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Telemedicine Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 4703372
  • Report
  • May 2020
  • Region: Global
  • 114 pages
  • Mordor Intelligence
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  • Biotelemetry
  • InTouch Technologies Inc.
  • Koninklijke Philips NV
  • Medtronic Plc
  • SHL Telemedicine
  • MORE
The telemedicine market was found witnessing a CAGR of 18.50%, and the major factors for the growth of the telemedicine market include the rising healthcare costs, technological innovations, increasing remote patient monitoring, and growing burden of chronic diseases.

Healthcare costs are rising across the world. The primary driver for rising healthcare costs is increased utilization of healthcare services, which result in the growth of consumer demand for innovative and new techniques, lifestyle factors, etc. Furthermore, it can also be attributed to the cost shifting, from government programs to private payers. Low reimbursement rates have increased cost-shifting burden on hospitals and doctors, who, in turn, charge much higher rates for the same facilities to private payers, which ultimately affect the health insurance rates. It is estimated that elderly care is four times as expensive as it is for those who are younger, and the elderly population consumes between 40% and 50% of the healthcare resources.

Telehealth solutions have demonstrated the ability to enhance health outcomes and reduce costs. Telemedicine saves the patients’, providers’, and payers’ money, when compared to the traditional approaches. Telemedicine has been decreasing the cost of healthcare, while increasing efficiency through improved management of chronic diseases, reduced travel times, shared health professional staffing, and fewer and shorter hospital stays. Thus, owing to all aforementioned factors, the market is expected to witness high growth over the forecast period.

Key Market Trends

The Telehomes Segment is Expected to be the Fastest Growing Segment over the Forecast Period

The rise of chronic diseases is a global concern that puts a strain on healthcare resources. Telehomecare is an innovative way to provide care, monitor a patient, and provide information, by using the latest technology in telecommunication. Monitoring allows early identification of disease, and thus, preventing chronic conditions.

Telehomecare programs are also initiated in countries, including whole system demonstrator (WSD) project in the United Kingdom, veterans health segmentation (VHA) project in the United States, and TELEKART program in Denmark. These telehomecare programs manage, reduce, and avoid chronic diseases by remote monitoring of patients. The universities are collaborating well to promote the tele-homecare, such as University of Ottawa Heart Institute has been making good progress in telehome monitoring technology, which offers services for various regions, under the regional home monitoring program for cardiac patients. Telehome services provides an opportunity for significant savings for patients and hospitals. Thus, the increasing adoption rate of telehomecare services is directly affecting the growth of the telemedicine market.

North America Has Been Accounted for the Largest Share of the Telemedicine Market

Telemedicine is a rapidly growing component of healthcare in the United States. Treatment of chronically ill patients constitutes nearly four-fifths of the healthcare spending in thr United States. The adoption of telemedicine has improved care management, patient quality of life, and reduced healthcare spending.

The rising demand for mobile technologies coupled with the rising adoption of homecare by patients and reduction in hospital visits, is expected to propel the growth of the market over the forecast period. Healthcare in the United States is experiencing positive trends, with the emergence of telemedicine applications that help Americans to be active in personal health management. Smartphones and the presence of mobile technology make it possible to use both clinical and lifestyle applications, in order to help, educate, and change health behaviors. More Americans are now using mobile health applications. It is estimated that through mobile applications, 60% of adults monitor their weight, diet, and exercise; 33% of track blood glucose, headaches, sleep patterns, blood pressure, and chronic pain; and seven out of 10 Americans track at least one health indicator.

The extensive consumer interest in, and adoption rate of, telemedicine and mobile health applications, such as wearable technology (bands and watches) that monitor and report throughout the day, is supporting the market growth by driving the digitalization, and converting conventional forms of healthcare management to connected and remote healthcare.

Competitive Landscape

The market studied is a moderately competitive owing to the presence of many small and large market players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products with fewer prices. Companies, like Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Philips, hold significant market shares in the telemedicine market.

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  • The market estimate (ME) sheet in Excel format
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Note: Product cover images may vary from those shown
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  • Biotelemetry
  • InTouch Technologies Inc.
  • Koninklijke Philips NV
  • Medtronic Plc
  • SHL Telemedicine
  • MORE
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study



4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Technological Innovations
4.2.2 Increasing Remote Patient Monitoring
4.2.3 Growing Burden of Chronic Diseases
4.3 Market Restraints
4.3.1 Legal and Reimbursement Issues
4.3.2 High Initial Capital Requirements and Lack of Physician Support
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5.1 By Type
5.1.1 Telehospitals
5.1.2 Telehomes
5.1.3 mHealth (mobile health)
5.2 By Component
5.2.1 Products Hardware Software Others
5.2.2 Services Telepathology Telecardiology Teleradiology Teledermatology Telepsychiatry Others
5.3 By Mode of Delivery
5.3.1 On-premise Delivery
5.3.2 Cloud-based Delivery
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle East & Africa GCC South Africa Rest of Middle East & Africa
5.4.5 South America Brazil Argentina Rest of South America

6.1 Company Profiles
6.1.1 Aerotel Medical Systems (1998) Ltd
6.1.2 Allscripts Healthcare Solutions Inc.
6.1.3 AMD Global Telemedicine Inc.
6.1.4 Biotelemetry
6.1.5 Resideo Technologies Inc. (Honeywell Life Care Solutions)
6.1.6 InTouch Technologies Inc.
6.1.7 Koninklijke Philips NV
6.1.8 Medtronic Plc
6.1.9 SHL Telemedicine

Note: Product cover images may vary from those shown
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4 of 4
  • Aerotel Medical Systems (1998) Ltd
  • Allscripts Healthcare Solutions Inc.
  • AMD Global Telemedicine Inc.
  • Biotelemetry
  • Resideo Technologies Inc. (Honeywell Life Care Solutions)
  • InTouch Technologies Inc.
  • Koninklijke Philips NV
  • Medtronic Plc
  • SHL Telemedicine
Note: Product cover images may vary from those shown