New York, USA, March 02, 2023 (GLOBE NEWSWIRE) — Telemedicine Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), The “Telemedicine Market Information By Component, Type, Deployment, End User and Region – Forecast till 2030”, the market size was valued at USD 67.3 billion in 2021 and is projected to grow from USD 82.17 billion in 2022 to USD 405.93 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.10 % during the forecast period (2022 – 2030).
The increasing demand for efficient health care services, an increasing number of chronic illnesses such as cardiovascular diseases across the globe, and the growing adoption of Electronic Health Record (EHR)/Electronic Medical Record (EMR) are driving the market growth. The rising need for effective health care services, an increasing incidence of chronic ailments such as cardiovascular disorders around the globe. Also, the industry is expanding due to the increasing use of electronic medical records (EMR) and electronic health records (EHR). The availability of cutting-edge technologies and top-notch network services may improve and make healthcare more accessible. With the use of excellent telemedicine technology, access to preventative treatment may be made simpler while long-term health is also improved. Those who face financial or geographic barriers to accessing appropriate care will benefit more from it. Telehealth has the ability to increase healthcare’s effectiveness, coordination, and accessibility.
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|Market Size in 2030||USD 405.93 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Type, Deployment, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increasing demand for efficient healthcare services to boost market growth|
|Increased adoption of Electronic Health Records (EHR) due to quick access to patient records|
The use of telemedicine grew during the COVID-19 epidemic to alleviate the pressure on hospitals. For instance, the National Health Interview Survey Report data from 2021 shows that 37.0% of individuals in the US reported utilizing telemedicine in the preceding 12 months. Chronic illnesses are become more common throughout the world. For instance, the US has around 6 in 10 persons who have a chronic condition, and 4 in 10 adults have two or more chronic diseases, according to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP). However, 74% of all fatalities worldwide, according to the World Health Organization (WHO), are brought on by chronic illnesses. With the use of telemedicine counselling and telemonitoring techniques, chronic disorders including hypertension, diabetes, and rheumatoid arthritis can be effectively managed.
Moreover, an Electronic Health Record (EHR) promotes the interchange of patient data across healthcare facilities and provides safer, more affordable, and higher-quality treatment.
Due to faster access to patient records, safe electronic information exchange, and more streamlined and effective care, electronic health records (EHR) are becoming more and more popular. These elements collectively are fueling the market’s expansion during the upcoming years.
Telemedicine Market Competition Analysis:
Leading market competitors are using a number of commercial tactics to strengthen their position in the industry.
Companies are making large investments in R&D projects to diversify their product offerings, which is further boosting the telemedicine industry. The market participants are also implementing a number of strategic activities, including the introduction of new products, contract agreements, mergers & acquisitions, raising investments, and collaborating with other companies to broaden their reach internationally.
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Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Siemens Healthineers (Germany), and Oracle are a few prominent industry participants (US). A leader in global healthcare solutions, Medtronic is dedicated to enhancing people’s lives via innovative medical products. The firm has expedited and enhanced its capacity to develop significant breakthroughs for hospitals, health systems, and healthcare professionals to give the best care possible to patients and their families globally with the acquisition of Covidien (Ireland), a medical device company.
The Cardiac and Vascular Group (CVG), the Restorative Therapies Group (RTG), the Diabetes Group, and the Minimally Invasive Therapies Group make up the majority of the company’s operations (MITG). The firm works in approximately 370 sites across over 160 countries. It has been awarded more than 4,600 patents. The business provides telehealth services as well as solutions for remote patient monitoring.
Key Players in the telemedicine market include
- Koninklijke Philips N.V.
- GE Healthcare
- Siemens Healthineers
- Teladoc Health
- Asahi Kasei Company
- American Well, MDLIVE
- AMC Health
- Doctor on Demand
- Iron Bow Technologies
Telemedicine Market Segmentation
Products and services are part of the segmentation of the telemedicine market based on component. Products include both hardware and software. Tele-consulting, tele-monitoring, tele-education, and other services are included in the services category as well. Due to the growing use of telehealth software, medical peripheral devices, videoconferencing equipment, and other tools to efficiently assess, diagnose, and treat patients remotely, the products segment retained the biggest segment in 2021. The use of technologically advanced medical equipment that connect wirelessly and are connected with smartphones is growing, which supports the segment’s expansion.
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Tele-nursing, tele-pharmacy, teleradiology, teledermatology, tele-oncology, and other services are included in the market segmentation of telemedicine based on type. In 2021, the market was controlled by the tele-radiology sector. This is brought on by the substantial demand for online radiological services, the dearth of radiologists with the necessary training, and the increased reporting speed and accuracy. By processing and transmitting medical data remotely, teleradiology lessens the burden on medical staff. Moreover, teleradiology is always improving, which has increased the use of cloud-based technologies.
The market segmentation of Telemedicine, depending on deployment, comprises on-premise and cloud-based. In 2021, the cloud-based sector dominated the industry. This is because the solution is affordable, the patient’s data is simple to access online from anywhere, and the maintenance costs are low.
Hospitals and clinics, home care, and other entities are included in the Telemedicine market segmentation based on end user. Due to the rising usage of telemedicine solutions in healthcare facilities and increased use of telehealth services, the hospitals & clinics sector held the biggest segment in 2021. Due to the use of telemonitoring and the rising senior population, the home care category had significant growth throughout the anticipated period.
The report divides telemedicine adoption, chronic illness prevalence, global geriatric population growth, and government assistance into categories based on region.
The United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are among among the main nations examined.
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Telemedicine Market Regional Analysis
Due to rising digitization, increased telemedicine solution usage, the presence of significant companies, and state-of-the-art medical facilities, the North American telemedicine market holds the biggest market share. the presence of important firms including American Well Corp., Teladoc Health, Inc., and MDlive, Inc. Also, the US telemedicine industry had the highest market share and was expanding at the quickest rate in the area of North America. Likewise, the North American region’s telemedicine market in Canada retained a sizeable market share.
A sizeable proportion of the telemedicine market in Asia-Pacific is anticipated to increase. This is brought on by growing internet usage, a sizable patient base, and a rising desire for medical aid. increasing sedentary lifestyle adoption, rising disposable money, and an increase in the number of fat persons. Likewise, India market of telemedicine owned the greatest market share and was the fastest-growing market in the Asia-Pacific region. For instance, Indian government gives eSanjeevani, a free telemedicine service to the Indian people. Similarly, China’s telemedicine industry accounted for a sizeable portion of the Asia-Pacific market.
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