According to the global telemedicine market report by IMARC Group, the market reached a value of US$ 47.28 Billion in 2021, and it is projected to reach a value of US$ 177.84 Billion by 2027, exhibiting a CAGR of 22.50% during 2022-2027.What are the growth prospects of the Telemedicine Industry?
The global telemedicine market size reached US$ 47.28 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 177.84 Billion by 2027, exhibiting a growth rate (CAGR) of 22.50% during 2022-2027.
What is a Telemedicine?
Telemedicine represents the remote delivery of healthcare services, such as assessments or consultations, via telephone networks without the need for an in-person visit. It generally comprises various components, including software, hardware, and a communication channel, that allow information to be exchanged between two geographical locations. Remote delivery of healthcare services can be performed efficiently by using telecommunication infrastructures. In line with this, management of chronic conditions, medication management, follow-up visits, specialist consultations, etc., can also be managed via text, audio, video conferences, etc. Telemedicine makes it easier for patients to connect with them and help in reducing overall healthcare costs. Consequently, medical practitioners and hospitals are extensively utilizing digital health technologies in their practices.
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What are the key driving factors in the Telemedicine Market?
The growing digitization in the medical sector, owing to continuous technological advancements for making healthcare affordable and accessible to individuals, is primarily driving the telemedicine market. Additionally, the widespread adoption of machine learning (ML) and the Internet of Things (IoT) is further catalyzing the market growth. Besides this, the expanding cardiology, radiology, and mental health segments and the development of new business and healthcare models are acting as significant growth-inducing factors. Moreover, the rising prevalence of chronic diseases, including diabetes and cancer, and postponement and cancellation of elective appointments and surgeries, on account of social distancing norms during the sudden outbreak of the COVID-19 pandemic, are also positively influencing the global market. Apart from this, the introduction of smart medicine cabinets and extensive R&D activities are anticipated to fuel the telemedicine market over the forecasted period.
For the competitor segment, the report includes global key players of the telemedicine Market.
Aerotel Medical Systems (1998) Ltd., Allscripts Healthcare Solutions Inc., AMD Global Telemedicine Inc., American Well Corporation, Cigna Corporation, Cisco Systems Inc., Doxy.me Inc., HealthTap Inc., PlushCare Inc. (Accolade Inc.), SHL Telemedicine, SOC Telemed Inc. (Patient Square Capital), Teladoc Health Inc. and Twilio Inc.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Product
- Hardware
- Software
- Others
- Services
- Tele-consulting
- Tele-monitoring
- Tele-education
Breakup by Modality:
- Real-time
- Store and Forward
- Others
Breakup by Delivery Mode:
- Web/Mobile
- Audio/Text-based
- Visualized
- Call Centers
Breakup by Facility:
- Tele-hospital
- Tele-home
Breakup by Application:
- Teledermatology
- Teleradiology
- Telepsychiatry
- Telepathology
- Telecardiology
- Others
Breakup by End User:
- Providers
- Payers
- Patients
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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