Telemedicine Market: Global Industry Analysis and Forecast (2022-2029)

Telemedicine Market size was valued at US$ 68.36 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 22.3% through 2022 to 2029, reaching nearly US$ 342.17Bn.
Telemedicine Market Overview:
Telemedicine is a health-related service delivery and information transmission technology that uses an electronic medium and a telecommunications system. It enables patients to gain access to medical services and healthcare counselling at a distance. The most significant advantage of telemedicine is the convenience it provides to patients. In this pandemic condition, telemedicine bridges the distance between the patient and the doctors by bypassing a regular clinic visit and transportation. Telehealth necessitates a reduction in funding, a reduction in staff, and a reduction in the upkeep of corporate and medical facilities and equipment. Telemedicine also aids in increasing a patient's knowledge by using distance learning, meetings, and video conferences to educate the consumer about health and new technologies.

To know about the Research Methodology :- Request Free Sample Report
COVID-19 Influence on Global Market:
The pandemic was certainly accelerating the adoption of telemedicine. Companies have seen an increase in the number of telemedicine visits since the COVID-19 pandemic, with some reporting a significant increase in demand for video consultations. Doctors also use telemedicine to keep a social distance from infected patients and limit their chance of infection. As a result, a growing number of people are seeking telemedicine consultations.

From 2021 to 2022, the market grew at an exponential rate of 35%, compared to merely 18% to 2021. In March 2021, Teladoc reported a 50% increase in call volume in only one week. Between March and April 2021, Amwell recorded a 158% increase in traffic volume. In December 2021, Ali Health, JD Health, and We Doctor in China offered online telemedicine services targeted to covid-19. In association with Line and Medpeer, the Japanese Ministry of Economy, Trade, and Industry (METI) started free remote consultation services in March 2021.

In 2021, the market will have a nearly 10% drop in YoY growth compared to 2021, before resuming its growth trajectory by mid-2022. Government actions to deal with the global pandemic, such as updating guidelines and removing various restrictions, will increase the market growth. Charter Communications, Inc. announced a USD 5 billion investment plan in February 2021 to provide high-speed internet connections to lower-density rural towns for telemedicine, work, and distance learning, among other things.
Telemedicine Market Dynamics:
The main goal of telemedicine solutions is to increase access to basic healthcare while improving healthcare quality and patient safety. Telemedicine companies, according to research published by the Agency for Healthcare Research and Quality (AHRQ), concentrate on care delivery systems for end-users. In this pandemic condition, the usage of e-ICU and eCare aids in delivering appropriate therapeutic care to avoid exposure to the COVID-19 pandemic. Demand for such systems is expected to rise over the forecast period as a result of improved patient welfare and quality standard counselling, boosting the market growth.

Telemedicine is the most versatile and widely used technology for delivering health education, information, and health care services over long distances. Advanced patient care is supplied through technology, and more access to remote regions is likely to be provided. It also contributes to market growth by reducing hospital visits, emergency admissions to hospital rooms, and hospitalization rates. However, the market faces problems such as practitioner and patient reluctance to technology, a lack of Smartphone availability, high implementation costs, and data privacy and security concerns. Because steroids are only administered under physician supervision, the telemedicine market has the potential to harm patients' health by providing steroids on fake prescriptions. Due to a lack of patient counselling by telemedicine providers, this aspect can endanger a patient's life.

Chronic diseases are on the rise all over the world, and tele-homecare is a cutting-edge means of delivering care, monitoring a patient, and disseminating information that makes use of the latest telecommunications technologies. Early detection of diseases and the prevention of chronic illnesses are possible thanks to monitoring. Countries are also launching tele-homecare programs, including the UK's whole system demonstrator (WSD), the US's veterans' health segmentation (VHA), and Denmark's TELEKART programming. Tele-homecare solutions regulate, mitigate, and prevent chronic diseases by remotely monitoring patients.

The institutions are effectively collaborating to develop tele-homecare. The University of Ottawa Heart Institute, for example, has made substantial advancements in telephone monitoring technology, which allows cardiac patients in multiple places to access services through the regional home monitoring software. Tele-home services assist both patients and hospitals since they save money. As a result, the growing acceptability of tele-homecare services has a direct impact on the growth of the telemedicine market.
Global Telemedicine Market Segment Analysis:
Based on the Component, the market is segmented into Product and Services. The product segment held the largest market share of 44.2% in 2021 and is expected to continue its dominance by 2029. Telemedicine Product is an important tool for making healthcare more cost-effective, accessible, and engaging for patients. Kits, software, and hardware are examples of telemedicine products. Furthermore, telemedicine benefits the elderly population because it allows them to receive medical care from the comfort of their own homes.

The services segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This is due to the rise in the number of geriatrics requiring home care. The teleconsulting category is likely to be the most profitable during the forecast period, due to the government's rising initiatives for telehealth implementation projects and the high demand for video conferencing solutions.



Based on the Type, the market is segmented into Tele-hospital and Tele-home. The Tele-home segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Chronic diseases are on the rise around the world, putting a burden on healthcare resources. Tele-homecare is a cutting-edge method of providing care, monitoring a patient, and disseminating information utilizing the newest telecommunications technologies. Monitoring provides for the early detection of diseases and the prevention of chronic illnesses.

Countries are also launching tele-homecare initiatives, such as the whole system demonstrator (WSD) project in the UK, the veterans' health segmentation (VHA) project in the US, and the TELEKART program in Denmark. By remotely monitoring patients, these tele-homecare solutions control, mitigate, and prevent chronic diseases.



Based on the Technology, the market is segmented into Store and forward, real-time, others. The store and forward technology segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The store and forward system involve storing information obtained from patient counseling and transmitting it to the medical practitioner at a convenient moment. The real-time telemedicine segment is based on patient-physician communication via social media or electronic channels such as video conferencing. The most preferred method for understanding the patient's behavior and providing appropriate diagnostic treatment is video conferencing.

Based on the End Users, the market is segmented into Providers, Payers, Patients, and Others. The patient's segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Telemedicine services are used by patients for a number of reasons, ranging from minor to serious health issues to emergency situations. Payers are insurance companies that pay telemedicine service providers on behalf of their customers. Currently, not all telemedicine services are covered by insurance. Despite the fact that Medicare provides limited telemedicine services in remote areas, patients must visit clinics to finish a session.

Based on the Application, the market is segmented into Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology, and Others. The teleradiology segment held the largest market share of 26.3% in 2021 and is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This is due to the factors such as an increase in imaging practices, healthcare providers' embrace of teleradiology processes, and the simplification and regulation of teleradiology practices The integration of Artificial Intelligence (AI) into teleradiology, the adoption of Picture Archiving and Communication System (PACS), and the expansion of health R&D activities are all expected to be significant growth drivers over the forecast period.

Based on the Delivery Mode, the market is segmented into Web/Mobile and Call Centers. The web/Mobile segment held the largest market share of 78.8% in 2020 and is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The segment is divided into two parts: telephonic and visual. A saturation of cloud-based solutions is expected to boost the popularity of visualized care delivery options as more technologically advanced systems are introduced. During the forecast period, the segment visualizer had the highest revenue share of 23.2%. Furthermore, the need for urgent medical help for patients in remote places, as well as global lockdowns, is driving the usage of video conferencing solutions.
Global Telemedicine Market Regional Insights:
North America dominates the Global Telemedicine market during the forecast period 2022-2029. North America is expected to hold the largest market share of 33.7% by 2029. Telemedicine is a rapidly increasing component of healthcare in the United States, owing to the country's high adoption of advanced healthcare technologies and the rising burden of chronic diseases. Telemedicine has enhanced care management, improved patients' quality of life, and cut healthcare costs. During the forecast period, the market is expected to grow due to rising demand for mobile technologies, patient adoption of home care, and a reduction in hospital visits.

With the rise of telemedicine applications that help Americans be more active in personal health management, especially during the current COVID-19 pandemic, healthcare in the United States is seeing positive trends. Smartphones and the availability of mobile technology enable the use of clinical and lifestyle apps to assist, educate, and change health behaviours. These are the major drivers that boost the growth of this region in the global market during the forecast period 2022-2029.

The objective of the report is to present a comprehensive analysis of the Global Telemedicine Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Telemedicine Market dynamic, structure by analyzing the market segments and project the Global Telemedicine Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Telemedicine Market make the report investor’s guide.
Global Telemedicine Market Scope: Inquire before buying



Global Telemedicine Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2016 to 2020
Market Size in 2021:
US $ 68.36 Bn.


Forecast Period 2022 to 2029 CAGR:
22.3%
Market Size in 2029:
US $ 342.17 Bn.


 Segments Covered:
by Component
• Product
• Services


by Type
• Tele-hospital
• Tele-home


by Technology
• Store and forward
• Real time
• Others


by End-User
• Providers
• Payers
• Patients
• Other


by Application
• Teleradiology
• Telepsychiatry
• Telepathology
• Teledermatology
• Telecardiology
• Others


by Delivery Mode
• Web/Mobile
• Call Centers



Global Telemedicine Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Global Telemedicine Market Key Players
• MDlive Inc.
• SteadyMD Inc.
• Maven, Inc.
• iCliniq
• HealthTap, Inc.
• BioTelemetry, Inc.
• American Well
• CVS Health
• Synapse Medicine
• Practo
• Teladoc Health, Inc.
• Doctor on Demand, Inc.
• AMD Global Telemedicine
• Aerotel Medical Systems
• Plantronics, Inc.
• Tele-Med International
• Babylon
• CareClix
• MD INTERNATIONAL AB
• Global Telehealth Services
• Encounter Telehealth
Frequently Asked Questions:
1] What segments are covered in Global Telemedicine Market report?
Ans. The segments covered in Global Telemedicine Market report are based on Component, Type, Technology, End Users, Application, and Delivery Mode.

2] Which region is expected to hold the highest share in the Global Telemedicine Market?
Ans. North America is expected to hold the highest share in the Global Telemedicine Market.

3] Who are the top key players in the Global Telemedicine Market?
Ans. MDlive Inc., SteadyMD Inc., Maven, Inc., iCliniq, and HealthTap, Inc. are the top key players in the Global Telemedicine Market.

4] Which segment holds the largest market share in the Global Telemedicine market by 2029?
Ans. Telemedicine Product segment hold the largest market share in the Global Telemedicine market by 2029.

5] What is the market size of the Global Telemedicine market by 2029?
Ans. The market size of the Global Telemedicine market is US $324.17 Bn. by 2029.

6] What was the market size of the Global Telemedicine market in 2021?
Ans. The market size of the Global Telemedicine market was worth US $68.36  Bn. in 2021.