Telemedicine Market - 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 & Forecast, 2023-2032

Telemedicine Market Size

Telemedicine Market Size was valued at over USD 71.5 billion in 2022 and will depict a CAGR of over 12.5% over the forecast years 2023-2032. Growing emphasis on enabling access to advanced healthcare to people residing in remote areas will boost the adoption of telemedicine services.
 

The rising occurrence of chronic illnesses in developing regions will drive the demand for telemedicine services. Increased traditional health care costs, growing number of digital health users and the evolution of mhealth services in the healthcare institutions have spurred the technology uptake. Favorable government initiatives have led to the introduction of advanced healthcare IT infrastructure and facilities, supporting the growth of telemedicine market. For instance, Singapore’s Research and Innovation Enterprise Plan aims to support digital innovation in various industries, including healthcare.

Data security and privacy concerns may hamper market growth

Smartphones with telemedicine applications are exposed to a several data security threats due to their weaknesses and portability in management and design. Without proper security, the is a danger of huge losses of confidential and critical information. It adversely affects the results and credibility of operations, which could hamper the industry development to certain extent.
 

Telemedicine Market Analysis

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.
 

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.
 

Telemedicine Market Share

• Allscripts Healthcare Solutions Inc
• AMD Global Telemedicine
• American Well
• Oracle Corporation (Cerner)
• Cisco Systems
• Eagle Telemedicine
• Honeywell International Inc
• Koninklijke Philips N.V
• McKesson Corporation
• OBS Medical
• SOC Telemed
• Specialist Telemed
• Teladoc

are some leading telemedicine manufacturers and suppliers operating in the industry. These industry participants are constantly involved in marketing strategies such as mergers, acquisitions, new product launch, and product enhancements to boost their market share.
 

For example, in August 2021, Royal Philips introduced the Acute Care Telehealth and Patient Flow Capacity Suite. These are cloud-based, secured HealthSuite solutions that are intended to break down barrier across patient care in a cost-effective and scalable model. The solutions helped Philips to drive healthcare’s digital transformation.  
 

Impact of the COVID-19 pandemic

The COVID-19 pandemic had a positive impact on the global telemedicine industry. Governments across the globe rolled out favorable regulations regarding telemedicine adoption to reduce the burden on emergency rooms. For instance, Push Doctor, a telemedicine company in the U.K., reported a weekly order hike by nearly 70% during the pandemic.
 

Furthermore, telemedicine industry witnessed several regulatory and bureaucratic restrictions in U.K., which have either been removed or eased down during the light of the COVID-19 pandemic. This positively impacted the market and triggered a large-scale adoption among consumers, as a growing number of patients become aware of the benefits of the technology.
 

The Telemedicine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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By Service

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

By Type

• Telehospital
• Telehome

By Specialty

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

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
  • Italy
  • Spain
  • Poland
  • The Netherlands
  • Belgium
  • Sweden
  • Switzerland
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia