USD 50.61 billion
Report ID: SQSG35D2040 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Telemedicine Technologies Market was valued at USD 50.61 billion in 2021 and it is expected to reach a value of USD 248.17 billion by 2028, at a CAGR of 25.5% over the forecast period (2022-2028).
Telemedicine employs digital tools like cellphones, email, and video conferencing to provide patients with their own medical information. Due to the rising incidence of chronic illnesses and the growing demand for patient care, the market for telemedicine technologies is expanding significantly on a worldwide scale. Additionally, the capacity of telemedicine technologies to monitor patients in remote locations, expanding healthcare awareness, increasing demand for telesurgery, and acceptance of technologically advanced countries are all factors contributing to the market's expansion. The main applications of telemedicine technologies include, among others, video calling, sending medical images, and monitoring vital signs. With the aid of sophisticated algorithms and improvements in networking technologies, the evolution of technology has allowed for the provision of potential healthcare solutions. Telemedicine technologies are widely used to connect medical professionals with patients who are geographically or physically distant from the medical institution. During the projected period, expansion of the telecommunications network and a decline in healthcare expenditures are anticipated to positively affect the growth of the Telemedicine Technologies market.
Global Market Size
USD 50.61 billion
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Global Telemedicine Technologies Market is segmented based on the component, services, modality, application, end user, and region. Based on component, Global Telemedicine Technologies Market is segmented into hardware, software, and services. Based on services, it is segmented into Tele-consultation, Tele-monitoring, Tele-education, Tele-care, Tele-surgery and others. According to modality the market is segmented into in campus, cloud-based and web-based. On the basis of application, the market is segmented into dermatology, gynecology, radiology, neurology, cardiology, orthopedics, emergency care, internal medicine and others. According to end user, it is divided into hospitals, clinics, diagnostic centers, ambulatory surgery centers, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Component
Software segment dominated the telemedicine technologies market in 2021. The software system is being developed and updated quickly to improve the efficacy and efficiency of the telehealth equipment, which is greatly accelerating the segment growth. Consumers may adopt and use software more easily than network- and hardware-based telemedicine devices. The cost of implementing hardware- and network-based telemedicine systems is higher than that of software since they need additional infrastructure and technical expertise. The software segment is more in demand than the other two because telemedicine technologies' goal of reaching as many people as possible and healthcare practitioners' preference for software due to its greater accessibility and ease of use.
The services segment is expected to show a substantial growth rate during the forecast period. Sales of different services including e-monitoring, e-consulting, and e-education are increasing as a result of consumers' and doctors' increasing use of telemedicine, which is anticipated to fuel market expansion.
Analysis by Modality
Global telemedicine technologies market was dominated by web-based segment in 2021 and is anticipated to showcase remarkable growth during the forecast period. Web-based telemedicine technology has become the norm due to improvements in the telecommunications infrastructure and rising internet usage among individuals. The need for web/mobile-based telemedicine technologies will rise as a result of expanding communications infrastructure in emerging regions and various government initiatives in emerging countries. The web/mobile-based delivery sector will benefit from a number of government relaxations granted for the use of telemedicine technologies throughout the projection period.
Cloud based segment is expected to grow at significant growth rate during the forecast period. With significant advances in cloud-based technology and growing adoption of cloud-based solutions by the general public, cloud technology has advanced significantly in recent years. Faster diagnosis and communication between the patient and caregivers are made possible by cloud-based solutions, which also guarantee the safe access to and storage of pertinent data.
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North America dominated the global telemedicine technologies market in 2021. The main driving factors are rising prevalence of chronic illnesses and the expanding number of elderly people in the US. Additionally, the region is distinguished by rising disposable income, rising demand for cutting-edge technology, and strong infrastructure in the fields of healthcare and information technology. Moreover the rising healthcare awareness coupled with cloud-based technologies acceptance, constant R&D initiatives and presence of major players operating in the region fuel the growth of the market.
Asia-Pacific is anticipated to be the fastest-growing market for telemedicine technologies during the forecast period. The Asia Pacific region is expected to expand as a result of a number of factors, including its greatest population, increasing urbanisation, rising investments in healthcare infrastructure, and rising investments in IT infrastructure. Additionally, the utilisation of cutting-edge technologies may drastically lower healthcare expenses, which encourages the development of telemedicine throughout Asia Pacific.
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Global Telemedicine Technologies Market is highly fragmented due to presence of many prominent players. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Key players include Medtronic, Koninklijke Philips N.V., Abbott, Mindchild Medical, Inc. and Honeywell International Inc. Prominent Players are spending more on R&D to create the technologically superior system that provides them an edge over rivals.
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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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Telemedicine Technologies Market analysis, the incorporation of cutting-edge technologies like AI, IoT, machine learning, and virtual hospitals is now driving the overall growth of the telemedicine technologies business and raising demand for such services. They may now practically obtain medical treatments without much effort because of the growing internet penetration and the expanding number of smartphone users throughout the world. The developed world's shifting lifestyles and hectic schedules are seen to be leading an upsurge in the telemedicine technologies market expansion.
|Market size value in 2021||USD 50.61 billion|
|Market size value in 2028||USD 248.17 billion|
|Forecast Unit (Value)||USD Billion|
|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 Technologies 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 Technologies 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.
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