The global telemedicine market size reached US$ 59.7 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 218.0 Billion by 2028, exhibiting a growth rate (CAGR) of 21.9% during 2023-2028.
Telemedicine is the remote delivery of healthcare services, such as consultations or assessments, via telephone networks without the requirement for an in-person visit. There are several components to a telemedicine system, such as hardware, software, and a communication channel, that allow information to be exchanged between two geographical locations. Using telecommunication infrastructures, remote delivery of healthcare services can be performed efficiently. In addition to this, follow-up visits, management of chronic conditions, medication management, and specialist consultations can also be managed via text, audio and video conferences. Remote access to physicians not only makes it easier for patients to connect with them, but it can also help reduce overall healthcare costs. As a result, medical practitioners and hospitals alike are looking forward to implementing digital health technologies in their practices.
2. What is the expected growth rate of the global telemedicine market during 2023-2028?
3. What are the key factors driving the global telemedicine market?
4. What has been the impact of COVID-19 on the global telemedicine market?
5. What is the breakup of the global telemedicine market based on the component?
6. What is the breakup of the global telemedicine market based on the modality?
7. What is the breakup of the global telemedicine market based on delivery mode?
8. What is the breakup of the global telemedicine market based on the facility?
9. What is the breakup of the global telemedicine market based on the application?
10. What are the key regions in the global telemedicine market?
11. Who are the key players/companies in the global telemedicine market?
Telemedicine is the remote delivery of healthcare services, such as consultations or assessments, via telephone networks without the requirement for an in-person visit. There are several components to a telemedicine system, such as hardware, software, and a communication channel, that allow information to be exchanged between two geographical locations. Using telecommunication infrastructures, remote delivery of healthcare services can be performed efficiently. In addition to this, follow-up visits, management of chronic conditions, medication management, and specialist consultations can also be managed via text, audio and video conferences. Remote access to physicians not only makes it easier for patients to connect with them, but it can also help reduce overall healthcare costs. As a result, medical practitioners and hospitals alike are looking forward to implementing digital health technologies in their practices.
Telemedicine Market Trends:
The market is majorly driven by the rapid digitization in the medical sector across the globe. This can be attributed to continual technological advancements for making healthcare affordable and accessible to the masses. In addition to this, the integration of advanced technologies, such as machine learning (ML), artificial intelligence (AI), and the Internet of Things (IoT), is resulting in a higher product uptake on the global level. The proliferation of e-visits, along with the rapid expansion of radiology, cardiology, and mental health segments, is resulting in the development of new business and healthcare models, thereby propelling the market. Apart from this, the rising prevalence of chronic diseases, including diabetes and cancer, as well as a lack of adequate healthcare services in underdeveloped regions, is increasing the demand for telemedicine across the globe. Some of the other factors contributing to the market include continuous postponement and cancellation of elective surgeries and appointments due to social distancing norms during COVID-19, fierce market competition among key players, the launch of numerous innovative products, such as smart medicine cabinets, and extensive research and development (R&D) activities.Key Market Segmentation
The report provides an analysis of the key trends in each sub-segment of the global telemedicine market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, modality, delivery mode, facility, application and end user.Breakup by Component:
- Product
- Hardware
- Software
- Others
- Services
- Tele-consulting
- Tele-monitoring
- Tele-education
Breakup by Modality:
- Real-time
- Store and Forward
- Others
Breakup by Delivery Mode:
- Web/Mobile
- Audio/Text-based
- Visualized
- Call Centers
Breakup by Facility:
- Tele-hospital
- Tele-home
Breakup by Application:
- Teledermatology
- Teleradiology
- Telepsychiatry
- Telepathology
- Telecardiology
- Others
Breakup by End User:
- Providers
- Payers
- Patients
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aerotel Medical Systems (1998) Ltd., Allscripts Healthcare Solutions Inc., AMD Global Telemedicine Inc., American Well Corporation, Cigna Corporation, Cisco Systems Inc., Doxy.me Inc., HealthTap Inc., PlushCare Inc. (Accolade Inc.), SHL Telemedicine, SOC Telemed Inc. (Patient Square Capital), Teladoc Health Inc. and Twilio Inc.Key Questions Answered in This Report
1. What was the size of the global telemedicine market in 2022?2. What is the expected growth rate of the global telemedicine market during 2023-2028?
3. What are the key factors driving the global telemedicine market?
4. What has been the impact of COVID-19 on the global telemedicine market?
5. What is the breakup of the global telemedicine market based on the component?
6. What is the breakup of the global telemedicine market based on the modality?
7. What is the breakup of the global telemedicine market based on delivery mode?
8. What is the breakup of the global telemedicine market based on the facility?
9. What is the breakup of the global telemedicine market based on the application?
10. What are the key regions in the global telemedicine market?
11. Who are the key players/companies in the global telemedicine market?
Table of Contents
1 Preface3 Executive Summary14 Value Chain Analysis16 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Telemedicine Market
6 Market Breakup by Component
7 Market Breakup by Modality
8 Market Breakup by Delivery Mode
9 Market Breakup by Facility
10 Market Breakup by Application
11 Market Breakup by End User
12 Market Breakup by Region
13 SWOT Analysis
15 Porters Five Forces Analysis
17 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Aerotel Medical Systems (1998) Ltd.
- Allscripts Healthcare Solutions Inc.
- AMD Global Telemedicine Inc.
- American Well Corporation
- Cigna Corporation
- Cisco Systems Inc.
- Doxy.me Inc.
- HealthTap Inc.
- PlushCare Inc. (Accolade Inc.)
- SHL Telemedicine
- SOC Telemed Inc. (Patient Square Capital)
- Teladoc Health Inc.
- Twilio Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 139 |
| Published | October 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 59.7 Billion |
| Forecasted Market Value ( USD | $ 218 Billion |
| Compound Annual Growth Rate | 24.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
