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Report Snapshots
Telemedicine Market- Competitive Analysis, Opportunity & Forecast, 2027

Global Telemedicine Market Size By Type (Tele-hospital, Tele-home), By Service (Tele-Consulting, Tele-Monitoring, Tele-Training/Education) By Application(Tele-Pathology, Tele-Cardiology, Tele-radiology, Tele-dermatology, Tele-psychiatry,Tele-Orthopedics, Tele-Gynecology, Others), By Mode of delivery(On-premise delivery, Cloud-based delivery), By End User (Hospital, Clinic, Homecare), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America, rest of the world), Analysis, Trends, Competitive Analysis, Forecast &Opportunities, 2015-2027.

Market Overview

The global Telemedicine Market was valued around 46 billion in 2019 and is projected to grow at a CAGR around 19.1% during forecast period between 2020 and 2027.

Telemedicine helps in clinical management, it reduces variations in diagnosis, and it makes active care delivery by increasing quality of healthcare services. Also there is need to increase the quality of medical care, and to reduce the work pressure on medical professionals so that it is needed to make use of telemedicine technology, and this also leads to the growth of market. Telemedicine technology gives best health care, health education. It helps to decrease the hospitalization rate which is important factor for the growth of telemedicine market. Telemedicine enhances health outcome, and it is main factor which leads to the growth of telemedicine market.

Market Segmentation

By Type, Telemedicine market is segmented into Tele-hospital and Tele-home. The Tele-hospitals segment gives the largest share and is projected to grow throughout the forecast period. Tele-hospital is preferred in emergency care, it helps small hospitals to offer good post discharge facilities, and so that,increasing Tele-hospital application leads to growth of the segment.

Tele-home market is estimated to grow in coming years due to increasing awareness among patient towards their health, and large penetration of internet based solution, and these are the factor which contributes to the growth of segment.

By Service, telemedicine market is segmented into Tele-Consulting, Tele-Monitoring, and Tele-Education/Training. Tele-consulting services are projected to show extensive development during 2020 to 2027. Great advancement of Tele-consulting service is attributed to the large number of self-quarantined population at homes. As people cannot visit the physician in-person, they go for Tele-consulting services and virtual visits to avail healthcare services.

Increasing geriatric population that needs constant medical attention is the factor which leads to the growth of Tele-monitoring service. The people who are more susceptible to various illness and disorders require constant monitoring. Tele-Education/Training also a fastest growing segment, the growing demand for technology enabled teaching and flexibility of learning from remote place is propelling the market.

By Application, telemedicine market is segmented into Tele-pathology, Tele-cardiology, Tele-radiology, Tele-dermatology, Tele-psychiatry, Tele-Orthopedics, Tele-Gynecology, Others. The Tele-radiology segment holds for the largest share of the global telemedicine market, the main share of Tele-radiology segment can be attributed to factors such as an increase in imaging practices, workflow implementation by healthcare providers, and the streamlining and instruction of Tele-radiology practices.Ithelps to maintain the balance between demand and availability among several diagnostic services. Along with Tele-radiology,Tele-pathology and Tele-cardiology also contribute to the growth of the market.

Tele-Cardiology is used for remote diagnosis and health monitoring of patient suffering from heart-related diseases.By using Tele-cardiology system doctors can easily access data of health conditions of the patientand several test results which are available in the form of text, image, and videos.

By Mode of Delivery, telemedicine market is segmented into On-premise delivery, Cloud-based delivery. Due to increasing awareness of telemedicine among users, the cloud based solutions are projected to grow in the coming year. Key market players are concentrating on continual product innovation, such as cloud-based and mobile video conferencing. Web and mobile delivery mode ruled the market and is expected to show similar trend in the forecast period. The extensive implementation of mobile and internet technologies along with rising users of mobile and internet will help to raise the market.

 

By End user, the market is segmented into Hospital, Clinic, and Homecare. The demand for telemedicine is projected to increase across homecare and healthcare facilities in the forecast year, thereby fostering the market size. Homecare is expected to gain huge popularity in the telemedicine industry due to the growing geriatric population. Forexample Lutheran Senior Life’s Mobile Care Monitor can remotely track the health condition of patient. Such product innovations are expected to drive the segment and eventually stimulate growth in the market.

Homecare service used to monitor and assist patient suffering from various respiratory and chronic diseases that can be managed without hospital visit. Also homecare service benefits the patient economically and it lowers the burden on physician, so the homecare segment will show momentous growth during forecast period.

 

By Region,

On the basis of region, the telemedicine market has been classified into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

North America Telemedicine Market Contributes the largest market share due to the high demand for telemedicine in the recent past. The regional markets are estimated to show a similar trend over the forecast period due to increasing healthcare awareness coupled with cloud-based technologies acceptance. Constant research and development initiatives in North America, accounted for the largest revenue share in the global market.

Developing regions such as Asia Pacific and Middle East Africa are likely to experience high positive growth giving rapid demand for telemedicine and healthcare assistance, especially in rural areas. Developing economies including India and China are projected to witness growth over the forecast period. Innovation and development in telecommunication isprojected to increase the development in this region in the near future.

Competitor’s analysis

Major market players in the global telemedicine market includes Aerotel Medical System, Allscripts Healthcare Solutions Inc. AMD Global Telemedicine Inc. Biotelemetry, SHL Telemedicine, Medtronic PLC, MDLIVE, Teladoc Health, SteadyMD, Doctor on Demand, Maven Clinic, AMD Telemedicine, Aerotel Medical Systems Ltd. iCliniq, Polycom and others market players. 

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