The global telemedicine market size was valued at USD 38,288 Million in 2020 and is projected to expand at a CAGR of 27% during the forecast period, 2021-2028. The growth of the market is attributed to the rising healthcare costs and increased utilization of healthcare services.
Telemedicine helps healthcare professionals to analyze, diagnose, and treat the patient from the remote location with the help of telecommunication. Remote patient monitoring is a key parameter of telemedicine, which provides healthcare professionals an advantage of monitoring patients from a distance.
Telemedicine requires the usage of electronic communication and software that helps in providing clinical services to patients without visits. It provides convenient and affordable access to healthcare. Telemedicine uses information and telecommunications technology to provide remote clinical services to patients.
Telemedicine confers a cost-effective platform for the diagnosis and treatment of patients, as it eliminates the requirement for visiting hospital or clinics. The cost-effectiveness of telemedicine is attributed to the presence of an adequate number of patients, sharing the same telemedicine infrastructure.
Market Trends, Drivers, Restraints, and Opportunities
- Rising healthcare cost is anticipated to drive the growth of the telemedicine market.
- Increasing adoption of telemedicine among the geriatric population is expected to boost the market growth during the forecast period.
- Growing consumer demand for innovative and new techniques is speculated to positively impact the telemedicine market growth.
- Increasing remote patient monitoring is expected to propel the market growth during the forecast period.
- Growing burden of chronic diseases had led to significant growth in the market.
- Rising healthcare fraud can hinder the telemedicine market growth.
- Ongoing technological advancements is expected to create lucrative opportunities for the industry players during the forecast period.
Scope of Telemedicine Market Report
The report on the global telemedicine market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Telemedicine Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Telehospitals, Telehomes, and mHealth (Mobile Health), Components (Products [Hardware, Software, and Others] and Services [Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry, and Others]), Mode of Delivery (On-premise Delivery and Cloud-based Delivery)
North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, Koninklijke Philips NV, AMD Global Telemedicine Inc., Resideo Technologies Inc., and Aerotel Medical System
Telemedicine Market Segment Insights
Telehomes segment to account a considerable market share
Based on types, the market is divided into telehospitals, telehomes, and mhealth (mobile health). The telehomes segment is anticipated to account for a considerable market share during forecast period. Telehomes is an innovative way to monitor a patient’s health and provide information of the same using the latest technology. Its monitoring allows early identification of diseases, preventing chronic conditions. Increasing adoption rate of telehomes services owing to the growing awareness is expected to boost the growth of the telemedicine market.
Services segment to account a major market share
On the basis of components, the global telemedicine market is segmented into products and services. The products segment is further bifurcated into hardware, software, and others. The services segment is segmented into telepathology, telecardiology, teleradiology, teledermatology, telepsychiatry, and others. The services segment is expected to account for a major market share during forecast period.
Increasing imaging practices and rising adoption of teleradiology workflow by healthcare providers, and the streamlining and regulation of teleradiology practices are spurring the segment growth. The integration of artificial intelligence (AI) into teleradiology, implementation of picture archiving and communication system (PACS), and rising R&D activities pertaining to eHealth are expected to boost the segment growth.
Cloud-based delivery segment to exhibit a high CAGR
In terms of mode of delivery, the market is divided into on-premise delivery and cloud-based delivery. The cloud-based delivery segment is anticipated to exhibit a high CAGR during the forecast period. The presence of technologically advanced solutions, rising penetration of cloud-based solutions are expected to boost the adoption of visualized care delivery solutions, driving the segment growth.
North America to dominate market
In terms of regions, the global telemedicine market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the market. Growing adoption of cloud-based technology in healthcare is expected to boost the market growth in the region.
Ongoing research and development in the telemedicine industry in North America is expected to propel the market growth. The market in Asia Pacific to exhibit a robust CAGR during the forecast period. Increasing demand for telemedicine and healthcare services in emerging countries such as India, Indonesia, and China is fostering the market growth in the region.
The global telemedicine market has been segmented on the basis of
- mHealth (Mobile Health)
Mode of delivery
- On-premise delivery
- Cloud-based delievry
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key players operating in the market includes Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, Koninklijke Philips NV, AMD Global Telemedicine Inc., Resideo Technologies Inc. and Aerotel Medical System,