Telemedicine Services Global Market Report 2024

The telemedicine services market size has grown exponentially in recent years. It will grow from $131.75 billion in 2023 to $168.39 billion in 2024 at a compound annual growth rate (CAGR) of 27.8%. The growth observed in the historic period can be attributed to the expansion of emerging markets, government initiatives, increased demand for home care monitoring, a growing emphasis on reducing healthcare expenditure, a shortage of skilled human resources, rapid technological advances, and the swift growth of the elderly population.

The telemedicine services market size is expected to see rapid growth in the next few years. It will grow to $290.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The anticipated growth in the forecast period can be attributed to factors such as the aging population, enhanced healthcare access, a surge in the prevalence of chronic diseases, and increased demand for telemedicine services driven by the effects of COVID-19. Major trends expected in the forecast period include the implementation of 5G, IoT, artificial intelligence, virtual reality, and augmented reality.

The increasing use of mobile phones worldwide is propelling the telemedicine service market. According to the World Bank, as of 2022, there are 8.59 billion mobile phones globally, surpassing the world population. The heightened usage of mobile phones facilitates greater access to telemedicine services, allowing convenient remote consultations and healthcare support, contributing to the expansion of the telemedicine market. The growing number of smartphone users worldwide is anticipated to drive the demand for telemedicine services.

The escalating prevalence of chronic diseases is a key driver for the telemedicine service market. Chronic diseases, also known as non-communicable diseases (NCDs), are enduring medical conditions that persist over an extended period and typically progress gradually. Telemedicine offers patients the opportunity to consult with healthcare providers from the comfort of their homes. This is particularly advantageous for individuals with chronic diseases who may face challenges in traveling to medical facilities due to mobility issues or the need for frequent check-ups. For instance, in 2023, according to the National Library of Medicine, a US Government journal on chronic diseases, the population aged 50 years and older in the United States is projected to increase by 61.11% from 137.25 million in 2020 to 221.13 million in 2050. Among this age group, the number of individuals with at least one chronic disease is estimated to rise by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. The increasing prevalence of chronic diseases globally is expected to drive the demand for telemedicine services.


Telemedicine is gaining increased acceptance, with insurance companies and government-regulated healthcare programs incorporating telemedicine services into their plans. Governments are urging companies to modify policies to include these services in their schemes. For example, in September 2023, the Medical Board of Australia revised its telehealth guidelines, expanding insurance coverage to telemedicine. Patients can now consult a doctor using telehealth without the need for an initial in-person consultation.

Major companies in the telemedicine services sector are introducing innovative solutions with artificial intelligence (AI) and chatbots to gain a competitive edge. The integration of AI, including Microsoft's services with technology from OpenAI, the owner of the viral chatbot ChatGPT, aims to ease the burden on healthcare staff during virtual exams. For instance, in July 2023, Teladoc Health integrated Microsoft AI and chatbots into telemedicine services to offer preliminary consultations, appointment scheduling, medication reminders, and answers to general health-related queries.

In April 2022, Patient Square Capital, a US-based healthcare investment firm, acquired SOC Telemed for an undisclosed amount. This acquisition positions SOC Telemed to meet the growing demands of patients, clinicians, and hospital partners. SOC Telemed is a US-based company specializing in telemedicine technology and solutions.

Major companies operating in the telemedicine services market report are Teladoc Health Inc., Doctolib, Doctor on Demand, American Well, MDLIVE Inc., Zocdoc Inc., Alina TeleHealth, HealthTap, Inc., 2nd.MD, PlushCare Inc.AMD Global Telemedicine, CISCO Systems Inc., Medtronic Inc., GE Healthcare, Honeywell Lifesciences, Philip Healthcare, Aerotel Medical Systems, CardioComm, Cerner Corporation, Apollo Hospitals, Neosoft, Allscripts Healthcare Solutions Inc., Biotelemetry, Resideo Technologies Inc., InTouch Technologies Inc., SHL Telemedicine, NovioSys BV, KSYOS Telemedicine Centre, Karify, Medgate, Medi24, Immedicare LLP, Babylon Health UK, Medio.link, Push Doctor, Tele Medicine Clinic, Doctor Care Anywhere Limited, Philips Healthcare, Cisco Systems UK, McKesson Corporation, GE Healthcare Ltd., Cerner Corporation, Teladoc Health Inc., DOC+, BestDoctor, TeleMD, mediSensum, Apteki Inc., American Well, Care Innovations LLC, BioTelemetry, Specialist Telemed, SOC Telemed, Eagle Telemedicine, Blue Sky Telehealth, NextGen Healthcare, VSee, OKADOC, Doxy.me, GetBEE, Mind Mina Telemedicine, Abu Dhabi Telemedicine Centre.

North America was the largest region in the telemedicine services market in 20232. Asia-Pacific was the second largest region in global telemedicine services market share. The regions covered in the telemedicine services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the telemedicine services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Telemedicine services come in various types, including web-based, cloud-based, and on-premises solutions. Cloud-based telemedicine solutions offer healthcare providers financial, logistical, and functional advantages compared to in-house client-server systems. Cloud computing provides flexibility in costs and the potential for cost reductions. Various technologies such as store and forward, real-time applications are used in teleradiology, telepsychiatry, telepathology, teledermatology, and telecardiology.

The telemedicine services market research report is one of a series of new reports that provides telemedicine services market statistics, including telemedicine services industry global market size, regional shares, competitors with a telemedicine services market share, detailed telemedicine services market segments, market trends and opportunities, and any further data you may need to thrive in the telemedicine services industry. This telemedicine services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The telemedicine services market includes revenues earned by entities by providing tele neuropsychology, telenursing, tele pharmacy, and telerehabilitation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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