Telemedicine Market by Technology, Deployment, Therapeutic Type, and Application 2023 - 2028

Self-Diagnosis is Fastest Growing Segment within the Telemedicine Market

This report evaluates the telemedicine market including technologies, solutions, applications, and services. This includes analysis of major players, strategies, and solutions. The report assesses the means of deployment, device, and therapeutic types by solution. The report also analyzes market opportunities by hardware, software, and services by region. This includes forecasts for each major component from 2023 to 2028.

Select Findings:

• The overall telemedicine market will reach $238 billion by 2028
• Teleconsultation will be one of the fastest-growing telemedicine solution areas
• Web-based apps and services are growing 43% faster than proprietary client-based solutions
• COVID-19 pandemic is driving further investment, but the ageing population is the biggest factor
• China is a highly promising market due to the very large and fast-growing elderly population in cities
• The ability to quickly implement and scale-up telemedicine operations is an important factor for deployment
• Elderly population a major growth segment with limiting adoption factors patient difficulty hearing, seeing, and communicating

Telemedicine involves the fulfillment of healthcare services to people from a distance using software solutions and telecommunication technology. It connects patients with doctors or physicians or other healthcare providers commonly used by hospitals, clinics, and telemedicine service providers. Advanced wireless and networking technologies, coupled with recent advances in biotechnology, biosensors, and software engineering, have enabled promising growth in telemedicine healthcare ecosystems.

Expert medical care delivered via telemedicine can significantly improve healthcare services for rural areas, remote locations, and underdeveloped nations. For the developed nations, telemedicine is increasingly gaining popularity due to its high potential for cost savings, healthcare availability, and increased efficiency in healthcare service delivery. As the recent pandemic has made abundantly clear, uninterrupted access to healthcare services is a critical need for society.

There is also a crucial need to reduce ever-expanding societal healthcare costs. This is particularly the case for the aging population in developed countries. For example, a couple in the United States that plans to retire in 10 years can expect to pay over $330,000 during retirement on healthcare (an amount equaling about 92% of their lifetime Social Security benefits and growing).

By 2050, the global population is anticipated to reach nearly 10 billion. One in six of those people will be over age 65 with 426 million aged 80 years or over. The 65+ year old age bracket is the fastest-growing segment, which correlates with steady growth in life expectancy worldwide. In 1960, the average UK citizen would live until about 70, but now 80 years old is the expected age of death. The United States has similar numbers. However, life expectancy in China has dramatically increased from the mid-forties in 1960 to the mid-seventies today.

Accordingly, the growing elderly population in many countries is a major growth segment for the telemedicine market. For example, up to 25% of physician office visits in the United States involve geriatric patients who often have multiple morbidities and disabilities. While there remains some hesitancy for some seniors (such as difficulty seeing, hearing or communicating via telehealth sessions), we are confident that emerging technologies will make accommodations possible for improved market adoption.

While there are many technological factors driving the market, such as more ubiquitous broadband communications and machine-to-machine communications, there are a few fundamental market drivers that ensure ongoing growth for the telemedicine market. The following factors apply to the general population as a whole, but particularly to senior citizens:

• Cost Savings: Perhaps the best-known advantage of the telemedicine market is the greater financial efficiencies associated with telehealth vs. in-person healthcare delivery, which amounts to a cost savings of $20 to $120 per patient visit.
• Health Safety: For those that are immune-compromised and/or concerned about infections, such as COVID-19, the telemedicine market provides a viable alternative to in-person consultation and treatment.
• Privacy: With Telemedicine market services, there is no need to be concerned about privacy issues associated with in-person service such as people overhearing one’s health issues.
• Time Savings and Convenience: The telemedicine market provides many conveniences and time savings for users as it completely removes travel time to/from a doctor’s office and spending time in a waiting room to be seen.
• Undivided Attention: With a regular doctor visit, there is often distraction as aids come and go. However, the telemedicine market is all about one-on-one focus between the caregiver and the patient.

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