The telemedicine market was valued USD 67.3 Billion in 2021 and is expected to surpass the value of over USD 423 Billion by the year 2030 while registering a CAGR of 22.1% during the forecast period 2022-2030.
Telemedicine services and health care processes through online services and digital ways while enhancing the monitoring of the condition digitally and help in enhancing the management of the mechanisms that ensure the appropriate usage of the facilities. The growing number of chronic illnesses, medical emergencies, and other ailments have compacted the efficiency of managing patients and slowed down the entire process. The long medical procedures such as self-management of patients, clinical outcomes, medication compliance, and primary care utilization can be potentially reduced if telemedicine is accepted. Such potential benefits and augmented patient and doctor satisfaction through the telemedicine processes are growing the industry growth of telemedicine in recent times. COVID-19 has formed a stressful environment across the industrial and commercial sectors and the key supplies were only served throughout the pandemic. Therefore, the medical industry was progressively focusing on reducing COVID cases and controlling the wide spread of COVID-19. Social distancing and other norms during the epidemic were growing and the significance of protecting medical professionals from the COVID infection was also considered to offer better medication. Therefore the industry demand for telemedicine has increased during the pandemic and growing investment in the medical sector in recent times has enhanced the medical services and increased the telemedicine market growth.
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North America is exhibiting a higher telemedicine market share related to other countries, as the economic condition of the region is favorable and the initiatives that backing the enhancement of the medical facilities. The growing number of emergencies and the growing number of medical cases are boosting the medical staff toward efficient management of the medical sector. Therefore, to manage patient data and other documents, telehealth solutions are favored by these developed countries.
On the other hand, the growing population across the Asia-pacific region is also boosting the medical sector to move towards telemedicine. The growing number of chronic illnesses and the growing geriatric population across the Asia-pacific region are driving the medical faculties to adopt telemedicine.
The global Telemedicine Market has been segmented into product type, compound, application, and technology.
Based on type, the global telemedicine market has been segmented into Tele-hospital and Tele-Home, and mHealth, the tele-hospital segment accounted for over 51% of the market share. The augmented adoption of telemedicine in the case of emergency has fueled the growth of this segment. The speedy growth of telemedicine is directly linked to the COVID-19 pandemic. During the pandemic in 2020, the adoption of telemedicine augmented rapidly owing to the traveling restrictions and enlarged adoption of digital technologies.
Based on components, the global telemedicine market has been segmented into products and services. the product segment accounted for 45% revenue share. The product includes hardware and software. The hardware consists of varied variety of devices and is widely used in hospitals, clinics, and homecare telehealth devices. Numerous pieces of hardware used consist of mobile frames, communication lines, computer systems, therapeutic devices, video feeds, and various others. The wide usage along with the high prices of the hardware has resulted in a huge revenue generated by this segment. Moreover, the rapid development and updates in the software system to augment the efficiency and effectiveness of telehealth devices are exponentially advancing segment growth.
Based on application, the global telemedicine market has been segmented into Telepathology, Teleradiology, Tele dermatology, Telepsychiatry, Telecardiology, and Others. the teleradiology segment accounted for 27% of revenue share and is projected to witness remarkable CAGR over the forecast period. The demand for teleradiology augmented rapidly in the past few years due to various benefits it offers such as faster diagnostics, clear imaging, lower costs, and elimination of the extra work of the radiologists. This segment accounted for over 25% of the market share.
Based on technology, the global telemedicine market has been segmented into Store & Forward, Real-Time, and Others. the store & forward segment accounted for 41% of revenue share and is expected to witness remarkable CAGR during the forecast period. The telemedicine app can store the past health records of the users and this information can be connected to the doctors or the physicians at the time of treatment, which can improve patient care and benefit the patients.
Some of the key market players are CardioNet, Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Siemens Healthineers (Germany), Cerner Corporation (US), Cisco Systems (US), Teladoc Health (US), Asahi Kasei Corporation (Japan), American Well (US), MDLIVE (US), AMC Health (US), Doctor on Demand (US), Iron Bow Technologies (US), and Medvivo (UK)
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