Published: August 2020 | Report Code: LS10601 | Available Format: PDF | Pages: 183
In 2019, the global telemedicine market size was $27.8 billion, which is expected to grow at a CAGR of 15.8% during the forecast period (2020–2030). The rising geriatric population, increasing prevalence of chronic and lifestyle-associated diseases, increasing healthcare cost, increasing government funding and grants for telemedicine, growing need for remote patient monitoring services in developing countries, increasing medical tourism activities, and surging patient pool in remote locations are some of the major factors driving the growth of the telemedicine industry.
COVID-19 has had a positive impact on the global telemedicine market. Telemedicine is a valuable tool, especially during this time of social distancing, as through it, patients have several options when it comes to connecting with a physician. Due to this pandemic, the outlook for the industry has changed significantly, with the demand for telemedicine solutions predicted to increase across the globe.
The tele home category is expected to observe the higher growth rate during the forecast period, on the basis of type, owing to the various advantages of tele home, such as shorter hospital stays, easy access to healthcare professionals, and more-frequent and quicker check-ups.
The tele consulting category held the dominating share in the telemedicine market in 2019, on the basis of service. Tele consulting allows patients to have access to specialists at any time, without any waiting period. These services also allow people to get advice on choosing a specialist, depending on their condition. Moreover, patients get information on the seriousness of their illness or condition and receive regular medical follow-ups. Therefore, the category is also expected to dominate the market throughout the forecast period.
The dermatology category generated the highest revenue among all specialties in 2019, and it is expected to maintain the same trend in the forecast period. Due to the aesthetic roots of the dermatological specialty, tele consulting and monitoring are becoming a major tool in dermatological consultation.
North America held the largest share in the telemedicine market in 2019, and the situation is predicted to remain unchanged during the forecast period. This is mainly due to the surging prevalence of chronic and lifestyle-associated diseases, rising geriatric population in the region, and increasing government funding and grants for telemedicine.
The prevalence of cancer and other chronic diseases is significantly high in the North American geriatric population, which further propels the need for advanced healthcare systems. The region is witnessing a rapid increase in its geriatric population, which has created a significant positive impact on the growth of the North American telemedicine market. According to the UN publication World Population Ageing 2019, approximately 59.9 million people were aged 65 years or above in the region in 2019, which is expected to reach 96.3 million by 2050.
Telemedicine market is growing, with the advent of integrated home-healthcare, connected, and various telemedicine platforms, which increases the demand for it across the globe. For instance, SnapMD’s Connected Care platform allows healthcare systems to easily and cost-effectively extend its care models to include virtual visits, while maintaining the continuity of care. In April 2018, AMD Global Telemedicine Inc. launched OnDemand Visit, a direct-to-consumer telehealth platform. It allows healthcare organizations to expand their service offerings and engage patients in a convenient way and provides a real-time virtual medical visit, through mobile or PC. Thus, technological advancements are a major trend being observed in the global telemedicine market.
According to the World Health Organization (WHO), chronic diseases are the leading cause of mortality, globally, leading to 60% of all deaths. Among all chronic diseases, cardiovascular diseases (CVD) are the leading cause of deaths, globally. The prevalence of chronic diseases, such as CVDs, cancer, stroke, respiratory diseases, and diabetes, is increasing due to the alterations in lifestyle and lack of access to preventive care. The causes of chronic diseases may vary from genetic disposition to environmental factors and oxidative stress. Hence, the rising cases of chronic diseases are favorably impacting the growth of the telemedicine market globally.
Globally, the healthcare cost is increasing across various hospitals and nursing homes, which is becoming a major cause for concern among patients and healthcare providers. Some of the factors that contribute to this escalating healthcare cost are the expensive new technologies and drugs, high cost of healthcare goods and services, high administrative cost, and mounting physician fees. According to a Centers for Medicare & Medicaid Services (CMS) report, the healthcare cost in the U.S. is projected to grow from an average of 17.7% in 2018 to an average of 19.7% by 2028. Healthcare providers are facing enormous pressure due to the increasing healthcare cost. Telemedicine offers quality services at low costs, while improving and maintaining the quality of the care provided. Thus, telemedicine is an efficient way to curb the rising healthcare cost across the globe, which further helps in the growth of the telemedicine industry.
|Base Year (2019) Market Size||$27.8 Billion|
|Forecast Period CAGR||15.8%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies’ Strategic Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||Type, Service, Specialty, Geography|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Centers for Disease Control and Prevention (CDC), Organisation for Economic Co-operation and Development (OECD), World Health Organization (WHO), American Cancer Society, United States Food and Drug Administration (USFDA), Centers for Medicare & Medicaid Services (CMS), Asia-Pacific Tele Community, National Digital Health Authority, National eHealth Authority|
The telemedicine market is fragmented in nature, with the presence of players such as Koninklijke Philips N.V. (Philips), Honeywell International Inc., Medtronic plc, Cerner Corporation, Cisco Systems Inc., McKesson Corporation, Teladoc Health Inc., Aerotel Medical Systems Ltd., OBS Medical Ltd., Care innovations LLC, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine Inc., BioTelemetry Inc., Plantronics Inc., and GlobalMedia Group LLC.
In recent years, the players in the telemedicine industry have engaged in strategic partnerships, in order to stay ahead of their competitors. For instance:
The telemedicine market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Service
Based on Specialty
The telemedicine market is projected to demonstrate a 15.8% CAGR during 2020–2030.
North America holds the maximum potential for telemedicine market growth.
Tele consulting services will register the highest telemedicine industry demand during 2020–2030.
The tele home category within the type segment of the telemedicine market offers easy access to healthcare professionals, shorter hospital stays, and more-frequent and quicker check-ups.
The telemedicine industry report includes Europe, North America, LATAM, APAC, and MEA.
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