The global Telemedicine Market is expected to reach USD 984.23 Billion in 2030 and register a robust revenue CAGR of 36.1% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing geriatric population, high awareness about Telemedicine services, increasing penetration of the internet, and rising number of smartphone users across the globe.
Telemedicine is the use of telecommunication services to provide healthcare virtually. It is best suited for elderly patients or people who cannot easily get to their healthcare providers. These services are cheaper than in-person consultations, don’t require waiting in hospital/clinic queues, and can be accessed using smartphones and tablets via voice or video call. Telemedicine service has been beneficial after the COVID-19 outbreak as people are preferring online consultations to limit risk of exposure to infections. Increasing government initiatives to promote these services and products, dearth of physicians and medical specialists, higher focus on improving healthcare infrastructure and facilities, and rising demand for remote patient monitoring among geriatric population and patients living in remote areas are key factors boosting global market growth. In addition, rising investments by various public and private organizations and increasing focus on developing more enhanced Telemedicine services and products are expected to fuel global market growth in the near future.
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Some key highlights from the report:
- Based on technology, store and forward segment is expected to register a robust revenue CAGR during the forecast period. Store and forward Telemedicine is referred to as collecting clinical information such as medical history, laboratory reports, as well as demographic data and electronically transferring it to healthcare professionals at another location for evaluation. Rapid revenue growth can be attributed to shortage of medical experts, increasing need for cost-effective healthcare assistance, and rising investments to improve existing services.
- Based on components, services segment is expected to register a robust revenue CAGR over the forecast period, owing to increasing prevalence of chronic disorders, higher focus on improving healthcare access and health outcomes, rising investments for improving existing services, and increasing demand for remote patient monitoring.
- North America accounted for the largest revenue share in 2020, owing to factors such as high prevalence of chronic infections, well-established telecommunication systems, increasing demand for cost-effective virtual services, favorable reimbursement schemes, and rising investments in research development activities. In addition, government initiatives to promote Telemedicine and presence of leading service providers are key factors expected to boost North America market growth going ahead.
- Asia Pacific market is expected to register a robust revenue CAGR during the forecast period, owing to rising number of chronic diseases and infections across the region, increasing need for healthcare assistance, high penetration of the internet and smartphones, and increasing elderly population. In addition, higher adoption of home healthcare, rising disposable income, and increasing demand for remote monitoring, especially in remote areas are other factors fueling market growth in Asia Pacific.
Competitive Outlook of the Global Telemedicine Market
The globla Telemedicine market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Telemedicine market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Medtronic, GE Healthcare, Cerner Corporation, Cisco Systems, Siemens Healthineers AG, American Well, Asahi Kasei Corporation, Iron Bow Technologies, Teladoc Health Inc., SnapMD, Dictum Health, Inc., American Well, InTouch Health, Inc., MDLive, Inc., Koninklijke Philips N.V. AMC Health, Doctor on Demand, Inc., Medvivo Group Ltd., Telespecialists LLC., GlobalMed, MedWeb, iMediplus Inc., Vsee, Chiron Health, Zipnosis, Inc.
Telemedicine Market Segmentation:
Component Type Outlook (Revenue, USD Billion; 2019-2030)
- Products
- Services
Application Outlook (Revenue, USD Billion; 2019-2030)
- Telepsychiatry
- Teleradiology
- Telepathology
- Teledermatology
- Telecardiology
- Others
Delivery Mode Outlook (Revenue, USD Billion; 2019-2030)
- Cloud-based/Web
- Call centers
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Healthcare Providers
- Hospitals
- Clinics
Key Regions Covered in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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