Global Telemedicine Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Type (Technology and Service), Application (Tele-Cardiology, Tele-Radiology, Tele-Pathology, Tele-Dermatology, Tele-Neurology, Emergency Care, Home Health and Others), Delivery Mode (Web-based, Cloud-based and Others), End User & Region - Industry Analysis (2024 to 2029)

Published: January, 2024
ID: 75
Pages: 182

Global Telemedicine Market Size (2024 to 2029)

The global telemedicine market was worth USD 60.15 billion in 2023. The global telemedicine market is predicted to be worth USD 72.17 billion in 2024 and USD 179.43 billion by 2029. The global telemedicine market is expected to witness a healthy CAGR of 19.98% from 2024 to 2029.

Current Scenario of The Global Telemedicine Market

In recent years, the telemedicine market has experienced a remarkable surge worldwide. Factors such as technological advancements, changing healthcare dynamics and the global COVID-19 pandemic have significantly boosted the adoption and usage of telemedicine in the recent past. During the COVID-19 pandemic, healthcare providers sought alternative ways to deliver medical care while minimizing physical contact and reducing the burden on traditional healthcare systems. For instance, according to the Centers for Disease Control and Prevention, the visits of telemedicine in the U.S. saw a surge of 154% during the early days of the COVID-19 pandemic. On the other hand, Patients also embraced telemedicine for its convenience, accessibility, and ability to overcome geographical barriers to consult with healthcare professionals from the comfort of their homes. As a result, platforms that offer telemedicine services have witnessed exponential growth in usage and adoption rates.

The global telemedicine market is expected to expand further during the forecast period due to ongoing technological innovation, increasing acceptance by healthcare providers and patients, and favorable regulatory reforms that support telemedicine integration into mainstream healthcare systems.

GLOBAL TELEMEDICINE MARKET DRIVERS

The rising demand for remote healthcare services is one of the key factors propelling the growth of the global telemedicine market.

The need for convenient access to healthcare, especially in remote and underserved areas has fuelled the demand for remote healthcare services and is resulting in the increased adoption of telemedicine services and contributing to the global market growth. For instance, in a survey conducted by Deloitte, 72% of the respondents reported that convenience is the primary reason for using telemedicine services. In addition, the increasing prevalence of chronic diseases and the growing preference for digital health solutions among consumers is also boosting the demand for telemedicine solutions. The recent global COVID-19 pandemic has accelerated the adoption of telemedicine as a safer alternative to traditional in-person consultations and propelled further demand for remote healthcare services. For instance, telehealth utilization surged by 38 times in the United States during the COVID-19 pandemic as per a report by McKinsey & Company. According to a study published by the Journal of the American Medical Association (JAMA), telemedicine visits in the United States increased from approximately 1% of total outpatient visits before the pandemic to 35.3% in April 2020. As a result, the demand for telemedicine services has witnessed significant growth. Using telemedicine, healthcare professionals have been offering services such as virtual consultations, remote monitoring and telehealth-enabled prescription delivery to patients worldwide.

Technological advancements in telemedicine platforms are boosting the growth rate of the global telemedicine market.

Technological advancements encompass a wide array of innovations, including enhanced video conferencing capabilities, improved data security measures, integration with electronic health records (EHRs) and the development of artificial intelligence (AI) and machine learning algorithms for diagnostic support and patient monitoring. These advancements have significantly improved the efficiency, effectiveness and accessibility of telemedicine services and resulted in providing a wide range of services that includes remote consultations, diagnosis, treatment and follow-up care for patients worldwide.

The cost-effectiveness of telemedicine is a big plus to see notable growth soon.

Telemedicine is available at an affordable cost as it requires fewer resources and offers healthcare services at a lower price comparatively, which is expected to drive the telemedicine market in the coming years. Telemedicine helps enhance the quality of care for every patient. As doctors get more time to interact with patients online, they deliver quality healthcare services. Also, people can seek advice from skilled people online with these healthcare services.

The growing patient population of chronic diseases, increasing aging population worldwide, rising support from the governments of various countries for telemedicine initiatives and rising preference from consumers for telemedicine over in-person visits are further supporting the telemedicine market growth. According to the statistics published by the CDC, 6 in 10 adults are suffering from at least one chronic disease in the U.S., which indicates the increasing need for healthcare services and offering scope for the telemedicine market to expand. The reimbursement policies and incentives associated with telemedicine, growing usage of telemedicine for mental health issues, increasing collaborations between healthcare providers and tech companies, and regulatory reforms are some other factors that favor the growth rate of the telemedicine market's expansion further.

GLOBAL TELEMEDICINE MARKET RESTRAINTS

On the downside, factors such as limited internet and digital infrastructure in rural areas, privacy and security concerns regarding patient data and resistance to change among healthcare professionals are hampering the telemedicine market growth. Reimbursement challenges and insurance coverage limitations, integration challenges with existing healthcare systems, such as electronic health records (EHRs) and medical billing systems and inadequate funding and investment in telemedicine initiatives are further limiting the growth rate of the global telemedicine market.

Impact Of COVID-19 On the Global Telemedicine Market

Due to the pandemic situation and the social distancing move caused by the Coronavirus, the adoption of Telemedicine and telehealth has increased at a high level and predicted there would be no turning back. As per a survey conducted by SSCG Media Group in March 2020, due to the COVID-19 outbreak, around 53% of health practitioners (specialized in infectious disease, pulmonology, cardiology, and oncology) in the United States are now using Telemedicine. As per a report published by Civic Science, in the United States, the use of Telemedicine by adults has risen from 18% to 30% from Feb’20 to Mar’20. An American Management Consulting Firm, McKinsey & Company, has stated in one of their recent publications that over 30% of people are canceling their visits to hospitals and showing interest in receiving healthcare assistance via telemedicine.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

Segments Covered

By Type, Application, Delivery Mode, End-User and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Key Market Players

AMD Global Telemedicine, Honeywell Life Care Solutions, Philips Healthcare, Cerner Corporation, Medtronic, Inc., GE Company, Lifewatch, McKesson Corporation and InTouch Technologies

 

SEGMENTAL ANALYSIS

Global Telemedicine Market Analysis By Technology

By technology, the technology segment dominated the market and accounted for 56.8% of the global market share in 2023 and is expected to grow at a CAGR of 22.84% during the forecast period. Factors such as advancements in digital health tools, remote monitoring devices and telecommunication infrastructure are propelling the expansion of the technology segment in the global market. The hardware segment is expected to grow at a notable CAGR during the forecast period due to the rise in demand to increase the production of tools required in telemedicine technology. It includes medical peripherals, webcams, speakers, microphones, screens, video conferencing devices, laptops, and monitors. The software segment is predicted to witness a promising CAGR in the worldwide market during the forecast period due to the ongoing research on the development and introduction of new applications of Telemedicine. Rising support from the IT industry is also leveling up this segment to move forward. The United States had over 800,000 online consultations as of December 2019, and this indicates that the usage of telemedicine software is growing at a good pace in the country, as per a survey.

On the other hand, the services segment is anticipated to register a CAGR of 16.97% during the forecast period. Under the sub-segments, the remote patient monitoring segment is expected to register a promising growth rate during the forecast period. The increasing trend towards online monitoring services by using various applications available is expected to raise the growth for this segment.

Global Telemedicine Market Analysis By Application

Based on the application, the teleradiology segment led the market and captured 28.4% of the global telemedicine market share in 2023. It is estimated to grow at a notable CAGR during the forecast period. The growing demand for remote interpretation and reporting of medical imaging studies is majorly driving the growth of the teleradiology segment in the global market. Over 80% of hospitals utilize teleradiology services to overcome geographical barriers and address radiologist shortages. The shortage of radiologists, the growing need for timely diagnosis and treatment planning and technological advancements in image transmission and interpretation are further boosting the growth rate of the teleradiology segment in the global market. For instance, as per the estimations of the Radiological Society of North America (RSNA), the U.S. is likely to see a shortage of 15,000 radiologists by 2025.

The tele-cardiology segment held 18.2% of the worldwide market share in 2023 and is estimated to account for a substantial share of the global market during the forecast period owing to the rise in smartphone users and growing demand for the Internet of Things worldwide. The growing number of patients suffering from CVDs, increased awareness regarding the potential benefits of telemedicine among the patient population of CVDs and technological advancements are further propelling the growth of the telecardiology segment in the global telemedicine market.

The telepathology segment is expected to witness a CAGR of 18.3% during the forecast period. The rising need for remote pathology consultations, second opinions, and digital pathology solutions is propelling the growth of the telepathology segment in the global market.

Other segments such as teledermatology, tele-neurology, emergency care, and home healthcare are expected to perform well during the forecast period.

Global Telemedicine Market Analysis By Delivery Mode

Based on delivery modes, the cloud-based segment led the telemedicine market in 2023 and is expected to grow at a prominent CAGR during the forecast period. The cloud-based deployment model plays an essential role in telemedicine as it enhances the performance of the system, propelling segmental growth in the global market. Meanwhile, increased awareness of telemedicine users, the introduction of technologically advanced solutions, and the proliferation of cloud-based solutions are to facilitate the acceptance of visualized healthcare delivery solutions in the coming years. The increasing need for immediate medical assistance for remote patients has led to the introduction of telemedicine solutions for video conferencing. This segment has led to the growth of the telemedicine market.

Global Telemedicine Market Analysis By End-User

Based on end-users, the tele-hospital segment is estimated to occupy the major share of the global market during the forecast period. The rise in efficiency in discussing the treatment procedure of a patient with another clinician or doctor through video conferences is driving segmental growth. Telemedicine allows a person to get diagnosed or treated by professionals through teleconference, and this is very helpful for older people who cannot travel long distances to the hospitals. The factor mentioned above is leveraging the growth of the tele-hospital segment.

REGIONAL ANALYSIS

The telemedicine market was led by the North American region in 2023. North America accounted for 40.3% of the global market share in 2023 and the North American region is anticipated to showcase promising growth during the forecast period. Factors such as the availability of advanced healthcare infrastructure, the presence of several key market players, high adoption of digital technologies and supportive regulatory frameworks are majorly propelling the growth of the North American telemedicine market. The favorable reimbursement policies and increasing investments in telemedicine platforms are further contributing to the expansion of the North American market. The U.S. is predicted to hold the largest share of the North American market during the forecast period. The COVID-19 pandemic has significantly boosted the usage of telemedicine in the U.S. For instance, telemedicine visits surged by over 1500% during the COVID-19 pandemic in the U.S.

Europe is another noteworthy regional segment in the global telemedicine market and is estimated to hold a substantial share of the worldwide market during the forecast period. The growing number of initiatives from the governments of European countries promoting digital health, interoperability standards and cross-border healthcare are primarily driving the European market growth. Germany is expected to account for the major share of the European market during the forecast period. Germany accounts for the largest share of telemedicine users in Europe, with over 70% of healthcare providers offering telehealth services.

The Asia-Pacific looks lucrative and is anticipated to be the fastest-growing regional segment in the global market. The growing internet penetration, rising healthcare awareness, government support for digital health initiatives, and limited access to healthcare in rural areas are driving the growth of the telemedicine market in the Asia-Pacific region. China followed by India is estimated to lead the regional market during the forecast period.

The Middle East and Africa have had slower growth for the past few years due to less knowledge of the usage of the Internet of Things and also a lack of skilled professionals. The increased funding of the tele-hospitals and the growing incidence of chronic diseases in MEA are causing an inclined growth rate for Telemedicine in this region.

KEY MARKET PARTICIPANTS

Companies such as AMD Global Telemedicine, Honeywell Life Care Solutions, Philips Healthcare, Cerner Corporation, Medtronic, Inc., GE Company, Lifewatch, McKesson Corporation, InTouch Technologies and others are playing a pivotal role in the telemedicine market.

This research report on the global telemedicine market has been segmented and sub-segmented based on type, application, delivery mode, end-user and region.

By Type

  • Technology
    • Hardware
    • Software
    • Telecommunications
  • Service
    • Remote Patient Monitoring
    • Store-and-Forward
    • Real-Time Interactive

By Application

  • Tele-Cardiology
  • Tele-Radiology
  • Tele-Pathology
  • Tele-Dermatology
  • Tele-Neurology
  • Emergency Care
  • Home Health
  • Others

By Delivery Mode

  • Web-based
  • Cloud-based
  • Others

By End-User

  • Tele-Hospitals
  • Tele-Homes

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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Frequently Asked Questions

How big is the telemedicine market worldwide?

The global telemedicine industry size is predicted to reach USD 149.56 billion by 2028, registering at a CAGR of 19.98% during the forecast period.

Based on application, which segment is expected to lead the telemedicine market in the future?

 The basis of application, the teleradiology segment is expected to dominate the global telemedicine market during the forecast period.

which country led the global telemedicine market in 2023?

The U.S. led the global telemedicine market in 2023 accounting for more than 30% share.

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