The global telemedicine market size reached US$ 59.7 Billion in 2022. Looking forward, IMARC Group 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.
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:
IMARC Group provides an analysis of the key trends in each sub-segment of the global telemedicinemarket 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.
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.
Base Year of the Analysis
Component, Modality, Delivery Mode, Facility, Application, End User, Region
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. and Twilio Inc.
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Key Questions Answered in This Report
The global telemedicine market was valued at US$ 59.7 Billion in 2022.
We expect the global telemedicine market to exhibit a CAGR of 21.9% during 2023-2028.
The rising demand for telemedicine, as it assists in follow-up visits, management of chronic conditions, specialist consultations, etc., is primarily driving the global telemedicine market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of telemedicine for remote patient monitoring to reduce the risk of the coronavirus infection upon hospital visits and interaction with healthcare professionals or medical equipment.
Based on the component, the global telemedicine market can be segmented into product and services. Currently, product holds the majority of the total market share.
Based on the modality, the global telemedicine market has been divided into real-time, store and forward, and others. Among these, real-time currently exhibits a clear dominance in the market.
Based on the delivery mode, the global telemedicine market can be categorized into web/mobile and call centers. Currently, web/mobile accounts for the majority of the global market share.
Based on the facility, the global telemedicine market has been segregated into tele-hospital and tele-home, where tele-hospital currently holds the largest market share.
Based on the application, the global telemedicine market can be bifurcated into teledermatology, teleradiology, telepsychiatry, telepathology, telecardiology, and others. Currently, teledermatology exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global telemedicine market include 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.
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