Telemedicine Market (By Component: Product, Services; By Technology: Store and forward, Real time, Others; By Application: Teleradiology, Telepsychiatry; By Delivery Mode; By Type: Tele-hospital, Tele-home; By End-use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030

Published Date : Oct 2021 | No. of Pages : 150+ Pages | Category : Healthcare

According to Report, the telemedicine market size is expected to reach USD 305 billion by 2030 from at USD 56 billion in 2021 and is expected to expand growth at a CAGR of 23% from 2021 to 2030.

Telemedicine is a clinical benefit presented to patients distantly through telecom or video conferencing apparatuses. This is alluded to as clinical practice for the patients with the nonphysical presence of patients and medical care suppliers. Telemedicine frameworks are an expansion of the clinical practice in many created and non-industrial nations with a huge country populace. Such distantly found people have been enormously benefitted by the presence of telemedicine for their normal medical care arrangements.

Growth Factors

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.

Increase Tele-nursing and Remote Care to Handle Solutions to Handle Larger Patient Pool

The increasing patient pool has created a huge burden on existing healthcare systems of the world. Patient complaints and infections have created mild panic situations in developed and developing countries. A large percentage of these patients represent near normal situations and false alarms. Many of these cases arise due to misinformation regarding medical applications and unnecessary confusion or panic. These problems can be effectively filtered out by trained front level medical practitioners i.e., nursing staff and practice doctors. This filtering can be efficiently implemented to decrease workload and increase the effectiveness and productivity of experienced medical practitioners, who are scarce in many regions. This also improves patient care and paves the way for providing increased attention toward more serious cases that are highly time-bound (i.e. emergency cases).

Since nurses are often well informed about the appropriate expert medical practitioner specializing in a particular case. According to the WHO, stroke accounted for 6 million deaths, and more than 2 million people died of injuries and accidents globally every year. Such emergency cases would highly benefit from timely, accurate and organized telemedicine service, thereby reducing global fatalities.

Increasing demand for personal healthcare and privacy boosts the market of telemedicine

The out of pocket per capita spending on healthcare has increased in past few years across the people across globe. Thus, there have being huge demand in the personal healthcare services amongst growing patient burden. These outpatients had shifted to other forms of patient care i.e., telemedicine, which witnessed constant growth rate.

This demonstrated that people were favoring telemedicine and personal healthcare over hospital visits. This trend is expected to continue in the future and telemedicine is likely to replace outpatient hospital visits. Individuals consider hospital infections, location convenience and maintenance of privacy as the primary factors for preferring at home telemedicine solutions. Telemedicine usage, therefore, is expected to rise with the increased demand for personal healthcare.

Report Highlights

Technology Analysis

The store and forward segment dominated the market for telemedicine and is expected to hold the largest revenue share of around 41% in 2021. 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.

Component Insights

The product segment dominated the market for telemedicine and accounted for the largest revenue share of 44.5% in 2021. 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.

Application Insights

The teleradiology segment dominated the market for telemedicine and accounted for the largest revenue share of over 26.5% in 2021 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.

Delivery Model Insights

The web/mobile based delivery model dominated the market for telemedicine and accounted for the largest revenue share of 79% in 2021. 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.

End-use Insights

The patients’ segment dominated the telemedicine market and accounted for the largest revenue share of 44% in 2021. 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.

Type Insights

The tele-hospitals segment dominated the market for telemedicine and held the largest revenue share of more than 50.5% in 2021. 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.

Regional Insights

North America dominated the market for telemedicine and accounted for the largest revenue share of 35% in 2021 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.

Key Players

Prominent players of the global telemedicine market include  McKesson Corporation, OBS Medical Ltd., BioTelemetry, Inc., Honeywell HomMed LLC, CISCO Systems Inc., LLC and/or its affiliates, Agfa-Gevaert Group, Siemens Healthcare Private Limited, Medtronic, InTouch Technologies LLC., F.Hoffmann-La Roche Ltd., AMD Global Telemedicine, Allscripts Healthcare, and others.

Report Scope of the Telemedicine Market

Report Coverage Details
Market Size US$ 305 Billion by 2030
Growth Rate CAGR of 23% From 2021 to 2030
Base Year 2021
Forecast Period 2021 to 2030
Largest Market North America
Fastest Growing Market Asia Pacific
Companies Mentioned McKesson Corporation, OBS Medical Ltd., BioTelemetry, Inc., Honeywell HomMed LLC, CISCO Systems Inc., LLC and/or its affiliates, Agfa-Gevaert Group, Siemens Healthcare Private Limited, Medtronic, InTouch Technologies LLC., F.Hoffmann-La Roche Ltd., AMD Global Telemedicine, Allscripts Healthcare

 

Segments Covered in the Report

By Component Outlook

  • Product
    • Hardware
    • Software
    • Others
  • Services
    • Tele-consulting
    • Tele-monitoring
    • Tele-education

By Technology Outlook

  • Store and forward
  • Real time
  • Others

By Application Outlook

  • Teleradiology
  • Telepsychiatry
  • Telepathology
  • Teledermatology
  • Telecardiology
  • Others

By Delivery Mode Outlook

  • Web/Mobile
    • Telephonic
    • Visualized
  • Call Centers

By Type Outlook

  • Tele-hospital
  • Tele-home

By End-use Outlook

  • Providers
  • Payers
  • Patients
  • Other

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
    • Switzerland
    • Sweden
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Singapore
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

This report focuses on telemedicine market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall telemedicine market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global telemedicine market.

The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.

In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).

The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.

Major Key Points Covered in Report:

Executive Summary: It includes key trends of the telemedicine market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the telemedicine market based on production and revenue.

Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Telemedicine market.

Market Segments: This part of the report discusses about product, application and other segments of the telemedicine market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global telemedicine market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the telemedicine market.

The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.

Competitive Landscape

This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.

The analysts have provided a comprehensive analysis of the competitive landscape of the global telemedicine market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.

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.

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) and other segments.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

Research Methodology

The research methodology adopted by analysts for compiling the global telemedicine market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global telemedicine market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2021) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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