Telemedicine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 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 Consultatio
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTelemedicine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 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 Consultatio
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 87.31 Billion |
| CAGR (2023-2028) | 15.78% |
| Fastest Growing Segment | General Consultations |
| Largest Market | North America |
Market Overview
Key Market Drivers
Rise in Number Of Chronic Ailments
Advances In Different Telemedicine Applications
Introduction of Al-based Clinics
Surge in Telehealth Adoption
Key Market Challenges
High cost for adoption of the technology
Rapid Increase in Telehealth Care Scams and Frauds
Key Market Trends
Growing Advancements in The Healthcare Industry
Corporate Emphasizing on Healthcare Solutions For Employees
Segmental Insights
Deployment Mode Insights
Based on the deployment mode, the global telemedicine market is segmented into cloud-based, and on-premises. The cloud-based telemedicine or telecloud segment accounted for the largest share of revenue in 2022. This can be attributed to factors such as increased bandwidth, particularly in extending telemedicine services to rural health populations. Companies are also benefiting from reduced data storage costs as they only pay for the cloud. Additionally, the ease of recovering patients' medical records compared to physical storage, which is susceptible to natural disasters and physical disruptions, further contributes to the popularity of cloud-based telemedicine. The outbreak of the Covid-19 pandemic further underscored the importance of remote monitoring and cloud-based telemedicine as the only found at option. For example, in March 2020, over 50 doctors from the Italian Doctors Association lost their lives while treating Covid-19 patients, highlighting the necessity of cloud-based telemedicine or virtual visits. It is worth noting that cloud-based telemedicine is the preferred choice for most individuals compared to conventional methods.
On the other hand, the on-premise segment is anticipated to experience a steady revenue growth rate throughout the forecast period. This can be attributed to factors such as data security, which provides authorized individuals with complete control over data. Furthermore, certain populations, especially in underdeveloped and developing countries, exhibit a preference for face-to-face medical consultations, clinical care, and other conventional methods. These behavioral traits contribute to the revenue growth of the on-premises segment.
End User Insights
On the basis of end users, the global market has been divided into patients, payers, providers, and others. The patients segment dominated the market in 2022. This is because patients seek telemedicine services for various purposes starting from mild or moderate health issues to emergencies. Telemedicine offers patients the convenience of accessing medical care remotely, eliminating the need for physical visits to healthcare facilities. With telemedicine, patients can receive timely medical advice, diagnosis, and treatment from the comfort of their homes.
Market players are recognizing the growing demand for telemedicine services and are expanding their offerings to cater to patient needs. For example, VSee provides a comprehensive suite of telemedicine solutions, including Telemedicine Software, Carts & Kits, Remote Patient Monitoring Dashboard, and API & SDKs. These solutions are tailored to meet the requirements of various clinical specialties, such as Concierge Medicine, Dermatology, Family Medicine, Internal Medicine, Mental Health, Pediatrics, Physical Therapy, Primary Care, Psychiatry (ER), Radiology, Skilled Nursing Facilities, Speech Therapy, and Urgent Care.
While the patients segment currently dominates the market, the providers segment is expected to register the fastest growth rate over the forecast period. Telemedicine solutions not only enhance the quality of healthcare services but also offer great convenience to healthcare providers. With telemedicine, providers can quickly access patient records, receive improved decision support, streamline workflows, and gain valuable insights through analytics. For instance, eHealth solutions provide healthcare professionals with convenient patient scheduling and efficient data management capabilities, enabling them to deliver better care and improve overall patient outcomes. These benefits are anticipated to drive the increased adoption of telemedicine by healthcare providers in the coming years, further fueling the growth of the telemedicine market.
Regional Insights
Recent Developments
- Hicuity Health successfully launched tele-ICUservices at MUSC Health Columbia Medical Center Downtown in Columbia, SouthCarolina in August 2022. This new service launch builds upon the longstandingcollaboration between MUSC Health and Hicuity Health, which has been providingtelemedicine services to hospitals across the state.
- Bayer, in April 2022, initiated theestablishment of 27 telemedicine centers in 12 districts across eight states inIndia through Bayer Foundation India. This expansion is projected to becompleted within the next two years.
- In May 2021, MediTelecare introduced MediTely,a direct-to-consumer mobile technology specially designed for the elderlypopulation.
Key Market Players
- IBM Corporation
- Allscripts Healthcare SolutionsInc.
- AMD Global Telemedicine Inc.
- Resideo Technologies Inc.
- Koninklijke Philips NV
- Medtronic PLC
- Teladoc Health Inc. (InTouchTechnologies Inc.)
- Cerner Corporation
- CISCO Systems Inc.
- SnapMD, Inc.
| By Component | By Deployment Mode | By Type | By Technology | By Delivery Mode | By Application | By End User | By Region |
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