Global Telemedicine Market Highlights Over 2022 - 2031
The global telemedicine market is estimated to garner substantial revenue by growing at a CAGR of ~30% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to factors such as, a lack of physicians, a rising geriatric population, convenient access to telehealth and telemedicine, a significant surge in telecommunication, a higher prevalence of chronic diseases, and others. For instance, the IT sector is projected to spend over USD 1 trillion on telecommunication services by 2024, meanwhile, the mobile data traffic is estimated to be about 50 exabytes annually. The term telemedicine refers to the process of utilization of electronic information and technology to provide requisite healthcare support. Furthermore, the market is also anticipated to grow on the back of rising cases of chronic diseases. Based on a report published by the National Library of Medicine (NLM), it was stated that about one in three of all people suffers from chronic diseases worldwide. Additionally, in 2019, about 17.9 million death was noticed owing to cardiovascular diseases, as per a report by World Health Organization. All these factors are anticipated to boost the growth of the market over the forecast period.
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The market is segmented by delivery type into cloud-based and on-premise, out of which, the cloud-based segment is anticipated to hold a notable share in the global telemedicine market over the forecast period on account of its convenient extensibility. The on-demand feature of providing services is also anticipated to hike the growth of the segment over the forecast period.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Telemedicine Market Regional Synopsis
Regionally, the global telemedicine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of a higher prevalence of chronic diseases, and growing geriatric population. Moreover, requirement to decrease the healthcare expenditure, and rising patient pool in the hospitals backed by advancement in awareness of health, are anticipated to boost the market growth. Additionally, the rising inclination toward the virtual meeting of the population in the region is also anticipated to boost the growth of the market in North America during the forecast period. According to a report published by National Health Council, about 133 million Americans, 40% of the entire population suffer from some sort of chronic disease. A rising prevalence of chronic diseases can be observed in the region. Data provided by the Centers for Diseases Control and Prevention stated that six out of ten Americans have at least one chronic disease. Furthermore, people in North America are more aware of their health and pay frequent visits to hospitals, in such circumstances, telemedicine can be very useful since it avoids in-person visits to the doctors. Such factors are anticipated to influence the market positively over the forecast period in the region.
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The global telemedicine market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global telemedicine market includes the following segments:
By Type
- Software
- Hardware Services
- Others
By Delivery Type
- Cloud-Based
- On-Premise
By Modality
- Asynchronous
- Synchronous
- Others
By Application
- Teleconsultation
- Teledermatology
- TeleCU
- Telepsychiatry
- Telestroke
- Teleradiology
By End-User
- Healthcare
- Homecare Facilities
Growth Drivers
- Higher Demand for Physicians
- Growing Geriatric Population
- Easy Access to Telehealth and Telemedicine
- Rising Prevalence of Chronic Diseases
Challenges
- Possibility of Healthcare Fraudulent
Top Featured Companies Dominating the Market
- ClearArch, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Koninklijke Philips N.V.
- Medtronic plc
- Cerner Corporation
- Teladoc Health, Inc.
- Cisco Systems, Inc.
- American Well Corporation
- Medvivo Group Limited
- Advanced Monitored Caregiving, Inc.
- Asahi Kasei Corporation
