Global Telemedicine Market - 2022-2029

Global Telemedicine Market - 2022-2029

Market Overview

Telemedicine Market size is projected to reach USD billion by 2029, with growth at a CAGR of 16.8% during the forecast period of 2022-2029.

Telemedicine is two-way, real-time interactive communication between a patient and healthcare provider at a different place. This is supported by audio and video equipment along with integrated medical devices and hence enables the clinicians to evaluate, diagnose and treat patients remotely.

Market Dynamics

The growth of the market is majorly driven by increase in rural health issues and hospitalizations, a lack of resources to meet the increased cases, etc., necessitated the growth of the global telemedicine market.

Rising prevalence of chronic conditions and cost-benefits of telehealth and telemedicine are expected to drive market growth

The US CDC claims chronic diseases are primary global sources of death and disability and significant contributors to yearly healthcare costs. In addition, chronic diseases need ongoing observation and treatment to halt their progression. These incredibly remote patient monitoring (RPM)/tele-homecare, telehealth, and telemedicine technologies are better able to improve patient self-management, medication compliance, clinical outcomes, and patient & provider satisfaction while lowering the costs of patient travel, ER visits, hospital stays, primary care utilisation, long-term care, home admissions, and other associated expenses. The demand for telehealth among end users is rising due to these benefits.

The healthcare fraud is one of the major factors hindering the growth of the market

Healthcare fraud must be taken into account while using telehealth and telemedicine. There are several ways that a patient or a doctor can become a victim. For instance, non-eligible or unlisted institutional providers may employ inaccurate coding and billing for bogus claims, or the physician's name and accounts may be used to get money from the insurance company. The confidence and faith in telehealth and telemedicine services may be damaged as a result of such fraudulent acts. Patients who have been victimised also frequently share their unpleasant experiences in the media, which negatively influences many other recently entered participants and limits market growth.

COVID-19 Impact Analysis

As it helps to reduce interaction with healthcare facilities, healthcare personnel, and patients, telemedicine was widely employed during the COVID-19 pandemic to reduce the danger of COVID-19. Online surveys on mental health, together with communication tools like Weibo, TikTok, and WeChat, among others, helped Chinese health officials and mental health practitioners provide secure online mental health services during the pandemic. These elements have contributed to market expansion during the COVID-19 epidemic. An increase in demand for on-demand acute treatment via telemedicine was reported by SOC Telemed, a U.S.-based provider of telemedicine technology and services, in March 2020.

In comparison to the prior year, businesses in the market have grown exponentially during the COVID-19 pandemic. For instance, Teladoc Health, Inc. grew by 109% from the third quarter of 2019 to the third quarter of 2020. Another significant competitor in the sector, American Well Corp., said that in 2020, its clients—health system and health plan providers—deployed tens of thousands of their own caregivers onto their platforms. By the end of 2020, about 68,000 active clinicians had utilised the Amwell Platform to deliver primary care, chronic care management, and specialist visits.

Industry Analysis

The global telemedicine market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, reimbursement analysis, supply chain analysis, pricing analysis, technological advancements etc.

Segment Analysis

Dermatology segment is expected to hold the largest market share in global telemedicine market

The specialty with the highest revenue among all specialties in 2020 was dermatology, and it is predicted that this trend will continue throughout the projected period. Teleconsulting and monitoring are increasingly used as main techniques in dermatological consultations because dermatology's aesthetic foundations.

Geographical Analysis

North America region holds the largest market share in the global telemedicine market

North America was held a dominant position in the global telemedicine market in 2021. This is due to increased telemedicine use, modern healthcare facilities, and rising levels of digitalization throughout the healthcare industry. The region's significant proportion is also influenced by the presence of important players. For instance, the U.S. is the headquarters of organisations like MDlive, Inc., Teladoc Health, Inc., American Well Corp., Doctor on Demand, Inc., SteadyMD, Inc., and Zoom Video Communications, Inc. To expand their market share, these businesses take strategic actions.

Competitive Landscape

Some of the key players in the global telemedicine market are American Well, ConsultADoctor, Teladoc, MeMD, iCliniq, CareClix, Mdlive, MDAligne, StatDoctors, Doctor on Demand, Specialists on Call and LiveHealth Online.

Key Companies to Watch

American Well:

Overview: Amwell (previously known as American Well) is a leading telehealth platform in the United States and globally, connecting and enabling providers, insurers, patients, and innovators to deliver greater access to more affordable, higher-quality care. It believes that digital care delivery will transform healthcare. The Company offers a comprehensive platform to support all telehealth needs, from urgent to acute and post-acute care, behavioural health, chronic care management and healthy living. With over a decade of experience, Amwell powers telehealth solutions for over 240 health systems comprised of 2,000 hospitals and 55 health plan partners with over 36,000 employers, reaching over 80 million lives.

Product Portfolio: Telemedicine carts designed to support in and out patient care, equipped to manage high and low acuity cases to provide timely access to remote healthcare specialists.

The global telemedicine market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.