The global telemedicine market revenue was around US$ 84.3 billion in 2022 and is estimated to reach US$ 382.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 18.3% during the forecast period from 2023 to 2031.
The term "telemedicine" refers to the practice of providing medical care remotely through the use of electronic data and technologies, including wireless networks, computers, video conferencing, and the internet without requiring face-to-face encounters, It allows healthcare practitioners to assess, diagnose, and treat patients without requiring person visit. Telemedicine is mainly utilised in medication management, chronic disease management, and follow-up appointments.
Market Driving Factors
Enhanced patient convenience drives the market expansion. Telemedicine provides more flexible scheduling chances, enabling patients to select appointment times that suit their availability. It is especially helpful for people who find it difficult to take time off from work or additional responsibilities for a traditional in-person medical appointment. Patients can save money by using telemedicine instead of paying for their trip expenditures to any healthcare facility.
Corporate focus on healthcare solutions for employees creates opportunities in the market. Corporate businesses, particularly in industrialised nations, have been providing a variety of healthcare solutions, services, and policies for their employees due to the global prevalence of many chronic diseases and sedentary lifestyles. In addition, this component offers opportunities for the telemedicine sector to expand. Corporate telemedicine solutions make telehealth services available to a sizable captive audience, such as the company's staff.
Inadequate technology and infrastructure to restrict market expansion.
Regional Analysis
North America dominates the market. This region offers a profitable telemedicine market prospect due to the existence of various primary players, such as American Well Corporation, AMC Health, and Teladoc Health Inc., and the increase in illness burden in the region boost the market growth. Additionally, the existence of developed healthcare infrastructure in this region also fuels the market expansion. Furthermore, the surge in healthcare awareness and approval of cloud-based technologies is expected to propel the market growth.
Asia-Pacific is estimated to grow at the highest rate during the projection period. This is due to the surge in demand for telemedicine services to control the diseased population and the increase in the prevalence of chronic diseases.
Segmentation Insights
Component Insight
The software segment is estimated to dominate the market. This segment enables scheduled appointments, and healthcare providers to conduct virtual consultations and control electronic health records (EHR). Additionally, the development of cutting-edge software by integrating artificial intelligence and machine learning boosts the adoption of software. Furthermore, the availability of many software, easy accessibility, and ease of use drive the segment expansion.
Application Insight
The telecardiology segment dominates the market during the forecast period. This is due to the development of new telecardiology software and the surge in the prevalence of stroke, hypertension, and other cardiovascular diseases which drives the adoption of telecardiology.
The teleradiology segment dominates the market. This is due to factors, such as the rise in imaging practices, growth of service offerings within radiology sub-segments, teleradiology workflow adoption by healthcare providers, and the streamlining & regulation of teleradiology practices. In addition, the implementation of Picture Archiving and Communication System (PACS), integration of Artificial Intelligence (AI) into teleradiology, and increasing R&D activities of eHealth are key growth factors to boost the segment.
End User Insight
The healthcare provider segment dominated the market. This is attributed to the surge in the adoption of new software and technologies in clinics and hospital settings to easily access patient data and schedule patient appointments.
Prominent Companies
Segmentation Outline
The global telemedicine market segmentation focuses on Component, Application, End User, and Region.
By Component
By Application
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL TELEMEDICINE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: TELEMEDICINE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL TELEMEDICINE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL TELEMEDICINE MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 SOFTWARE
5.3 SERVICE
5.4 HARDWARE
6 GLOBAL TELEMEDICINE MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 TELERADIOLOGY
6.3 TELEPSYCHIATRY
6.4 TELEPATHOLOGY
6.5 TELEDERMATOLOGY
6.6 TELECARDIOLOGY
6.7 OTHERS
7 GLOBAL TELEMEDICINE MARKET, BY END USER
7.1 OVERVIEW
7.2 HEALTHCARE PROVIDER
7.3 PAYER
7.4 HEALTHCARE CONSUMERS
8 GLOBAL TELEMEDICINE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL TELEMEDICINE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 MEDTRONIC PLC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 THE CIGNA GROUP
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 TELADOC HEALTH INC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 ORACLE CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 KONINKLIJKE PHILIPS N.V.
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 INCLUDED HEALTH INC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 SIEMENS AG
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 AMERICAN WELL CORPORATION
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 AMC HEALTH LLC
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 GENERAL ELECTRIC COMPANY
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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