USD 43156.8 million
Report ID: SQSG35G2005 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 118 | Figures: 77
Global Telemedicine Market size was valued at USD 43156.8 million in 2021 and is poised to grow from USD 54334.41 million in 2022 to USD 431823.76 million by 2030, growing at a CAGR of 25.9% in the forecast period (2023-2030).
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.
Global Market Size
USD 43156.8 million
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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.
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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.
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Telemedicine Market Driver
Telemedicine Market Restraint
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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
Telemedicine Market Recent Developments
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.
|Market size value in 2021||USD 43156.8 million|
|Market size value in 2030||USD 54334.41 million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Telemedicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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