, The American Medical Association (AMA) works to influence telemedicine law in favor of physicians.
Furthermore, increase in popularity of telehealth services is expected to create new opportunities for the market growth during the forecast period. For instance, according to American Psychiatric Association (APA), about four in ten Americans (38%) have used telehealth services to meet with a medical or mental health professional, up from 31% in the fall of 2020. In addition, as per the same source, use of telehealth services for mental healthcare increased from 49% in 2020 to 59% in 2021. Younger adults were more likely to say they would use telehealth for mental health services (66% of 18-29-year-olds) compared to older adults. Similarly, majority of Americans surveyed say they are receptive to using a support line or an online chat during a time of personal difficulty and mental anxiety.
The telemedicine market is segmented on the basis of component, application, end user, and region. On the basis of component, the market is segmented into software, hardware, and services. As per application, the market is categorized into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology, and other applications. By end user, it is divided into healthcare providers, payers, and healthcare consumers. Region wise, the market is analyzed across North America (the U. S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). The key players that operate in the global telemedicine market include AMC Health, American Well Corporation, Cerner Corporation, Cisco Systems, Inc., General Electric Company, Koninklijke Philips N. V., Cigna Corporation, Siemens AG, Teladoc Health, Inc., and Medtronic Plc.
Key Market Insights
- By component, the service segment was the highest revenue contributor to the market in 2022 and is estimated to reach $219.14 billion by 2032. However, software segment is expected to register fastest CAGR during the forecast period.
- On the basis of application, the telecardiology segment dominated the global market. However, telepsychiatry segment is expected to register fastest CAGR during the forecast period.
- By end user, the healthcare provider segment dominated the global market in 2022.
- Based on region, North America garnered the largest revenue share in 2022. However Asia-Pacific is anticipated to grow at the highest CAGR of 19.1% during the forecast period.
Companies Mentioned
- Medtronic plc
- Included Health Inc.
- American Well Corporation
- Oracle Corporation
- General Electric Company
- Koninklijke Philips N.V.
- Teladoc Health Inc.
- The Cigna Group
- Siemens AG
- AMC Health, LLC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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