Telemedicine Market Size to Surpass USD 590.9 billion in value by 2032, at CAGR of 25.7% – Market.us
The telemedicine market is projected to surpass USD 590.9 billion by 2032, and it is poised to reach a CAGR of 25.7% from 2023 to 2032, owing to Rising Healthcare Expenses, Increasing Remote Patient Monitoring, and Technical Advancements
Pune, Feb. 27, 2023 (GLOBE NEWSWIRE) — According to Market.us, the global telemedicine market accounted for USD 63.5 billion in 2022 and is projected to reach USD 590.9 billion by 2033, exhibiting a CAGR of 25.7% in the forecast period (2023-2032). According to 2020 research by the JCO Global Oncology – An American Society of Clinical Oncology Journal, physical segregation was used to reduce the spread of coronavirus disease during the SARS/CoV-2 pandemic. Telemedicine is now being used for most outpatient oncology appointments.
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- By component, the products segment dominated the market in 2022 with a 45.7% market share and is also expected to have a CAGR of over 21%.
- By application, the teleradiology segment dominated the market with a 26.9% market share.
- By modality, the real-time segment had the largest revenue in 2022.
- By delivery mode, the web/mobile segment dominated the market share in 2022, with more than half of the market share.
- In 2022, North America dominated the market with the highest revenue share of 36%.
- Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
Although a lot of healthcare systems had telemedicine services before the outbreak of the covid-19 pandemic in 1999, the use of these services didn’t increase until the COVID-19 crisis. This is due to fewer in-person visits and travel restrictions during COVID-19, which motivated doctors to telemedicine-based consultations during the pandemic.
Factors affecting the growth of the telemedicine industry?
Several factors can affect the growth of the telemedicine industry. Some of these factors include:
- Higher Standards: Many players in the industry are offering patients higher safety and quality standards, which is positively affecting the market.
- Versatility: Telemedicine is considered one of the most versatile technologies for providing healthcare education, leading to market growth.
- Patient-centered care: The market will likely to be boosted as the technology provides advanced patient-centered care and improved access to remote locations.
- Rising investments: The market is boosted by investments in technologies to enhance the capabilities of telemedicine products and services.
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Top Trends in Global Telemedicine Market
Telemedicine is a flexible technology that can be used to provide remote health care, education, and information. Technology advancements have made it possible to provide advanced patient-centered care and better access to remote areas. It also helps to lower hospital admissions & emergency room visits and promotes market expansion. Continued investment in new technologies that enhance the capabilities of telemedicine products & services will be another important factor in driving market expansion.
Technological advancements, high-quality products & services, and patient-centered approach are some factors responsible for the market growth. In addition, telemedicine provides ease and feasibility, which is much needed in this sector.
North America was the dominant market for global telemedicine in 2022. It accounted for more than 36% of all total sales, mostly due to the advancement of healthcare and digitization in healthcare. This region is also a major market because of the presence of important players. The United States is home to companies such as Teladoc Health, Inc., MDlive, Inc., American Well Corp., SteadyMD, Inc., Doctor on Demand, Inc., Zoom Video Communications, Inc., and SteadyMD, Inc.
Asia-Pacific is expected to have the highest CAGR, and the rapid growth of Asia-Pacific can be attributed to the relatively large number of patients, increased internet use, and the high demand for medical assistance, particularly in rural areas. Emerging markets like India and China will dominate the region in the coming years.
The telemedicine market is fragmented and competitive. Market participants participate in strategic initiatives like portfolio diversification, regional expansion, product enhancements, and mergers and acquisitions. As many start-ups look for opportunities in healthcare and to introduce established companies in the marketplace to increase their portfolios, a fierce competition is expected.
Scope of the Report
|Market Value (2022)||USD 63.5 Billion|
|Market Size (2032)||USD 590.9 Billion|
|CAGR (from 2023 to 2032)||25.7%|
|North America Revenue Share||36%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
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This market is driven by the growing need to lower the cost of healthcare, industry consolidation, and other strategic initiatives taken by major players. For example, Walmart Inc. purchased MEMD in May 2021, a telemedicine provider, and can now provide virtual care access across the United States for primary, behavioral, and emergency care.
Healthcare expenses worldwide are on the rise. The main reason for rising healthcare costs is the increased use of healthcare services. This, in turn, drives consumer demand for innovative and cutting-edge lifestyle choices and new methods. Because of low reimbursement rates, it has been more difficult for doctors and hospitals to shift costs to private payers. This makes it harder for them to charge significantly higher rates for the same services. As a result, the market is expected to grow as patients’ quality and safety standards improve.
Telemedicine also has some restrictions regarding prescribing drugs via telemedicine to avoid any potential consequences. In addition, a virtual examination may not provide the same diagnostic results as a physical examination.
This market has many growth opportunities due to increased telemedicine adoption, rising consumer demand, patient acceptance, and improved quality of care. Telemedicine is constantly evolving with new innovations. It is expected to bring major changes in the healthcare sector in the coming period, creating many opportunities for market players. For example, patients don’t have to travel long distances to see a doctor. Patients can make an appointment remotely via telecommunications with a qualified and experienced clinician, stimulating the growth of healthcare and IT services. It offers flexible working hours, reduced exposure to contagious diseases, easier access to healthcare options, and improved time and efficiency.
Report Segmentation of the Telemedicine Market
The telemedicine market can be divided into two segments based on components, i.e., products and services. In 2022, the products segment was the dominant segment, with a 45.7% share. Hardware, software, and other categories are also included under this product category. The hardware category held the largest market share in 2022 due to its widespread use of medical peripherals such as microphones, screens, and videoconferencing equipment. However, from 2023 to 2032, services are expected to grow at a CAGR exceeding 21%.
Teleradiology accounted for 26.9% of the total market revenue and is the dominant segment. This was due to the rationalization and regulation of teleradiology practice. The major growth drivers for the forecast period are the incorporation of AI into teleradiology and the implementation of image archiving, communication and systems (PACS), and the expansion of research-and-development activities related to eHealth.
Conversely, telepsychiatry is expected to grow at the fastest CAGR over the forecast period 2023-2032. This is due to an increase in behavioral and mental health disorders and increased awareness and adoption of telepsychiatric services. MD Live, for example, offers sessions with psychiatrists or counselors for various conditions such as depression, anxiety, and trauma.
In 2022, the real-time segment accounted for the highest revenue share based on modality. This is due to the increased use of mHealth, virtual video visits, on-demand medical consultations, and service offerings from major market players. In addition, patient monitoring (such as vital signs or health tracking) from distant locations (such as hospitals and homes) is expected to grow significantly over the forecast years.
Fitbit Health Solutions announced that Cedars-Sinai Hospital, Los Angeles, began to distribute its Fitbit wearables in 2018. Doctors could monitor patients’ activity and encourage them to walk short distances to help their rehabilitation. Fitbit, now part of Google, announced in October 2020 plans to expand its premium subscriptions for health and fitness services through virtual care.
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Delivery Mode Insight
With 74.05% of the global market revenue in 2022, the web/mobile segment is expected to dominate in 2023. It is also expected that this segment with the highest CAGR will continue to grow and keep its dominance throughout the forecast period. This segment can be further divided into audio/text-based care and visual access. The growth of this segment is due to increasing smartphone penetration, mHealth usage, and rising healthcare consumption.
Technology companies dominate the market, providing web and mobile-first solutions that allow telemedicine. This contributes to the large share of this segment. The adoption of cloud-based technology and increased user awareness are expected to increase the adoption of visual care solutions.
In 2022, the market was dominated by remote hospital facilities. This segment was responsible for more than 50% of the global sales that year. This segment is expected to continue to grow at a steady rate over the forecast period. Home care facility segments are expected to grow at the fastest rate in the forecast period. This is due to the increased use of remote monitoring devices.
Supportive government initiatives, patient awareness about health issues, and widespread adoption of internet-based solutions drive this segment. Koninklijke Philips N.V. launched Tele-ICU, enabling doctors to monitor an increasing number of ICU beds remotely. The beds were connected to a central monitoring station and provided with predictive analytics and bed support. Market growth is expected to be boosted by the increasing adoption of mHealth devices and wearables.
With a more than 42% market share, the patient segment was dominant in the market. Patients use telemedicine for various reasons, including minor or major health issues and emergencies. As a result, market participants are constantly expanding their services to meet their specific needs. VSee, for example, offers telemedicine software and carts as well as kits and dashboards that allow remote patient monitoring. APIs and SDKs are also available. These solutions are available for many clinical specialties, including emergency medical care. The fastest expected growth rate for the provider segment will be during the forecast period.
Telemedicine solutions can improve the quality of healthcare. Telemedicine solutions also offer healthcare professionals convenience in terms of quick access to patient records, decision support, enhanced workflow, analytics, and other benefits. eHealth solutions provide a great convenience for healthcare professionals in terms of data management and patient planning. These benefits will drive Telemedicine adoption during the forecast period.
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- Other Applications
- Other Modalities
By Delivery Mode
- Call Centers
- Other End-Users
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Key Market Players
- MDlive, Inc.
- American Well Corp.
- Twilio, Inc.
- Teladoc Health, Inc.
- Doctor On Demand, Inc.
- Zoom Video Communications, Inc.
- SOC Telemed, Inc.
- NXGN Management, LLC
- Plantronics, Inc.
- Sesame, Inc.
- doxy.me LLC
- PlushCare Inc.
- HealthTap, Inc.
- Koninklijke Philips N.V.
- AMC Health
- Other Key players
Recent Development of the Telemedicine Market
- AMD partnered with iTelemed (an Ontario-based company that offers virtual health solutions) in August 2020. This partnership was created to address the unmet medical needs of Canada’s marginalized populations during the COVID-19 epidemic.
- InTouch Health, an American-based company, was acquired by Teladoc Health, Inc. in July 2020. The company merged its InTouch Health portfolio to improve healthcare in home, inpatient and outpatient care facilities.
- MediTely, a direct-to-consumer technology, was launched in 2021 by MediTelecare. It was created specifically for the elderly population.
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