Telemedicine Market
Healthcare & Life Sciences
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Reports and Insights
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May 2021
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Telemedicine Market Overview
The report is titled as ‘Telemedicine Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the telemedicine market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The telemedicine market is expected to grow at a significant rate in the near future.
The global telemedicine market is estimated to reach at a value of US$ 57.0 Bn by the end of 2020 and expected to reach at a value of US$ 316.5 Bn by 2028 with a significant CAGR of 24.1%
Telemedicine Introduction
There are numerous developed and developing countries across the world who are still deprived of the cost-effective, high-quality, and accessible healthcare services. Fortunately, information and communication technologies (ICTs), in the present-day world, comprises great potential to acknowledge some of the major challenges witnessed by both emerging and established nations in providing appropriate healthcare services.
Basically, telemedicine is the delivery of healthcare services and the sharing of healthcare information across distances for diagnosis, treatment and prevention of disease and injuries, research and evaluation, and for the invariable education of healthcare providers.
Telemedicine should not be misunderstood with a new technology or a novel branch of medicine, as it is just the way medical practitioners adopted ICTs to overcome geographical barriers as well as elevate access to healthcare services. Telemedicine is most useful for underserved or rural regions, groups and communities across the world which majorly suffer from shortage of access to healthcare. Telemedicine could also be perceived as an upfront and continually evolving science, as it embodies latest modifications in technology and retorts and alters with the dynamic health needs and contexts of societies.
Telemedicine Market Dynamics
The revolutionizing healthcare industry, worldwide, as well as adoption of advanced technologies to deliver superior quality healthcare services all across the world is majorly driving the growth of the global telemedicine market. Initially, a series of basic electronic inventions made the emergence of telemedicine possible, such as the telephone that have created communication and technology a crucial part of our day to day lives.
Attributing to which, the modified technique of telehealth or telemedicine is established which allows medical practitioners and patients to get connected electronically and share medical services directly that may be thousands of miles away. Such beneficial factors further promote the growth of the global telemedicine market in the near future. In addition, there is a rising need to expand healthcare access across the globe, owing to the increasing prevalence of chronic ailments and medical conditions among the masses, which further acts as a positive factor for the growth of the global telemedicine market in the forthcoming years.
Moreover, the continuously surging population, globally, as well as lack of medical professionals and physicians also stimulate the demand of telehealth or telemedicine so that health providers can deliver their services from a faraway distance too over an electronic network. In addition to that, in the wake of the global pandemic of COVID-19, the need for healthcare access has increased exponentially, which massively compelled the healthcare industry to adopt advanced technologies to provide their services all across the world, and it is expected to continue providing their services electronically. Owing to which, the global telemedicine market is projected to rise higher over the forecast period. Furthermore, there has been constant support from the government for R&D and further advancements in telecommunications, which is also anticipated to positively fuel the growth of the global telemedicine market in the given timeframe.
Apart from that, telemedicine also creates value for patients by cutting off patient’s wait and travel time, escalating the reach of healthcare services, and encouraging the capacity for 24/7 coverage. This makes telemedicine and its potential an appealing outlook for consumers who care about those values and is likely to elevate customer satisfaction. Therefore, the global telemedicine market is estimated to grow rapidly in the coming years.
Telemedicine Market Segmentation
The global telemedicine market is segmented on the basis of component, mode of delivery, application, end-user and regions. On the basis of the component, the telemedicine market is segmented into Software & services and Hardware. On the basis of mode of delivery, the market is segmented into Cloud-based and On-Premise. Further, the telemedicine market is segmented on the basis of application into Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, and Other Applications. Furthermore, the market is segmented on the basis of end-user into Providers, Payers, Patients, and Other End Users.
By Component
Software & services
Hardware
By Mode of delivery
Cloud-based
On-Premise
By Application
Teleradiology
Tele-consultation
Tele-ICU
Tele-stroke
Tele-psychiatry
Tele-dermatology
Other Applications
By End-User
Providers
Payers
Patients
Other End Users
By Region
North America
Latin America
Africa
Europe
Asia Pacific
Middle East
Telemedicine Market Key Players
The global telemedicine market is dominated by Koninklijke Philips N.V., Medtronic, GE Healthcare. Other prominent players in this market include Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLive, Doctor on Demand, Medvivo Group Ltd, Asahi Kasei Corporation, Iron Bow Technologies, Telespecialists Llc, GlobalMed, MedWeb, IMediplus Inc., Vsee, Chiron Health, Zipnosis, among others.
Reports and Insights Overview on Telemedicine Market Report
The non-identical approach of Reports and Insights stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the telemedicine market by Reports and Insights is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Reimbursement
Concerns for use of Telemedicine
Advantages of Telemedicine
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.
1. Global Telemedicine Market Report Overview
1.1. Introduction
1.2. Report Description
1.3. Methodology
2. Global Telemedicine Market Overview
2.1. Introduction
2.1.1. Introduction
2.1.2. Market Taxonomy
2.2. Executive Summary
2.3. Global Telemedicine Market Snapshot
2.4. Global Telemedicine Market Size And Forecast, 2020–2028
2.4.1. Introduction
2.4.2. Market Value Forecast And Annual Growth Rate (AGR) Comparison (2020–2028)
2.5. Global Telemedicine Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunity
2.5.4. Trends
2.6. Porter’s Five Forces Model
2.7. SWOT Analysis
3. Telemedicine Assessment and Analysis
3.1. Telemedicine Impact Analysis
3.2. Actions to encourage use of Telemedicine
3.3. Telemedicine Promotional Strategy Recommendation
3.4. Road Map Analysis
3.5. GAP Analysis
3.6. Potential Analysis
4. Covid-19 Impact on Telemedicine Market
4.1. Impact Analysis of Covid-19 on the global Telemedicine market
4.2. Effect On Value Chain
4.3. Business Impact W.R.T Revenue
4.4. Fluctuation in Production
4.5. Volatility in Price
4.6. Effect On The Overall Trade
4.7. Market Impact Analysis In 2020 (Quarter Wise)
5. Global Telemedicine Market, By Component
5.1. Introduction
5.1.1. Annual Growth Rate Comparison, By Component
5.1.2. BPS Analysis, By Component
5.2. Market Revenue (US$Mn) and Forecast, By Component
5.2.1. Software & services
5.2.2. Hardware
5.3. Global Telemedicine Market Attractiveness Index, By Component
6. Global Telemedicine Market, By Mode of Delivery
6.1. Introduction
6.1.1. Annual Growth Rate Comparison, By Mode of Delivery
6.1.2. BPS Analysis, By Mode of Delivery
6.2. Market Revenue (US$Mn) and Forecast, By Mode of Delivery
6.2.1. Cloud-Based
6.2.2. On-Premise
6.3. Global Telemedicine Market Attractiveness Index, By Mode of Delivery
7. Global Telemedicine Market, By Application
7.1. Introduction
7.1.1. Annual Growth Rate Comparison, By Application
7.1.2. BPS Analysis, By Application
7.2. Market Revenue (US$Mn) and Forecast, By Application
7.2.1. Teleradiology
7.2.2. Tele-consultation
7.2.3. Tele-ICU
7.2.4. Tele-stroke
7.2.5. Tele-psychiatry
7.2.6. Tele-dermatology
7.2.7. Other Applications
7.3. Global Telemedicine Market Attractiveness Index, By Application
8. Global Telemedicine Market, By End-User
8.1. Introduction
8.1.1. Annual Growth Rate Comparison, By End-User
8.1.2. BPS Analysis, By End-User
8.2. Market Revenue (US$Mn) and Forecast, By End-User
8.2.1. Providers
8.2.2. Payers
8.2.3. Patients
8.2.4. Other End Users
8.3. Global Telemedicine Market Attractiveness Index, By End-User
9. Global Telemedicine Market, By Region
9.1. Introduction
9.1.1. Annual Growth Rate Comparison, By Region
9.1.2. BPS Analysis, By Region
9.2. Market Revenue (US$Mn) and Forecast, By Region
9.2.1. North America
9.2.2. Latin America
9.2.3. Europe
9.2.4. Asia Pacific
9.2.5. Middle East
9.2.6. Africa
9.3. Global Telemedicine Market Attractiveness Index, By Region
10. North America Telemedicine Market Analysis and Forecast, 2020–2028
10.1. Introduction
10.1.1. Annual Growth Rate Comparison, By Country
10.1.2. BPS Analysis, By Country
10.2. Market Revenue (US$Mn) and Forecast, By Country
10.2.1. U.S. Telemedicine Market
10.2.2. Canada Telemedicine Market
10.3. North America Telemedicine Market, By Component
10.3.1. Software & services
10.3.2. Hardware
10.4. North America Telemedicine Market, By Mode of Delivery
10.4.1. Cloud-Based
10.4.2. On-Premise
10.5. North America Telemedicine Market, By Application
10.5.1. Teleradiology
10.5.2. Tele-consultation
10.5.3. Tele-ICU
10.5.4. Tele-stroke
10.5.5. Tele-psychiatry
10.5.6. Tele-dermatology
10.5.7. Other Applications
10.6. North America Telemedicine Market, By End-User
10.6.1. Providers
10.6.2. Payers
10.6.3. Patients
10.6.4. Other End Users
10.7. North America Telemedicine Market Attractiveness Index
10.7.1. By Country
10.7.2. By Component
10.7.3. By Mode of Delivery
10.7.4. By Application
10.7.5. By End-User
11. Latin America Telemedicine Market Analysis and Forecast, 2020–2028
11.1. Introduction
11.1.1. Annual Growth Rate Comparison, By Country
11.1.2. BPS Analysis, By Country
11.2. Market (US$Mn) Forecast, By Country
11.2.1. Brazil Telemedicine Market
11.2.2. Mexico Telemedicine Market
11.2.3. Rest Of Latin America Telemedicine Market
11.3. Latin America Telemedicine Market, By Component
11.3.1. Software & services
11.3.2. Hardware
11.4. Latin America Telemedicine Market, By Mode of Delivery
11.4.1. Cloud-Based
11.4.2. On-Premise
11.5. Latin America Telemedicine Market, By Application
11.5.1. Teleradiology
11.5.2. Tele-consultation
11.5.3. Tele-ICU
11.5.4. Tele-stroke
11.5.5. Tele-psychiatry
11.5.6. Tele-dermatology
11.5.7. Other Applications
11.6. Latin America Telemedicine Market, By End-User
11.6.1. Providers
11.6.2. Payers
11.6.3. Patients
11.6.4. Other End Users
11.7. Latin America Telemedicine Market Attractiveness Index
11.7.1. By Country
11.7.2. By Component
11.7.3. By Mode of Delivery
11.7.4. By Application
11.7.5. By End-User
12. Europe Telemedicine Market Analysis and Forecast, 2020–2028
12.1. Introduction
12.1.1. Annual Growth Rate Comparison, By Country
12.1.2. BPS Analysis, By Country
12.2. Market (US$Mn) Forecast, By Country
12.2.1. U.K. Telemedicine Market
12.2.2. Germany Telemedicine Market
12.2.3. Italy Telemedicine Market
12.2.4. France Telemedicine Market
12.2.5. Spain Telemedicine Market
12.2.6. Russia Telemedicine Market
12.2.7. Rest Of Europe Telemedicine Market
12.3. Europe Telemedicine Market, By Component
12.3.1. Software & services
12.3.2. Hardware
12.4. Europe Telemedicine Market, By Mode of Delivery
12.4.1. Cloud-Based
12.4.2. On-Premise
12.5. Europe Telemedicine Market, By Application
12.5.1. Teleradiology
12.5.2. Tele-consultation
12.5.3. Tele-ICU
12.5.4. Tele-stroke
12.5.5. Tele-psychiatry
12.5.6. Tele-dermatology
12.5.7. Other Applications
12.6. Europe Telemedicine Market, By End-User
12.6.1. Providers
12.6.2. Payers
12.6.3. Patients
12.6.4. Other End Users
12.7. Europe Telemedicine Market Attractiveness Index
12.7.1. By Country
12.7.2. By Component
12.7.3. By Mode of Delivery
12.7.4. By Application
12.7.5. By End-User
13. Asia Pacific Telemedicine Market Analysis and Forecast, 2020–2028
13.1. Introduction
13.1.1. Annual Growth Rate Comparison, By Country
13.1.2. BPS Analysis, By Country
13.2. Market (US$Mn) Forecast, By Country
13.2.1. China Telemedicine Market
13.2.2. India Telemedicine Market
13.2.3. Japan Telemedicine Market
13.2.4. Australia and New Zealand Telemedicine Market
13.2.5. South Korea Telemedicine Market
13.2.6. Rest of Asia Pacific Telemedicine Market
13.3. Asia Pacific Telemedicine Market, By Component
13.3.1. Software & services
13.3.2. Hardware
13.4. Asia Pacific Telemedicine Market, By Mode of Delivery
13.4.1. Cloud-Based
13.4.2. On-Premise
13.5. Asia Pacific Telemedicine Market, By Application
13.5.1. Teleradiology
13.5.2. Tele-consultation
13.5.3. Tele-ICU
13.5.4. Tele-stroke
13.5.5. Tele-psychiatry
13.5.6. Tele-dermatology
13.5.7. Other Applications
13.6. Asia Pacific Telemedicine Market, By End-User
13.6.1. Providers
13.6.2. Payers
13.6.3. Patients
13.6.4. Other End Users
13.7. Asia Pacific Telemedicine Market Attractiveness Index
13.7.1. By Country
13.7.2. By Component
13.7.3. By Mode of Delivery
13.7.4. By Application
13.7.5. By End-User
14. Middle East Telemedicine Market Analysis and Forecast, 2020–2028
14.1. Introduction
14.1.1. Annual Growth Rate Comparison, By Country
14.1.2. BPS Analysis, By Country
14.2. Market (US$Mn) Forecast, By Country
14.2.1. GCC Countries Telemedicine Market
14.2.2. Israel Telemedicine Market
14.2.3. Rest Of Middle East Telemedicine Market
14.3. Middle East Telemedicine Market, By Component
14.3.1. Software & services
14.3.2. Hardware
14.4. Middle East Telemedicine Market, By Mode of Delivery
14.4.1. Cloud-Based
14.4.2. On-Premise
14.5. Middle East Telemedicine Market, By Application
14.5.1. Teleradiology
14.5.2. Tele-consultation
14.5.3. Tele-ICU
14.5.4. Tele-stroke
14.5.5. Tele-psychiatry
14.5.6. Tele-dermatology
14.5.7. Other Applications
14.6. Middle East Telemedicine Market, By End-User
14.6.1. Providers
14.6.2. Payers
14.6.3. Patients
14.6.4. Other End Users
14.7. Middle East Telemedicine Market Attractiveness Index
14.7.1. By Country
14.7.2. By Component
14.7.3. By Mode of Delivery
14.7.4. By Application
14.7.5. By End-User
15. Africa Telemedicine Market Analysis and Forecast, 2020–2028
15.1. Introduction
15.1.1. Annual Growth Rate Comparison, By Country
15.1.2. BPS Analysis, By Country
15.2. Market (US$Mn) Forecast, By Country
15.2.1. South Africa Countries Telemedicine Market
15.2.2. Egypt Telemedicine Market
15.2.3. North Africa Telemedicine Market
15.2.4. Rest of Africa Telemedicine Market
15.3. Africa Telemedicine Market, By Component
15.3.1. Software & services
15.3.2. Hardware
15.4. Africa Telemedicine Market, By Mode of Delivery
15.4.1. Cloud-Based
15.4.2. On-Premise
15.5. Africa Telemedicine Market, By Application
15.5.1. Teleradiology
15.5.2. Tele-consultation
15.5.3. Tele-ICU
15.5.4. Tele-stroke
15.5.5. Tele-psychiatry
15.5.6. Tele-dermatology
15.5.7. Other Applications
15.6. Africa Telemedicine Market, By End-User
15.6.1. Providers
15.6.2. Payers
15.6.3. Patients
15.6.4. Other End Users
15.7. Africa Telemedicine Market Attractiveness Index
15.7.1. By Country
15.7.2. By Component
15.7.3. By Mode of Delivery
15.7.4. By Application
15.7.5. By End-User
16. Competitive Landscape
16.1. Company Profiles
16.1.1. Koninklijke Philips N.V.
16.1.1.1. Company Overview
16.1.1.2. Financial Overview
16.1.1.3. Key Developments
16.1.1.4. Strategies
16.1.1.5. Product Analysis
16.1.2. Zipnosis
16.1.3. Medtronic
16.1.4. GE Healthcare
16.1.5. Cerner Corporation
16.1.6. Siemens Healthineers
16.1.7. Cisco Systems, Inc.
16.1.8. Teladoc Health Inc.
16.1.9. American Well
16.1.10. AMC Health
16.1.11. MDLive
16.1.12. Doctor on Demand
16.1.13. Medvivo Group Ltd
16.1.14. Asahi Kasei Corporation
16.1.15. Iron Bow Technologies
16.1.16. Telespecialists Llc
16.1.17. GlobalMed
16.1.18. MedWeb
16.1.19. IMediplus Inc.
16.1.20. Vsee
16.1.21. Chiron Health
17. Acronyms
Frequently Asked Question
What is the projected market size & Compound Annual Growth Rate (CAGR) of the telemedicine market?
The global telemedicine market is estimated to reach at a value of US$ 57.0 Bn by the end of 2020 and expected to reach at a value of US$ 316.5 Bn by 2028 with a significant CAGR of 24.1%
Which base year is used in the telemedicine market report?
The base year for the report is 2021 in telemedicine market.
What segments are covered in telemedicine market report?
The global telemedicine market is segmented on the basis of component, mode of delivery, application, end-user and regions.
What are the key participating players in the telemedicine market?
The key participating players in global telemedicine market are Koninklijke Philips N.V., Medtronic, GE Healthcare. Other prominent players in this market include Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLive, Doctor on Demand, Medvivo Group Ltd, Asahi Kasei Corporation, Iron Bow Technologies, Telespecialists Llc, GlobalMed, MedWeb, IMediplus Inc., Vsee, Chiron Health, Zipnosis, among others.
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