The global Telemedicine market size is expected to be worth around US$ 398.9 billion by 2030, according to a new report by Vision Research Reports.
The global Telemedicine market size was valued at US$ 55.10 billion in 2020 and is anticipated to grow at a CAGR of 22.8% during forecast period 2021 to 2030.
Key drivers of the market include increasing incidences of chronic conditions and rising demand for self-care. Furthermore, enhancing internet application, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing to market growth.
In the U.S. both state and federal laws have evolved to facilitate the widespread use of telemedicine to cope up with the COVID-19 pandemic. For instance, in March 6, 2020 the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It includes USD 8.0 billion emergency funding for the federal agencies and to expand reimbursement coverage for telehealth services. Various U.S. states also waived of the licensure for better utilization of the service. This positively impacted the market growth during the pandemic.
Rapid advancements in technology is further expected to boost the demand for online consultation, thereby contributing to the market growth of telemedicine solutions and services over the forecast period. For instance, in April 2020, American Well launched Amwell Private Practice that is a secure, simple and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID19 patients. There has been a significant rise in telemental health visits over the past decade in the U.S. and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.
The store and forward segment dominated the market for telemedicine and is expected to hold the largest revenue share of around 40.0% in 2020. Store and forward system does not occur in real-time and involves the storage and transmission of medical information to the practitioner at a convenient time. The industry is driven by three concepts which include real-time (synchronous), store and forward (asynchronous), and others like home health virtual medicine.
On the other hand, real-time telemedicine comprises a contact between patient and healthcare practitioner via the use of electronic mediums, majorly video conferencing. This concept, also referred to as synchronous telemedicine, entails a vast amount of application which vary from a simple telephonic conversation to complex robotic surgery. Furthermore, home health-based telemedicine involves patient monitoring (e.g. patient statistics and vital sign monitoring) from a distant location (usually home) in an effort to control unnecessary hospital expenses.
The product segment dominated the market for telemedicine and accounted for the largest revenue share of 44.0% in 2020. The product segment is further divided into software, hardware, and others. The hardware segment is expected to hold the largest market share of 41.8% and is inclusive of medical peripheral devices, webcams, speakers, microphones, display screens, videoconferencing devices, laptops, and monitors.
The services segment is further classified into tele-monitoring, tele-consulting, and tele-education. The tele-monitoring segment is expected to grow over the forecast period owing to the increasing base of geriatric population requiring home assistance for care delivery. Tele-consulting segment is anticipated to be the lucrative segment over the forecast period owing to the rising initiatives by the government for telehealth implementation projects and high demand for video conferencing solutions.
The teleradiology segment dominated the market for telemedicine and accounted for the largest revenue share of over 26.0% in 2020 owing to factors such as an increase in imaging practices, teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices.
Integration of Artificial Intelligence (AI) into teleradiology, implementation of Picture Archiving and Communication System (PACS), and growing R&D activities pertaining to eHealth are key growth propellers over the forecast period.
The web/mobile based delivery model dominated the market for telemedicine and accounted for the largest revenue share of 78.6% in 2020. The segment is expected to witness significant growth in the coming years as it offers direct access to care delivery solutions. This segment is further categorized into telephonic and visualized access to care. Telephonic care delivery dominated the market owing to its benefits such as cost-effective and easy to operate. In addition, rising smartphone penetration and disposable income are augmenting the segment growth.
Increasing awareness amongst the users, the introduction of technologically advanced solutions, penetration of cloud-based solutions is anticipated to boost the adoption of visualized care delivery solutions. The segment is expected to register a growth rate of 23.1% during the forecast period. The rising need for immediate medical assistance to patients located in remote locations is fueling the adoption of video conferencing solutions.
The patients’ segment dominated the telemedicine market and accounted for the largest revenue share of 43.6% in 2020. This is because patients seek telemedicine services for various purposes starting from mild or moderate health issues to emergency situations. The payers segment consists of insurance companies that pay the telemedicine service providers on behalf of patients. Presently, not all telemedicine services are covered by insurance. Although Medicare covers limited telehealth services in specific rural areas, patients need to visit clinics for completion of a session. This segment is expected to witness steady growth in the coming years.
Telehealth solutions improve healthcare quality and offer convenience for healthcare providers in terms of quick access to patient records, improved decision support, provides clinical alerts, and real-time quality reporting. eHealth solution offers great convenience to healthcare professionals in terms of patient workflow and data management, these benefits are expected to boost the usage of telemedicine by providers over the forecast period.
The tele-hospitals segment dominated the market for telemedicine and held the largest revenue share of more than 50.0% in 2020. The segment is expected to witness a steady growth rate throughout the forecast period. Telemedicine services are generally preferred in emergency care.
The tele-home care solutions are projected to register significant growth in the coming years as the adoption of remote patient monitoring devices is increasing. The supportive government initiatives, increasing awareness amongst patients towards their health concerns, and high penetration of internet-based solutions are some of the factors attributing towards the segment growth.
North America dominated the market for telemedicine and accounted for the largest revenue share of 34.4% in 2020 owing to high demand in the recent past followed by Europe. These regional markets are expected to show a similar trend over the forecast period due to rising healthcare awareness coupled with cloud-based technologies acceptance over the forecast period. A developed region such as North America has accounted for the maximum revenue share in the global industry due to the constant research and development initiatives.
Developing regions such as Asia Pacific and the Middle East and Africa are expected to experience positive growth in the industry owing to rapid demand for healthcare assistance, especially in the rural areas. Emerging economies including India and China are estimated to witness growth over the next eight-year period. Innovation and development towards telecommunication are anticipated to enhance further the growth in this region in near future.
Teladoc Health, Inc.
Doctor On Demand, Inc.
AMD Global Telemedicine
Aerotel Medical Systems (1998) Ltd.
Plantronics, Inc. (Polycom)
Store and forward
Delivery Mode Outlook
Middle East & Africa
The Telemedicine market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Telemedicine market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Telemedicine market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Telemedicine market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Telemedicine market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Telemedicine capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Telemedicine by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Telemedicine market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Telemedicine market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Telemedicine market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Telemedicine industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Telemedicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Telemedicine market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Telemedicine market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Telemedicine market. These factors have benefited the growth of the global market for Telemedicine. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Telemedicine. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Telemedicine are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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