The global Telemedicine Market was valued at US$ 56.5 Bn in 2020 is expected to reach US$ 246.7 Bn by 2027, with a growing CAGR of 23.6% during the forecast period (2020-2027).
Telemedicine, also referred as telehealth or e-medicine, is the remote provision of medical services through telecommunications infrastructure. Telemedicine involves the use of electronic communications and software to provide clinical services to patients without the need for personal visits. Telemedicine technology is often used for follow-up, chronic disease management, medication management, expert consultation, and many other clinical services that can be provided remotely through secure video and audio connections. Patients can use their own personal technology or visit a dedicated telemedicine kiosk to communicate with doctors at home.
There is a lack of access to high-quality medical care in underdeveloped regions. In order to overcome this obstacle, government agencies have been committed to providing better healthcare facilities through telemedicine platforms. In addition, the increase in the geriatric population and the surge in the prevalence of chronic diseases have led to an increase in the cost of medical care. These factors may drive the telemedicine market in the forecast period. Telemedicine can be a valuable tool for connecting providers and patients to ensure that they receive the support they need to succeed.
According to the U.S.-based telemedicine technology company, SOC Telemed, it was experienced that an increased in the demand for on-demand acute care via telemedicine. Telemedicine companies have experienced exponential growth during the COVID-19 pandemic when compared to the previous year. For instance, Teladoc Health, Inc. observed a 109% growth in 2020 over 2019.
The Global Telemedicine Industry Segmentation:
By Type
By Service
By Delivery Mode
By Application
By Region
Based on type, tele-hospitals held the largest share in 2020.
Based on type, the telemedicine market has been segmented into tele home and tele hospitals. The maximum share held by the tele hospitals segment in the global market can be attributed to the critical requirement of telemedicine in emergency cases.
Tele home segment is expected to witness the fastest growth during the forecast period due to its increased adoption of remote patient monitoring devices. Supportive government initiatives, increased patient awareness of their health issues, and high penetration of Internet-based solutions are some of the factors for the growth of this market segment.
Based on the service, tele-monitoring held the largest segment in 2020 and is expected to maintain it’s dominance during the forecast period.
Based on the service, tele-monitoring segment held the largest share of the market in 2020 and is witnessing significant growth during the forecast period. This is due to the increasing base of geriatric population requiring home assistance for care delivery.
Tele consulting segment is expected to witness the fastest growth during the forecast period. This can be attributed to increasing government’s initiatives for telemedicine implementation projects coupled with rising demand for video conferencing solutions.
Based on delivery mode, web/mobile based held the largest segment in 2020 and is expected to maintain its dominance during the forecast period.
Based on delivery mode, web/mobile segment held the largest share of the market and is witnessing significant growth during the forecast period. This is due to its offerings such as, direct access to care delivery solutions. Call centres (Telephonic care) delivery led the market growth owing to its beneficial features such as cost-effectiveness & easy operation. Moreover, rising smartphone penetration are propelling the segment growth.
Based on application, tele-radiology segment accounted for the largest share of the market.
The global telemedicine market is segmented into tele radiology, tele psychiatry, tele dermatology, tele cardiology, others. In 2020, tele radiology segment accounted for the largest share of the market due to the increase in imaging practices, the adoption of tele radiology workflows by healthcare providers, and the simplification and supervision of tele radiology practices. The integration of artificial intelligence (AI) and tele radiology, the implementation of picture archiving and communication systems (PACS), and the growing R&D activities related to e-health are the key growth drivers during the forecast period.
Geographically, North America accounted for the largest share of the global telemedicine industry.
North America accounted for the largest share of the telemedicine market in 2020 and is expected to maintain its dominance during the forecast period. This can be due to the constant research and development initiatives, greater adoption of technology, and local presence of major market players.
Asia pacific is expected to grow at the fastest rate during the forecast period from 2021 to 2027. This can be attributed to the rapid demand for medical assistance, especially in rural areas. Emerging economies including India and China are expected to achieve growth in the next eight years. The innovation and development of telecommunications and investment by market players are expected to further promote the growth of the target market in the region.
Company Profiles and Competitive Intelligence
The report also provides in-depth analysis of Telemedicine market dynamics such as drivers, restraints and opportunities.
Drivers
Restraints
Opportunities
COVID-19 Impact on the Telemedicine Market
Telemedicine has been widely used during the COVID-19 pandemic because it helps in reducing contact with medical institutions, medical staff, and patients to minimize the risk of COVID-19. In China, online mental health surveys and communication programs such as Weibo, WeChat, and TikTok help health authorities and psychiatrist to provide safe online mental health services during the pandemic. Additionally, several hospitals and healthcare providing facilities started consulting online during Covid 19 pandemic. Hence, Covid created awareness and adoption of telemedicine across the world. These factors contribute to market growth during the COVID-19 pandemic.
The report also provides in-depth analysis of key trends in telemedicine market
| Sr. No. | Trends | Impact |
| 1 | Breakthrough of COVID 19 increases the need of telemedicine to avoid physical contacts | Positive |
| 2 | With the growing demand across the world, several companies are investing in the telemedicine area | Positive |
The report also provides in-depth analysis of recent news developments and investments
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