The global telemedicine market size was estimated at USD 40.9 billion in 2021 and is anticipated to expand at a CAGR of 13.3% through 2032.
Telemedicine is the exchange of medical information through telecommunication technology that aid healthcare professionals to evaluate, diagnose, and treat patients in remote locations. Telemedicine provides clinical support to patients residing in different locations. Introduction of telemedicine is overcoming the geographical barriers and connecting users related to different geographical locations improving the health outcomes.
Rising number of chronic patients across remote areas in underprivileged countries is driving the telemedicine market. The application of telemedicine across low-income countries has proven the solution to be feasible, sustainable, and clinically useful. A growing number of pandemic cases are restricting the movement of people owing to the rise in social distancing driving the demand for virtual care facilities across the globe.
Telemedicine is aiding patients to get medical assistance over virtual conversation keeping them safe and secure at homes in this quarantine phase. Rising demand for lowering medical costs and minimizing hospital visits is strengthening the telemedicine market. Diagnosis and treatment costs are expensive in regions such as North America and Europe. Furthermore, frequent doctor visits and hospitalization are unaffordable for the economical population.
The global pandemic parameters have offered new opportunities to the market players to expand their business operations through mergers and acquisitions across the globe. This has intensified the competition in the market and is expected to contribute towards the growth of the global Telemedicine market during the forecast period.
North America contributed a dominating share to the global telemedicine market in terms of revenue in 2019 and is expected to be dominating geography throughout the forecast period. Increasing the geriatric population coupled with a rise in the number of chronic patients across the region is driving the telemedicine market.
Increasing the spread of lethal coronavirus is affecting the geriatric population and these populations are seeking virtual help to strengthen their immunity. Additionally, the old aged patients with respiratory problems are taking special precautions suggested by doctors through video, email, or phone calls. Asia Pacific region is expected to gain a higher market share in the forecast timeline owing to the transformation of healthcare infrastructure, increasing population, and limited medical staff. Countries such as China, Japan, and South Korea are investing in R&D activities to drive the adoption of telemedicine market across the region. Rising overcrowded hospitals and clinics in these regions coupled with a large number of the rural population are creating new market opportunities for the telemedicine market.
Telemedicine Market Share Analysis, by Geography (2022)
The report titled “Telemedicine Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global Telemedicine market.
Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market. For instance, BASF SE generated a revenue of US$ 67,027.1 Mn in 2019 and the business segment analysis of the company indicates that Surface Technologies business segment of the company dominated revenue in 2019.
The global telemedicine market is segmented on the basis of component, mode of delivery, application, end-user and geography. Based on component, the global telemedicine market is segmented into software & services and hardware. Based on deployment, the global telemedicine market is segmented into cloud based and on premise platform. Based on application, the global telemedicine market is segmented into teleradiology, tele-consultation, tele-ICU, tele-stroke, tele-psychiatry, tele-dermatology and others. Based on end-user, the global telemedicine market is segmented into providers, payers, patients and others. Based on geography, the global telemedicine market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Indonesia, Australia, South Korea, Taiwan, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on telemedicine. Further, market share of prominent companies in the global Telemedicine market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the telemedicine companies. The global telemedicine market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the telemedicine business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global telemedicine market.
Major players active in the global Telemedicine market include Koninklijke Philips N.V., Medtronic, Cerner Corporation, AMC Health, Siemens Healthineers, Iron Bow Technologies, Cisco Systems, Inc., Vsee, Chiron Health,Teladoc Health Inc., American Well, GE Healthcare, Medvivo Group Ltd, MedWeb, MDLive, Doctor on Demand, Asahi Kasie Corporation, Telespecialists Llc, GlobalMed, IMediplus Inc., Zipnosis.
Segmentation:
By Component:
By Deployment:
By Application:
By End Users:
By Geography :
The global Telemedicine market was worth US$ 40.9 billion in 2021.
The global Telemedicine market is expected to register a CAGR of 13.3% through 2032.
North America contributed a dominating share to the telemedicine market.
Rising demand for lowering medical costs and minimizing hospital visits is strengthening the telemedicine market. Diagnosis and treatment costs are expensive in regions such as North America and Europe. Furthermore, frequent doctor visits and hospitalization are unaffordable for the economical population.
Major players operating in the global telemedicine market include Koninklijke Philips N.V., Medtronic, Cerner Corporation, AMC Health, Siemens Healthineers, Iron Bow Technologies, Cisco Systems, Inc., Vsee.
In terms of components, telemedicine software held the greatest market share globally.
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