Telemedicine Market Size will Reach US$ 120 Billion by 2030

The global telemedicine market size was valued at US$ 28 Bn in 2020 and expected to reach US$ 120 billion by 2030 with a CAGR of 14.5% from 2021 to 2030.

Increasing incidences of chronic and other acute diseases, ageing & baby boomers population, technological advancements awareness about the Telehealth services, and increase in healthcare expenditure are projected to drive the Telemedicine market during the forecast period.

Telemedicine is a medical service offered to the patients remotely though telecom or though video conferencing tools. This is referred to as medical practice for the patients with nonphysical presence of patients and healthcare providers. Telemedicine systems are an extension of medical practice in many developed and developing countries with a large rural population. Such remotely located individuals have been greatly benefitted with the presence of telemedicine for their routine healthcare solutions. The overall healthcare standards have improved; this is proved by the increasing life expectancy and decreased mortality rates.

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Telemedicine solutions provided by companies range from technologies (product vendors) to healthcare software solution providers. Both the segments are taken under consideration to assess the telemedicine market. This provides a more dynamic scale of study, which has been done considering the global picture of the telemedicine market.

Alliance with Doorstep Diagnostics to Increase Scope of Telemedicine to Drive Market

• Diagnostic procedures often utilize a significant amount of resources including infrastructure, labor and capital. Many hospitals and medical institutions such as clinics outsource these procedures to diagnostic centers to make the whole process more efficient and cost saving. These services are also directly provided to patient residence upon request. Since medical consultations provided by telemedicine services globally involve directions for diagnostic procedures in cases suggested by medical practitioners, it would be logical to integrate both these homecare solutions to increase the overall patient convenience, and thereby the patient experience. This would boost the telemedicine market as well as the home diagnostics market.
• Convenience is a major feature of telemedicine and is provided by home diagnostics, thus finding favor with the patients. According to a survey conducted by the U.S. Health magazine, 70% of medical cases can be handled by in-home consultations only. Therefore, this integration would greatly help in increasing patient favor and boost usage.

Dermatology Segment to Dominate Telemedicine Market

• Based on Speciality segment, the global Telemedicine market has been divided into cardiology, neurology, dermatology, orthopaedics, emergency care, internal medicine, gynecology, and others.
• The dermatology segment dominated the global Telemedicine market in 2020 owing to growing prevalence across globe and thus considered to be a leading causes for a visit to a physicians. Moreover, dermatological diseases require personal attention and treatment, which is estimated to boost the demand of the telemedicine services. With privacy being offered to the patient, without having to travel to the hospital, telemedicine in dermatology practice is expected to grow steadily during the forecast period.

Increasing demand for personal healthcare and privacy boosts the market of telemedicine

• The out of pocket per capita spending on healthcare has increased in past few years across the people across globe. Thus, there have being huge demand in the personal healthcare services amongst growing patient burden. These outpatients had shifted to other forms of patient care i.e., telemedicine, which witnessed constant growth rate.
• This demonstrated that people were favoring telemedicine and personal healthcare over hospital visits. This trend is expected to continue in the future and telemedicine is likely to replace outpatient hospital visits. Individuals consider hospital infections, location convenience and maintenance of privacy as the primary factors for preferring at home telemedicine solutions. Telemedicine usage, therefore, is expected to rise with the increased demand for personal healthcare.

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Increase Tele-nursing and Remote Care to Handle Solutions to Handle Larger Patient Pool

• The increasing patient pool has created a huge burden on existing healthcare systems of the world. Patient complaints and infections have created mild panic situations in developed and developing countries. A large percentage of these patients represent near normal situations and false alarms. Many of these cases arise due to misinformation regarding medical applications and unnecessary confusion or panic. These problems can be effectively filtered out by trained front level medical practitioners i.e., nursing staff and practice doctors. This filtering can be efficiently implemented to decrease workload and increase the effectiveness and productivity of experienced medical practitioners, who are scarce in many regions. This also improves patient care and paves the way for providing increased attention toward more serious cases that are highly time-bound (i.e. emergency cases).
• Since nurses are often well informed about the appropriate expert medical practitioner specializing in a particular case. According to the WHO, stroke accounted for 6 million deaths, and more than 2 million people died of injuries and accidents globally every year. Such emergency cases would highly benefit from timely, accurate and organized telemedicine service, thereby reducing global fatalities.

North America to Dominate Global Market

• In terms of region, the global Telemedicine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Telemedicine market in 2020 and the trend is expected to continue during forecast period.
• North America accounted for major share of the global Telemedicine market in 2020, owing to technological advancements, presence of vast telemedicine providers across region, and remote location of population across United States and Canada. Furthermore, domestic governments offer favorable reimbursement to telemedicine users and the insurance providers is another major driving factor for the telemedicine market in the North America region.
• The Telemedicine market in Asia Pacific is anticipated to expand at a high CAGR from 2021 to 2030. This can be attributed to healthy growth of telemedicine in the region including the presence of a large patient population suffering from various types of communicable, non-communicable and lifestyle diseases. Moreover, presence of several low cost domestic manufacturers of mobile communication technology and the growing medical tourism industry in the region paved a new path for the growth in demand for telemedicine installations in various multispecialty hospitals.

Competitive Landscape

• The global Telemedicine market is fragmented in terms of number of players. Key players in the global market include Agfa-Gevaert Group, Allscripts Healthcare, LLC and/or its affiliates, AMD Global Telemedicine, CISCO Systems Inc, F. Hoffmann-La Roche Ltd., Honeywell HomMed LLC, InTouch Technologies, Inc., BioTelemetry, Inc, Medtronic, OBS Medical Ltd., Siemens Healthcare Private Limited, McKesson Corporation, and other prominent players.

Market Segmentation

By Speciality

• • Cardiology
  • Dermatology
  • Neurology
  • Orthopedics
  • Emergency Care
  • Internal Medicine
  • Gynecology
  • Others

By Process

• • Tele-consultation
  • Tele-surgery
  • Tele-monitoring
  • Tele-education
  • Tele-training
  • Tele-care

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

The Telemedicine market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Telemedicine market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Telemedicine market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Telemedicine market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Telemedicine market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Telemedicine capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Telemedicine by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Telemedicine market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Telemedicine market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Telemedicine market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Telemedicine industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Telemedicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Telemedicine market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Telemedicine market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Telemedicine market. These factors have benefited the growth of the global market for Telemedicine. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Telemedicine. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Telemedicine are as follows:

• History Year: 2017-2020
• Base Year: 2020
• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.

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