According to the latest report by IMARC Group, titled “Telemedicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global telemedicine market size reached US$ 59.7 Billion in 2022. Telemedicine encompasses a broad range of healthcare services delivered through electronic communication and information technologies. It includes video consultations, phone calls, text messaging, and secure online portals. It allows patients to consult with healthcare professionals remotely, reducing the need for in-person visits. It also enables physicians to examine symptoms, review medical records, and provide remote diagnosis. It facilitates the management of treatment plans, medication prescriptions, and follow-up care. Telemedicine breaks down geographical barriers, making healthcare accessible to people in remote or underserved areas. It reduces the need for physical infrastructure and travel expenses, resulting in cost savings for both patients and healthcare organizations.
Global Telemedicine Market Trends:
At present, the increasing demand for telemedicine, as it facilitates continuous monitoring, helps patients manage chronic diseases more effectively, and reduces hospitalizations, represents one of the crucial factors impelling the growth of the market. Besides this, the rising proliferation of high-speed internet access, coupled with the ubiquity of smartphones and other smart devices, is propelling the growth of the market. In addition, the growing burden of chronic ailments and the rising geriatric population around the world are offering a favorable market outlook. Apart from this, the increasing awareness and acceptance of telemedicine among patients is supporting the growth of the market. Additionally, governing agencies of various countries and healthcare organizations are recognizing the potential of telemedicine to improve healthcare accessibility and reduce healthcare disparities in various remote areas. Looking forward, the market value is projected to reach US$ 218.0 Billion by 2028, expanding at a CAGR of 21.9% during 2023-2028.
- Based on the component, the market has been segmented into product (hardware, software, and others) and services (tele-consulting, tele-monitoring, and tele-education). Currently, product dominates the market, holding the largest share.
- On the basis of the modality, the market has been segregated into real-time, store and forwards, and others. Presently, real-time represents the biggest share in the market.
- Based on the delivery mode, the market has been divided into web/mobile (audio/test-based) and visualized) and call centers. At present, web/mobile holds the maximum share in the market.
- On the basis of the facility, tele-hospital represents the largest segment, followed by tele-home.
- Based on the application, the market has been segmented into teledermatology, teleradiology, telepsychiatry, telepathology, telecardiology, and others. At present, teledermatology exhibits a clear dominance in the market.
- On the basis of the end user, the market has been sorted into providers, payers, patients, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined, with some 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.
|Base Year of the Analysis
|Scope of the Report
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Delivery Mode
- End User
- Product: Hardware, Software, Others
- Services: Tele-consulting, Tele-monitoring, Tele-education
||Real-time, Store and Forward, Others
|Delivery Modes Covered
- Web/Mobile: Audio/Text-based, Visualized
- Call Centers
||Teledermatology, Teleradiology, Telepsychiatry, Telepathology, Telecardiology, Others
|End Users Covered
||Providers, Payers, Patients, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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., etc.
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