Telemedicine Market

Telemedicine Market Outlook (2022 - 2028)

Telemedicine Market witnessed a CAGR of 15.1% between 2013 and 2021. The global Telemedicine Market is expected to have a staggering 17.2% CAGR between 2022 and 2028. In 2022, the global Telemedicine Market size was US$ 12,893.8 million, which is projected to reach US$ 33,373.8 million by the year 2028.

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Telemedicine Market Demand Analysis (2013-2021) v/s Market Outlook (2022 – 2028)

Telemedicine Market is expected to witness a CAGR of 17.2% due to the rising expenditures on healthcare, technological advancements, increased remote patient monitoring, and the growing burden of chronic diseases.

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What is expected to keep the Hopes High for Telemedicine Market?

Increasing adoption of telemedicine services

The telemedicine segment revenue is estimated to reach USD 33,373.8 million by 2028 as doctors are increasingly using telemedicine services in hospital settings to consult various specialists. This will result in cost reductions for both - hospitals and patients. Increasing government support to encourage hospital use of telemedicine services will also boost the market growth.

Technological Advances to Promote Market Growth

Telemedicine is becoming more popular as new technologies such as machine learning, artificial intelligence, the Internet of Things (IoT), virtual hospitals, and telehealth applications are available. Machine learning algorithms-based apps can help in the detection of diseases such as cancer, COVID-19, rare diseases, and others. Increasing technological advancements in virtual hospitals are expected to boost telemedicine market growth in the coming years.

“Increasing telecommunication networks and government support”

The expanding telecommunications infrastructure in developing countries, along with numerous government initiatives in developed countries, will drive demand for web/mobile-based telemedicine platforms. Furthermore, several federal government relaxations for the usage of telemedicine services will be favorable to web/mobile-based delivery mode. Hence, the increasing telecommunication networks along with government initiatives are expected to fuel the market growth.

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What restraints is the Telemedicine Market subject to?

“Poor infrastructure and technological barriers”

In medium and low-income countries, technological and infrastructure barriers may impede telemedicine service penetration. The adoption of digital health technologies necessitates the use of cutting-edge telecommunication devices, high-speed internet, and storage capacity for the processing and transferring of medical data, which is a difficulty in many underdeveloped nations. Furthermore, the high cost of installation and a shortage of skilled healthcare professionals are the two biggest problems impeding the market's growth.

“Data Security Concerns”

Telemedicine is a technology-driven alternative to conventional healthcare. Poor data security in telemedicine services is likely to have a negative impact on the patient experience. Poor data-centric security is likely to reduce healthcare professionals' and patients' confidence in the safety of telemedicine services, hampering its overall growth. Data security concerns are likely to impede the growth of the telemedicine market to some extent.

Prerna Shiv
Client Partner

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How has Covid-19 affected the Telemedicine Market?

“Increase in the adoption of virtual consultations”

The outbreak of the COVID-19 pandemic had put a burden on the healthcare systems as hospitals were full of COVID-19 positive patients. Furthermore, the cancellation and postponing of elective procedures and appointments has reduced patient volume in hospitals and clinics This prompted doctors to adopt telemedicine to engage with their patients. Due to the implementation of social distancing, the demand for teleconsultations and digital health services started to grow rapidly. Telemedicine has emerged as an effective tool in the fight against the COVID19 pandemic. Apart from this, several government organizations are also adopting telehealth by implementing new regulations and reimbursement criteria. The significant government backing is expected to increase the adoption of telemedicine, offering new growth prospects for the market.

Competitive Landscape

The Telemedicine industry is moderately consolidated due to the presence of big companies. The market players are focusing on mergers and strategic alliances as the industry is in the growth phase. Companies are making strategic decisions to launch new platforms to capitalize and grow their market share.

Recent Developments:

• In May 2021, MediTelecare introduced “MediTely” in the market. It is a direct-to-consumer mobile health technology that focuses on the elderly population living outside long-term care facilities.
• In May 2021, Teladoc Health partnered with Vivo to improve access to quality healthcare in Brazil, specifically through the use of telemedicine.
• In March 2021, AMD Global announced its integration with PointClickCare Technologies, the leader in cloud-based software technology for the long-term and post-acute care (LTPAC) market.

Telemedicine Market Industry Report Scope

Telemedicine Market Categorization

Telemedicine Market by Mode of Delivery

• Cloud based delivery
• Premise based delivery

Telemedicine Market by End User

• Hospitals & Clinics
• Homecare Settings

Telemedicine Market by Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)