The global telemedicine market size is expected to reach USD 155.1 billion by 2027, expanding at a CAGR of 15.1% over the forecast period, according to a new report by Grand View research, Inc. Increasing incidences of chronic conditions and rising demand for self-care medicines are the key factors driving the market. Furthermore, increasing use of internet applications, ease of telemedicine, and rising demand for centralization of healthcare are expected to help save cost, which is one of the critical factors for the telemedicine market growth.
The healthcare industry is enormously huge and its centralization is expected to help in harmonizing the entire process as well as providing economic assistances. The unprecedented outbreak of COVID-19 across the globe has resulted into increased demand for telemedicine solutions, due to lockdown implemented by several countries as a preventive measure to curb the pandemic.
Moreover, owing to their capability to monitor various chronic conditions such as diabetes, cardiovascular conditions, and cancer, telemedicine solutions are expected to experience substantial development in the coming years. Growing prevalence of cardiac conditions, increase in geriatric population, and the constant demand for self-governing by patients are the high impact rendering drivers of this industry.
Telemedicine is helping in reducing the emergency room visits and hospitalization rate, thereby augmenting the market growth. Moreover, improving therapeutic infrastructure, growing post-acute care supervision, and rising demand in the emerging economies are expected to further propel the demand.
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Further key findings from the study suggest:
The products sub-segment registered largest revenue share in 2019 due to increasing adoption of remote monitoring devices
Telemedicine found wide applications in dermatology, psychiatry, intensive care units, emergency care, ophthalmology, and radiology, out of which, teleradiology accounted for the majority of revenue in 2019
Web/mobile based delivery model is expected to witness significant growth in coming years due to high adoption of smartphones and penetration of internet
The tele-homecare segment is anticipated to expand at a lucrative CAGR in coming years due to increasing awareness regarding remote healthcare benefits among patients and introduction of advanced technologies to remotely monitor patient’s health
The provider end-use segment held the dominant share of overall market in 2019. Government initiated healthcare programs across the world are anticipated to propel the adoption of telemedicine solutions by patients and providers in coming years
North America dominated the global telemedicine market in 2019 and is still dominating as there is high adoption of telehealth solution due to COVID-19 pandemic. Availability of advanced healthcare facilities along with funds for the emergency care delivery in order to stop the spread of the disease is contributing toward regional growth
Asia Pacific is predicted to witness lucrative growth over the forecast period owing to developing economies such as China and India facing challenges to provide access to patients due to corona outbreak. Economic reforms, booming IT industry, and low functioning costs are the key factors attracting market players in this region
Some of the key players in the market are IBM; Intel Corporation; Teladoc; Doctor on Demand; iCliniq; Philips Healthcare; McKesson Corporation; AMD Telemedicine; and Cardio Net Inc.
Grand View Research has segmented the global telemedicine market by component, technology, application, delivery model, type, end use, and region:
Telemedicine Component Outlook (Revenue, USD Million, 2016 - 2027)
Telemedicine Technology Outlook (Revenue, USD Million, 2016 - 2027)
Store and Forward
Telemedicine Application Outlook (Revenue, USD Million, 2016 - 2027)
Telemedicine Delivery Model Outlook (Revenue, USD Million, 2016 - 2027)
Telemedicine Type Outlook (Revenue, USD Million, 2016 - 2027)
Telemedicine End Use Outlook (Revenue, USD Million, 2016 - 2027)
Telemedicine Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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