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), COVID19 Impact Analysis, Regional Outlook, 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 was valued at USD 60.9 billion in 2020 and is estimated to grow at 18.2% CAGR between 2021 and 2027. Increasing prevalence of chronic disease and growing need for patient management will positively influence the market growth. Also, growing telecommunications network and reduction in healthcare cost will be the few other driving factor for the market expansion. Furthermore, technological advancements made by various companies involved in the industry for launching novel platforms will drive the market progression.

Telemedicine Market Overview

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Telemedicine refers to the practice that allows healthcare professionals to provide health-related services and information via telecommunication and electronic information technology to patients in remote areas. The telemedicine technology is widely used for follow-up visits, medication management and management of chronic conditions among others that can be provided remotely via secure audio and video connections.

The COVID-19 pandemic had a significant positive impact on the global market. It can be expected that the pandemic will expedite the adoption of telemedicine. Also, 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.

With growing number of chronic conditions, there will be more advancement in telemedicine services that will boost the telemedicine market value

Increasing prevalence of chronic diseases is one of the major factors that has created the need to adopt telemedicine services and provide greater home supervision. Also, rising acceptance of unhealthy lifestyles and habits such as alcohol consumption and tobacco smoking are one of the major reasons for high prevalence of chronic conditions worldwide.

Security and privacy concern associated with telemedicine solutions may slow down the industry growth

The use of telemedicine solutions 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.

This could adversely affect the results and credibility of the companies, thereby hampering the industry expansion. Additionally, telemedicine device adoption should be followed by employment of preventive measures to predict, detect, and address security issues. Vigilant monitoring of IT networks and systems and maintenance of protective systems and backup are also required. Thus, all these preventive measures require high remediation costs that may further negatively affect the industry progression.

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

Telemedicine Market Share

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The tele-consulting segment accounted for 42% of the telemedicine market share in 2020 led by 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, thereby augmenting the industry value. Rising need for providing healthcare services to patient at remote places coupled with rising demand for saving travel time will propel the segment expansion during the forecast period.

Increasing acceptance and usage of telemedicine services in hospital setting will impel the telehospital segment progression

The telehospital segment is poised to reach USD 121.6 billion by 2027 on account of the rising adoption and usage of telemedicine services in hospital settings to consult various specialists by doctors. This will result in cost savings for the hospitals as well as for the patients. Also, growing government funding and grants for encouraging usage of telemedicine services in hospitals will accelerate the segment revenue in the future. In addition, rising incidence of chronic diseases will increase the demand for specialist consultations, thereby influencing the market demand.

Various advantages associated with cardiology telemedicine services will surge the telemedicine market growth  

Cardiology segment valued at more than USD 12.6 billion in 2020 driven by the high degree of satisfaction among patient suffering from cardiac disorders coupled with affordable telemedicine services. Additionally, 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, thereby supplementing the market expansion.

Growing telecommunication networks along with government support will fuel the for web/mobile segment demand

The web/mobile delivery mode is predicted to expand at a CAGR of more than 18.5% CAGR through 2027. Increasing telecommunication base in developing regions coupled with various government initiatives in developed economies will augment demand for web/mobile-based telemedicine platforms. High segment growth rate is attributed to rising acceptance rate of cloud-based services in hospitals & homecare settings. Furthermore, various relaxations provided by federal government for the use of telemedicine services will conducive to web/mobile based delivery mode.

Low-cost healthcare services to patients in remote places in North America will play a major role in the regional growth

North America Telemedicine Market

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North America telemedicine market size over USD 36.6 billion in 2020 on account of the 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 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 expansion. Thus, telemedicine has a significant effect in providing access to patients in remote areas. Moreover, increased usage and usage 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 drive the market progression

Few companies 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 industry leaders 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 set 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 market research report on telemedicine 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 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 service segment was valued at 42% share in 2020 and will expand owing to rising demand for home-based remote monitoring service.
The telehospital segment will account for 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 telemedicine market share was recorded at USD 36.6 billion in 2020 and will thrive 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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