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Telemedicine Market Analysis

  • Report ID: GMI3129
  • Published Date: Jan 2023
  • Report Format: PDF

Telemedicine Market Analysis

Telemedicine Market Share By Service

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Global telemedicine market share from the tele-consulting segment was valued over USD 29.5 billion in 2022. Rising geriatric population base and increasing demand for home-based remote monitoring services can be cited as the key contributors to the segment growth. As per a study by Cisco, 74% of patients prefer easy access to medical care services over in-person interactions. Remote telehealth monitoring programs are being initiated by several governments that are focused on improving medication and disease management at homecare setting.
 

Global telemedicine market share from the tele home segment is expected to showcase over 13% CAGR through 2032. Telehome services are designed to cater to the healthcare needs of patients suffering from serious conditions at home, so that they don’t need to make frequent visits to the hospital. Several patients using telehome services have undergone complex surgeries and suffer from chronic conditions such as pulmonary artery hypertension. These services can also be used as a primary tool in limiting personal contact and spread of communicable infections.
 

Global telemedicine market share from the cardiology segment is expected to reach a significant revenue share by 2032, driven by the growing focus on the proper management of arrhythmias and the timely diagnosis of heart failure symptoms. The increasing burden of cardiac disorders has led to a higher demand for affordable telemedicine services. The rising popularity of remote monitoring of patients with implantable cardiac devices has also pushed the higher adoption of pacemakers, defibrillators, and wearable sensors as well as data processing units. 
 

The market size from the orthopedics segment will record more than 13% CAGR through 2032, ascribing to the growing need in routine post-surgical visits and improved clinical coordination between the primary doctor and the orthopedic specialist. The incorporation of telemedicine in orthopedics also offers the benefits of cost-effectiveness, patient satisfaction, as well as efficacy and accuracy of care. The growing technological improvements and the rising number of follow-up visits for several test results, including MRI and EMG will favor the market growth.  
 

Global telemedicine market share from the call centers segment is expected to depict over 12% CAGR up to 2032. A call center connects patients to specialists who can offer support through phone or through interactive videos. The service finds greater usage in multi-specialty medical centers who serve a large number of medical specialists in telemedicine. Moreover, call centers can cater to the needs of patients of all age groups and assist immediate care providing. By abiding with standard regulations by regulatory organizations such as the HIPPA, call centers are ensure that patients’ medical records remain private and protected.
 

Telemedicine Market Size, By Region

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Europe telemedicine market is expected to surpass USD 66 billion by 2032. High prevalence of chronic disorders and the rapid technological advancements in the region is set to propel the growth of the industry. Cardiovascular diseases are the cause of nearly 3.9 million deaths in Europe each year. To accommodate the diverse healthcare needs of this growing patient pool, the European Union is funding telemedicine projects, including ELECTOR, THALEA, and MOMENTUM. These programs help optimize support implementation of telemedicine in daily practice. U.S. telemedicine industry is estimated to grow at a 12.5% CAGR from 2023 to 2032.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market for telemedicine size was over 71.5 billion in 2022 and will depict a CAGR of over 12.5% through the forecast years 2022-2032, owing to the rising occurrence of chronic illnesses in developing regions.

Owing to features such as easy and convenient access to patient care, the global telemedicine market share from the tele home segment is expected to showcase over 13% CAGR through 2022-2032.

Europe market value is expected to surpass USD 66 billion by end of 2032, driven by the need to cater to the rapidly growing chronic diseases patient pool in the region.

Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, Oracle Corporation (Cerner), Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V, McKesson Corporation, OBS Medical, and Teladoc are some leading telemedicine companies operating worldwide.

Telemedicine Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 13
  • Tables & Figures: 323
  • Countries covered: 20
  • Pages: 210
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