Telemedicine Market

Telemedicine Market Size, Share, Growth Analysis, By Type(Products, Services), By Modality(Store-and-forward (Asynchronous), Real-time (Synchronous), Others), By Application(Teleradiology, Telepathology, Tele dermatology, Telecardiology), By End-User(Healthcare Facilities, Homecare), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35G2214 | Region: Global | Published Date: June, 2024
Pages: 165 |Tables: 118 |Figures: 77

Telemedicine Market Insights

Telemedicine Market size was valued at USD 43156.8 million in 2019 and is poised to grow from USD 54334.41 million in 2023 to USD 431823.76 million by 2031, growing at a CAGR of 25.9% in the forecast period (2024-2031).

Telemedicine is becoming a trend because it allows people to get the medical treatment they need without having to travel far. There are several telemedicine services available that connect patients with doctors over the internet. This means that patients can get their medications, tests, and surgeries done from the comfort of their own home. There are also telemedicine services that allow people to talk with doctors about their health problems. This way, patients can get an idea of what the doctor would recommend and avoid going against their wishes. It enables long-distance contact between patients and clinicians, as well as care, guidance, reminders, education, intervention, monitoring, and remote admissions. As a result, the global telemedicine market has started witnessing a strong demand coming from all the strata of society across the globe.

In recent years, there has been tremendous growth in the field of telemedicine. It not only allows patients to communicate with doctors remotely, but it can also help to reduce the cost of healthcare. Because of these benefits, physicians and hospitals are ready to integrate digital health technologies into their practices. This has also prompted the government to adopt telehealth-related rules and reimbursement standards.

US Telemedicine Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 43156.8 million

Largest Segment

Services

Fastest Growth

Products

Growth Rate

25.9% CAGR

Global Telemedicine Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Telemedicine Market Segmental Analysis

The global telemedicine market is segmented based on type, modality, application, and end-user. Based on type, the Telemedicine Market is categorized into products and services. Based on modality, the Telemedicine Market is categorized into store-and-forward (Asynchronous), real-time (synchronous), and others. Based on application, the Telemedicine Market is categorized into tele-radiology, tele-pathology, tele-dermatology, tele-cardiology, tele-psychiatry, and others. By end-user, the Telemedicine Market is categorized into user healthcare facilities and homecare. Based on region, the telemedicine market is categorized into North America, Europe, Asia-Pacific, America, and MEA.

Telemedicine Market Analysis by Type

Based on type, the telemedicine market is bifurcated into products and services. The services sector is expected to account for the largest market share. Telemedicine significantly reduces consultation and referral wait times and it is also the primary highlights of the growing number of hospitals offering or deploying e-consultation services, which further benefits the service industry.

Telemedicine Market Analysis by Modality

Based on modality, telemedicine market is segmented into tele-radiology, tele-pathology, tele-dermatology, tele-cardiology, tele-psychiatry, and others. Wherein, the tele-radiology segment is expected to dominate the market. Advances in S&F technologies and a scarcity of radiologists in rural areas are contributing to the segmental growth. According to the Canada Association of Radiologists (CAR), 1,900 additional radiologists will be required between 2021 and 2040 in the country considering the current market scenario.

Global Telemedicine Market By Type , 2021(%), 2019 (%)

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Telemedicine Market Regional Insights

North America dominated the global telemedicine market in 2021, accounting for more than 33.8% of total market revenue thanks to increased digitalization in healthcare, advanced healthcare facilities, and the use of telemedicine technologies.  In addition to this, the region has strong presence of prominent players in the region suc as MDlive, Inc., Teladoc Health, Inc., American Well Corp., Doctor on Demand, Inc., SteadyMD, Inc., and Zoom Video Communications, Inc.  These businesses undertake strategic initiatives to enhance their market share. 

Global Telemedicine Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Telemedicine Market Dynamics

Telemedicine Market Driver

  • Teleconsultants aid in solving issues at a cheaper price. They reduce the workload of healthcare providers, hence government organizations are aiming to install digital health technology in countries. This is expected to boost the demand for telemedicines during the forecast period.
  • Growing geriatric population with the increasing prevalence of chronic conditions is projected to drive the telemedicine market given the current shortage of physicians and care personnel, advancements in telecommunications, and increasing technology adoption.

Telemedicine Market Restraint

  • Adoption of the service may be restricted by technological and infrastructure barriers in medium and low-income countries. The adoption of digital health technology requires the use of cutting-edge telecommunications devices, high-speed internet with sufficient bandwidth, and storage capacity for the integration and transfer of medical data, all of which remain a difficulty in many developing nations.
  • High cost of installation and a shortage of experienced healthcare personnel are some of the primary factors limiting growth of telemedicine market throughout the projection period.

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Telemedicine Market Competitive Landscape

The telemedicine market is growing rapidly thanks to the growing popularity of digital health. This market is expected to reach $233.49 billion by 2028, and players are looking for new ways to enter this market. One way is to use telemedicine to connect patients with doctors remotely. There are a number of reasons why players are interested in this market. First, it's a convenient way for patients to get care without leaving their homes. Second, it can help doctors get more information about patients' conditions in a timely manner. Finally, it can reduce the cost of medical care by connecting patients with doctors who are familiar with their specific condition. Apart from this, market players are exploring various vertical and horizontal growth opportunities. For instance, in 2021, Walmart Inc. acquired MeMD-a telehealth provider. This would enable Walmart to offer virtual care access for urgent, behavioural, and primary care across the U.S. This type of acquisition will help the players to expand their business in the global telemedicine market over the forecast period.

Telemedicine Market Top Players Company Profiles

  • Cisco Systems (US)
  • Teladoc Health Inc.
  • American Well Corporation
  • MDLIVE Inc.
  • Doctor on Demand Inc.
  • InTouch Technologies Inc.
  • Philips Healthcare
  • AMD Global Telemedicine Inc.
  • Honeywell International Inc.
  • Medtronic plc
  • OBS Medical Ltd.
  • Tunstall Healthcare Group Ltd.
  • General Electric Company
  • Siemens Healthineers AG
  • McKesson Corporation
  • Vidyo Inc.
  • CareClix Telemedicine
  • Cybersight Inc.
  • GlobalMed Inc.
  • Cerner Corporation

Telemedicine Market Recent Developments

  • In March 2022, OpenLoop, a health tech company that provides full stack clinical support to companies launching and scaling virtual care services across the country, announced a USD 8 million Series A funding round. The latest investment brings OpenLoop's total funding to around USD 11 million.
  • In March 2022, LG Electronics and Amwell, a key player in global telemedicine market, joined forces to push the boundaries of virtual care. The two companies intend to jointly develop new device-based service solutions designed to make it easier for patients to access care, whether in a hospital or at home, by combining LG's broad innovation portfolio with Amwell's deep digital health care experience.
  • In February 2022, Teladoc Health, a global leader in whole-person virtual care, announced the launch of voice-activated general medical virtual care on supported Amazon Alexa devices, including the Echo, Echo Dot, and Echo Show. Customers in the United States can connect with a Teladoc care provider 24 hours a day, seven days a week from supported Echo devices for general medical needs. Teladoc on Alexa will begin with audio visits and will soon be followed by video visits.

Telemedicine Key Market Trends

  • In recent years, artificial intelligence-powered booths have appeared in local malls. The system features a smart medicine cabinet that can administer over 100 different prescriptions. Ping An Good Doctor announced the launch of small unstaffed clinic that uses artificial intelligence. Patients who seek immediate consultations can sit in the three-square-meter booth and consult with an artificial intelligence-powered doctor.
  • The AI computer gathers medical history and recommends a diagnosis plan, which is subsequently passed on to a clinical expert. These mini-clinics are known as "One-Minute Clinics. This is an emerging trend in the global telemedicine market. These clinics can then make referrals to a doctor on the 'Ping A Good Doctor's in-house medical team. AI-based clinics can be set up in multiple of locations, including schools, shopping malls, pharmacies, and highway rest areas. As a result, such digital health advances present a huge opportunity for the market to demonstrate a positive growth trajectory over the forecast period.

Telemedicine Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

As per our analysis of telemedicine market, rapid advancements in the digital health have made healthcare more affordable and accessible to anyone and everyone. The growing number of e-visits as well as developments in radiology, cardiology, mental health treatment, and other fields have resulted in the creation of new business and healthcare models centered on telehealth. With the debut of multiple platforms and the entry of new firms with substantial finance, the telemedicine industry is gradually becoming competitive.

With increasing internet penetration, the telemedicine market is enjoying the benefits such as ease of access have contributed to the rapid expansion of online purchase in India, China, and Germany.

Report Metric Details
Market size value in 2019 USD 43156.8 million
Market size value in 2031 USD 431823.76 million
Growth Rate 25.9%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Type
    • Products, Services
  • Modality
    • Store-and-forward (Asynchronous), Real-time (Synchronous), Others
  • Application
    • Teleradiology, Telepathology, Tele dermatology, Telecardiology, Telepsychiatry, Others
  • End-User
    • Healthcare Facilities, Homecare
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Cisco Systems (US)
  • Teladoc Health Inc.
  • American Well Corporation
  • MDLIVE Inc.
  • Doctor on Demand Inc.
  • InTouch Technologies Inc.
  • Philips Healthcare
  • AMD Global Telemedicine Inc.
  • Honeywell International Inc.
  • Medtronic plc
  • OBS Medical Ltd.
  • Tunstall Healthcare Group Ltd.
  • General Electric Company
  • Siemens Healthineers AG
  • McKesson Corporation
  • Vidyo Inc.
  • CareClix Telemedicine
  • Cybersight Inc.
  • GlobalMed Inc.
  • Cerner Corporation
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Telemedicine Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Telemedicine Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Telemedicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Telemedicine Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Telemedicine Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Telemedicine Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Telemedicine Market size was valued at USD 43156.8 million in 2019 and is poised to grow from USD 54334.41 million in 2023 to USD 431823.76 million by 2031, growing at a CAGR of 25.9% in the forecast period (2024-2031).

The telemedicine market is growing rapidly thanks to the growing popularity of digital health. This market is expected to reach $233.49 billion by 2028, and players are looking for new ways to enter this market. One way is to use telemedicine to connect patients with doctors remotely. There are a number of reasons why players are interested in this market. First, it's a convenient way for patients to get care without leaving their homes. Second, it can help doctors get more information about patients' conditions in a timely manner. Finally, it can reduce the cost of medical care by connecting patients with doctors who are familiar with their specific condition. Apart from this, market players are exploring various vertical and horizontal growth opportunities. For instance, in 2021, Walmart Inc. acquired MeMD-a telehealth provider. This would enable Walmart to offer virtual care access for urgent, behavioural, and primary care across the U.S. This type of acquisition will help the players to expand their business in the telemedicine market over the forecast period. 'Cisco Systems (US)', 'Teladoc Health Inc.', 'American Well Corporation', 'MDLIVE Inc.', 'Doctor on Demand Inc.', 'InTouch Technologies Inc.', 'Philips Healthcare', 'AMD Telemedicine Inc.', 'Honeywell International Inc.', 'Medtronic plc', 'OBS Medical Ltd.', 'Tunstall Healthcare Group Ltd.', 'General Electric Company', 'Siemens Healthineers AG', 'McKesson Corporation', 'Vidyo Inc.', 'CareClix Telemedicine', 'Cybersight Inc.', 'GlobalMed Inc.', 'Cerner Corporation'

Teleconsultants aid in solving issues at a cheaper price. They reduce the workload of healthcare providers, hence government organizations are aiming to install digital health technology in countries. This is expected to boost the demand for telemedicines during the forecast period.

In recent years, artificial intelligence-powered booths have appeared in local malls. The system features a smart medicine cabinet that can administer over 100 different prescriptions. Ping An Good Doctor announced the launch of small unstaffed clinic that uses artificial intelligence. Patients who seek immediate consultations can sit in the three-square-meter booth and consult with an artificial intelligence-powered doctor.

North America dominated the telemedicine market in 2021, accounting for more than 33.8% of total market revenue thanks to increased digitalization in healthcare, advanced healthcare facilities, and the use of telemedicine technologies.  In addition to this, the region has strong presence of prominent players in the region suc as MDlive, Inc., Teladoc Health, Inc., American Well Corp., Doctor on Demand, Inc., SteadyMD, Inc., and Zoom Video Communications, Inc.  These businesses undertake strategic initiatives to enhance their market share. 

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