The global telemedicine market size is forecasted to reach from US$ 53 billion in 2021 to US$ 225 billion by 2030, growing at a CAGR of 15.6% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The telemedicine market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.
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The global telemedicine market growth is driven by the increasing investments on the development of IT infrastructure, development of strong telecommunication channels, rising penetration of internet, increasing adoption of smartphones, and growing popularity of the digital technology.
According to a data published by the ITU, approximately 4 billion people are internet users, by the end of 2019. Further, the telemedicine market is exponentially driven by the rising prevalence of chronic diseases and growing geriatric population. The telemedicine provides easy and convenient healthcare services to the users, at a lower cost, from the comfort of their homes. The rapid adoption of the digital technologies among the healthcare industry and the population is fueling the growth of the global telemedicine market. The increased adoption of telemedicine among the users is significantly driving the adoption of the telemedicine platform among the physicians and doctors, and hence this is contributing towards the market growth.
The telemedicine gained immense traction among the population owing to the outbreak of the COVID-19 and the measures adopted by the government to contain the spread of the virus. The lockdown situation necessitated the use of digital technologies in majority of the industries. The telemedicine emerged an essential platform during the lockdown situation that helped to get consultation from doctors through online medium. This digital mode of healthcare became more effective with the gradual research and development activities.
North America was the dominant telemedicine market in 2020. The improved healthcare infrastructure, strong IT and telecommunications sector, and increased awareness among the population regarding the telehealth is the major factor that boosted the growth of the market. Moreover, increases prevalence of diseases and growing geriatric population in the nation like US is significantly contributing towards the development of the telemedicine market.
Asia Pacific is expected to be the fastest-growing market during the forecast period. This can be attributed to the rising adoption of digital technologies in the healthcare sector, rapidly developing telecommunications and IT infrastructure in the region. Moreover, rapidly growing adoption of internet ad smartphones is positively impacting the market growth in this region.
Cyberattacks and data breach are the major threats to the telemedicine market as it operates using digital platform. The increased risks associated with the data breach and cyberattacks that may lead to huge financial losses may hamper the growth of the market during the forecast period.
The introduction of the latest technologies such as artificial intelligence and 5G are expected to provide new growth prospects to the market players in the foreseeable future. The rising investments in the development and adoption of 5G may change the face of the telemedicine market in the future.
Lack of awareness regarding the telemedicine owing to the no access to the internet and smartphones. The underdeveloped nations have poor IT infrastructure that remains the major challenge for the market players. Moreover, low disposable income results in lower adoption of internet and smartphones.
Based on the type, the tele-home segment is expected to be the fastest-growing segment during the forecast period. The rising awareness regarding the hospital acquired infections among the population may restrict the patient to opt for hospital. Moreover, many old-age patients require at-home treatment and continuous monitoring that is expected to foster the growth of the overall market.
Based on component, the products segment dominated the market in 2020.The product segment includes software and hardware. The hardware consists of wide variety of devices such as keyboards, monitors, communication lines, and various other devices. The extensive use of wide variety of costly hardware devices have significantly contributed towards the growth of this segment. Moreover, increasing investments on the acquisition of advanced hardware in the hospitals for improving the patient care services is positively impacting the segment growth.
Based on application, the telecardiology segment is expected to be the fastest-growing segment during the forecast period. This can be attributed to the rising prevalence of cardiovascular diseases among the population. Moreover, the telemedicine technology can offer continuous patient monitoring feature that may drive the demand for this segment in the upcoming years.
Based on the technology, the store & forward segment dominated the market in 2020. The store and forward technology stores the medical history of the patients and can provide useful information to the doctors at the time of treatment that can offer improve patient care. This feature solely drives the demand for this technology owing to the increasing needs for the regular monitoring of the patients’ health.
The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.
Some of the prominent players in the global telemedicine market are listed as below:
- Koninklijke Philips N.V.
- GE Healthcare
- Cerner Corporation
- Siemens Healthineers
- Cisco Systems, Inc.
- Teladoc Health Inc.
- American Well
- AMC Health
Segments Covered in the Report
- Store & Forward
By Delivery Mode
- Call Centers
– North America (U.S. and Canada)
– Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
– Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
– Latin America (Brazil and Rest of Latin America)
– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Why should you invest in this report?
If you are aiming to enter the global telemedicine market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for telemedicine are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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