Global Telemedicine Market Share Is Likely To Reach At A CAGR Value Of Around 26.1% By 2028

19-Oct-2022 | Facts and Factors

According to Facts and Factors, the global telemedicine market size was worth around USD 85.1 billion in 2021 and is estimated to grow to about USD 342.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 26.1% over the forecast period. The report analyzes the telemedicine market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the telemedicine market.

Telemedicine transmits healthcare services, such as health evaluations, across telecommunications networks from distant places. Electronic information and communication technologies in telemedicine allow patients to receive the necessary medical treatment while preserving their social distance. Care for telepsychiatry can provide affordable, practical, and easily accessible mental health services. Telepsychiatry is a telemedicine practice in which a patient is linked to a psychiatrist's office via a secure broadband internet connection from their home or another suitable location. Telemedicine systems help populations with Long-Term Symptoms (LTCs) self-manage their conditions, maintain greater self-dependence, reduce hospital stays, allow early hospital departure, and limit the dependency on primary health and general practitioners (GP) services.

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Browse the full “Telemedicine Market Size, Share, Growth Analysis Report By Component (Software, Services, Hardware), By Type (Real-Time Interactive Mode, Communication Via Telephone, Store-And-Forward Mode, Remote Monitoring), By Application (Telemonitoring, Assisted Surgery, Education & Training, Consultation), By Specialty Areas (Neurology, Orthopedics, Gynecology, Radiology, Pathology, Psychology, Dermatology, Emergency Care), By End-User (Providers, Home Care, Payers, Physicians), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/telemedicine-market

The main drivers of the growth of the global telemedicine market are the rise in demand for radiological services brought on by the increased incidence of chronic conditions, including congestive heart failure, orthopedic injuries, and others. Additionally, the government's spending on healthcare information (HCIT) has significantly increased, and major companies are focusing more on developing innovative digital diagnostics. These factors all contribute to the telemedicine market's expansion. Throughout the projected years, it is anticipated that ongoing developments in medical diagnostic technology would offer good potential for expanding the telemedicine market.

The global telemedicine market is segregated based on component, type, application, specialty areas, end-user, and region. The market is divided into hardware, software, and services based on components. Among these, the software component proved one of the most lucrative segments in 2021. Based on type, the market is classified into real-time interactive mode, communication via telephone, store-and-forward mode, and remote monitoring. The real-time interactive way led the market in 2021 and is expected to maintain its dominance during the forecast period. Based on application, the market is segmented into telemonitoring, assisted surgery, education & training, and consultation. In 2021, telemonitoring dominated the market. Based on specialty area, the market is classified into neurology, orthopedics, gynecology, radiology, pathology, psychology, dermatology, and emergency care. The radiology segment dominated the market in 2021. The market is classified into providers, home care, payers, and physicians based on end-users. Providers held significant growth in 2021.

The regional analysis divides the global telemedicine market into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America will continue to have the most significant global market share during the forecast period. This is brought on by several variables, including the growing digitalization of healthcare, the creation of cutting-edge healthcare facilities, and the widespread application of telemedicine technologies. Major companies' presence contributes even more to the region's sizable market share. Several causes, including the availability of a sizable patient population pool, an increase in internet access, and an increase in demand for healthcare support, particularly in rural areas, all contribute to this rapid development.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 85.1 Billion

Projected Market Size in 2028

USD 342.1 Billion

CAGR Growth Rate

26.1% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Babylon, Doctor Care Anywhere, Immedicare, Telemedicine Clinic, Push Dr, HomeTouch Care Ltd., Now Healthcare Group., and others.

Key Segment

By Component, Type, Application, Specialty Areas, End User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Key players in the global telemedicine market include Babylon, Doctor Care Anywhere, Immedicare, Telemedicine Clinic, Push Dr, HomeTouch Care Ltd., and Now Healthcare Group.

Recent Development:

  • March 2021: Tunstall Healthcare announced Tunstall Cognitive CareTM, a brand-new innovative care option. Tunstall Cognitive Care is a crucial breakthrough to determine whether someone's health may be likely to deteriorate, find and point out a potential undiscovered problem, or address an urgent social care need.

Global Telemedicine market is segmented as follows:

By Component

  • Software
  • Services
  • Hardware

By Type

  • Real-Time Interactive Mode
  • Communication Via Telephone
  • Store-And-Forward Mode
  • Remote Monitoring

By Application

  • Telemonitoring
  • Assisted Surgery
  • Education & Training
  • Consultation

By Specialty Areas

  • Neurology
  •  Orthopedics
  • Gynecology
  • Radiology
  • Pathology
  • Psychology
  • Dermatology
  • Emergency Care

By End-user

  • Providers
  • Home Care
  • Payers
  • Physicians

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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