Telemedicine - Market Insight, Competitive Landscape, and Market Forecast - 2030

Telemedicine Market by Service Type (Tele Consulting and Tele Monitoring), Application (Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry, Other Services), End-User (Healthcare Facilities and Homecare), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to the increasing demand for telemedicine particularly for medical conditions necessitating regular check-ups such as chronic conditions, mental health disorders, pediatric care, dermatological conditions, and others, increase engagement of market key players in partnership, collaborations, acquisitions, merges, and product launch, increased government initiatives in promoting telemedicine, and the increase in proliferation of smartphones with high-speed internet had made telemedicine more feasible and effective across the globe.

The telemedicine service market was valued at USD 5,977.31 million in 2023, growing at a CAGR of 14.69% during the forecast period from 2024 to 2030, to reach USD 13,506.45 million by 2030. The increasing medical conditions necessitating regular check-ups probably escalate the market of telemedicine as regular therapy sessions, psychiatric consultations, children requiring frequent health check-ups for vaccinations, growth monitoring, and skin conditions often need ongoing evaluation and treatment adjustments which increases the demand for telemedicine. Additionally, the active engagement of key market players through partnerships, collaborations, acquisitions, mergers, and new product launches is driving innovation and expanding the telemedicine ecosystem, ensuring the availability of diverse and advanced telemedicine solutions. Moreover, the proliferation of smartphones equipped with high-speed internet has made telemedicine more feasible and effective, enabling seamless video consultations, remote monitoring, and real-time health data transmission. These technological advancements ensure that telemedicine is accessible to a broader population, including those in rural and underserved areas. Collectively, these factors are creating a robust and dynamic market environment, propelling the widespread adoption and growth of telemedicine globally. Thus, these factors collectively boost the telemedicine market, during the forecast period from 2024 to 2030.

Telemedicine Market Dynamics:

According to recent data provided by GLOBOCAN, in 2022 estimated new number of cancer cases was 20 million, and the projection is estimated to increase to 32.6 million by 2045.

Furthermore, as per the data provided by the global report on Atopic Dermatitis (2022), about 223 million people were living with atopic dermatitis (GBD 2022), including around 43 million children aged 1-4. Teledermatology enables dermatologists to evaluate and diagnose skin conditions through high-resolution images and video consultations, facilitating prompt and accurate treatment. Additionally, the convenience of telemedicine encourages patients to seek care early, potentially preventing the progression of skin conditions. As a result, the rising prevalence of dermatology cases is driving the adoption of telemedicine platforms, expanding their market presence, and fostering innovation in remote dermatological care solutions. For instance, in February 2024, Philanthropic Sponsorship Expands GW's Free, Multidisciplinary Teledermatology Program in Washington, D.C.

As per the data provided by the World Health Organization (2023), depression is the most common mental disorder, approximately affecting over 5% of adults globally.

Additionally, as per the recent data provided by the World Health Organization (2023), depression affects an estimated 3.8% of people worldwide, including 5% of adults (4% of men and 6% of women) and 5.7% of those aged 60 and above. Globally, about 280 million people live with depression. The incidence of depression is approximately 50% higher in women compared to men. Moreover, more than 10% of women during pregnancy and postpartum face depression.

Therefore, the growing prevalence of mental disorders significantly boosts the telemedicine market by driving demand for continuous, accessible, and efficient healthcare services. Mental disorders require frequent regular checkups and often require regular monitoring and management, which telemedicine facilitates through remote consultations and telemonitoring. Similarly, mental health disorders such as depression, anxiety, and bipolar disorder benefit from telemedicine's ability to provide consistent access to therapy and psychiatric consultations, reducing barriers to timely care. This increased reliance on telemedicine for managing mental disorders is accelerating the adoption and expansion of telemedicine services, making it a vital component of modern healthcare systems.

Additionally, the increase in launches on various platforms associated with telemedicine is further boosting the market across the globe. For instance, in April 2022, Vital Start Health launched COURAGE, the first virtual reality-enabled telemedicine platform designed for equitable maternal mental health and well-being.

Additionally, a recent study conducted by World Health Organization (2022), states that telemedicine offers clear benefits for patients in European countries, aiding in the screening, diagnosis, management, treatment, and follow-up of chronic diseases. Thus, by demonstrating successful outcomes in screening, diagnosis, treatment, and long-term follow-up, the study builds trust among healthcare providers, patients, and policymakers, encouraging wider adoption of telemedicine solutions. This endorsement from a reputable organization like WHO reinforces the credibility of telemedicine, driving investment, innovation, and integration of telehealth services across healthcare systems, thereby expanding the market.

Thus, owing to the above-mentioned factor the market of Telemedicine is expected to boost during the forecasted period.

However, privacy concerns such as data integrity and lack of awareness among the population living in remote areas may hinder the future market of Telemedicine.

Telemedicine Market Segment Analysis:

Telemedicine Market by Service Type (Tele Consulting and Tele Monitoring), Application (Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry, Other Services), End-User (Healthcare Facilities and Homecare), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the service type segment of the telemedicine market, the telemonitoring category is estimated to have a significant revenue share in the telemedicine market in 2023. Telemonitoring is a dominant factor in boosting the overall market of telemedicine by providing continuous, real-time monitoring of patient's health conditions, significantly enhancing the quality and accessibility of care. It allows healthcare providers to remotely track vital signs, manage chronic diseases, and detect early signs of health deterioration, leading to timely interventions and better patient outcomes. This continuous oversight is particularly crucial for managing conditions such as diabetes, hypertension, and heart disease, where regular monitoring can prevent complications and reduce hospitalizations. Telemonitoring also empowers patients by enabling them to take an active role in their health management, increasing adherence to treatment plans and improving overall health literacy. Additionally, the convenience of remote monitoring reduces the need for frequent in-person visits, saving time and costs for both patients and healthcare systems.

Additionally, as technology advances, the integration of AI and data analytics with telemonitoring further enhances its effectiveness, making it an indispensable component of modern telemedicine and driving its market growth. For instance, in July 2021, Umana Medical announced a collaboration with the university medical center Mainz and Bayer to explore a real-time cardiac telemonitoring device for heart failure patients.

Additionally, for instance, in January 2024, ihythm Technologies received European approval for its latest wearable ECG telemonitors, the Zio(R) monitor, and the ZEUS System. The Zio monitor expanded on the high performance of its predecessor, the Zio XT, enhancing long-term continuous cardiac telemonitoring services. It offered an improved end-to-end experience for patients with potential arrhythmias, demonstrating a 99% patient compliance rate with prescribed wear times.

Therefore, owing to the above-mentioned factors, the telemonitoring category is expected to generate considerable revenue thereby pushing the overall growth of the global telemedicine market during the forecast period.

North America is expected to dominate the overall telemedicine market:

North America is expected to account for the highest proportion of the telemedicine market in 2023, out of all regions. This can be attributed to factors including the rising prevalence of chronic conditions such as cancer, chronic pain, and other medical conditions that require frequent checkups, rising government initiatives in promoting telemedicine, and the increase in proliferation of smartphones with high-speed internet have made telemedicine more feasible and effective across the region, the rise in shifting focus among the population for telemedicine, and the presence of key companies involved in the development of telemedicine are expected to boost the market of telemedicine across the region.

The presence of the key market players involved in the engagement in partnerships, collaborations, acquisitions, merges, and product launches is contributing to the demand for telemedicine across the region. For instance, in September 2022, SHL Telemedicine signed a partnership with White Rock Medical Center for the use of SmartHeart technology to enable pre-surgery physicals to be conducted in remote locations, thus improving convenience and access for patients.

Additionally, as per the recent data provided by the Centre for Disease Control and Prevention, in 2021, approximately 37.0% of adults used telemedicine in the past 12 months and the percentage of adults who used telemedicine increased with education level. Thus, the rise in shifting focus of individuals in the United States had further propelled the telemedicine market.

Furthermore, the high-speed internet connectivity across the region is boosting the market of telemedicine across the region. For instance, in March 2022, Samsung U.S. announced it had been selected as a Citizens Broadband Radio Service (CBRS) and Compact Core provider for Avista Edge, Inc., a last-mile, fixed wireless access (FWA) 5G technology. With this service, rural communities can have access to 5G connectivity, enabling them to use applications essential for how to live and work, including telemedicine and online education.

Along with the presence of a large patient pool in the country, the increasing focus of manufacturers on launching new products in the market is expected to bolster the growth of the telemedicine market in the United States during the forecast period. For example, in March 2021, Abbott announced the U.S. launch of NeuroSphere(TM) Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed. Approved by the U.S. Food and Drug Administration, the NeuroSphere Virtual Clinic has the potential to increase access to optimal treatment for patients suffering from chronic pain or movement disorders who don't live close to a care provider, have difficulty accessing care, or are unable to go to the doctor

Therefore, the above-mentioned factors are expected to bolster the growth of the telemedicine market in the United States during the forecast period.

Telemedicine Market Key Players:

Some of the key market players operating in the telemedicine market include Teladoc Health, Inc., MEDICI, American Well, Doximity, Inc., Practo., DocOnline, MeMD(R), iCliniq, HealthTap, Inc., WELL Health Technologies Corp., Vesta Teleradiology, USARAD.CO, Samsung Health U.S, Rudolf Riester GmbH, SHL Telemedicine, Array Behavioral Care., SOC Telemed, Heidelberg Medical Consultancy & Health Tourism Pvt. Ltd., First Derm, DirectDerm, and others.

Recent Developmental Activities in the Telemedicine Market:

• In January 2024, Rudolf Riester GmbH announced the global market launch of a comprehensive Telemedicine solution, along with ri-sonic(R) E-stethoscope with the eMurmur(R) AI platform.
• In January 2024, a state-of-the-art AI-supported telemedicine mobile clinic was launched for remote hilly areas in Udhampur, India.
• In August 2022, Hicuity Health launched tele-ICU services at MUSC Health Columbia Medical Center Downtown in Columbia, South Carolina.
• In April 2022, Bayer launched 27 telemedicine centers in 12 districts across eight states in India over the next two years through Bayer Foundation India.
• In June 2022, Joerns Healthcare, a healthcare technology, and equipment services company, announced the addition of consulting telerespiratory services to its portfolio through an exclusive agreement with rtNOW. The telerespiratory will include registered, certified respiratory therapists to provide remote tele-connected delivery for proper device/therapy setup, ongoing use, and troubleshooting for caregivers and clinicians along the clinical pathway.

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Key Takeaways From the Telemedicine Market Report Study:

• Market size analysis for current telemedicine size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the telemedicine market.
• Various opportunities available for the other competitors in the telemedicine market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current telemedicine market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for telemedicine market growth in the coming future?

Target Audience who can be Benefited From This Telemedicine Market Report Study:

• Telemedicine product providers
• Research organizations and consulting companies
• Telemedicine-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in telemedicine
• Various end-users who want to know more about the telemedicine market and the latest technological developments in the telemedicine market.

Frequently Asked Questions for the Telemedicine Market:

1. What is telemedicine?

Telemedicine, also known as e-medicine is the remote delivery of the healthcare services such as consultations, examining, and monitoring over the telecommunication infrastructure. This service allows healthcare professionals to evaluate, diagnose, and treat patients without the requirement of an in-person visit.

2. What is the market for telemedicine?

The telemedicine service market was valued at USD 5,977.31 million in 2023, growing at a CAGR of 14.69% during the forecast period from 2024 to 2030, to reach USD 13,506.45 million by 2030.

3. What are the drivers for the telemedicine market?

The increasing medical conditions necessitating regular check-ups probably escalate the market of telemedicine as regular therapy sessions, psychiatric consultations, children requiring frequent health check-ups for vaccinations, growth monitoring, and skin conditions often need ongoing evaluation and treatment adjustments which increases the demand for telemedicine. Additionally, the active engagement of key market players through partnerships, collaborations, acquisitions, mergers, and new product launches is driving innovation and expanding the telemedicine ecosystem, ensuring the availability of diverse and advanced telemedicine solutions. Moreover, the proliferation of smartphones equipped with high-speed internet has made telemedicine more feasible and effective, enabling seamless video consultations, remote monitoring, and real-time health data transmission. These technological advancements ensure that telemedicine is accessible to a broader population, including those in rural and underserved areas. Collectively, these factors are creating a robust and dynamic market environment, propelling the widespread adoption and growth of telemedicine globally. Thus, these factors collectively boost the Telemedicine market, during the forecast period from 2024 to 2030.

4. Who are the key players operating in the telemedicine market?

Some of the key market players operating in Telemedicine are Teladoc Health, Inc., MEDICI, American Well, Doximity, Inc., Practo., DocOnline, MeMD(R), iCliniq, HealthTap, Inc., WELL Health Technologies Corp., Vesta Teleradiology, USARAD.CO, Samsung Health U.S, Rudolf Riester GmbH, SHL Telemedicine, Array Behavioral Care., SOC Telemed, Heidelberg Medical Consultancy & Health Tourism Pvt. Ltd., First Derm, DirectDerm, and others.

5. Which region has the highest share in the telemedicine market?

North America is expected to account for the highest proportion of the telemedicine market in 2023, out of all regions. This can be attributed to factors including the rising prevalence of chronic conditions such as cancer, chronic pain, and other medical conditions that require frequent checkups, rising government initiatives in promoting telemedicine, and the increase in proliferation of smartphones with high-speed internet had made telemedicine more feasible and effective across the region, the rise in shifting focus among the population for telemedicine, and the presence of key companies involved in the development of telemedicine are expected to boost the market of telemedicine across the region.