Telemedicine Market to Grow with a CAGR of 15.78% through 2028
Increase in demand for
healthcare services and technological advancement in telemedicine is expected
to drive the Global Telemedicine Market growth in the forecast period,
2024-2028.
According to TechSci Research
report, “Telemedicine Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Telemedicine
Market stood at USD 87.31 billion
in 2022 and is anticipated to grow with a CAGR of 15.78% in the forecast period,
2024-2028. The escalating healthcare expenses, technological advancements,
widespread adoption of remote patient monitoring, and growing prevalence of
chronic diseases have all played significant roles in the recent expansion of
the Global Telemedicine Market.
Moreover, the unforeseen global
outbreak of the coronavirus is expected to further drive the utilization of
telemedicine in the future.
This market is driven by the
growing need to reduce healthcare costs, industry consolidation, and strategic
initiatives undertaken by major players. For instance, in May 2021, Walmart
Inc. acquired MEMD, a telemedicine provider, enabling them to offer virtual
care access across the United States for primary, behavioral, and emergency
care. Healthcare expenses are increasing globally, primarily due to the rising
utilization of healthcare services. This, in turn, fuels consumer demand for
innovative and cutting-edge lifestyle choices and new approaches. The challenge
for doctors and hospitals to shift costs to private payers due to low
reimbursement rates makes it more difficult to significantly increase charges
for the same services. Consequently, as patients' quality and safety standards
improve, the market is expected to grow.
The prevalence of chronic
diseases is increasing worldwide, and tele-homecare represents an advanced
method of delivering care, monitoring patients, and disseminating information
by leveraging the latest telecommunications technologies. Remote monitoring
enables early disease detection and prevention of chronic illnesses. Various
countries have launched tele-homecare programs, including the UK's whole system
demonstrator (WSD), the US's veterans' health segmentation (VHA), and Denmark's
TELEKART programming. Tele-homecare solutions effectively manage, mitigate, and
prevent chronic diseases by remotely monitoring patients.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Telemedicine Market”
Telemedicine industry growth is
primarily driven by increasing healthcare expenditures, technological
advancements, greater adoption of remote patient monitoring, and the rising
prevalence of chronic illnesses worldwide. The unexpected global COVID-19 pandemic
has further accelerated the use of telemedicine, as these technologies
facilitate efficient communication between caregivers and patients,
particularly during the pandemic. Virtual care delivery has become increasingly
popular as a safe and effective means of communication due to social distancing
policies implemented by many countries. According to the World Health
Organization, telemedicine is a crucial service in responding to the COVID-19
crisis.
Furthermore, businesses are
investing in expanding their capabilities to handle the high volume of virtual
visits, contributing to the increasing market demand. Telemedicine service
providers such as Teladoc and MDLive have enhanced their capacity to handle a
larger number of calls, further stimulating market growth. Moreover,
telemedicine has been shown to reduce overall healthcare costs while increasing
productivity by improving the treatment of chronic diseases, reducing travel
time, sharing healthcare professionals, and requiring fewer and shorter
hospital stays. Considering these factors, significant market growth is
anticipated throughout the forecast period.
Globally, healthcare expenses are
on the rise due to increased utilization of healthcare services, driving
consumer demand for innovative approaches and lifestyle choices. Additionally,
the cost-shifting of public initiatives to private actors has impacted
reimbursement rates and health insurance costs. The market is expected to
expand as patient safety and quality standards continue to rise. Telemedicine
is recognized as a versatile technology for remote healthcare delivery,
information dissemination, and education. Technological advancements enable
advanced patient-centered treatment and improved access to remote areas,
resulting in reduced hospital admissions and emergency room visits, thus
promoting market growth. Continued investment in new technologies to enhance
telemedicine products and services is also expected to drive market expansion
in the near future.
The Global Telemedicine Market is
segmented into component, deployment mode, type, technology, delivery mode,
application, end user, regional distribution, and company.
Based on technology, the
telemedicine market is categorized into two main segments: store-and-forward
(asynchronous) and real-time (synchronous), with the "Others" segment
encompassing additional components. In 2022, the real-time segment accounted
for the largest share of revenue. This can be attributed to the growing
adoption of mHealth and virtual video visits, as well as the availability of
on-demand medical consultations and services offered by key market players.
Furthermore, the
"Others" segment, which includes remote patient monitoring such as
vital signs monitoring and health tracking in hospitals and homes, is expected
to exhibit significant growth with a notable Compound Annual Growth Rate (CAGR)
throughout the forecast period. In 2018, Fitbit Health Solutions announced a
collaboration with Cedars-Sinai Hospital in Los Angeles, wherein Fitbit
wearables were provided to patients undergoing knee replacements, hip
replacements, and other surgeries. This initiative enabled doctors to monitor
patient activity and encourage them to engage in short-distance walks to
support their rehabilitation progress. In October 2020, Fitbit (now part of
Google) unveiled plans to expand its range of premium health and fitness subscription
services by venturing into virtual care in the coming years.
Based on region, North America
segment is expected to grow during the forecast period. North America is
projected to dominate the telemedicine market during the forecast period.
Telemedicine is experiencing rapid growth in the United States, driven by the
increasing burden of chronic diseases and the widespread adoption of advanced
healthcare technologies. The implementation of telemedicine has led to improved
care management, enhanced patient quality of life, and reduced healthcare
expenditure. Moreover, the growing demand for mobile technologies, rising home
care adoption, increased healthcare spending, and reduced hospital visits are
expected to drive market growth in the coming years. For instance, according to
the 2021 report from the Canadian Institute of Health Information, Canadian
health expenditure increased to USD 308.1 billion in 2021, compared to USD
301.5 billion in 2020. Similarly, as per the 2022 report of the Centers for
Medicare and Medicaid Services (CMS), the health expenditure of the United
States reached approximately USD 4.3 trillion, reflecting an increase of about
USD 173 billion from the previous year. Consequently, the escalating healthcare
spending is anticipated to create favorable opportunities for telemedicine,
thereby propelling market growth.
Furthermore, companies are
actively engaging in partnerships, collaborations, acquisitions, mergers, and
product launches to drive innovation in the telemedicine market, fostering
growth in the forecast period. For instance, in April 2021, Inova Health System
in the Northern Virginia and Washington DC area, United States, introduced an
FDA-approved telemedicine option for remote neuromodulation of deep brain
stimulation (DBS) patients being treated for Parkinson’s disease and essential
tremor. Similarly, in August 2022, Hicuity Health launched tele-ICU services at
MUSC Health Columbia Medical Center Downtown in Columbia, South Carolina. Such
developments are expected to drive the market forward. Therefore, considering
these factors, the telemedicine market is poised to experience significant
growth in North America over the forecast period.
Major companies operating in
Global Telemedicine Market are:
- IBM Corporation
- Allscripts Healthcare Solutions Inc.
- AMD Global Telemedicine Inc.
- Resideo Technologies Inc.
- Koninklijke Philips NV
- Medtronic PLC
- Teladoc Health Inc. (InTouch
Technologies Inc.)
- Cerner Corporation
- CISCO Systems Inc.
- SnapMD, Inc.
Download Free Sample Report
Customers can also request
for 10% free customization on this report.
“The market is predominantly
driven by the rapid digitization in the medical sector worldwide. This can be
attributed to the ongoing technological advancements aimed at making healthcare
more affordable and accessible to the masses. Furthermore, the integration of
advanced technologies like machine learning (ML), artificial intelligence (AI),
and the Internet of Things (IoT) is resulting in a higher adoption of
healthcare products on a global scale. The proliferation of e-visits, coupled
with the rapid expansion of radiology, cardiology, and mental health segments,
is driving the emergence of new business and healthcare models, thereby
propelling the market. Additionally, the increasing prevalence of chronic
diseases such as diabetes and cancer, along with inadequate healthcare services
in underdeveloped regions, is fueling the demand for telemedicine across the
globe. Other factors contributing to the market include the continuous
postponement and cancellation of elective surgeries and appointments due to social
distancing norms during COVID-19, intense market competition among key players,
the launch of numerous innovative products such as smart medicine cabinets, and
extensive research and development (R&D) activities.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Telemedicine Market Segmented
By Component (Software & Services, Hardware), By Deployment Mode (Cloud v/s
On- Premise), By Type (Tele-Hospitals, mHealth, Tele-Homes), By Technology
(Store & Forward, Real Time, Others), By Delivery Mode (Audio-Visual, Only
Audio, Written), By Application (Telepsychiatry, General Consultations,
Teleradiology Telepathology, Others), By End Users (Patients, Providers,
Payers), By
Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Telemedicine Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Telemedicine Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email:
[email protected]
Website:
https://www.techsciresearch.com