February 2024
19 May 2023
The global telemedicine market value is expanding to USD 70 billion in 2023 and is expected to touch around USD 225 billion by 2030, growing at a noteworthy CAGR of 17.16% from 2022 to 2030. The telemedicine market is expanding globally due to the increased use of telemedicine among patients and physicians.
Market Overview:
The main advantage of using telemedicine is how simple and convenient it is to receive medical treatments. The need for telemedicine is fueled by the fact that technology makes healthcare more easily accessible while also improving service quality and safety. The numerous telemedicine solutions, including tele-ICU and telecare, provide consumers with effective and high-quality services. The global elderly population rise and the rising disease burden are the two main variables that could fuel the expansion of the telemedicine industry.
The primary factors driving the telemedicine industry are the rising government investments in the development of IT and telecommunications infrastructure, the increasing reliance of consumers on digital services, the growth of internet users, and the rising usage of smartphones. By the end of 2019, the ITU estimates that 4 billion people worldwide used the internet. The majority of internet users access the internet via their smartphones.
Regional Analysis:
In terms of region, North America will account for 37% of sales in 2022. The main drivers of the rise in the US are an increasing senior population and the burden of chronic diseases. Additionally, the region is distinguished by rising disposable income, rising demand for cutting-edge technologies, and advanced IT and healthcare infrastructure. Over 40,000 health apps were available for download on the US Apple iTunes store in 2013, according to NCBI. Thus, the market expansion in this area is being aided by the telemedicine industry's quick rise.
On the other hand, the Asia Pacific region is predicted to experience the quickest growth throughout the projection period. The presence of a sizable patient population pool, rising internet usage, and a quickening demand for healthcare support, particularly in rural areas, are all factors contributing to this rapid expansion. According to predictions, emerging economies like China and India would dominate the local market in the coming years. According to a report from the India Brand Equity Foundation (IBEF) in March 2021, the Indian government launched the eSanjeevani telemedicine service and carried out about 3 million consultations across the country.
Telemedicine Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 70 Billion |
| Projected Forecast Revenue in 2030 | USD 225 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 17.16% |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2022 to 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape:
Due to the existence of numerous businesses that operate both internationally and regionally, the telemedicine market is fragmented in character. A few well-known, internationally operating as well as domestically based businesses are examined in the competitive landscape, including.
Market Dynamics:
Market Drivers: The market is being driven by higher standards of care and better access to care
Rural and underprivileged regions may now access telemedicine more easily, making it easier for them to schedule and keep appointments. Those with restricted mobility or those who are unable to drive can access care more readily. Patients can be connected to in-demand experts, such as neurologists, through rural health facilities. Data collection and regular patient monitoring are made possible through telemedicine technology. This might promote improved self-care habits and help with diagnosis. AI-enhanced telemedicine platforms can evaluate patient data automatically and support providers in acting rapidly on new information.
Market Restraints: High maintenance cost
Since it increases competition, certain barriers, like healthcare providers, can oppose innovation in telehealth and telemedicine. A dearth of qualified telehealth and telemedicine specialists, high maintenance and service expenses, and the high cost of telehealth devices are some of the key factors that are expected to hinder the growth of the worldwide telehealth and telemedicine market during the forecast period.
Market Opportunities: Rise in investments, mergers, and acquisitions
The industry is also experiencing growth in investments, mergers, and acquisitions, as well as the introduction of new, big companies. In the ensuing years, the competition is anticipated to heat up. As an illustration, Amazon.com, Inc. opened up access to its virtual visits and healthcare platform, Amazon Care, to other Washington-based businesses in March 2021. Up until that point, Amazon Care was solely accessible to Washington State-based corporate employees and their families. The business also has aspirations to offer its virtual care services and products to other businesses and its own employees in all 50 states of the country. The application breadth of telemedicine in fields like telesurgery is expected to expand as a result of technological developments in robotic surgery, virtual reality, and artificial intelligence.
Component Insights:
By component, the product segment dominated the market in 2022, but from 2023 to 2032, the services sector is anticipated to increase at a CAGR of over 25%. Even though more telemedicine solutions are migrating to the cloud, some telemedicine providers still demand that a software system be purchased and installed on the computers of a medical office. Some software programs could need extra hardware, such as servers or data storage gear. Also, every software needs to be examined for compatibility with the computer operating systems used by healthcare professionals. The hardware category held the biggest market share in 2021. Due to the growing field of remote patient monitoring, the telemonitoring category is anticipated to experience the fastest CAGR growth in terms of services over the projection period. As the foundation of telemedicine solutions, the tele-consulting market supplied the biggest revenue share.
Modality Insights:
Three ideas real-time (synchronous), store and forward (asynchronous), and others like remote patient monitoring, etc. are the driving forces behind the sector. In 2022, the real-time segment had the highest revenue share more than 40.00%. This is a result of more people using on-demand medical consultations, more people using mHealth and virtual video visits, and more major market participants providing services. According to Fitbit Health Solutions, Cedars-Sinai Hospital in Los Angeles began providing Fitbit wearables to patients following hip and knee replacement surgery in 2018. As a result, the clinicians were able to monitor patient activity and motivate patients to begin short-distance walking as part of their rehabilitation process.
Application Insights:
In 2022, the market was dominated by the teleradiology sector, which had the highest revenue share of over 31.45%. The increase in imaging procedures, healthcare providers' adoption of teleradiology workflow, the development of service offerings within radiology sub-segments, and the simplification and regulation of teleradiology practices are some of the factors contributing to this. The deployment of a Picture Archiving and Communication System (PACS), the application of Artificial Intelligence (AI) in teleradiology, and expanding eHealth R&D activities are the main growth drivers over the forecast period.
For instance, Heidelberg Medical Consultancy & Health Tourism Pvt. Ltd. is a telemedicine service provider that specializes in providing dentistry experts and practices with individualized, premium, and cost-effective radiological reporting solutions. On the other side, from 2023 to 2032, telepsychiatry is anticipated to experience the fastest CAGR growth.
Delivery Mode Insights:
The global market has been further divided into web/mobile and call centers based on distribution methods. In 2022, the web/mobile sector dominated the market and generated more than 82.26% of the total revenue. The industry is also dominated by tech firms that provide web- and mobile-first telemedicine solutions, which helps explain the segment's strong market share. Additionally, it is projected that greater user awareness, the introduction of technologically sophisticated solutions, and the uptake of cloud-based solutions would accelerate the adoption of visualized care delivery solutions.
Facility Insights:
The global market has been further divided into tele-hospitals and tele-homes based on facilities. In 2022, the tele-hospitals facility segment was the market leader. In the same year, the segment was responsible for the highest percentage of revenue more than 55.20%. Throughout the projection period, the category is anticipated to continue to grow at a constant rate.
Some of the drivers propelling the segment include supportive government initiatives, patients being more aware of their health concerns, and high penetration of internet-based solutions. For example, the Koninklijke Philips N.V. Tele-ICU program was instrumental in enabling clinicians to remotely monitor a scalable number of ICU beds in 2020.
End-User Insights:
With a market share greater than 43.85% in 2022, the patient segment led the industry. This is due to the fact that patients use telemedicine services for a variety of reasons, from minor to major situations. As a result, market participants are increasing the services they offer to meet patient needs. The global market has been segmented into patients, payers, providers, and others based on end users. Over the projected period, it is predicted that the providers' segment would increase at the fastest rate. Telemedicine applications improve the standard of healthcare. In terms of quick access to patient records, enhanced decision assistance, enhanced workflows, and analytics, they also provide comfort for healthcare providers. With regard to patient scheduling and data, eHealth solutions provide healthcare practitioners with a lot of conveniences. Over the projected period, these advantages are anticipated to increase the use of telemedicine by providers.
Recent Development:
Market Segmentation:
By Type
By Component
By Application
By Technology
By Delivery Mode
By End-Users
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