Telemedicine Market Size, Share & Trends Analysis Report By Component (Products, Services), By Modality, By Application (Teleradiology, Telepsychiatry), By Delivery Mode, By Facility, By End User, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the telemedicine market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for telemedicine market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of telemedicine market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Telemedicine Market Categorization:

The telemedicine market was categorized into four segments, namely component (Product, Services), modality (Store and forward, Real time), application (Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology), delivery model (Web/Mobile, Call Centers), facility (Tele-hospital, Tele-home), and end User (Providers, Payers, Patients) and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The telemedicine market was segmented into component, modality, application, delivery model, facility, and end User and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The telemedicine market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK.; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; South Korea; Australia; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Israel.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Telemedicine market companies & financials:

The telemedicine market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• MDLIVE, MDLIVE is a privately held entity that provides 24/7 access to doctors, physicians, and pediatricians through the MDLIVE App, online video, or over the phone. The businesses of the company are segmented into health care systems- virtual care solutions, Health plans, and self-insured employers. MD Live treats 50 non-emergency conditions that include treatments for behavioral health, medical, and dermatology diseases. For instance, diseases such as UTI, allergies, vomiting, insect bites, respiratory problems, diarrhea, anxiety, depression, stress management, addictions, skin infections, eczema, etc. are some of the diseases that are MDLIVE treats. In April 2021, Evernorth acquired MDLIVE.

• SteadyMD, SteadyMD is a healthcare technology company that provides online comprehensive treatment and care for patients. The company offers services for functional medicine, primary care, pediatric care & employers. Besides, the company also offers urgent care, women's care, men's care, preventive medicine & treatment for chronic conditions. Doctors at SteadyMD also focus on dietary preferences (vegetarian Paleo, gluten-free, Whole30) and lifestyles (weightlifting, cycling, running). The company has a customer base all over the U.S.

• Maven Clinic Co., Maven Clinic is a privately held company that offers digital health services for women and family healthcare. The company provides comprehensive coverage through video appointments, messaging with the concerned practitioner during conception and throughout the pregnancy period, and postpartum. Services such as egg-freezing tracks, IVF, surrogacy, adoption, and support & career coaching are also offered by Maven Clinic. It also provides comprehensive access to several specialists including Obstetrics and gynecologists, mental health specialists, nutritionists, pregnancy & postpartum specialists, pediatricians, back-to-work coaches, lactation consultants, physical therapists & relationship coaches.

• iCliniq, iCliniq is a privately held company that provides online medical consultation and a second opinion platform. It comprises more than 80 specialties and 2500+ physicians. The services offered include HD video consultation and consultation through phone calls or messages. Additionally, the iCliniq platform also allows slot booking and posting a health query.

• HealthTap, Inc., HealthTap offers immediate connectivity or appointment with the physician for consultation through phone calls, video calls, or text messages. The customers include health systems, (self-insured) employers, and insurance companies. HealthTap is available across various devices & platforms which constitute web-based applications, or simply apps for Android, iPad, and iPhone. HealthTap is available throughout the North America region.

• American Well, American Well, also known as Amwell, is a privately held company that provides telehealth platforms across the United States. The company offers comprehensive health management to assist acute, and chronic care as well as urgent care treatment in patients. Amwell provides care in 44 U.S. states and renders services via various devices & platforms which constitute web-based applications, or simply apps for Android, iPad, and iPhone.

• CVS Health, CVS Health is a publicly listed company that has four business segments including Health Care Benefits, Retail/LTC, Pharmacy Services & Corporate/Other. The services offered by the company are retail pharmacy, pharmacy benefits management, clinical services, specialty pharmacy & digital services. It has 1,100 walk-in medical clinics, 9,900 retail locations, 105 million plan members, and specialty pharmacy services. It serves around 37 million customers via voluntary, traditional & consumer-directed health insurance.

• Synapse Medicine, Synapse Medicine is a privately held company that provides an artificial intelligence-based platform for the optimization of medical prescriptions. It also provides real-time access to official information regarding medication and updated & reliable information on all drugs. The Synapse platform is deployed as a SaaS application that assists doctors while prescribing medicines and pharmacists with improved delivery of medicine and enables patients with effective usage and treatment.

• Practo, Practo is a private company that provides a digital platform for patients to connect with doctors, obtain medicines, book diagnostic tests, as well as store health records. The company has 200,000 healthcare providers and the annual number of appointments is 50 million. The company operates in 5 countries with software & consumer business and an additional 10 countries with an enterprise software business.

• Teladoc Health, Inc., Teladoc Health, Inc. is one of the largest companies dealing in comprehensive virtual healthcare services. The company has a portfolio of services and solutions which cover over 450 medical subspecialties ranging from non-urgent, episodic needs such as flu and upper respiratory infections, to chronic & complicated medical conditions like cancer & congestive heart failure. Teledoc provides healthcare services to thousands of clients on a business-to-business basis. Its clients in the U.S. include Aetna, Blue Shield of California, Blue Cross & Blue Shield of Alabama, Premera, and United Healthcare. Its consumer brands include Teladoc, Advance Medical, Best Doctors, BetterHelp and HealthiestYou.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Telemedicine Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Telemedicine Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.