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Telemedicine Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis

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    Report

  • 150 Pages
  • January 2023
  • Region: Global
  • Renub Research
  • ID: 5715822

Telemedicine Market size surpassed US$ 54.02 Billion in 2022

Global Telemedicine Market will reach to US$ 197.55 Billion by 2028 according to the publisher. Telemedicine, also called e-medicine, is the remote delivery of healthcare services, including consultations and examinations, over the telecommunications infrastructure. By using the latest telemedicine features, practice can reap numerous benefits. Telemedicine can reduce medical costs, improve efficiency and profitability, and offer patients better access to medical services.

Telemedicine has shown tremendous growth in the last five years. Telemedicine helps patients to connect with physicians remotely and also aids in reducing the price burden of healthcare. Due to these advantages, physicians and hospitals look forward to adopting digital health technologies. In addition, Telemedicine has also triggered the government to reimbursement policies and develop regulations around telehealth. Telemedicine Market size surpassed US$ 54.02 Billion in 2022.

Introduction of Al-based clinics to create multiple opportunities in the field of Telemedicine

Artificial intelligence-powered booths in local malls have emerged in the last few years. The system includes an intelligent medicine cabinet that dispenses over 100 medications. In addition, the AI machine collects the patient's medical history and provides a diagnosis strategy, which is transferred to a clinical expert. These small clinics are called 'One-Minute Clinics'. These clinics connect patients with a physician on 'Ping, Doctor's in-house medical team.

Such AI-based clinics can be set up anywhere from shopping mall to school and pharmacies to highway service stations. Moreover, introducing digitally advanced medical devices connected, integrated, and wirelessly with mobile phones would also surge the market growth. Hence, such innovations in the digital health field hold tremendous opportunities for the telemedicine industry to exhibit positive development across the globe.

Worldwide Tele-medicine Market to grow with a staggering CAGR of 24.12% from 2023 to 2028

By Type Analysis: The telemedicine market is further bifurcated based on type into services and products. In Telemedicine, reducing waiting time for consultations and referrals is one of the main reasons for the increasing number of patients providing or deploying consultation services, which, in turn, is favoring the services segment. Further, Worldwide Tele-medicine Industry is projected to grow with a double digit CAGR of 24.12% from 2023 to 2028.

Application Analysis: Teleconsultation and Teleradiology Accounts for most of the Revenue Share

Telemedicine is segmented into Teleconsultation, Telecardiology, Teledermatology, Telepathology, Telecardiology, Telesurgery, Telepsychiatry, and Others. Teleconsultation and Teleradiology accounted for most of the revenue share. The demand for Teleradiology increased rapidly in the past few years owing to various benefits such as faster diagnostics, precise imaging, lower costs, and elimination of the excess work of the radiologists.

The telecardiology segment will also grow due to the rising prevalence of cancer and cardiovascular diseases among the global population and the increasing adoption of telemedicine platforms. Telemedicine provides a patient monitoring feature that has a cardiac device implanted. It improves patient care, so the demand for this segment is expected to grow.

Modality Analysis: The Real-time Segment is expected to grow due to rise in e-visits

Regarding the modality, the industry is segmented into real-time and Remote Patient Monitoring. The real-time segment is expected to grow due to the drastic rise in e-visits. On the other hand, the increasing application of telehealth in diagnosing diseases and radiology, especially in dermatology, is expected to favor the expansion of the remote patient monitoring segment. In addition, coupled with a significant increase in smartphone users, the rising internet penetration, even in rural areas, is projected to augment the growth of the Modality segment.

End User: Hospital Segment holds a Maximum Portion of the Market

The telemedicine market is segmented into hospitals, Diagnostics Centers, Ambulatory Surgical Centers, Specialty Centers, and Other. The hospital Segment holds a maximum portion of the market. The increasing number of service providers for virtual consultations, the increased use of telecommunications tools for training doctors in medical colleges, and several government-funded pilot programs for Telemedicine are the main factors poised to surge the hospital segment.

On the other hand, the diagnostic center segment is projected to show substantial market growth during the forecast period. The primary factors responsible for developing the diagnostic center segment are the rising geriatric population and significant cost-saving in the healthcare services expenditure.

Region: North American will hold the most Market Share

North American will hold the most market share due to significant players such as MDLive, Teladoc, and others, as well as increasing teleconsultations and strong government support, which are driving the market in this region. Europe is also the one of the most leading region in demand, which can be attributed to the rising prevalence of chronic diseases and the improving government guidelines for using digital health.

According to the British Skin Foundation, approx 100,000 new skin cancer cases are diagnosed annually in the United Kingdom. This poses a high-cost burden on the people of the country. Thus, the government of the United Kingdom deployed Telederm, which provides over 50,000 skin cancer diagnoses to NHS and private patients annually, resulting in adequate cost savings.

As smartphones and high cameras have opened new opportunities for the Asian market, many start-up companies, such as FirstCheck, InstaDoc, and others, are sprouting up in Asia, which is anticipated to foster the telemedicine market in the region. For example, in March 2021, India Brand Equity Foundation (IBEF) reported that the Indian government launched a telemedicine service eSanjeevani and completed around 3 million consultations nationwide. In addition, the growing number of ongoing pilot projects to overcome the shortage of doctors & physicians in recent years is expected to augment the growth in the MEA and Latin America.

Company Analysis

The telemedicine industry has made healthcare affordable and accessible to all. In addition, the increasing number of e-visits and expansion in behavioral health, radiology, cardiology, and others has risen in developing healthcare models and new business surrounding telehealth. As a result, the telemedicine market is slowly becoming highly competitive with the launch of new platforms and the entry of new players with massive funding. In May 2021, MediTelecare launched a direct-to-consumer mobile technology named MediTely. It was primarily designed for the old age population.

This new report titled 'Global Telemedicine Market by Types (Products & Services), Application (Teleconsultation, Telepathology, Telecardiology, Telesurgery, Teleradiology, Teledermatology, Telepsychiatry, Others) Modality (Real-Time Telemedicine & Remote Patient Monitoring) End Users (Hospitals, Diagnostics Center, Ambulatory Surgical Center, Specialty Center & Others), Regions (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) Company (CEVA Inc, Eli Lilly & Company, Bayer AG, Merck &Co.Inc)' provides a complete analysis of Telemedicine Market Industry Worldwide.

Types Outlook - Market has been covered from 2 viewpoints:

1. Products
2. Services

Application Outlook - Market has been covered from 8 viewpoints:

1. Teleconsultation
2. Telepathology
3. Telecardiology
4. Telesurgery
5. Teleradiology
6. Teledermatology
7. Telepsychiatry
8. Others

Modality Outlook - Market has been covered from 2 viewpoints:

1. Real Time Telemedicine
2. Remote Patient Monitoring

End Users Outlook - Market has been covered from 5 viewpoints:

1. Hospital
2. Diagnostic Center
3. Ambulatory Surgical Center
4. Specialty Center
5. Others

Region Outlook - Market has been covered from 5 viewpoints:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa

All companies have been covered from 3 Viewpoints

  • Overview
  • Recent Development & Strategies
  • Financial Insight

Company Analysis

1. CEVA, Inc.
2. Eli Lilly and Company
3. Bayer AG
4. Merck & Co. Inc
5. Teladoc Health, Inc.
Frequently Asked Questions about the Telemedicine Market

What is the estimated value of the Telemedicine Market?

The Telemedicine Market was estimated to be valued at $54.02 Billion in 2022.

What is the growth rate of the Telemedicine Market?

The growth rate of the Telemedicine Market is 24.1%, with an estimated value of $197.55 Billion by 2028.

What is the forecasted size of the Telemedicine Market?

The Telemedicine Market is estimated to be worth $197.55 Billion by 2028.

Who are the key companies in the Telemedicine Market?

Key companies in the Telemedicine Market include CEVA, Inc., Eli Lilly and Company, Bayer AG and Teladoc Health, Inc..

Table of Contents

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges

5. Global Telemedicine Market

6. Market Share - Global Telemedicine Market
6.1 By Types
6.2 By Application
6.3 By Modality
6.4 By End User
6.5 By Region

7. Types - Global Telemedicine Market
7.1 Products
7.2 Services

8. Application - Global Telemedicine Market
8.1 Teleconsultation
8.2 Telepathology
8.3 Telecardiology
8.4 Telesurgery
8.5 Teleradiology
8.6 Teledermatology
8.7 Telepsychiatry
8.8 Others

9. Modality - Global Telemedicine Market
9.1 Real Time Telemedicine
9.2 Remote Patient Monitoring

10. End User - Global Telemedicine Market
10.1 Hospital
10.2 Diagnostic Center
10.3 Ambulatory Surgical Center
10.4 Specialty Center
10.5 Others

11. Region - Global Telemedicine Market
11.1 North America
11.2 Europe
11.3 Asia Pacific
11.4 Latin America
11.5 Middle East & Africa

12. Company Analysis
12.1 CEVA, Inc.
12.1.1 Overview
12.1.2 Recent Development
12.1.3 Financial Insight
12.2 Eli Lilly and Company
12.2.1 Overview
12.2.2 Recent Development
12.2.3 Financial Insight
12.3 Bayer AG
12.3.1 Overview
12.3.2 Recent Development
12.3.3 Financial Insight
12.4 Merck & Co. Inc
12.4.1 Overview
12.4.2 Recent Development
12.4.3 Financial Insight
12.5 Teladoc Health, Inc.
12.5.1 Overview
12.5.2 Recent Development
12.5.3 Financial Insight

List of Figures:
Figure 01: Global - Telemedicine Market (Billion US$), 2018 - 2022
Figure 02: Global - Forecast for Telemedicine Market (Billion US$), 2023 - 2028
Figure 03: Types - Products Market (Billion US$), 2018 - 2022
Figure 04: Types - Forecast for Products Market (Billion US$), 2023 - 2028
Figure 05: Types - Services Market (Billion US$), 2018 - 2022
Figure 06: Types - Forecast for Services Market (Billion US$), 2023 - 2028
Figure 07: Application - Teleconsultation Market (Billion US$), 2018 - 2022
Figure 08: Application - Forecast for Teleconsultation Market (Billion US$), 2023 - 2028
Figure 09: Application - Telepathology Market (Billion US$), 2018 - 2022
Figure 10: Application - Forecast for Telepathology Market (Billion US$), 2023 - 2028
Figure 11: Application - Telecardiology Market (Billion US$), 2018 - 2022
Figure 12: Application - Forecast for Telecardiology Market (Billion US$), 2023 - 2028
Figure 13: Application - Telesurgery Market (Billion US$), 2018 - 2022
Figure 14: Application - Forecast for Telesurgery Market (Billion US$), 2023 - 2028
Figure 15: Application - Teleradiology Market (Billion US$), 2018 - 2022
Figure 16: Application - Forecast for Teleradiology Market (Billion US$), 2023 - 2028
Figure 17: Application - Teledermatology Market (Billion US$), 2018 - 2022
Figure 18: Application - Forecast for Teledermatology Market (Billion US$), 2023 - 2028
Figure 19: Application - Telepsychiatry Market (Billion US$), 2018 - 2022
Figure 20: Application - Forecast for Telepsychiatry Market (Billion US$), 2023 - 2028
Figure 21: Application - Others Market (Billion US$), 2018 - 2022
Figure 22: Application - Forecast for Others Market (Billion US$), 2023 - 2028
Figure 23: Modality - Real Time Telemedicine Market (Billion US$), 2018 - 2022
Figure 24: Modality - Forecast for Real Time Telemedicine Market (Billion US$), 2023 - 2028
Figure 25: Modality - Remote Patient Monitoring Market (Billion US$), 2018 - 2022
Figure 26: Modality - Forecast for Remote Patient Monitoring Market (Billion US$), 2023 - 2028
Figure 27: End User - Hospital Market (Billion US$), 2018 - 2022
Figure 28: End User - Forecast for Hospital Market (Billion US$), 2023 - 2028
Figure 29: End User - Diagnostic Center Market (Billion US$), 2018 - 2022
Figure 30: End User - Forecast for Diagnostic Center Market (Billion US$), 2023 - 2028
Figure 31: End User - Ambulatory Surgical Center Market (Billion US$), 2018 - 2022
Figure 32: End User - Forecast for Ambulatory Surgical Center Market (Billion US$), 2023 - 2028
Figure 33: End User - Specialty Center Market (Billion US$), 2018 - 2022
Figure 34: End User - Forecast for Specialty Center Market (Billion US$), 2023 - 2028
Figure 35: End User - Others Market (Billion US$), 2018 - 2022
Figure 36: End User - Forecast for Others Market (Billion US$), 2023 - 2028
Figure 37: North America - Telemedicine Market (Billion US$), 2018 - 2022
Figure 38: North America - Forecast for Telemedicine Market (Billion US$), 2023 - 2028
Figure 39: Europe - Telemedicine Market (Billion US$), 2018 - 2022
Figure 40: Europe - Forecast for Telemedicine Market (Billion US$), 2023 - 2028
Figure 41: Asia Pacific - Telemedicine Market (Billion US$), 2018 - 2022
Figure 42: Asia Pacific - Forecast for Telemedicine Market (Billion US$), 2023 - 2028
Figure 43: Latin America - Telemedicine Market (Billion US$), 2018 - 2022
Figure 44: Latin America - Forecast for Telemedicine Market (Billion US$), 2023 - 2028
Figure 45: Middle East & Africa - Telemedicine Market (Billion US$), 2018 - 2022
Figure 46: Middle East & Africa - Forecast for Telemedicine Market (Billion US$), 2023 - 2028
Figure 47: CEVA, Inc. - Global Revenue (Million US$), 2018 - 2022
Figure 48: CEVA, Inc. - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 49: Eli Lilly and Company - Global Revenue (Billion US$), 2018 - 2022
Figure 50: Eli Lilly and Company - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 51: Bayer AG - Global Revenue (Billion US$), 2018 - 2022
Figure 52: Bayer AG - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 53: Merck & Co. Inc - Global Revenue (Billion US$), 2018 - 2022
Figure 54: Merck & Co. Inc - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 55: Teladoc Health, Inc. - Global Revenue (Million US$), 2018 - 2022
Figure 56: Teladoc Health, Inc. - Forecast for Global Revenue (Million US$), 2023 - 2028

List of Tables:
Table 01: Global - Telemedicine Market Share by Type (Percent), 2018 - 2022
Table 02: Global - Forecast for Telemedicine Market Share by Type (Percent), 2023 - 2028
Table 03: Global - Telemedicine Market Share by Application (Percent), 2018 - 2022
Table 04: Global - Forecast for Telemedicine Market Share by Application (Percent), 2023 - 2028
Table 05: Global - Telemedicine Market Share by Modality (Percent), 2018 - 2022
Table 06: Global - Forecast for Telemedicine Market Share by Modality (Percent), 2023 - 2028
Table 07: Global - Telemedicine Market Share by End User (Percent), 2018 - 2022
Table 08: Global - Forecast for Telemedicine Market Share by End User (Percent), 2023 - 2028
Table 09: Global - Telemedicine Market Share by Region (Percent), 2018 - 2022
Table 10: Global - Forecast for Telemedicine Market Share by Region (Percent), 2023 - 2028

Companies Mentioned

  • CEVA, Inc.
  • Eli Lilly and Company
  • Bayer AG
  • Merck & Co. Inc
  • Teladoc Health, Inc.

Methodology

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, webcasts, and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
 

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