Global Telemedicine Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast 2024-2035
- PUBLISHED ON
- 2/24/2023
- NO OF PAGES
- 286
- CATEGORY
- Healthcare & Life Sciences
Market Overview:
The global Telemedicine Market size was valued at USD 91.56 billion in 2022, and is projected to reach USD 307.57 billion by 2032 at a CAGR of 28.5% from 2022 to 2032. Telemedicine refers to the use of telecommunication and information technologies to provide remote clinical healthcare services to patients. It involves the use of video conferencing, mobile health apps, remote patient monitoring devices, and other digital communication technologies to diagnose and treat patients from a distance. The telemedicine market size has experienced significant growth in recent years due to several factors. One of the main drivers of this growth is the increasing demand for remote patient monitoring and virtual consultations. This is due to the rising prevalence of chronic diseases, an aging population, and a shortage of healthcare professionals in many regions. Another factor contributing to the growth of the telemedicine market is the increasing availability and affordability of digital health technologies. Advances in telecommunications, cloud computing, and artificial intelligence have made it easier and more cost-effective to deliver healthcare services remotely.
Overall, the telemedicine market share is expected to continue to grow rapidly in the coming years, driven by increasing demand for remote healthcare services and advances in digital health technologies. The COVID-19 pandemic has also accelerated the adoption of telemedicine, and this trend is likely to continue in the post-pandemic era as well.
Growing adoption of cloud computing is propelling Telemedicine Market growth.
One of the driving factors of the telemedicine market share is the increasing demand for remote patient monitoring and virtual consultations. The rise in chronic diseases and an aging population has led to an increase in demand for healthcare services. However, the shortage of healthcare professionals in many regions has made it difficult to meet this demand through traditional in-person care models. Telemedicine offers a solution to this problem by enabling healthcare providers to offer remote consultations and monitoring. This allows patients to receive care without having to visit a healthcare facility, which can be especially beneficial for individuals who live in remote or underserved areas. The COVID-19 pandemic has also highlighted the importance of telemedicine in enabling remote healthcare delivery. Social distancing measures and concerns about infection transmission have led to an increase in demand for virtual consultations and remote monitoring, further driving the growth of the telemedicine market. In addition, advances in digital health technologies, such as wearable devices and mobile health apps, have made it easier and more cost-effective to deliver remote care. These technologies allow healthcare providers to monitor patients' health metrics, such as heart rate and blood pressure, and provide real-time feedback and support.
Overall, the increasing demand for remote patient monitoring and virtual consultations is a major driving factor of the telemedicine market. It offers a solution to the challenges of traditional in-person care models and provides a convenient and accessible way for patients to receive healthcare services.
Segmentation:
· Type of service: Telemedicine Market can be segmented based on the type of telemedicine service offered, such as teleconsultation, telemonitoring, teleeducation, and teletraining.
· Technology: Telemedicine Market can be segmented based on the technology used, such as video conferencing, mobile health apps, remote patient monitoring devices, and other digital communication technologies.
· Application: Telemedicine Market can be segmented based on the application of telemedicine, such as cardiology, dermatology, mental health, and oncology.
· End-user: Telemedicine Market can be segmented based on the end-user, such as hospitals, clinics, home healthcare settings, and others.
Geography:
The North American region currently dominates the telemedicine market, followed by Europe. This can be attributed to the high adoption of technology in the healthcare sector, a large patient population, and a high prevalence of chronic diseases. In addition, the presence of major telemedicine companies in these regions and favorable government initiatives to promote the use of telemedicine have also contributed to their market dominance. However, the Asia Pacific region is expected to grow at the fastest rate in the coming years due to factors such as increasing healthcare spending, a large population, and a growing awareness of the benefits of telemedicine. The region is also witnessing an increase in the number of partnerships and collaborations between telemedicine companies and healthcare providers.
Impact of COVID-19 on the global Telemedicine Market:
The COVID-19 pandemic has had a significant impact on the telemedicine market. The pandemic has led to a rapid increase in the adoption of telemedicine technologies as healthcare providers have sought to limit in-person visits and reduce the risk of infection transmission. This has led to a surge in demand for virtual consultations and remote monitoring, driving the growth of the telemedicine market. During the pandemic, many healthcare providers rapidly implemented telemedicine technologies to provide remote care to patients. In addition, many governments and healthcare organizations provided funding and support to promote the adoption of telemedicine technologies. For example, the US government provided funding for telemedicine programs as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The COVID-19 pandemic has also accelerated the development of new telemedicine technologies and services. For example, some companies have developed remote monitoring devices specifically designed for COVID-19 patients, which allow healthcare providers to monitor patients' vital signs remotely and provide real-time support. Overall, the COVID-19 pandemic has had a positive impact on the telemedicine market, driving increased adoption of telemedicine technologies and services.
Impact of the Russia-Ukraine War on the global Telemedicine Market:
It is difficult to provide a clear impact of the Russia-Ukraine war on the telemedicine market, as the conflict has not directly affected the industry in a significant way. However, the ongoing conflict may indirectly impact Telemedicine Market in several ways, including:
· Disruption of healthcare services: The conflict in Ukraine has disrupted healthcare services in the region, particularly in the conflict zones. This disruption may lead to increased demand for telemedicine services as patients in these areas may have limited access to in-person healthcare services.
· Economic instability: The conflict has led to economic instability in Ukraine, which may impact the healthcare sector and investment in telemedicine technologies. Companies may be hesitant to invest in the region due to the unstable economic situation.
· Political instability: The conflict has also led to political instability in Ukraine and may impact the regulatory environment for telemedicine. Companies may face challenges in navigating regulatory requirements and obtaining necessary approvals to operate in the country.
· Limited growth opportunities: The conflict may limit growth opportunities for telemedicine companies in the region, particularly in the conflict zones. Companies may need to redirect their focus to other regions with more stable political and economic environments.
Overall, while the Russia-Ukraine conflict has not directly impacted the telemedicine market, it may indirectly impact the industry through disruption of healthcare services, economic and political instability, and limited growth opportunities.
Company Profiles:
· Teladoc Health
· Amwell
· Doctor on Demand
· MDLive
· American Well
· MeMD
· 98point6
· HealthTap
· SnapMD
· Lemonaid Health
· PlushCare
· HeyDoctor by GoodRx
· iCliniq
· VSee
Key Benefits:• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter’s Five Force Model and SWOT analysis are used to study the global Telemedicine market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Telemedicine would help in identifying future applications in this market.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Objectives of the Study:
• To provide with an exhaustive analysis on the Telemedicine Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions— North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions
Historic Year: 2016-2022
Forecast: 2024-2035
1 Telemedicine Introduction and Market Overview
1.1 Objectives of the Study
1.2 Overview of Telemedicine
1.3 Telemedicine Market Scope and Market Size Estimation
1.3.1 Market Concentration Ratio and Market Maturity Analysis
1.3.2 Global Telemedicine Revenue and Growth Rate from 2016-2026
1.4 Market Segmentation
1.4.1 Types of Telemedicine
1.4.2 Applications of Telemedicine
1.4.3 Research Regions
1.5 Market Dynamics
1.5.1 Telemedicine Industry Trends
1.5.2 Telemedicine Drivers
1.5.3 Telemedicine Market Challenges
1.5.4 Telemedicine Market Restraints
1.6 Industry News and Policies by Regions
1.6.1 Industry News
1.6.2 Industry Policies
1.7 Mergers & Acquisitions, Expansion Plans
1.8 Telemedicine Industry Development Trends under COVID-19 Outbreak
1.8.1 Global COVID-19 Status Overview
1.8.2 Influence of COVID-19 Outbreak on Telemedicine Industry Development
2 Industry Chain Analysis
2.1 Upstream Raw Material Supply and Demand Analysis
2.1.1 Global Telemedicine Major Upstream Raw Material and Suppliers
2.1.2 Raw Material Source Analysis
2.2 Major Players of Telemedicine
2.2.1 Major Players Manufacturing Base of Telemedicine in 2020
2.2.2 Major Players Market Distribution in 2020
2.3 Telemedicine Manufacturing Cost Structure Analysis
2.3.1 Production Process Analysis
2.3.2 Manufacturing Cost Structure of Telemedicine
2.3.3 Labor Cost of Telemedicine
2.4 Market Channel Analysis of Telemedicine
2.5 Major Down Stream Customers by Application
3 Global Telemedicine Market, by Type
3.1 Global Telemedicine Revenue and Market Share by Type (2016-2021)
3.2 Global Telemedicine Production and Market Share by Type (2016-2021)
3.3 Global Telemedicine Revenue and Growth Rate by Type (2016-2021)
3.3.1 Global Telemedicine Revenue and Growth Rate of Hardware
3.3.2 Global Telemedicine Revenue and Growth Rate of Software
3.3.3 Global Telemedicine Revenue and Growth Rate of Telecom
3.4 Global Telemedicine Price Analysis by Type (2016-2021)
3.4.1 Explanation of Different Type Product Price Trends
4 Telemedicine Market, by Application
4.1 Downstream Market Overview
4.2 Global Telemedicine Consumption and Market Share by Application (2016-2021)
4.3 Global Telemedicine Consumption and Growth Rate by Application (2016-2021)
4.3.1 Global Telemedicine Consumption and Growth Rate of Tele Hospitals (2016-2021)
4.3.2 Global Telemedicine Consumption and Growth Rate of Tele Homes (2016-2021)
5 Global Telemedicine Consumption, Revenue ($) by Region (2016-2021)
5.1 Global Telemedicine Revenue and Market Share by Region (2016-2021)
5.2 Global Telemedicine Consumption and Market Share by Region (2016-2021)
5.3 Global Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.4 North America Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.4.1 North America Telemedicine Market Under COVID-19
5.4.2 North America Telemedicine SWOT Analysis
5.5 Europe Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.5.1 Europe Telemedicine Market Under COVID-19
5.5.2 Europe Telemedicine SWOT Analysis
5.6 China Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.6.1 China Telemedicine Market Under COVID-19
5.6.2 China Telemedicine SWOT Analysis
5.7 Japan Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.7.1 Japan Telemedicine Market Under COVID-19
5.7.2 Japan Telemedicine SWOT Analysis
5.8 Middle East and Africa Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.8.1 Middle East and Africa Telemedicine Market Under COVID-19
5.8.2 Middle East and Africa Telemedicine SWOT Analysis
5.9 India Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.9.1 India Telemedicine Market Under COVID-19
5.9.2 India Telemedicine SWOT Analysis
5.10 South America Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.10.1 South America Telemedicine Market Under COVID-19
5.10.2 South America Telemedicine SWOT Analysis
5.11 South Korea Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.11.1 South Korea Telemedicine Market Under COVID-19
5.11.2 South Korea Telemedicine SWOT Analysis
5.12 Southeast Asia Telemedicine Consumption, Revenue, Price and Gross Margin (2016-2021)
5.12.1 Southeast Asia Telemedicine Market Under COVID-19
5.12.2 Southeast Asia Telemedicine SWOT Analysis
6 Global Telemedicine Production by Top Regions (2016-2021)
6.1 Global Telemedicine Production by Top Regions (2016-2021)
6.2 North America Telemedicine Production and Growth Rate
6.3 Europe Telemedicine Production and Growth Rate
6.4 China Telemedicine Production and Growth Rate
6.5 Japan Telemedicine Production and Growth Rate
6.6 India Telemedicine Production and Growth Rate
7 Global Telemedicine Consumption by Regions (2016-2021)
7.1 Global Telemedicine Consumption by Regions (2016-2021)
7.2 North America Telemedicine Consumption and Growth Rate
7.3 Europe Telemedicine Consumption and Growth Rate
7.4 China Telemedicine Consumption and Growth Rate
7.5 Japan Telemedicine Consumption and Growth Rate
7.6 Middle East & Africa Telemedicine Consumption and Growth Rate
7.7 India Telemedicine Consumption and Growth Rate
7.8 South America Telemedicine Consumption and Growth Rate
7.9 South Korea Telemedicine Consumption and Growth Rate
7.10 Southeast Asia Telemedicine Consumption and Growth Rate
8 Competitive Landscape
8.1 Competitive Profile
8.2 CardioCom Market Performance Analysis
8.2.1 Company Profiles
8.2.2 Telemedicine Product Profiles, Application and Specification
8.2.3 CardioCom Sales, Revenue, Price, Gross Margin 2016-2021
8.2.4 Company Recent Development
8.2.5 Strategies for Company to Deal with the Impact of COVID-19
8.3 GE Healthcare Market Performance Analysis
8.3.1 Company Profiles
8.3.2 Telemedicine Product Profiles, Application and Specification
8.3.3 GE Healthcare Sales, Revenue, Price, Gross Margin 2016-2021
8.3.4 Company Recent Development
8.3.5 Strategies for Company to Deal with the Impact of COVID-19
8.4 LifeWatch AG Market Performance Analysis
8.4.1 Company Profiles
8.4.2 Telemedicine Product Profiles, Application and Specification
8.4.3 LifeWatch AG Sales, Revenue, Price, Gross Margin 2016-2021
8.4.4 Company Recent Development
8.4.5 Strategies for Company to Deal with the Impact of COVID-19
8.5 Medtronic, Inc. Market Performance Analysis
8.5.1 Company Profiles
8.5.2 Telemedicine Product Profiles, Application and Specification
8.5.3 Medtronic, Inc. Sales, Revenue, Price, Gross Margin 2016-2021
8.5.4 Company Recent Development
8.5.5 Strategies for Company to Deal with the Impact of COVID-19
8.6 Siemens Healthcare Market Performance Analysis
8.6.1 Company Profiles
8.6.2 Telemedicine Product Profiles, Application and Specification
8.6.3 Siemens Healthcare Sales, Revenue, Price, Gross Margin 2016-2021
8.6.4 Company Recent Development
8.6.5 Strategies for Company to Deal with the Impact of COVID-19
8.7 Aerotel Medical Systems Market Performance Analysis
8.7.1 Company Profiles
8.7.2 Telemedicine Product Profiles, Application and Specification
8.7.3 Aerotel Medical Systems Sales, Revenue, Price, Gross Margin 2016-2021
8.7.4 Company Recent Development
8.7.5 Strategies for Company to Deal with the Impact of COVID-19
8.8 OBS Medical Ltd. Market Performance Analysis
8.8.1 Company Profiles
8.8.2 Telemedicine Product Profiles, Application and Specification
8.8.3 OBS Medical Ltd. Sales, Revenue, Price, Gross Margin 2016-2021
8.8.4 Company Recent Development
8.8.5 Strategies for Company to Deal with the Impact of COVID-19
8.9 Cisco Systems Inc. Market Performance Analysis
8.9.1 Company Profiles
8.9.2 Telemedicine Product Profiles, Application and Specification
8.9.3 Cisco Systems Inc. Sales, Revenue, Price, Gross Margin 2016-2021
8.9.4 Company Recent Development
8.9.5 Strategies for Company to Deal with the Impact of COVID-19
8.10 AMD Global Telemedicine Market Performance Analysis
8.10.1 Company Profiles
8.10.2 Telemedicine Product Profiles, Application and Specification
8.10.3 AMD Global Telemedicine Sales, Revenue, Price, Gross Margin 2016-2021
8.10.4 Company Recent Development
8.10.5 Strategies for Company to Deal with the Impact of COVID-19
8.11 McKesson Corp Market Performance Analysis
8.11.1 Company Profiles
8.11.2 Telemedicine Product Profiles, Application and Specification
8.11.3 McKesson Corp Sales, Revenue, Price, Gross Margin 2016-2021
8.11.4 Company Recent Development
8.11.5 Strategies for Company to Deal with the Impact of COVID-19
8.12 Honeywell Lifesciences Market Performance Analysis
8.12.1 Company Profiles
8.12.2 Telemedicine Product Profiles, Application and Specification
8.12.3 Honeywell Lifesciences Sales, Revenue, Price, Gross Margin 2016-2021
8.12.4 Company Recent Development
8.12.5 Strategies for Company to Deal with the Impact of COVID-19
8.13 Philips healthcare Market Performance Analysis
8.13.1 Company Profiles
8.13.2 Telemedicine Product Profiles, Application and Specification
8.13.3 Philips healthcare Sales, Revenue, Price, Gross Margin 2016-2021
8.13.4 Company Recent Development
8.13.5 Strategies for Company to Deal with the Impact of COVID-19
8.14 Cerner Corporation Market Performance Analysis
8.14.1 Company Profiles
8.14.2 Telemedicine Product Profiles, Application and Specification
8.14.3 Cerner Corporation Sales, Revenue, Price, Gross Margin 2016-2021
8.14.4 Company Recent Development
8.14.5 Strategies for Company to Deal with the Impact of COVID-19
9 Global Telemedicine Market Analysis and Forecast by Type and Application
9.1 Global Telemedicine Market Revenue & Volume Forecast, by Type (2021-2026)
9.1.1 Hardware Market Revenue and Volume Forecast (2021-2026)
9.1.2 Software Market Revenue and Volume Forecast (2021-2026)
9.1.3 Telecom Market Revenue and Volume Forecast (2021-2026)
9.2 Global Telemedicine Market Revenue & Volume Forecast, by Application (2021-2026)
9.2.1 Tele Hospitals Market Revenue and Volume Forecast (2021-2026)
9.2.2 Tele Homes Market Revenue and Volume Forecast (2021-2026)
10 Telemedicine Market Supply and Demand Forecast by Region
10.1 North America Market Supply and Demand Forecast (2021-2026)
10.2 Europe Market Supply and Demand Forecast (2021-2026)
10.3 China Market Supply and Demand Forecast (2021-2026)
10.4 Japan Market Supply and Demand Forecast (2021-2026)
10.5 Middle East and Africa Market Supply and Demand Forecast (2021-2026)
10.6 India Market Supply and Demand Forecast (2021-2026)
10.7 South America Market Supply and Demand Forecast (2021-2026)
10.8 South Korea Market Supply and Demand Forecast (2021-2026)
10.9 Southeast Asia Market Supply and Demand Forecast (2021-2026)
10.10 Explanation of Market Size Trends by Region
10.11 Telemedicine Market Trends Analysis
11 New Project Feasibility Analysis
11.1 Industry Barriers and New Entrants SWOT Analysis
11.2 Analysis and Suggestions on New Project Investment
12 Expert Interview Record
13 Research Finding and Conclusion
14 Appendix
14.1 Methodology
14.2 Research Data Source
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
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The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
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