The telemedicine market size is predicted to hit US$ 144.6 billion by 2028 from valued at US$ 53 billion in 2021, poised to grow at a CAGR of 15.6% over the forecast period 2021 to 2030.
The telemedicine market size is predicted to hit US$ 144.6 billion by 2028 from valued at US$ 53 billion in 2021, poised to grow at a CAGR of 15.6% over the forecast period 2021 to 2030.
Growth Factors
The proliferation of digital technologies and rising adoption of the advanced novel technologies such as artificial intelligence, augmented realty, data analytics, video conferencing, electronic health records, cloud computing and internet are the prominent factors that can be held responsible for the burgeoning growth of the global telemedicine market. The telemedicine platforms offers 24/7 availability of physicians, easy data storage, and data transfer facilities that has fueled its demand among the physicians and healthcare providers. The easy booking of appointments, convenient consultations through digital media, and easy payment options are some of the features that has made telemedicine popular among the consumers. The rising adoption of the digital devices like smartphones and tablets, improved access to the internet, rising adoption of cloud computing, and rising inclination towards virtual technologies is fueling the demand for the telemedicine among the population. The rising government initiatives to promote the use of the various telehealth platforms are further driving the market growth especially in the developed countries.
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Report Highlights:
- Based on the product, the tele-home is expected to exhibit the highest growth rate during the forecast period. This is attributable to the rising preferences of the patients to receive treatment at home owing to the conveniences and comfort associated with it. Furthermore, the growing geriatric population is expected to boost the growth of this segment. According to the United Nations, the geriatric population is projected to reach at around 2 billion by 2050, globally.
- On the basis of component, the product segment dominated the global telemedicine market, accounting for a revenue share of 45% in 2021. The telemedicine product components comprises of hardware and software, which are extensively used in the hospitals, home healthcare, clinics, and other healthcare units. The higher prices of the hardware and the regular payment cycle associated with the software has significantly generated the revenues for the telemedicine market.
- Based on the application, the tele-cardiology is expected to be the most opportunistic segment. The presence of higher number of people suffering from various cardiovascular diseases and the growing adoption of telemedicine among them is driving the growth of the tele-cardiology segment. According to the World Health Organization, cardiovascular diseases are the leading causes of death across the globe that accounts for around 32% death each year.
- Depending on the technology, the store & forward segment dominated the market accounting for a market share of around 41% in 2021. The storage of past health records of the patients has become important as it can provide helpful insights to the care provides to treat the patient in future. Hence, the telemedicine platforms are extensively used for data storage and data sharing.
- North America generated the highest revenue share of 35% in 2021. The increased burden of diseases and higher demand for the consultation and other virtual health services has fostered the adoption of the telemedicine among the population. The improved access to the internet and the government policies regarding the reimbursements pertaining to the telemedicine has supported the growth of the telemedicine market in North America.
- Asia Pacific is witnessing a surge in the number of hospital admissions owing to the rising geriatric population and growing prevalence of chronic diseases. The hospitals need to maintain a proper health records of the patients. Furthermore, the rising government investments in the development of smart hospitals is expected to positively impact the growth of the telemedicine market in Asia Pacific in the forthcoming years.
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Future of Telemedicine Market
The rising government initiatives to digitize the healthcare sector to improve operational efficiency and reduce healthcare costs is expected to spur the demand for the telemedicine across the globe. With the growing number of patients, the government in numerous countries are encouraging to maintain electronic record of patients’ health, which is expected to have a significant impact on the telemedicine market growth in the foreseeable future.
COVID-19 Impact Analysis:
- The lockdown restrictions imposed in an attempt to contain the spread of the COVID-19 disease has significantly boosted the demand for the telemedicine across the globe.
- The government in the developed nations has encouraged the adoption of the telemedicine apps owing to the growing pressure on the hospitals and clinics due to the rising number of COVID-19 patients during the pandemic.
Key Developments in the Marketplace:
- In May 2021, MediTelecare introduced its MediTely, a direct-to-consumer mobile technology, which was designed for the elderly population.
Segments Covered in the Report
By Type
- Tele-hospital
- Tele-Home
By Component
- Product
- Hardware
- Software
- Others
- Services
- Tele-consulting
- Tele-monitoring
- Tele-education
By Application
- Telepathology
- Teleradiology
- Teledermatology
- Telepsychiatry
- Telecardiology
- Others
By Technology
- Store & Forward
- Real-Time
- Others
By Delivery Mode
- Web/Mobile
- Telephonic
- Visualized
- Call Centers
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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