The Telemedicine Market size is estimated to reach USD 3.55 billion from USD 1.08 billion in 2019, delivering a CAGR of 15.9% till 2027. The market growth is driven by a plethora of factors, including increasing incidence rate of chronic conditions, expanding patient pool across the globe, the surging requirement for diverse healthcare services like radiology and cardiology, lack of healthcare professions and service providers in rural areas, among others.
Telemedicine is the systematic blend of telecommunication and IT to provide healthcare services at distant or remote places. It enables healthcare professionals to share information at multiple locations, reducing outpatient visits, along with effectively reducing the overall cost of healthcare. The growing demand for healthcare services amongst patients living in isolated communities and remote areas is generating huge demand for Telemedicine services. Moreover, the lack of availability of skilled healthcare professionals in these areas is also bolstering the demand for Telemedicine market.
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Further key findings from the report suggest
- By Component, the services segment accounted for a majority of the industry share of nearly 50% in 2019. This can be attributed to the growing focus on enhancing and developing rural healthcare services in various nations to minimize deaths related to accidents and emergencies.
- The products segment is forecast to exhibit a CAGR of 16.3% through 2027, owing to the surging demand for telemedicine products, such as telehealth video conferencing platforms and software.
- Based on communication technology, the 4G technology segment held nearly 25 % of the Telemedicine market share in 2019 and is set to register a considerable growth rate owing to broader access to 4G wireless technologies in the healthcare sector in the rural parts and developing countries in the world.
- The 5G technology segment is estimated to contribute significantly to the Telemedicine market revenue share, delivering a major growth rate of 22.7% through 2027 due to increasing penetration of smartphones and massive commercialization of 5G networks in various countries across the globe, including Germany, South Korea, China, Hong Kong, and others.
- Based on application, the Gynecology segment accounted for 15 % of the Telemedicine market in 2019 and is likely to register substantial growth over the forecast period on account of the lack of availability of gynecological healthcare services in rural areas. Studies suggest that nearly 40% of the counties in the United States lacked an obstetrician-gynecologist, and the number is much higher in Asian countries.
- In terms of end-user, the home care services segment is estimated to register a substantial growth rate of nearly 17.1% over the projected timeframe on account of the expanding geriatric population base, generating huge demand for home care services.
- In the regional landscape, North America accounted for more than 35 % of the Telemedicine market in 2019 and is forecast to witness a notable growth rate on account of increased usage of mobile health apps, high deployment rate of Telemedicine applications, coupled with strong government support for the deployment of advanced healthcare service in the U.S.
- The Asia Pacific region is estimated to witness a CAGR of 16.7% through 2027 on account of favorable government initiatives by several regional countries to enhance medical facilities and healthcare services.
Key Players covered in this report are
Cisco Systems, Inc, Huawei Technologies Co. Ltd., AMD Global Telemedicine, Inc., Logitech, Plantronics, Inc., Cisco Systems, Sony Corporation, GlobalMed, Vidyo, Inc., Lifesize, Inc., ZTE Corporation and Vermont Telephone Company, Inc., among others.
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Component Outlook (Revenue, USD Billion; 2017-2027)
- Services
- Products
Communication Technology Outlook (Revenue, USD Billion; 2017-2027)
- 3G
- 4G
- 5G
- Broadband ISDN
- Satellite Communication
- ADSL
Application Outlook (Revenue, USD Billion; 2017-2027)
- Neurology Psychiatry
- Cardiology
- Orthopedics
- Dermatology
- Radiology
- Gynecology
- Oncology
- Dentistry
- Pathology
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Home Care Services
- Hospitals
- Clinics
Key Regional Markets Covered in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Major Points covered in this report are as below:
• The Telemedicine industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.
• With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
• Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.
• The Telemedicine Market report provides key statistics on the market status of the Telemedicine manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central South America, Brazil, Argentina, Rest of South America, Middle East Africa, Saudi Arabia, Turkey, Rest of Middle East Africa
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