USD 68.88 billion
Telemedicine Technologies Market Size, Share, Growth Analysis, By Component(Hardware, Software, Services), By Services(Tele-consultation, Tele-monitoring, Tele-education, Tele-care), By Modality(In‑Campus, Cloud based, Web based), By Application(Dermatology, Gynecology, Radiology, Neurology), By End User(Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgery Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2055 |
Region:
Global |
Published Date: July, 2001
Pages:
157
|Tables:
155
|Figures:
78
Telemedicine Technologies Market Insights
Telemedicine Technologies Market size was valued at USD 68.88 billion in 2019 and is poised to grow from USD 87.2 billion in 2023 to USD 728.5 billion by 2031, growing at a CAGR of 26.6% in the forecast period (2024-2031).
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.
US Telemedicine Technologies Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Web based
Fastest Growth
Cloud based
Growth Rate
26.6% CAGR
Global Telemedicine Technologies Market, 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Telemedicine Technologies Market Segmental Analysis
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, Telemedicine Technologies Market is segmented into Tele-consultation, Tele-monitoring, Tele-education, Tele-care, Tele-surgery and others. According to modality the Telemedicine Technologies 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, Telemedicine Technologies Market is divided into hospitals, clinics, diagnostic centers, ambulatory surgery centers, and others. Based on region, Telemedicine Technologies Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Telemedicine Technologies Market 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.
Telemedicine Technologies Market 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.
Global Telemedicine Technologies Market By Modality, 2021 (%)
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Telemedicine Technologies Market Regional Insights
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.
Global Telemedicine Technologies Market By Geography, 2022-2028
- Largest
- Fastest
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Telemedicine Technologies Market Dynamics
Telemedicine Technologies Market Driver
- Telemedicine technology provides a practical platform for collecting patient data in a systematic manner as well as providing comprehensive diagnostic advice and services. Since telemedicine technologies enable greater communication between distant geographic regions, numerous healthcare organizations have begun to make the most of the technology.
- The rising frequency of chronic conditions is expected to result in a fast-expanding patient pool, which will fuel the growth of the global telemedicine technologies market, followed by an expansion of the healthcare system.
- Along with this, increasing rates of technological development, a shift in preference toward data-driven decisions, diagnostic accuracy, and enhanced visualisations are anticipated to spur the adoption of telemedicine technologies, which will ultimately accelerate the growth of the global market for telemedicine technologies over the course of the forecast period.
Telemedicine Technologies Market Restraint
- Patient records are electronically stored and transferred as part of telemedicine services. Privacy and security issues could result from this. The effectiveness of the health system as a whole may be jeopardised by the improper management of privacy and security issues in telemedicine. Intruders might access private data while files were being sent across the network and potentially change, steal, or even erase patient records. Serious consequences like a wrong diagnosis or giving the patient whose data was tampered with the wrong treatment plan might result from this. Such factors might result in the market's growth to be hampered.
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Telemedicine Technologies Market Competitive Landscape
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.
Telemedicine Technologies Market Top Player's Company Profiles
- Aerotel Medical Systems Ltd.
- AMD Global Telemedicine, Inc.
- American Well Corporation
- BioTelemetry, Inc.
- Cerner Corporation
- Cisco Systems, Inc.
- Doctor On Demand, Inc.
- GE Healthcare
- Honeywell International Inc.
- InTouch Technologies, Inc.
- Medtronic, Inc.
- Philips Healthcare
- Siemens AG
- Teladoc Health, Inc.
- Tunstall Healthcare Group Ltd.
- Vidyo, Inc.
- VSee Lab, Inc.
- Welch Allyn, Inc.
- Zipline International, Inc.
- Zipnosis, Inc.
Telemedicine Technologies Market Recent Developments
- In October 2022, Aya, a provider of health and wellness spending accounts, and Mednow, a pioneer in Canadian internet pharmacies, declared a patient-first collabration. Members of Aya plans are entitled to a discount on any prescription copayment amounts not covered by their employer's insurance or direct billed drug benefit plan when they visit Mednow, Aya's Preferred Pharmacy.
- In April 2022, Abbott announced the launching of an upgraded version of its NeuroSphere™ myPath™, a digital health app with improved capabilities which will allow doctors to follow their patients more closely so they can treat their chronic pain. This improvement, which is a component of Abbott's dedication to linked care technology, aims to give individuals more control over their health and improve communication with their physicians.
Telemedicine Technologies Key Market Trends
- A wide variety of medical devices and equipment may now be connected to a server or the cloud in the Internet of Things (IoT) era thanks to ultrafast connection. Real-time information may therefore be used by telemedicine technologies to provide higher-quality distant healthcare. Wearables and other medical tools can be used by patients at home to check their blood pressure, temperature, and heart rate and send the findings for review by their doctor. For pharmacists and specialists to easily access at their own sites, providers may submit patient notes, make prescriptions, and add other data.
- Healthcare robotics can help with remote patient monitoring and allow professionals to consult on cases in distant facilities. Autonomous telehealth robots, for instance, may find patients in waiting areas or hospital rooms and communicate with them remotely. While the nurse responds to other patients and chores, an acute care patient can speak with a nurse from their bedside. Some robots are capable of following doctors while they perform rounds and transmitting live footage to distant specialists who can provide on-screen counsel. Other robots allow surgeons to provide remote assistance for procedures while viewing the same perspective as the surgeon executing the surgery.
Telemedicine Technologies 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 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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 68.88 billion |
| Market size value in 2031 | USD 728.5 billion |
| Growth Rate | 26.6% |
| 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:-
|
| Historical Year | 2019 |
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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 Technologies 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 Technologies 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 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 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.
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 Technologies Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Telemedicine Technologies 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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