Telemedicine Market

Report Overview

The global telemedicine market was pegged at US$ 68.3 billion in 2021 and is expected to witness a CAGR of 18.9% during the forecast period from 2022 to 2030.

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 the individual or patient and they can communicate with the healthcare personnel with comfort and ease. This method has a user-friendly interface with technologically advanced features for a better quality of experience and result.

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Market Dynamics

The growth in the adoption of telemedicine services among the population and healthcare professionals gave a boost to the market. The rising cases of various chronic illnesses and convenient access to healthcare services are expected to propel the growth of the telemedicine market. Also, advancements in medical and telecommunication technologies and development in healthcare network services are some of the factors affecting the global market. Along with this, the COVID-19 pandemic also spiked outreach and adoption of telemedicine. This segment provides the virtual platform with a convenient and easy user interface. However, underdeveloped infrastructure in several countries, the low adoption rate of telemedicine in economically low countries, storage issues for large data, and connectivity problems are some of the drawbacks that are likely to obstruct the market growth.

Market Ecosystem

The global telemedicine market has been analyzed from four perspectives: By Component, Mode of Delivery, End-User, and Region. 

Telemedicine Market by Component

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Based on type, the market has been bifurcated into products and services. The products segment holds the largest share in the market and is expected to show continuous growth in the forecast period. This segment is further subdivided into hardware and software. Software dominates the market because of the rising adoption of the smart systems and online applications, as these facilities are convenient and user-friendly. Moreover, the healthcare industry has evolved and adopted the technological advancements such as fitness applications, pharma applications, and so on.  Additionally, the association of telemedicine with the software segment gave a spark to the global market growth. 

Telemedicine Market by Mode of Delivery

Based on the mode of delivery, the market has been segmented into cloud-based delivery and on-premise delivery. Cloud-based delivery holds the largest share in this segment. This facility provides several advantages such as cost-saving, better mobility & flexibility, convenient accessibility, data loss preventive facilities, and many more. These favorable conditions boosted the adoption of cloud-based delivery segment in the market. The leading factor of this segment’s growth is its easy deployment in remote healthcare settings and reduced operational cost with relatively better efficacy.     

Telemedicine Market by End User

Based on end-user, the market has been 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 in the forecast period. This service acts as a bridge between patients and conventional healthcare facilities such as hospitals and clinics. Furthermore, this segment also aids to bridge the gaps between patients and healthcare services in remote areas. Additionally, this segment has a large footfall of patients, thereby propelling the telemedicine market globally. 

Telemedicine Market by Region

Based on regions, the market has been 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 also expected to retain its lead in the forecast period. The growth of this market can be owed to the increasing demand for physicians, growing geriatric population, rising cases of chronic diseases, large patient base, increasing initiatives, adoption of technological advancements, and many more. Furthermore, a large base of market players in the region also contributes to the development of this market.

Competitive Landscape

Some of the prominent players operating in the global telemedicine market are 

• 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
• Among others

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, one of the top U.S. companies, Teledoc, announced that it had entered a collaboration with Amazon to enlarge and enhance its virtual care services on Echo devices where the customer will be able to avail the 24/7 teledoc healthcare services using Echo devices.
• In Feb 2021, Cigna announced the acquisition of the MDLive platform to provide significant diagnosis and treatment of chronic illness with high-quality providers and also will ensure individual accessibility and cost efficiency facility.

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