Telemedicine Market

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Telemedicine Market

Telemedicine Market to Reach US$ 94.5 Bn by 2032, driven by increasing demand for radiological services owing to high prevalence of chronic diseases: Global Insight Services

New York, August 2023: According to a new research study by Global Insight Services (GIS), the global telemedicine market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 94.5 Billion by 2032.

Telemedicine, also known as telehealth or e-medicine, is the remote delivery of healthcare services via telecommunications infrastructure, such as exams and consultations. According to recent research, 90% of organisations have already started or implemented telemedicine programmes. Even small, independent medical practises are beginning to embrace telemedicine in order to compete with local retail clinics and stop losing patients.

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Telemedicine Market: Key Trends and Drivers

Surging prevalence of chronic diseases and cost-benefits of telemedicine will propel the market expansion. For instance, according to the US CDC, chronic diseases are major causes of death and disability globally and are strong contributors to the rise in annual healthcare expenditures. The management of chronic diseases requires constant monitoring and therapy to slow their progress. Telehealth and telemedicine, especially remote patient monitoring (RPM)/tele-homecare, are capable of improving patient self-management, medication compliance, clinical outcomes, and patient & provider satisfaction while reducing emergency room visits, hospital admissions, primary care utilization, long-term care, home admissions, and patient travel costs. These advantages are driving the demand for telehealth among end-users.

Telemedicine Market: Restraints & Challenges

Healthcare fraud is an important factor to consider in telehealth and telemedicine practises. A patient or a physician can be victimised in a variety of ways, such as when the physician’s name and accounts are used to receive payments from the insurance company, or when non-eligible or non-listed institutional providers practise improper coding and billing for false claims. Such fraudulent activities can erode trust and credibility in telehealth and telemedicine services. Victimized patients also have a tendency to share their negative experiences in the media, which affects many new entrants, limiting market growth.

Telemedicine Market Report Findings

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The telemonitoring segment is likely to hold a dominant telemedicine market share and grow at a substantial CAGR during the forecast period.

Based on service, it is segmented into the tele-consulting, tele-monitoring, and tele-education/training. The tele-consulting segment accounted for the largest share of the global telemedicine market in 2022. The large share of the segment can be attributed to the growing demand for home-based remote monitoring service will boost the number of tele-consultations. Moreover, 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.

The telehome segment is anticipated to hold a majority of the telemedicine market size throughout the study period.

Based on type, it is segmented into telehospital, and telehome. The telehospital segment is likely to dominate the market during the forecast period. This is 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. The convenience and efficiency offered by telehospital services, such as remote consultations, virtual monitoring, and remote diagnostic capabilities, have garnered substantial attention from both healthcare providers and patients. The segment’s growth is expected to persist as advancements in technology, regulatory support, and the increasing acceptance of remote healthcare services continue to drive its adoption, ultimately reshaping the way healthcare is accessed and delivered on a global scale. Also, increasing government funding and grants for encouraging adoption of telemedicine services in hospitals will boost the segment demand.

The gynaecology segment is anticipated to hold a majority of the telemedicine market size throughout the study period.

Based on specialty, it is segmented into cardiology, gynecology, neurology, orthopedics, dermatology, mental health, and others. The cardiology segment is likely to dominate the market during the forecast period. This is owing to high With advances in remote monitoring technology and the increasing adoption of virtual healthcare platforms, patients and healthcare providers are recognizing the convenience and effectiveness of remote cardiology consultations. Telecardiology offers timely access to expert cardiac care, especially for individuals in remote or underserved areas, enabling early diagnosis, continuous monitoring of chronic conditions, and post-operative follow-ups without the constraints of physical distance. This growth is driven by a combination of factors, including the rising prevalence of cardiovascular diseases, technological advancements, reimbursement support, and the ongoing global shift towards more personalized and accessible healthcare solutions. As the telemedicine landscape evolves, the cardiology specialty is poised to play a pivotal role in shaping the future of remote healthcare delivery.

The web/mobile segment is anticipated to hold a majority of the telemedicine market size throughout the study period.

Based on delivery mode, it is segmented into web/mobile and call centers. The web/mobile delivery mode segment is likely to dominate the market during the forecast timeframe. the growth of web and mobile delivery modes, reflecting the increasing preference for remote healthcare services. This trend is driven by the convenience and accessibility offered by these platforms, allowing patients to connect with healthcare professionals seamlessly from the comfort of their homes. The proliferation of smartphones, coupled with advanced web-based applications, has facilitated real-time consultations, remote monitoring, and prescription delivery, thus expanding the reach of healthcare services to a wider population. As technology continues to evolve and user-friendly interfaces become more prevalent, the web and mobile delivery segment is poised to continue its upward trajectory, reshaping the way healthcare is accessed and delivered.

The Asia-Pacific region is estimated to exhibit the highest growth rate during the Ventilators market forecast period.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific, is anticipated to be the fastest-growing regional market during the forecast period. This rapid growth can be attributed to the presence of a large patient population pool, increasing internet usage, and rapid demand for healthcare assistance, especially in the rural areas. Emerging economies including India and China are estimated to lead the regional market in the years to come. In March 2021, India Brand Equity Foundation (IBEF) reported that the Indian government launched a telemedicine service-eSanjeevani and completed around 3 million consultations across the nation.

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Competitive Landscape

The global telemedicine market report includes players such as Koninklijke Philips (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Teladoc Health (US), American Well (US), and AMC Health (US), among other.

Recent Developments in the Telemedicine Market:

In April 2022, Bayer announced that it is setting up 27 telemedicine centres in 12 districts across eight states in India over the next two years through Bayer Foundation India.
In January 2022, SwiftMD, announced the launch of its newly designed website, SwiftMD.com, and telehealth app as part of a brand refresh.
In December 2021, Mesmerize announced partnership with VSee. This partnership is aimed to provide additional platform for Mesmerize’s advertisers to reach healthcare providers and patients within Mesmerize’s network telehealth solutions to offer remote patient monitoring services. This partnership will deliver best in class telehealth care service offerings.
In December 2021, AFC Industries acquired AALL AMERICAN Fasteners (AAF). This acquisition helped the firm to develop innovative and high performing healthcare telemedicine equipment.

Telemedicine Market Report Coverage

The report offers a comprehensive quantitative as well as qualitative analysis of the current Telemedicine Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
The report also covers qualitative as well as quantitative analysis of Telemedicine Market in terms of revenue ($Million).
Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Telemedicine industry.
A thorough analysis of market trends and restraints is provided.
By region as well as country analysis is also presented in this report.
Analytical depiction of the Telemedicine Market along with the current trends and future estimations to depict imminent investment pockets. The overall Telemedicine industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Telemedicine Market are also analyzed.

Global Telemedicine Market Segments

By Service

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

By Type

Telehospital
Telehome

By Specialty

Cardiology
Gynaecology
Neurology
Orthopaedics
Dermatology
Mental health
Others