Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global telemedicine market was valued at US$ 68.3 billion in 2021 and is expected to register a revenue CAGR of 18.9% to reach US$ 324.38 billion by 2030.

Telemedicine Market Fundamentals

Telemedicine is a branch of e-health/telehealth that uses telecommunication technology to provide on-demand health support to patients. It allows healthcare providers to assess, diagnose, and treat patients from a distance, i.e., in real-time telecommunications. This facility can be accessed remotely by an individual or a patient to communicate with healthcare professionals from the comfort of their homes. This technology offers a user-friendly interface with technologically advanced features for improved quality of experience and outcomes.

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Telemedicine Market Dynamics

Increase in the adoption of telemedicine services by patient population and healthcare professionals is creating promising avenues for revenue growth in the market. Rising cases of chronic illnesses and easy access to healthcare services are expected to propel revenue growth in the telemedicine market during the forecast period. Moreover, advancements in medical and telecommunication technologies and the development of sturdy healthcare network services are positively impacting the revenue growth of the global market. The COVID-19 pandemic spiked outreach and adoption of telemedicine. 

However, underdeveloped infrastructure in several countries, low adoption rate of telemedicine in economically sensitive countries, issues associated with the storage of large data, and connectivity problems are likely to obstruct revenue growth in the market.

Telemedicine Market Ecosystem

The global telemedicine market is analyzed based on four parameters: component, mode of delivery, end user, and region. 

Telemedicine Market by Component

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Based on the type, the market is segmented into products and services.

The products segment accounts for the largest share of the market and is expected to register revenue growth at a significant CAGR during the forecast period. This segment is sub-segmented into hardware and software.

The software segment dominates the market due to rising adoption of smart systems and online applications, as these facilities are convenient and user-friendly. Moreover, increase in the adoption of technological advancements, such as fitness applications in the healthcare industry and rise in the usage of this technology in pharma applications fuel revenue growth in the segment. 

Telemedicine Market by Mode of Delivery

Based on the mode of delivery, the market is segmented into cloud-based delivery and on-premises delivery.

The cloud-based delivery segment accounts for the largest share of the market. Adoption of cloud-based delivery facilities has increased owing to its several advantages, such as cost-effectiveness, improved mobility and flexibility, easy accessibility, and preventive measures to avoid data loss. Moreover, easy deployment of this facility in remote healthcare settings is expected to propel revenue growth in the segment during the forecast period. 

Telemedicine Market by End User

Based on the end user, the market is segmented into tele-home and tele-hospital/clinic.

The tele-hospital/clinic segment is expected to show constant dominance in the telemedicine market with the largest revenue share during the forecast period. Tele-hospital/clinic services function as a bridge between patients and conventional healthcare facilities, such as hospitals and clinics. Furthermore, these facilities help in bridging the gaps between patients and healthcare services in remote areas.

Telemedicine Market by Region

Based on the region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

North America dominates the global telemedicine market with the largest revenue share and is expected to retain its leading position during the forecast period. This can be ascribed to increasing need for physicians, rising geriatric population, increasing cases of chronic diseases, large patient pool, and high adoption of technological advancements in the region. Furthermore, presence of key market players also contributes to the development of regional market growth.

Telemedicine Market Competitive Landscape

The prominent players operating in the global telemedicine market include: -

• Koninklijke Philips N.V
• ClearArch, Inc
• AMD Global Telemedicine, Inc
• Cisco Systems, Inc
• Allscripts Healthcare, LLC
• Advanced Telemed Services Pvt. Ltd
• Aerotel Medical Systems (1998) Ltd
• MEDTRONIC PLC
• Iris Telehealth Inc
• MDLIVE Inc

Telemedicine Market Strategic Developments

• In April 2022, the governments of India and Switzerland showed great interest in the extensive collaboration in telemedicine, technologies, innovations, and healthcare to border their horizon in the healthcare field with mutual benefits from this collaboration
• In Feb 2022, Teledoc collaborated with Amazon to expand and improve its virtual care services on Echo devices, where customers will be able to avail 24/7 teledoc healthcare services using Echo devices
• In Feb 2021, Cigna acquired the MDLive platform to provide improved and cost-effective diagnosis and treatment services for chronic illness

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