Healthcare Medical Devices Biotechnology

Telemedicine Market

Global Industry Analysis and Forecast 2023-2030

Pages : !20

Base Year : 2022

Released Year : March 2024

Format :Pdf Ppt Xls

Report ID:KR188

Author : Priyanka V.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 93.21 billion

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Forecasted Value (2030)

USD 275.67 billion

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CAGR (2023 – 2030)

18.60%

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Fastest Growing Region

Asia-Pacific

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Largest Region

North America

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By Type

Tele-hospital, Tele-Home, mHealth

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By Component

Product, Services

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By Application

Telepathology, Teleradiology, Teledermatology, Telepsychiatry, Telecardiology,Others


Market Perspective

The global Telemedicine Market was valued at USD 93.21 billion in 2022 and is projected to reach USD 275.67 billion by 2030, growing at a CAGR of 18.60% from 2023 to 2030.

The factors that are driving the growth of the telemedicine market are growing healthcare expenditure, surging demand for remote patient monitoring, latest technological innovations, and increasing prevalence of chronic diseases.

Increasing incidences of chronic diseases has increased the global demand for telehealth, and telehealth care, as it is the innovative way to provide care, monitor a patient, and provide information with the use of latest technologies.

In addition, the telehealth monitoring system allows various advantages such as early identification of diseases and provides aid in emergencies, thus the use of telehomecare  services is increasing. For example, according to an article published by JMIR publications, in January 2022, children and their families chose the pediatric telehomecare as it is 9% less expensive than traditional hospital care, and frees up hospital beds for more complicated situations.

Thus, increased awareness about the benefits associated with telemedicine increases its demand and drives market growth.

Analyst’s Review

The growing need to reduce the consolidation, rising cost of care across the industry, and other strategic initiatives by key players plays a vital role in the growth of the market. In addition, increasing utilization of telemedicine, along with the growing acceptance of patients, rising consumer demand, and improved quality of care, presents a favorable prospect for market expansion and stimulates market growth. Furthermore, telemedicine offers enhanced patient safety and quality of care, leading to increased demand within the projected timeframe.

In addition, the rise in adoption of telemedicine, rising patient acceptance, rising consumer demand, and enhanced quality of care creates an opportunity for market expansion and drives the market growth. Furthermore, telemedicine provides higher quality & safety to patients, which will increase the demand for telemedicine in the forecast period. 

Moreover, telemedicine is widely regarded as a highly adaptable technology that can be utilized to provide health education, healthcare services, and health information remotely. Furthermore, the integration of advanced patient-centered care and enhanced accessibility to remote areas has led to a decrease in emergency room visits and hospitalization rates, thereby contributing to the expansion of the market.

Market Definition

Telemedicine is the exchange of medical information from one location to the another by using electronic communication to, improve patient health. In addition, it has multiple applications that can be used for different services such as wireless tools, two-way video, email, smartphones, and other methods of telecommunication technology.

In addition, it enables virtual consultations between patients and healthcare professionals through video or audio calls, offering a convenient alternative to traditional in-person visits. Thus, through telemedicine, people can access care in the privacy and comfort of their own homes, this reduces the need for travel, and saves time and energy. These benefits are attributed to the incorporation of telemedicine in the healthcare sector.

Market Dynamics

The growing adoption of telemedicine among patients and doctors is boosting the growth of telemedicine across the globe. The ease of use of services and convenient access to healthcare services are major factors boosting the telemedicine market in the forecast period.

In addition, telemedicine offers convenient and hassle-free access to healthcare services, while also ensuring the provision of safety measures and enhanced healthcare quality. Furthermore, the products of telemedicine such as tele-ICU, and tele-care provides efficient and quality services to consumers. Furthermore, the increasing burden of diseases and expanding geriatric population across the globe propelling the growth of the market. Telemedicine also keeps patients' past health records and can also provide useful insights to doctors while treating patients, which improves the overall patient care.

Moreover, increasing government investments toward the development of the IT and telecommunication infrastructure, high dependence of consumers on  digital services, growth in e-commerce sector, and increased adoption of smartphones are some key  factors that are driving the growth of the market

Segmentation Analysis

The global telemedicine market is segmented based on type, component, application, end user, and geography.

Based on type, the market is bifurcated into tele-hospital, tele-home, and mHealth. The tele-hospital segment has dominated the market in 2022 owing to the increased adoption of telemedicine in case of emergencies. In addition, the COVID-19 pandemic has also boosted the demand for telemedicine in the tele-hospital sector, due to social distancing, restrictions on travelling, and increased adoption of digital technologies.

Based on application, the market is bifurcated into telepathology, teleradiology, teledermatology, telepsychiatry, telecardiology, and others. Teleradiology accounted for the largest market share in 2022 primarily due to its significant demand. This increased demand can be attributed to the multitude of benefits it provides, which include excellent imaging quality, expedited diagnoses, reduced expenses, and the elimination of excessive radiologist workload. Thus, increased awareness about the benefits of teleradiology is expected to drive the growth of the market.

Geographical Analysis

Based on regional analysis, the global telemedicine market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America is expected to dominate the market in 2022 due to the increasing burden of chronic diseases across the region, along with the growing geriatric population in countries such as the US, and Canada . Moreover, the region is characterized by the increased demand for advanced technologies, surging  disposable income, and a developed healthcare and IT infrastructure.

Asia Pacific is expected to be the fastest growing region in the telemedicine market owing to various factors such as rapid urbanization, largest population, rising investments in the healthcare infrastructure, and increased investments in the IT infrastructure. Additionally, growing awareness about the reduced healthcare costs with the use of advanced technologies drives the adoption of telemedicine in the Asia Pacific region.

Competitive Landscape

The global telemedicine market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization.

The major players in the Telemedicine Market are:

  • Koninklijke Philips N.V.
  • Medtronic
  • GE Healthcare
  • Cerner Corporation
  • Siemens Healthineers
  • Cisco Systems, Inc.
  • Teladoc Health Inc.
  • American Well
  • AMC Health
  • MDLive

Key Developments

  • May 2021 (Product Launch): MediTelecare launched a direct-to-consumer mobile technology, named MediTely. The technology is especially designed for the geriatric population.

The global Telemedicine Market is segmented as:

By Type

  • Tele-hospital
  • Tele-Home
  • mHealth

By Component

  • Product
  • Services

By Application

  • Telepathology
  • Teleradiology
  • Teledermatology
  • Telepsychiatry
  • Telecardiology
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global telemedicine market is projected to reach USD 275.67 billion by 2030, growing at a CAGR of 18.6% from 2023 to 2030.
The global telemedicine market was valued at USD 93.21 billion in 2022.
The major driving factor for the market growth is the growth in the advancements of the technologies in healthcare sectors, along with the introduction of AI based clinics.
Top manufacturers of telemedicine market are Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, and MDLive, among others.
Asia-Pacific is the fastest growing region in the forecasted period (2023-2030)
By type, tele-hospital segment will hold the maximum share in the telemedicine market in the forecast period.
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