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2021
Telemedicine Market

Telemedicine market by Application (Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology and Other Applications), Component (Software, Hardware and Services), and End User (Healthcare Providers, Payers, Healthcare Consumers and Other End Users): Global Opportunity Analysis and Industry Forecast, 2021-2030 Market

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Report Code: A00412
Pages: 244
Jul 2021 | 13926 Views
Author(s) : Apoorva Srivastava , Onkar Sumant
Tables: 130
Charts: 46
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global telemedicine market size was valued at $40,205.68 million in 2020, and is estimated to reach $431,823.81 million by 2030, growing at a CAGR of 25.90% from 2021 to 2030. Telemedicine, also referred to as telehealth or e-medicine, is the remote delivery of healthcare services, including exams and consultations, over the telecommunications infrastructure. Based on recent research, 90% have already started or implemented telemedicine programs within their organization. Even smaller, independent medical practice providers are starting to embrace telemedicine to compete with local retail clinics and stop losing their patients. By using the latest telemedicine features, your practice can reap numerous benefits. Telemedicine can reduce medical costs, improve efficiency and profitability, offer patients better access to medical services. This will create the positive impact and fule the growth to telemedicine market.

COVID-19 has positively impacted growth of the global telemedicine market. In addition, the postponement and cancellation of elective surgeries and appointments have decreased patient volume in hospitals and clinics. This poses an urgent need for physicians to adopt telehealth to connect to their patients and boost the market growth.

Telemedicine-Market-2021-2030

The demand for healthcare services and technologies reached an all-time high in the wake of the pandemic. Furthermore, technologies such as telemedicine, chatbots, and others, are being deployed to help gather information, reassure the population, treat patients, and make diagnoses. Moreover, some countries are investing in innovative digital and telecommunication solutions to connect physicians remotely. Thus, it is expected to create a positive impact during the forecast period.

Increase in demand for radiological services owing to high prevalence of chronic diseases such as congestive heart failure, orthopedic injuries and others are the major factors that propel the growth of the telemedicine market. In addition, significant increase in government expenditure on healthcare information (HCIT) sector and rise in focus of key players toward bringing innovation to digital diagnostics further fuels the market growth. Moreover, continuous advancements in medical diagnostic technologies are expected to provide lucrative opportunities for the growth of the telemedicine market during the forecast years.

In addition, the rise in the developing prospects in the developed countries will further provide potential opportunities for the growth of the telemedicine market in the forecast years. The rapid advancements in healthcare and the high demand of virtual consultation by physicians and patients will further accelerate the expansion of the telemedicine market and are also offering significant growth opportunities for the market during the forecast period

In addition to that, the widespread presence of cancer, the increasing workload of healthcare providers, and advances in laboratory diagnostic tests drives the growth of telemedicine market globally. However, the high initial setup cost and error in sampling pathological data would be catastrophic for global telemedicine market.

Telemedicine market by Application
By Application

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Teledermatology segment holds the dominant position in 2020 and would continue to maintain the lead over the forecast period.

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Growth in the telemedicine market is mainly driven by factors such as rise in population, the need to expand healthcare access, increase in prevalence of chronic diseases and conditions, a shortage of physicians, advancements in telecommunications, government support, surge in awareness, and increase in technology adoption during the COVID-19 pandemic. However, regional variations in regulations, fraud, and the use of social media for care provision will impede market growth.

Telemedicine Market Segmentation

The telemedicine market is segmented on the basis of application, component, end user and region. By application, the market is categorized into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology & other applications. By component, the market is divided into software, hardware & services. By end user, it is fragmented into healthcare providers, payers, healthcare consumers & other end users. 

Telemedicine market by Application
By Component

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Software segment is projected as one of the most lucrative segments.

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Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

Segment review

Depending on application, the teledermatology segment dominated the market in 2020, and is expected to continue this trend throughout the forecast period. This is attributed to the rising incidence of skin diseases is also contributing to the teledermatology market growth. On the basis of component, the software segment dominated the market in 2020, and is expected to continue this trend throughout the forecast period. This is attributed to increasing adoption of telehealth and telemedicine. 

Telemedicine market by Application
By End User

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Healthcare Providers segment holds the dominant position in 2020 and would continue to maintain the lead over the forecast period.

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North America accounted for a major share in the telemedicine market in 2020, and is expected to maintain its dominance during the forecast period, due to rising healthcare awareness coupled with cloud-based technologies acceptance over the forecast years. Furthermore, a developed region such as North America, has accounted for the maximum revenue share in the global industry due to constant R&D initiatives. Moreover, presence of major players operating in the region fuel the growth of the market. However, Asia-Pacific is expected to register highest CAGR from 2021 to 2030, owing to rapid demand for healthcare assistance, especially in the rural area. Furthermore, innovation and development toward telecommunication are anticipated to further fuel the growth in this region in the near future. 

Telemedicine market by Application
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific region would exhibit the highest CAGR of 29.00% during 2021-2030

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Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the telemedicine market, and the current trends and future estimations to elucidate the imminent investment pockets.
  • It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
  • Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
  • Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

Telemedicine market by Application Report Highlights

Aspects Details
BY APPLICATION
  • Teleradiology
  • Telepsychiatry
  • Telepathology
  • Teledermatology
  • Telecardiology
  • .Other Applications
BY COMPONENT
  • Software
  • Hardware
  • Services
BY END USER
  • Healthcare Providers
  • .Payers
  • Healthcare Consumers
  • Other End Users
BY REGION
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Key Market Players AMC HEALTH, AMERICAN WELL CORPORATION, CERNER CORPORATION, CISCO SYSTEMS, INC., GENERAL ELECTRIC COMPANY, KONINKLIJKE PHILIPS N.V., CIGNA CORPORATION, MEDTRONIC PLC., SIEMENS AG, TELADOC HEALTH, INC.
 

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The telemedicine market gained prominence in 2020, and is expected to witness a significant rise in the near future. This is attributed to rise in incidence of chronic diseases, increase in adoption of telemedicine-based consultations during COVID-19, and surge in awareness toward the benefits of telemedicine services. However, regional variations in regulations, fraud, and use of social media for care provision will impede the market growth.

The rising demand for mobile technologies, rising adoption of home care by patients, and reduction in hospital visits are expected to propel the growth of the market in the forecast years. Furthermore, healthcare in the U.S. is experiencing positive trends, with the emergence of telemedicine applications that help Americans to be active in personal health management, especially during the current COVID-19 pandemic. Smartphones and the presence of mobile technology make it possible to use both clinical and lifestyle applications to help, educate, and change health behaviors.

Also, the initiatives by the government are expected to drive the market. For instance, the Centers for Medicare & Medicaid Services (CMS) has widened access to Medicare telehealth services due to which beneficiaries can get a wider range of services from healthcare professionals without having to travel to healthcare settings. In addition, Medicare will also pay for hospital, office, and other visits furnished via telehealth across the country, which also includes in patient’s places of residence started from March 6, 2020. This is expected to have a positive impact on the telemedicine market during the forecast years.

 

 

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FREQUENTLY ASKED QUESTIONS?

A. The total market value of telemedicine market is $40,205.68 million in 2020.

A. The forcast period for telemedicine market is 2021 to 2030

A. The market value of telemedicine market in 2030 is $431,823.81 million.

A. The base year is 2020 in telemedicine market

A. Top companies such as ,Koninklijke Philips N.V., Medtronic, GE Healthcare, Siemens Healthineers, Cerner Corporation held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.

A. In component software segment is the most influencing segment. This is attributed to increasing adoption of telehealth, telemedicine and telemedicine-based consultations during the COVID-19.

A. The major factor that fuels the growth of the global telemedicine market includes technological advancements & adoption in the wake of COVID-19, Significant Reduction in Healthcare Cost Burden to Boost Growth. However, Poor Infrastructure and Technological Barrier to Hinder Growth.

A. Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the emerging countries. This is due to to increase in health awareness, development in health care infrastructure, and rise in the adoption of virtual consultation.

A. Telemedicine involves the use of electronic communications and software to provide clinical services to patients without an in-person visit

A. teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology & other applications

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