Telemedicine Market

Global Telemedicine Market Size

The global telemedicine market was worth USD 60.15 billion in 2023. The global telemedicine market is predicted to be worth USD 72.17 billion in 2024 and USD 309.9 billion by 2032. The global telemedicine market is expected to witness a healthy CAGR of 19.98% from 2024 to 2032.

Current Scenario of The Global Telemedicine Market

Telemedicine was developed with the help of telecommunication and information technology to transfer medical history, imaging, and health informatics data from one place to another. In earlier days, the support was through telephone and radio, which was replaced with video telephony and advanced diagnostics methods. The data is maintained with the servers and database installed in the application, with the help of some telemedical devices that can be used at home. The patient gets effective treatment without visiting hospitals, as telemedicine enables monitoring of the patient’s health through remote access. It improves the interaction between the doctor and patient and also delivers pharmaceutical care through tele-pharmacy.

• The U.S. Food and Drug Administration (FDA) regulates the equipment and software used in Telemedicine. In 2017, as per a research publication released by the American Medical Association journal, telemedicine visits had a CAGR of 261% from 2015 to 2017.

In developed countries like the U.S., the trend towards online consultation is accelerating the use of Telemedicine due to the growing use of smartphones and flexibility. The U.S. government, NASA, and the public health department saw huge investments in the development of the telemedicine market. Health professionals have developed this technology to ensure quality services for patients living in rural areas.

• As stated by the National Institute of Health, in 2014, more than 42% of American hospitals are well-equipped for the proper implementation and functioning of telehealth, excluding improved Tele-connectivity infrastructure, telemedicine equipment, training, and value-added managed services.

MARKET DRIVERS

The growing prevalence of infectious diseases and increasing need for remote healthcare services.

Pandemic situations such as the recent COVID-19 have fueled the need for solutions such as telemedicine. Telemedicine plays a vital role in preventing the spread of various infections like COVID-19. This infection is widely spreading worldwide, and patients suffering from chronic illness require immediate care from doctors. With the help of telemedicine technology, patients can get treatment from experts by merely sitting at home. This attribute is very likely to drive the demand for telemedicine market growth. Through telemedicine, effective healthcare services can be provided in remote areas, providing a significant boost to the market. Telemedicine has been the best part of people living in rural areas. Through these healthcare services, people who live in remote areas can get diagnosed with the latest technology and get the best treatment with high-quality medicines. 

Technological advancements in telemedicine

In the last ten years of 10 years of timeline, the telemedicine market has experienced several technological upgrades. On the other hand, the connectivity and utilization of the Internet and smartphones in developing and underdeveloped nations have considerably improved, which has further paved the way for access to telemedicine solutions in all parts of the world. Telemedicine improves patients' convenience, as there will be no need to wait in the waiting rooms. There are many smartphone applications that we can use by logging on at the scheduled time with the physician or doctor. These applications take telemedicine market growth to the next level.

Cost-Effectiveness of telemedicine is a big plus to see notable growth in the near future.

Telemedicine is available at an affordable cost as it requires fewer resources. They offer healthcare services at a lower price comparatively. This factor drives the growth of the market to an extent in the coming years.  Telemedicine helps enhance the quality of care for every patient. As doctors get more time to interact with patients online, they deliver quality healthcare services. Also, people can seek advice from skilled people online with these healthcare services.

MARKET RESTRAINTS

Limited internet and digital infrastructure in rural areas majorly hamper market growth.

Some people found that going to the hospital will ensure proper diagnosis and treatment procedures, which is slightly degrading the market demand. Specific knowledge of the services available in telemedicine will help the telemedicine market share grow. In a few of the geographies, poor internet connection facilities are areas for improvement in the telemedicine market growth. In some areas, the lack of internet connection also restricts the growth of the market. Telemedicine is entirely dependent on internet connectivity, where the patient cannot get quality treatment if there is a poor internet connection. The shortage of skilled technicians is a big challenge to the telemedicine market. Telemedicine technology needs some trained people to set up. The lack of these people in undeveloped countries is slowly impeding the demand for the telemedicine market.

REPORT COVERAGE

MARKET SEGMENTATION

This research report on the global telemedicine market has been segmented and sub-segmented based on type, application, delivery mode, end-user, and region.

Telemedicine Market - By Type

• Technology
  • Hardware
  • Software
  • Telecommunications
• Service
  • Remote Patient Monitoring
  • Store-and-Forward
  • Real-Time Interactive

The hardware segment had the leading share of the global telemedicine market in 2023 due to the rise in demand to increase the production of tools required in telemedicine technology. It includes medical peripherals, webcams, speakers, microphones, screens, video conferencing devices, laptops, and monitors.

The software segment has the fastest growth rate in the coming years with the ongoing research on the development and introduction of new Telemedicine applications. Rising support from the IT industry is also leveling up this segment to move forward.

• The United States had over 800,000 online consultations as of December 2019. This indicates the usage of telemedicine software is growing at a good pace in the United States, as per a survey.

The remote patient monitoring segment is significantly impacting the telemedicine market size to grow towards positive services. The increasing trend towards online monitoring services by using various applications available boosts the expansion of the remote monitoring segment in the global market.

Telemedicine Market - By Application

• Tele-Cardiology
• Tele-Radiology
• Tele-Pathology
• Tele-Dermatology
• Tele-Neurology
• Emergency Care
• Home Health
• Others

Based on the application, the teleradiology segment currently dominates the market due to the increasing number of patients with cardiovascular problems. The rise in the number of e-visits and the increasing prevalence of various infections are propelling the expansion of the teleradiology segment.

Tele-cardiology and telepathology segments have a prominent growth rate with the rise in smartphone users and the growing demand for the Internet of Things across the world.

Others like teledermatology, teleneurology, emergency care, and home health care perform well during the forecast period.

 Telemedicine Market - By Delivery Mode

• Web-based
• Cloud-based
• Others

Based on delivery modes, the cloud-based deployment model dominates the telemedicine market as it plays an essential role in telemedicine and enhances the system's performance. Meanwhile, increased awareness of telemedicine users, the introduction of technologically advanced solutions, and the proliferation of cloud-based solutions will facilitate the acceptance of visualized healthcare delivery solutions in the coming years. The increasing need for immediate medical assistance for remote patients has led to the introduction of telemedicine solutions for video conferencing. This segment has led to the growth of the telemedicine market.

Telemedicine Market - By End-User

• Tele-Hospitals
• Tele-Homes

Based on End-User, the Tele-hospital type is leading the highest shares in the market. The rise in efficiency in discussing a patient's treatment procedure with another clinician or doctor through video conferences is spurring the market's demand. Telemedicine allows a person to get diagnosed or treated by professionals through teleconference, and this is very helpful for older people who cannot travel long distances to the hospitals. The factor mentioned above is leveraging the demand of the market.

REGIONAL ANALYSIS

Based on the region, the global telemedicine market is classified into

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American telemedicine market led the global market in 2023 due to the emergence of the latest technologies and the introduction of various medical sector applications. Growing usage of internet applications is another significant factor in helping Telemedicine to grow in this region. North American telemedicine startup companies like Health Tap, Break Through, American Well, MD Live, Doctor on Demand, Pager, WellPsyche, Talk Space, and LifeDojo contribute well to the growth of the market, leveraging the available resources and the market demand. The U.S. telemedicine market size was estimated to hike at a remarkable CAGR during the forecast period.

The European telemedicine market was the second leading region, followed by North America in 2020. The European region also dominated global telemedicine with the most significant market share with increased revenue in most countries.

Asia Pacific is growing faster than in the past few years. The rise in the geriatric population and growing disposable income in urban areas are magnifying the growth of the telemedicine market. Also, increasing government support in initiating these techniques in rural areas expands the market shares in the Asia Pacific.

Latin America is poised to register a CAGR of 17.23% during the forecast period. Mexico and Brazil are the most lucrative markets in this region.

The Middle East and Africa have had slower growth for the past few years due to less knowledge of the usage of the Internet of Things and a lack of skilled professionals. The increased funding for telehospitals and the growing incidence of chronic diseases in MEA are causing an inclined growth rate for telemedicine in this region.

LIST OF KEY PLAYERS IN THE GLOBAL TELEMEDICINE MARKET

Companies like AMD Global Telemedicine, Honeywell Life Care Solutions, Philips Healthcare, Cerner Corporation, Medtronic, Inc., GE Company, Lifewatch, McKesson Corporation, InTouch Technologies, Teladoc Health, Global Med and others are playing a pivotal role in the telemedicine market.

In recent times, Walgreens announced the expansion of its mobile app. It currently provides MDLive telemedicine services in 25 states. "Walgreens provides customers with convenient and connected services. Enhance the digital experience to give patients choices when using care," said Adam Pellegrini, Vice President of Digital Health at Walgreens. 

Competition among healthcare retailers has been a problem for many practices for some time. With the addition of the telemedicine component, this option is more compelling for patients and can undermine patient loyalty if practices do not keep up with today's healthcare consumer preferences.

Philips Healthcare, Beam Healthcare, GE Healthcare, and Bosch Healthcare are vital players in the telemedicine market. Actors are always involved in producing this wide range of services and software that can be used for patient monitoring, self-care, and post-operative monitoring.

The Beam is a top health medicine company and a text-based intelligent telehealth service designed to enable billable telehealth for primary care providers. An end-to-end solution was captured for telemedicine visit reimbursement to create a doctor service that can streamline the reimbursement process for doctors' online visits. The app handles the billing process directly and sends the bill to the insurance provider without the doctor or patient spending a little effort.

NOTABLE HAPPENINGS IN THE GLOBAL TELEMEDICINE MARKET IN THE RECENT PAST

• In May 2024, Avel eCare, a health-tech company, acquired Horizon Virtual, which is a telemedicine provider specializing in hospitalist services. Avel eCare made this acquisition to expand its telemedicine capabilities and to offer better quality virtual healthcare services to its patients and healthcare facilities.
• In March 2024, Kayne Anderson, which is a private equity firm, announced the majority of the stake in Telemed2u, which is a telemedicine company that has expertise in remote medical consultations and healthcare management services.
• In July 2023, AMD Global Telemedicine and Collain Healthcare joined hands to form a strategic partnership to revolutionize healthcare delivery in senior living facilities. Both companies have made the partnership to improve healthcare access to elderly people by creating a synergy from their capabilities.
• In May 2023, Florence, which is a health-tech company, acquired Zipnosis (a renowned telehealth provider) from Bright Health, this initiative, Florence, strengthened its position in the global telemedicine market.
• In April 2019, InTouch Health announced the release of Solo. This product can help any health care setting for any patient using its fully integrated, end-to-end digital care system.
• n April 2019, Comcast collaborated with the Independence Health Group to develop a new patient care and communication platform 2019,
• In 2017, ZH Health Care partnered with the Curavi Health Telemedicine Company to provide workflow and Electronic Health Records (EHR) tools to help deliver telemedicine and nursing home care services.
• In early 2016, Doc+, a Russian digital health firm, combined telemedicine with digital house calls through which doctors could offer consultations, sick notes, prescriptions, and several electronic platform diagnostic tests.
• Cirrus ® Inc., a telemedicine company, raised USD15 million in May 2019 to grow and improve its position in the global market for Telemedicine.