Telemedicine Market Analysis

Global Telemedicine Market Overview

The Telemedicine Market Valued at USD 98.8 billion in 2023, projected to grow from USD 110.9 billion in 2024 to USD 222.70 billion by 2032, exhibiting a CAGR of 12.20% during the forecast period (2024 - 2032). The increasing demand for efficient health care services, an increasing number of chronic illnesses such as cardiovascular diseases across the globe, and the growing adoption of Electronic Health Record (EHR)/Electronic Medical Record (EMR) are driving the market growth. 

Global chronic illnesses like cardiovascular diseases, rising need for effective health care services, and rising use of electronic health records and electronic medical records are all factors contributing to the market's expansion.

In July 2024

GE Healthcare has announced a new telemedicine platform powered by artificial intelligence (AI). The objective of the platform is to improve diagnostic precision and remote patient monitoring. The platform uses AI algorithms to give healthcare professionals predictive analytics and real-time insights, which should enhance patient outcomes and operational effectiveness.

In May 2023, Tattvan E-Clinics, one of the leading telemedicine companies in India, will open a location in Bihar. This is significant for the organization as it enables them to expand their service coverage nationwide and furnish individuals with improved healthcare options. Tattvan E-Clinics endeavors to mitigate the healthcare disparity in Bihar through the facilitation of greater accessibility to cost-effective, high-quality medical treatment for the region. Specializing in diagnostic testing, prescription dispensing, and consultations with specialists, the establishment will provide an extensive array of medical services, all facilitated by cutting-edge telemedicine technology.

Air Doctor and travel insurance provider Faye have jointly declared the initiation of telemedicine services in July 2023. The telemedicine service complements the outpatient and inpatient care provided by the emergency medical services. A wide range of physicians from 75 countries would be available for instantaneous audio and video consultations with every international passenger of Faye's. By March 2023, Faye will have facilitated communication with its policyholders in over 21 languages through an expanded network of physicians and services.

HealthyLife, the health and wellness division of the Australian retail behemoth Woolworths, has introduced a new same-day telehealth service in March 2023. A third-party virtual platform provider, ASX-listed Global Health, has been contracted to facilitate the connection between patients and nutritionists, dieticians, and general practitioners who can provide electronic prescriptions, advice, certifications, and referrals. As reported by HealthyLife, the demand for medical advice regarding chronic pain, digestive problems, and weight loss has increased. A recent survey revealed that a mere 6% of the Australian population seeks the advice of specialists in natural or alternative medicine, potentially rendering such services unattainable for certain individuals.

Telemedicine Market Trends

• Increasing demand for efficient healthcare services to boost market growth

The delivery of healthcare may be improved and made accessible because of the presence of advanced technologies and high-quality network services. Telemedicine is an effective technology that can simplify access to preventive care and improve long-term health. It is more beneficial to people who face financial or regional obstacles to receiving quality treatment. Telehealth has the potential to improve the efficiency, organization, and accessibility of healthcare. The use of telemedicine increased during the COVID-19 pandemic to reduce the burden on hospitals. For instance, according to data published in the National Health Interview Survey Report, in the year 2021, 37.0% of adults reported using telemedicine in the previous 12 months in the US.

Additionally, the prevalence of chronic diseases has increased worldwide. For instance, according to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the US, around 6 in 10 adults have a chronic disease, and four in ten adults have two or more chronic diseases. Additionally, according to the World Health Organization (WHO), chronic diseases are responsible for 74% of all deaths globally. Telemedicine helps in the effective management of chronic diseases such as hypertension, diabetes, and rheumatoid arthritis with telemedicine consultation and telemonitoring methods.

Moreover, an Electronic Health Record (EHR) offers safer, more cost-effective, and higher-quality care that improves the interoperability of patients' information across healthcare settings. There is increased adoption of Electronic Health Records (EHR) due to quick access to patient records, secure sharing of electronic information, and more coordinated and efficient care. All these factors are driving the market's growth in the forecast period.

Telemedicine Market Segment Insights

Telemedicine Component Insights

The Telemedicine Market segmentation, based on component, includes products and services. The products segment involves software and hardware. Also, the services segment involves tele-consulting, tele-monitoring, tele-education, and others. The products segment held the largest segment in 2021 owing to the increasing adoption of telehealth software, medical peripheral devices, videoconferencing devices, and others to effectively evaluate, diagnose, and treat patients remotely. There is a rise in the adoption of digitally advanced medical devices that connect wirelessly and are integrated with mobile phones which fuels the segment growth.

Telemedicine Type Insights

The market segmentation of Telemedicine, based on type, includes tele-nursing, tele-pharmacy, teleradiology, teledermatology, tele-oncology, and others. The tele-radiology segment dominated the market in 2021. This is due to the high demand for online radiology services, the shortage of skilled radiologists, and the accelerated speed and accuracy of reporting. Teleradiology helps in reducing the load on healthcare professionals by remote handling and transmission of medical data. Also, there is continuous advancements in teleradiology lead to increasing adoption of cloud-based solutions.

December 2022: OpenRad (Germany), a software company, launched OpenRad Enterprise Edition, an enterprise remote monitoring platform that speeds up the diagnostic process and reduces the impact of radiology staff shortages.

Figure 2: Telemedicine Market, by Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Telemedicine Deployment Insights

The market segmentation of Telemedicine, based on deployment, includes on-premise and cloud-based. The cloud-based segment dominated the market in 2021. This is due to the cost-effective solution, easy accessibility to the patient’s data via an internet connection from anywhere as well as reduced maintenance cost.

Telemedicine End User Insights

The market segmentation of Telemedicine, based on end user, includes hospitals and clinics, home care, and others. The hospitals & clinics segment held the largest segment in 2021 owing to the increased use of telemedicine solutions in healthcare facilities and increased adoption of telehealth services. The home care segment also substantial growth during the forecasted period due to the adoption of telemonitoring and the growing geriatric population.

Telemedicine Regional Insights

By Region, the study segments the increased adoption of telemedicine, the growing prevalence of chronic diseases, the rise in the geriatric population worldwide, and increasing government support.

Further, the major countries studied are: The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: TELEMEDICINE MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America market of telemedicine accounts for the largest market share due to the increasing digitalization, rise in the adoption of telemedicine solutions, presence of key players, and advanced healthcare facilities. The presence of key players such as MDlive, Inc. (US), Teladoc Health, Inc. (US), American Well Corp. (US), and others. Further, the US telemedicine market held the largest market share and was the fastest-growing market in the North America region. Additionally, the Canada market of telemedicine held a significant market share in the North America region.

The Asia-Pacific market of telemedicine is expected to grow with a significant share. This is due to increased penetration of the internet, the presence of a large patient pool, and rapid demand for healthcare assistance. Increasing adoption of a sedentary lifestyle, increased disposable income of the people, and rise in the obese population. Moreover, India market of telemedicine held the largest market share and was the fastest-growing market in the Asia-Pacific region. For instance, Indian government offers eSanjeevani, a free telemedicine service to the Indian people. Similarly, China market of telemedicine held a significant share in the Asia-Pacific region.

Telemedicine Key Market Players & Competitive Insights

Major market players are adopting several business strategies to increase their market presence. They are significantly investing in R&D activities to expand their product portfolio, further driving the telemedicine market. In addition, the market players are adopting several strategic initiatives, such as new product launches, contractual agreements, mergers & acquisitions, increasing investments, and partnering with other players to expand their global footprint.

Some key players in the market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Siemens Healthineers (Germany), and Oracle (US). Medtronic is a global healthcare solutions company committed to improving people's lives through medical technologies, services, and solutions. With Covidien (Ireland), a medical device company, the company has accelerated and advanced its ability to create meaningful innovations for hospitals, health systems, and healthcare providers to deliver the best care possible to patients and their families worldwide. The company's businesses majorly fall into four groups: the Cardiac and Vascular Group (CVG), the Restorative Therapies Group (RTG), the Diabetes Group, and the Minimally Invasive Therapies Group (MITG). The company operates in over 370 locations across almost 160 countries. It has been awarded more than 4,600 patents. The company offers remote patient monitoring solutions and telehealth services.

Key Companies in the Telemedicine market includes

• Koninklijke Philips N.V. (Netherlands)


• Medtronic (Ireland)


• GE Healthcare (US)


• Siemens Healthineers (Germany)


• Oracle (US)


• Cisco Systems (US)


• Teladoc Health (US)


• Asahi Kasei Corporation (Japan)


• American Well (US)


• MDLIVE (US)


• AMC Health (US)


• Doctor on Demand (US)


• Iron Bow Technologies (US)


• Medvivo (UK) among others

Telemedicine Industry Developments

January 2023: Koninklijke Philips N.V. (Netherlands) expanded its partnership with Masimo (US), a global medical technology company, to enhance patient monitoring capabilities in home telehealth applications.

April 2020: GE Healthcare (US) launched Mural Virtual Care Solution, a new software solution to support clinicians and health systems in the treatment of COVID-19 patients.

May 2023: The Drug Enforcement Administration (DEA) and the Substance Abuse and Mental Health Services Administration (SAMHSA) of the Department of Health and Human Services have expanded the ability of clinicians to prescribe controlled medications via telemedicine without first seeing a patient for conditions like opioid use disorder (OUD), pain, and anxiety.

May 2023: According to research findings published in the Journal of the National Comprehensive Cancer Network, cancer patients who use telemedicine report having better experiences than cancer patients who receive treatment in person. Researchers discovered that after the COVID-19 outbreak forced the usage of telemedicine at a Florida cancer clinic, cancer patients consistently preferred telemedicine over in-person treatment. Patients' access to care and provider concern over patients' queries or concerns were two important outcomes that the researchers evaluated.

May 2023: Tattvan E-Clinics, one of India's top telemedicine companies, will open a new facility in Bihar. As the business broadens its reach across the nation, bringing high-quality healthcare services closer to individuals in distant locations, this represents another significant achievement for the business. By making high-quality, reasonably priced healthcare services available in the area, Tattvan E-Clinics hopes to close the healthcare gap in Bihar. Through the use of cutting-edge telemedicine technology, the facility will provide a variety of healthcare services, including consultations with specialized doctors, diagnostic tests, and medications.

Telemedicine Market Segmentation:

Telemedicine Component Outlook

• Products
  
  
  
  • Software
  
  
  • Hardware
  
  
  
  


• Services
  
  
  
  • Tele-Consulting
  
  
  • Tele-Monitoring
  
  
  • Tele-Education
  
  
  • Others
  
  
  
  

Telemedicine Type Outlook

• Tele-Nursing


• Tele-Pharmacy


• Tele-Radiology


• Tele-Dermatology


• Tele-Oncology


• Others

Telemedicine Deployment Outlook

• On-Premise


• Cloud-Based

Telemedicine End User Outlook

• Hospitals and Clinics


• Home Care


• Others

Telemedicine Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America