According to Report, the telemedicine market size is expected to reach USD 305 billion by 2030 from at USD 56 billion in 2021 and is expected to expand growth at a CAGR of 23% from 2021 to 2030.
Telemedicine Market (By Component: Product, Services; By Technology: Store and forward, Real time, Others; By Application: Teleradiology, Telepsychiatry; By Delivery Mode; By Type: Tele-hospital, Tele-home; By End-use) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030
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Telemedicine is a clinical benefit presented to patients distantly through telecom or video conferencing apparatuses. This is alluded to as clinical practice for the patients with the nonphysical presence of patients and medical care suppliers. Telemedicine frameworks are an expansion of the clinical practice in many created and non-industrial nations with a huge country populace. Such distantly found people have been enormously benefitted by the presence of telemedicine for their normal medical care arrangements.
Key drivers of the market include increasing incidences of chronic conditions and rising demand for self-care. Furthermore, enhancing internet application, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing to market growth.
In the U.S. both state and federal laws have evolved to facilitate the widespread use of telemedicine to cope up with the COVID-19 pandemic. For instance, in March 6, 2020 the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It includes USD 8.0 billion emergency funding for the federal agencies and to expand reimbursement coverage for telehealth services. Various U.S. states also waived of the licensure for better utilization of the service. This positively impacted the market growth during the pandemic.
Rapid advancements in technology is further expected to boost the demand for online consultation, thereby contributing to the market growth of telemedicine solutions and services over the forecast period. For instance, in April 2020, American Well launched Amwell Private Practice that is a secure, simple and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID19 patients. There has been a significant rise in telemental health visits over the past decade in the U.S. and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.
Increase Tele-nursing and Remote Care to Handle Solutions to Handle Larger Patient Pool
The increasing patient pool has created a huge burden on existing healthcare systems of the world. Patient complaints and infections have created mild panic situations in developed and developing countries. A large percentage of these patients represent near normal situations and false alarms. Many of these cases arise due to misinformation regarding medical applications and unnecessary confusion or panic. These problems can be effectively filtered out by trained front level medical practitioners i.e., nursing staff and practice doctors. This filtering can be efficiently implemented to decrease workload and increase the effectiveness and productivity of experienced medical practitioners, who are scarce in many regions. This also improves patient care and paves the way for providing increased attention toward more serious cases that are highly time-bound (i.e. emergency cases).
Since nurses are often well informed about the appropriate expert medical practitioner specializing in a particular case. According to the WHO, stroke accounted for 6 million deaths, and more than 2 million people died of injuries and accidents globally every year. Such emergency cases would highly benefit from timely, accurate and organized telemedicine service, thereby reducing global fatalities.
Increasing demand for personal healthcare and privacy boosts the market of telemedicine
The out of pocket per capita spending on healthcare has increased in past few years across the people across globe. Thus, there have being huge demand in the personal healthcare services amongst growing patient burden. These outpatients had shifted to other forms of patient care i.e., telemedicine, which witnessed constant growth rate.
This demonstrated that people were favoring telemedicine and personal healthcare over hospital visits. This trend is expected to continue in the future and telemedicine is likely to replace outpatient hospital visits. Individuals consider hospital infections, location convenience and maintenance of privacy as the primary factors for preferring at home telemedicine solutions. Telemedicine usage, therefore, is expected to rise with the increased demand for personal healthcare.
The store and forward segment dominated the market for telemedicine and is expected to hold the largest revenue share of around 41% in 2021. Store and forward system does not occur in real-time and involves the storage and transmission of medical information to the practitioner at a convenient time. The industry is driven by three concepts which include real-time (synchronous), store and forward (asynchronous), and others like home health virtual medicine.
On the other hand, real-time telemedicine comprises a contact between patient and healthcare practitioner via the use of electronic mediums, majorly video conferencing. This concept, also referred to as synchronous telemedicine, entails a vast amount of application which vary from a simple telephonic conversation to complex robotic surgery. Furthermore, home health-based telemedicine involves patient monitoring (e.g. patient statistics and vital sign monitoring) from a distant location (usually home) in an effort to control unnecessary hospital expenses.
The product segment dominated the market for telemedicine and accounted for the largest revenue share of 44.5% in 2021. The product segment is further divided into software, hardware, and others. The hardware segment is expected to hold the largest market share of 41.8% and is inclusive of medical peripheral devices, webcams, speakers, microphones, display screens, videoconferencing devices, laptops, and monitors.
The services segment is further classified into tele-monitoring, tele-consulting, and tele-education. The tele-monitoring segment is expected to grow over the forecast period owing to the increasing base of geriatric population requiring home assistance for care delivery. Tele-consulting segment is anticipated to be the lucrative segment over the forecast period owing to the rising initiatives by the government for telehealth implementation projects and high demand for video conferencing solutions.
The teleradiology segment dominated the market for telemedicine and accounted for the largest revenue share of over 26.5% in 2021 owing to factors such as an increase in imaging practices, teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices.
Integration of Artificial Intelligence (AI) into teleradiology, implementation of Picture Archiving and Communication System (PACS), and growing R&D activities pertaining to eHealth are key growth propellers over the forecast period.
Delivery Model Insights
The web/mobile based delivery model dominated the market for telemedicine and accounted for the largest revenue share of 79% in 2021. The segment is expected to witness significant growth in the coming years as it offers direct access to care delivery solutions. This segment is further categorized into telephonic and visualized access to care. Telephonic care delivery dominated the market owing to its benefits such as cost-effective and easy to operate. In addition, rising smartphone penetration and disposable income are augmenting the segment growth.
Increasing awareness amongst the users, the introduction of technologically advanced solutions, penetration of cloud-based solutions is anticipated to boost the adoption of visualized care delivery solutions. The segment is expected to register a growth rate of 23.1% during the forecast period. The rising need for immediate medical assistance to patients located in remote locations is fueling the adoption of video conferencing solutions.
The patients’ segment dominated the telemedicine market and accounted for the largest revenue share of 44% in 2021. This is because patients seek telemedicine services for various purposes starting from mild or moderate health issues to emergency situations. The payers segment consists of insurance companies that pay the telemedicine service providers on behalf of patients. Presently, not all telemedicine services are covered by insurance. Although Medicare covers limited telehealth services in specific rural areas, patients need to visit clinics for completion of a session. This segment is expected to witness steady growth in the coming years.
Telehealth solutions improve healthcare quality and offer convenience for healthcare providers in terms of quick access to patient records, improved decision support, provides clinical alerts, and real-time quality reporting. eHealth solution offers great convenience to healthcare professionals in terms of patient workflow and data management, these benefits are expected to boost the usage of telemedicine by providers over the forecast period.
The tele-hospitals segment dominated the market for telemedicine and held the largest revenue share of more than 50.5% in 2021. The segment is expected to witness a steady growth rate throughout the forecast period. Telemedicine services are generally preferred in emergency care.
The tele-home care solutions are projected to register significant growth in the coming years as the adoption of remote patient monitoring devices is increasing. The supportive government initiatives, increasing awareness amongst patients towards their health concerns, and high penetration of internet-based solutions are some of the factors attributing towards the segment growth.
North America dominated the market for telemedicine and accounted for the largest revenue share of 35% in 2021 owing to high demand in the recent past followed by Europe. These regional markets are expected to show a similar trend over the forecast period due to rising healthcare awareness coupled with cloud-based technologies acceptance over the forecast period. A developed region such as North America has accounted for the maximum revenue share in the global industry due to the constant research and development initiatives.
Developing regions such as Asia Pacific and the Middle East and Africa are expected to experience positive growth in the industry owing to rapid demand for healthcare assistance, especially in the rural areas. Emerging economies including India and China are estimated to witness growth over the next eight-year period. Innovation and development towards telecommunication are anticipated to enhance further the growth in this region in near future.
Prominent players of the global telemedicine market include McKesson Corporation, OBS Medical Ltd., BioTelemetry, Inc., Honeywell HomMed LLC, CISCO Systems Inc., LLC and/or its affiliates, Agfa-Gevaert Group, Siemens Healthcare Private Limited, Medtronic, InTouch Technologies LLC., F.Hoffmann-La Roche Ltd., AMD Global Telemedicine, Allscripts Healthcare, and others.
Report Scope of the Telemedicine Market
|Market Size||US$ 305 Billion by 2030|
|Growth Rate||CAGR of 23% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Companies Mentioned||McKesson Corporation, OBS Medical Ltd., BioTelemetry, Inc., Honeywell HomMed LLC, CISCO Systems Inc., LLC and/or its affiliates, Agfa-Gevaert Group, Siemens Healthcare Private Limited, Medtronic, InTouch Technologies LLC., F.Hoffmann-La Roche Ltd., AMD Global Telemedicine, Allscripts Healthcare|
Segments Covered in the Report
By Component Outlook
By Technology Outlook
- Store and forward
- Real time
By Application Outlook
By Delivery Mode Outlook
- Call Centers
By Type Outlook
By End-use Outlook
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Browse complete table of contents at@ https://www.visionresearchreports.com/telemedicine-market/toc/38765
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2021) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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