USD 43156.8 million
Telemedicine Market Size, Share, Growth Analysis, By Component(Product and Services), By Modality(Asynchronous and Videoconferencing), By Application(Teleradiology and Telepsychiatry), By End Use(Healthcare Provider and Healthcare Consumers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2214 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
118
|Figures:
77
Telemedicine Market Insights
Global Telemedicine Market size was valued at USD 97.48 Billion in 2022 and is poised to grow from USD 114.98 Billion in 2023 to USD 430.72 Billion by 2031, growing at a CAGR of 17.95% in the forecast period (2024-2031).
Telemedicine is one of the areas which in the past few years has grown greatly. This may help reduce expenditure on healthcare and help in distant communication between patients and physicians. Therefore, it's very attractive to healthcare institutions and medical experts who seek to integrate digital health technologies into their operations. This has encouraged the government to create policies and payment plans about telehealth. Progress in this field has made healthcare affordable and accessible to all. The increasing distance delivery of healthcare services, including acute care and expansion in radiology, cardiology, mental health, and other sectors, has given rise to new business and healthcare models centered around telehealth. With numerous platforms being introduced and new competitors entering the Telemedicine market with substantial funding, the sector is rapidly becoming highly competitive.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Products
Growth Rate
25.9% CAGR
Global Telemedicine Market ($ Bn)
Country Share for North America Region (%)
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Telemedicine Market Segmental Analysis
The Global Telemedicine Market is segmented into component, modality, application, and end use. By component, the Telemedicine Market is bifurcated into products and services. Depending on modality, it is divided into asynchronous and videoconferencing. According to the application, the market is classified into teleradiology and telepsychiatry. As per end use, it is categorized into healthcare provider and healthcare consumers. Region wise, the telemedicine market size is analyzed across North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa.
Analysis by Component
The services segment gains traction and captures a substantial Telemedicine Market Share. The use of telemonitoring, teleconsultation, and teleradiology services for use in illness management is the cause of this. The services component is also a response to the increasing need for telemedicine and associated services, which the COVID-19 pandemic made very evident. The failure to control the coronavirus outbreak and its tendency to spread through human contact caused patients and medical professionals to rapidly recognize the effectiveness and accessibility of telemedicine services.
The software segment has been found to be the most promising subsegment of the telemedicine market. Continuous technology developments in M-H apps, EHRs, and telehealth platforms support this explosive growth. Like the Software segment, which focuses more on healthcare concerns and solutions, some of its primary selling aspects include better management of healthcare operations, monitoring of patient outcomes, and tailored health solutions. The availability of smartphones and services such as fast internet has contributed to the development of the software known as telemedicine.
Analysis by End User
Most of the global market is dominated by healthcare providers. Any hospitals, clinics, or other healthcare facilities that have embraced telemedicine to improve public health and elevate the caliber of services they offer fall under this category. There are more diversified diagnostic tools available, the supervision of patients can be done in real-time from a remote location, and consultation by a doctor or other related health provider is possible without getting a physical glimpse of the patient. These are just a few advantages connected with telemedicine.
The Healthcare Consumers segment of the telemedicine industry stands out for expanding at the fastest rate. According to Burns, an increasing number of consumers are taking an active role in their health by using the internet, as telemedicine makes it easy for patients to obtain timely care without having to travel. This growth was driven by the increased use of both smartphones and the Internet in general, and knowledge of the benefits of telehealth services.
Global Telemedicine Market By Component
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Telemedicine Market Regional Insights
The North American market grew significantly in 2022 and is likely to dominate the market in the forecast period as well. Significant companies such as Teladoc, MDLive, and others, along with strong government support and an increase in teleconsultations, are driving the market's expansion in this region. In 2022, the American Medical Association conducted a survey with 93% of physicians expressing satisfaction with the use of digital health devices. This percentage was 85% in 2016. Furthermore, the percentage of telehealth visits increased from 14% in 2016 to 28% in 2019 and to 80% in 2022. This will be most anticipated to contribute to the growth of the North American market.
As smartphones and cameras have opened new markets, a lot of start-up companies, such as InstaDoc and FirstCheck, are locating their headquarters in Asia Pacific. It is anticipated that this will help the local industry’s growth. Furthermore, it is anticipated that when telemedicine is used more frequently to address the physician shortage, the number of pilot projects will rise, with a major increase expected in the Middle East, Africa, and Latin America.
Global Telemedicine Market By Geography
- Largest
- Fastest
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Telemedicine Market Dynamics
Drivers
Utilizing Advanced Technology to Encourage Market Growth
- Artificial intelligence (AI), machine learning (ML), telemedicine apps, virtual hospitals, and the Internet of Things (IoT) are among the contemporary technologies that are becoming more and more popular. Applications developed using machine learning algorithms can help detect cancer, other chronic illnesses, and uncommon disorders.
Demand toward Remote Patient Monitoring Services
- The Telemedicine Market Size will expand in response to rising consumer demand for cutting-edge technology that facilitates remote patient monitoring. For instance, in October 2022, AMC Health and GE Healthcare signed a joint agreement to offer virtual care in homecare environments. In March 2020, the Ministry of Health in the United Arab Emirates started working with telecom providers to set up its first virtual hospitals. As a result, more investment in virtual hospitals is expected to facilitate the sector's growth.
Restraints
Inadequate Infrastructure and Technology to Limit Market Expansion
- This service may not be widely used due to infrastructure and technology barriers in middle-class and low-income countries. Digital health technology cannot be introduced without modern telecommunications equipment, fast internet with lots of bandwidth, and a sizable amount of storage. However, in many developing countries, it remains challenging to integrate and communicate medical data.
Obstacles in Law and Regulation
- There are several challenges associated with using telemedicine, including concerns about patient privacy and data protection, licensing, and legal and regulatory barriers such conflicting state and federal legislation. These factors may complicate or obstruct the expansion and integration of telemedicine services.
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Telemedicine Market Competitive Landscape
The global telemedicine market is growing at a stable yet dynamic rate with the rising need for treatment from a distance, increasing healthcare costs, and technological advancement. It competes with a broad spectrum of businesses, such as IT companies, traditional healthcare service providers, and more recent entrants in the form of innovative start-ups. Players in the healthcare industry rely on their strong portfolio of healthcare products & services and their experience, while newcomers use disruptive technologies such as artificial intelligence, the Internet of Things, and remote monitoring.
Top Player’s Company Profiles
- AMC Health
- Teladoc Health Inc.
- The Cigna Group
- MDlive, Inc.
- Twilio Inc.
- SOC Telemed, Inc.
- Vsee
- ACL Digital
- ICliniq
- Oracle Corporation
- Oracle Corporation
- Oracle Corporation
- General Electric Company
- American Well Corporation
- Doctor on Demand, Inc.
Recent Developments
- March 2023: Masimo and Temple University Health System (Temple Health) expanded their collaboration to include several extra telehealth and Remote Patient Monitoring (RPM) devices.
- September 2022: The Indian healthtech start-up Medyseva raised USD 15 Million in pre-series fundraising with the goal of expanding access to telemedicine in rural India.
- March 2020: The Brazilian telehealth start-up VivaBem teamed up with the Swedish company Dokter.se to raise USD 2.5 Million to expand its services in Brazil.
Telemedicine Key Market Trends
Introducing AI-Powered Clinics
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AI-powered booths have been present for the past few years. One component of the system is a smart medicine cabinet that can deliver more than 100 medications. Ping A Good Doctor announced the opening of a tiny, AI-equipped, staff-free clinic in November 2018. AI-powered, the three-square-meter booth lets patients who need rapid consultations speak with a doctor. The AI system provides a diagnosis plan after compiling the patient's medical history, which is subsequently sent to a clinical specialist. These tiny clinics are referred to as "One-Minute Clinics". Through these clinics, patients can then be paired with a doctor from Ping a Good Doctor's internal medical staff. These AI-powered clinics can be set up in many places, such as schools, retail establishments, and highway service stops.
Telemedicine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest Analysis, the main factors for the significant expansion of the global telemedicine market are the rapid development of digital health technologies and rise in the need for remote healthcare services. North America dominates this market due to its robust healthcare system, advanced knowledge of telemedicine choices, and supportive regulations for the creation of cutting-edge digital health services and technologies. The increasing frequency of diseases like diabetes and cardiovascular disorders, which raise the need for regular doctor visits, a service that telemedicine may offer, is another significant driver propelling market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 97.48 Billion |
| Market size value in 2031 | USD 430.72 Billion |
| Growth Rate | 17.95% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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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