Key Market Overview:
Telemedicine market size was worth USD 74.5 Billion in 2021, accounting for a CAGR of 22.9% during the forecast period (2022-2030), and the market is projected to be worth USD 476.5 Billion by 2030.
Telemedicine is the delivery of health care services by means of information technologies and telecommunication to remotely consult, treat, diagnose, or monitor patients. This permits patients to obtain medical services without having to travel to a healthcare unit and supports health professionals to provide care to patients in remote areas thus, overcoming geographical barriers to providing healthcare. Telemedicine offers a variety of modalities, such as video conferencing, remote monitoring devices, and mobile apps.
Telemedicine is defined by World Health Organization (WHO) as the use of information and communication technologies by healthcare professionals to deliver medical services to patients, regardless of distance. This includes exchanging information for the diagnosis, treatment, prevention, research, evaluation, and enduring education of healthcare providers, with the goal of improving the health of individuals and communities. Furthermore, 25% of the nations across the world have stated that they have executed a national telemedicine plan or policy. The usage of telemedicine has significantly boosted in recent years due to the outbreak of the COVID-19 pandemic and can deliver enhanced access to care.
Market Dynamics
Driver
- Increase in the aged population:
The growth of the aged population is a significant factor contributing to the expansion of the telemedicine market. The increasing geriatric population typically requires more frequent and complex medical services, which can be effectively and efficiently delivered through telemedicine. The ability to receive medical care from the comfort of one’s home, without the need for in-person visits to healthcare facilities, is appealing to older individuals.
- The rise in demand for remote healthcare services:
With the COVID-19 pandemic, there has been a significant increase in demand for telemedicine services as patients seek to reduce contact with others and decrease the risk of exposure to the virus.
- Government support:
The governments of several nations are encouraging telemedicine as a way to progress access to healthcare, especially in rural areas. Governments are availing funds and incentives to healthcare providers to adopt telemedicine technology.
Restraint
The telemedicine market is held back by several factors, including the high cost of communication and data management equipment, and its maintenance which can be unaffordable. The need for personnel training in the technical handling of this equipment also adds to the cost. Additionally, maintaining the privacy of medical information and patient confidentiality is a major restraint faced by telemedicine services. These issues serve as the restraining factors in the growth of the telemedicine market.
Opportunities
The extensive research and studies conducted on the usage of telemonitoring for remote patients resulted in a decreased requirement for hospital re-admissions declined home nursing visits and low health costs overall. Furthermore, patients and their caregivers using the technology of telemedicine have reported high satisfaction with the good quality of treatment offered. These findings have boosted many nations – such as the UK, to integrate telemedicine into their current healthcare systems. This will create lucrative opportunities for the market in several nations across the world.
Telemedicine Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 476.5 Billion |
| CAGR (2022-2030) | 22.9% |
| By Type | Remote Patient Monitoring, Real-Time Interactive Medicine, and Store-And-Forward |
| By Component | Software, Hardware, and Services |
| By Specialty | Teleradiology, Telepsychiatry, Telecardiology, Telepathology, and Others. |
| By Application | Chronic Disease Management, Emergency Room (ER) Diversion, Medication Management, Ambulatory, Medical Information Sharing, and Others |
| By End-use | Healthcare Facilities, Homecare, and Others |
| By Region | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Key Players | Koninklijke Philips N.V., GE Healthcare, Medtronic, Cerner Corporation, American Well, Cisco Systems, Inc., Siemens Healthineers, Teladoc Health Inc., MDLive, and AMC Health |
Market Segmentation:
By Type
On the basis of type, the market is segmented into remote patient monitoring, real-time interactive medicine, and store-and-forward. Remote patient monitoring holds the largest share of the market. This is due to the increased usage of remote patient monitoring to track the patient’s health status and transmit the data to a healthcare provider for analysis. This type of telemedicine is generally used for patients suffering from chronic diseases, such as heart disease and diabetes, to observe their health status and ensure timely interventions to prevent complications. Furthermore, real-time interactive medicine is the fastest-growing segment in the forecast period. This is due to the involvement of real-time communication between healthcare providers and patients, offering immediate consultation.
By Component
On the basis of components, the market is categorized into software, hardware, and services. The hardware segment holds the largest share of the market. The hardware consists of an extensive variety of devices that are widely used in hospitals, clinics, and home care. The hardware components consist of computer systems, mobile frames, video feeds, communication lines, and others. The extensive usage of the hardware components made it the largest revenue-generating segment. Furthermore, the software segment is the fastest-growing segment in the market. The growing demand for telemedicine services owing to the COVID-19 pandemic has led to the adoption of telemedicine software platforms enormously. These platforms offer a cost-effective and convenient way for healthcare providers to offer remote patient monitoring and virtual consultations.
By Specialty
On the basis of specialty, the market is classified into teleradiology, telepsychiatry, telepathology, telecardiology, and others. Teleradiology holds the largest share of the market. Radiology is one of the fields where telemedicine is enormously used. Radiological pictures such as CT scans, MRIs, and x-rays are transferred via the internet to the physician or a radiologist, who has a computer with a great screen display quality, and a printer that prints images with high quality. Furthermore, telepsychiatry is the fastest-growing segment over the forecast period. This involves the usage of telemedicine technologies to offer psychiatry services that involve remote therapy sessions, remote medication management, and virtual consultations between patients and psychiatrists. Thereby, the telepsychiatry segment is expected to register the fastest CAGR.
By Application
Based on the application the market is categorized into chronic disease management, emergency room (ER) diversion, medication management, ambulatory, medical information sharing, and others. Chronic disease management holds the largest share of the market. This is driven by the increasing need to manage chronic diseases, which is a burden on the healthcare system, as well as the rising demand for virtual or remote healthcare services. Moreover, the utilization of telemedicine technologies to support chronic disease management has shown improvement in patient outcomes, reduced healthcare costs, and increased satisfaction of the patient. The emergency room (ER) diversion is the fastest-growing segment over the forecast period. The emergency room is an overcrowded, expensive, and stressful environment in healthcare facilities. With the help of telemedicine, overcrowding in the emergency rooms can be diverted or reduced by having remote physicians utilize video chat first. Then the remote physician determines whether the individual requires care in an emergency department, which increases the efficiency of emergency departments.
By End-use
The end-use segment is divided into healthcare facilities, home care, and others. The healthcare segment holds the largest share of the market. This is driven by the increasing demand for telemedicine technologies in hospitals and also the rising adoption of telemedicine as a way to support the medical services in healthcare facilities including remote patient monitoring, virtual consultations, and other forms of remote support. The homecare segment is also anticipated to grow significantly over the forecast period as telemedicine is extensively utilized to support the medical services delivered in the home.
By Region
Based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds the largest share of the telemedicine market. The region is credited with a significant share of the market driven by factors such as the strong presence of the healthcare industry, favorable government policies, high healthcare expenditure, and the presence of leading market players. The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period. The fastest growth of this region is attributed to multiple factors such as increasing investments in the infrastructure of healthcare and also the rising investments in the infrastructure of IT.
Telemedicine market Competitive Landscape:
The competitive landscape of the market has been evaluated in the report, with inclusive profiles of the leading players functioning in the industry. Furthermore, the surge in product innovation, application launches, multiple business strategies, and Research and Development (R&D) have improved the growth of the Sample Preparation market. Key players in the market include-
- Koninklijke Philips N.V.
- GE Healthcare
- Medtronic
- Cerner Corporation
- American Well
- Cisco Systems, Inc.
- Siemens Healthineers
- Teladoc Health Inc.
- MDLive
- AMC Health
Recent developments
- In May 2021, Teladoc Health announced partnership with Vivo to enhance healthcare accessibility in Brazil through the utilization of telemedicine.
- In May 2020, Cisco Canada announced an association with Centre for Addiction and Mental Health (CAMH) for the extension of its telemedicine services to fulfill the demand for services related to mental health.
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