Telemedicine Market Analysis and Forecast to 2031: By Service (Tele-consulting, Tele-monitoring, Tele-education/training), By Type (Telehospital, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health), By Deli

Telemedicine Market Analysis and Forecast to 2031: By Service (Tele-consulting, Tele-monitoring, Tele-education/training), By Type (Telehospital, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health), By Delivery Mode (Web/Mobile {Telephonic, Visualized}, Call Centers) and Region

The global telemedicine market was valued at USD 60,908.9 million in 2021 and it is anticipated to grow up to USD 4,35,880.7 million by 2031, at a CAGR of 21.4% during the forecast period.

Telemedicine, also known as telehealth or e-medicine, is the remote delivery of healthcare services via telecommunications infrastructure, such as exams and consultations. According to recent research, 90% of organisations have already started or implemented telemedicine programmes. Even small, independent medical practises are beginning to embrace telemedicine in order to compete with local retail clinics and stop losing patients.

Market Trends and Drivers

Surging prevalence of chronic diseases and cost-benefits of telemedicine will propel the market expansion. For instance, according to the US CDC, chronic diseases are major causes of death and disability globally and are strong contributors to the rise in annual healthcare expenditures. The management of chronic diseases requires constant monitoring and therapy to slow their progress. Telehealth and telemedicine, especially remote patient monitoring (RPM)/tele-homecare, are capable of improving patient self-management, medication compliance, clinical outcomes, and patient provider satisfaction while reducing emergency room visits, hospital admissions, primary care utilization, long-term care, home admissions, and patient travel costs. These advantages are driving the demand for telehealth among end-users.

Market Restraints and Challenges

Healthcare fraud is an important factor to consider in telehealth and telemedicine practises. A patient or a physician can be victimised in a variety of ways, such as when the physician's name and accounts are used to receive payments from the insurance company, or when non-eligible or non-listed institutional providers practise improper coding and billing for false claims. Such fraudulent activities can erode trust and credibility in telehealth and telemedicine services. Victimized patients also have a tendency to share their negative experiences in the media, which affects many new entrants, limiting market growth.

Global Telemedicine Market Segmental Overview

The report analyses the global telemedicine market based on service, type, specialty, delivery mode, and region.

Global Telemedicine Market by Services

Based on service, it is segmented into the tele-consulting, tele-monitoring, and tele-education/training. The tele-consulting segment accounted for the largest share of the global telemedicine market in 2021. The large share of the segment can be attributed to the growing demand for home-based remote monitoring service will boost the number of tele-consultations. Moreover, rising geriatric population base and increasing demand for home-based remote monitoring service. Remote telehealth monitoring programs are been initiated by several governments that focused on improving medication management and improves disease management at homecare setting. This will increase the demand for tele-consultation service. Furthermore, increasing need for providing healthcare services to patient at remote places coupled with rising demand for saving travel time will propel the segment growth.

Global Telemedicine Market by Type

Based on type, it is segmented into telehospital and telehome. The telehospital segment is likely to dominate the market during the forecast period. This is due to increasing adoption and usage of telemedicine services in hospital setting to consult various specialists by doctors. This will result in cost savings for the hospitals as well as for the patients. Also, increasing government funding and grants for encouraging adoption of telemedicine services in hospitals will boost the segment demand.

Global Telemedicine Market by Specialty

Based on specialty, it is segmented into cardiology, gynecology, neurology, orthopedics, dermatology, and mental health. The cardiology segment is likely to dominate the market during the forecast period. This is owing to high degree of satisfaction among patient suffering from cardiac disorders coupled with affordable telemedicine services. Furthermore, remote monitoring of patients with implantable cardiac devices have led to better clinical outcomes. Also, timely diagnosis of heart failure symptoms and management of arrhythmias are other advantages of telemedicine services in cardiology.

Global Telemedicine Market by Delivery Mode

Based on delivery mode, it is segmented into web/mobile and call centers. The web/mobile delivery mode segment is likely to dominate the market during the forecast timeframe. Growing telecommunication base in developing regions coupled with various government initiatives in developed economies will boost demand for web/mobile-based telemedicine platforms. In addition, high segment growth rate is attributed to increasing adoption rate of cloud-based services in hospitals homecare settings. Furthermore, various relaxations provided by federal government for the use of telemedicine services will be conducive to web/mobile based delivery mode.

Geographical Analysis of Global Telemedicine Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. This is due to the rising need to curb growing healthcare costs. For instance, the per capita healthcare expenditure in U.S. is USD 9,403. Thus, high healthcare costs in the country have increased the demand of the market. Also, Presence of well-established telecommunications network coupled with rising need to provide immediate and affordable healthcare services to patients in remote places will boost the regional market growth. Furthermore, increased usage and adoption of telemedicine services by clinicians, development of new technologies, and increased patient acceptance have all contributed to the positive industry outlook in North America.

Major Players in the Global Telemedicine MarketCOVID-19 Impact

The COVID-19 pandemic had a significant impact on the global telemedicine market. It can be expected that the pandemic will expedite the adoption of telemedicine. Companies are already witnessing a surge in the number of telemedicine visits with some companies reporting a significant spike in the demand for video consultations since the COVID-19 pandemic. Moreover, doctors are adopting telemedicine to ensure social distancing and limit their risk of exposure to the infected patients. This has led to a growing number of patients using telemedicine for consultations

Recent Developments

• In April 2022, Bayer announced that it is setting up 27 telemedicine centres in 12 districts across eight states in India over the next two years through Bayer Foundation India.
• In February 2022, Amazon rolls out its telehealth service nationwide.
• In January 2022, SwiftMD, announced the launch of its newly designed website, SwiftMD.com, and telehealth app as part of a brand refresh.
• In September 2021, Medtronic partnered with Statis Labs Inc, this distribution partnership helped to scale up and expand access to state-of-the-art Stasis Monitor, a connected care bedside multi-parameter monitoring system in India.

Frequently Asked Questions

Q1. How big is the telemedicine market?Ans. The global telemedicine market size was USD 60908.9 Million in 2021 and is anticipated to reach USD 435880.7 Million in 2031, growing at a rate of 21.4% from 2022 to 2031.Q2. What is the telemedicine market growth rate?Ans. The growth rate of the telemedicine market is 21.4%.Q3. Which region holds a major market share for the telemedicine market?Ans. North America holds a major market share of the telemedicine market in 2021.Q4. Which segment accounted for the largest telemedicine market share?Ans. By end user, the hospitals segment accounted for the largest telemedicine market share.Q5. Who are the key players in the telemedicine market?Q6. What are the factors driving the telemedicine market growth?Ans. The major factors driving the growth of the market are the rising demand for telemedicine due to the fear of getting infected of COVID-19 across the globe.Q7. What are the key growth strategies of telemedicine market players?Ans. The key growth strategies of telemedicine market players are product launch and product approval.Q8. Which region will provide more business opportunities for the telemedicine market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the telemedicine market during the forecast period.

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