Telemedicine Market Size By Service (Tele-consulting, Tele-monitoring, Tele-education/training), By Type (Telehospital, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health), By Delivery Mode (Web/Mobile {Telephonic, Visualized}, Call Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Poland, The Netherlands, Belgium, Sweden, Switzerland, China, Japan, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

Published Date: Jun 2021  |  Report ID: GMI3129  |  Authors: Sumant Ugalmugale, Rupali Swain

Report Format: PDF   |   Pages: 220   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Telemedicine Market size surpassed USD 60.9 billion in 2020 and is estimated to grow at 18.2% between 2021 and 2027. Increasing prevalence of chronic disease and growing need for patient management will positively influence the market revenue. Also, growing telecommunications network and reduction in healthcare cost will drive the industry growth.
 

Telemedicine Market Overview

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The COVID-19 pandemic had a significant impact on the global telemedicine market. It can be expected that the pandemic will expedite the adoption of telemedicine. Companies are already witnessing a surge in the number of telemedicine visits with some companies reporting a significant spike in the demand for video consultations since the COVID-19 pandemic. Moreover, doctors are adopting telemedicine to ensure social distancing and limit their risk of exposure to the infected patients. This has led to a growing number of patients using telemedicine for consultations.
 

The use of telemedicine solution without proper security may lead to huge losses of confidential and critical information. Also, smartphones with telemedicine applications are vulnerable to various cyber threats due to low firewall safety. For instance, according to the World Economic Forum, cyber-attacks are considered as the top five risks to global stability. This could adversely affect the results and credibility of the companies, hampering the market growth.
 

Growing demand for home-based remote monitoring service will boost the number of tele-consultations

Telemedicine Market Share, By Service

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The tele-consulting segment accounted for 42% telemedicine market share in 2020, attributed to the rising geriatric population base and increasing demand for home-based remote monitoring service. Remote telehealth monitoring programs are been initiated by several governments that focused on improving medication management and improves disease management at homecare setting. This will increase the demand for tele-consultation service. Furthermore, increasing need for providing healthcare services to patient at remote places coupled with rising demand for saving travel time will propel the segment growth.
 

Increasing adoption and usage of telemedicine services in hospital setting

The telehospital segment revenue is expected to reach USD 121.6 billion by 2027, due to increasing adoption and usage of telemedicine services in hospital setting to consult various specialists by doctors. This will result in cost savings for the hospitals as well as for the patients. Also, increasing government funding and grants for encouraging adoption of telemedicine services in hospitals will boost the segment demand.
 

Various advantages associated with cardiology telemedicine services will boost the market expansion

Cardiology specialty segment size was over USD 12.6 billion in 2020, owing to high degree of satisfaction among patient suffering from cardiac disorders coupled with affordable telemedicine services. Furthermore, remote monitoring of patients with implantable cardiac devices have led to better clinical outcomes. Also, timely diagnosis of heart failure symptoms and management of arrhythmias are other advantages of telemedicine services in cardiology.
 

Growing telecommunication networks along with government support will augment the web/mobile segment growth

The web/mobile delivery mode segment will show significant growth of more than 18.5% during the forecast timeframe. Growing telecommunication base in developing regions coupled with various government initiatives in developed economies will boost demand for web/mobile-based telemedicine platforms. In addition, high segment growth rate is attributed to increasing adoption rate of cloud-based services in hospitals & homecare settings. Furthermore, various relaxations provided by federal government for the use of telemedicine services will be conducive to web/mobile based delivery mode.
 

Low-cost healthcare services to patients in remote places in North America

Global Telemedicine Market Size, By Region

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North America telemedicine market revenue crossed USD 36.6 billion in 2020, due to rising need to curb growing healthcare costs. For instance, the per capita healthcare expenditure in U.S. is USD 9,403. Thus, high healthcare costs in the country have increased the demand of the market. Also, Presence of well-established telecommunications network coupled with rising need to provide immediate and affordable healthcare services to patients in remote places will boost the regional market growth.
 

Furthermore, increased usage and adoption of telemedicine services by clinicians, development of new technologies, and increased patient acceptance have all contributed to the positive industry outlook in North America.
 

Implementation of numerous expansion strategies by the major industry players will contribute to the market growth

Key players in the market are Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., and Teladoc. These market players are focusing on several strategies such as acquisitions, partnerships, new product launches, mergers, and collaborations to sustain market competition.
 

Recent industry developments:

  • In October 2020, Teladoc launched a new telemedicine services for mental healthcare. The service will enable patient to count on convenient, stigma-free access to high-quality psychiatrists, psychologists and therapists from the convenience of their phone, web or mobile app. This strategy is expected to add value to its existing business portfolio and enhance their service offering.
     
  • In April 2020, MyDoc partnered with First Medicine Corporation, a technology-driven healthcare company, to provide free access to the telemedicine solution in the U.S. for 3 months. This partnership will enable the company to expand its geographic outreach and strengthen its market positioning.
     

The telemedicine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Service

  • Tele-consulting
  • Tele-monitoring
  • Tele-education/training
  • Others

Market, By Type

  • Telehospital
  • Telehome

Market, By Specialty

  • Cardiology
  • Gynecology
  • Neurology
  • Orthopedics
  • Dermatology
  • Mental health
  • Others

Market, By Delivery Mode

  • Web/Mobile
    • Telephonic
    • Visualized
  • Call centers

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Poland
    • The Netherlands
    • Belgium
    • Sweden
    • Switzerland
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • South Africa
    • Saudi Arabia

 

Frequently Asked Questions (FAQ) :

The market size for telemedicine surpassed USD 60.9 billion in 2020 and will expand at a healthy CAGR of around 18.2% through 2027 with expanding telecommunication network and need for patient management.
The tele-consulting segment accounted for 42% market share in 2020 and will expand at a significant CAGR till 2027, owing to rising demand for home-based remote monitoring service.
The telehospital segment revenue is expected to reach USD 121.6 billion by 2027, due to increasing adoption of telemedicine services in the hospital setting.
The web/mobile delivery mode segment will grow at a robust CAGR of 18.5% through 2027, with increasing trend for cloud-based services in hospitals and homecare settings.
North America market revenue crossed USD 36.6 billion in 2020 will thrive at a lucrative growth rate during the forecast period, with rising demand to reduce healthcare costs.

Premium Report Details

  • Published Date: Jun 2021
  • Pages: 220
  • Tables: 306
  • Charts / Figures: 15
  • Companies covered: 13
  • Countries covered: 20

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