As per a new report by Cognitive Market Research, the Global Telemedicine Market size is anticipated to Reach USD 396.14 Billion by 2029 at a CAGR of 24.78% from 2022-2029. As per the current market scenario, the high-speed 5G network will boost the demand for telemedicine services in the remote community.
For almost four decades, telemedicine has made healthcare accessible to patients in remote locations. It thus allows doctors and healthcare facilities to reach out to institutions beyond their network. The telemedicine market boomed up during the COVID-19 pandemic, which is majorly attributed to a lack of in-person visits and limitations and restrictions on travel. Hence, mandatory social distancing and the lack of effective treatments have made telemedicine a very positive contributor to healthcare. Moreover, the population in developed countries is rapidly aging. This has created new challenges for healthcare service providers as an increased number of elderly people need effective medical and nursing care. It has been noticed that a high-speed 5G network could transmit information, such as 4K images and ultrasound images, with high image quality and low latency, which is helping in driving the telemedicine market across the globe.
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Global Telemedicine Market
Global Revenue (USD Billion)
CAGR – (2022-2029)
Key Component Share
Software & Services:71.25%
Key Service Share
Key Delivery Share
Key Regional Share
Major insights and findings during the study of the Telemedicine market:
- By component, software & services held the largest share in the telemedicine market as this software is designed to deliver healthcare-related information and services using the latest technology. It thus allows transparent communication with healthcare providers via video, audio, or text chat, and exchange health information seamlessly
- Tele-consulting type dominates in the telemedicine market . It is projected to grow at the highest CAGR during the forecast period as the usage of smart devices has increased for consulting with respective doctors. This service primarily uses real-time video to hear and see each other during a real-time encounter
- Cloud-based delivery segment is estimated to witness the fastest growth as it provides customers with internet access to software programs that operate on pooled computer resources. Cloud-based telemedicine connects, digitizes, and combines many types of equipment to simplify treatment delivery. This enhances instant access to all of the patient's clinical information
- Geographically, North America shows the highest market share in telemedicine and will grow significantly in the coming years. This is attributed due to the high adoption of digitalization in the healthcare sector
- Europe is showing the highest growth in the telemedicine market during the forecast period. During the pandemic and social distancing, European countries heavily relied on digital technologies to continue to provide essential healthcare services to patients
Major players operating in Telemedicine Market:
Players involved in the Global Telemedicine Market are , Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, Allscripts Healthcare Solutions Inc., Aerotel Medical Systems, AMC Health, MDLive, Others
Current Trends of Manufacturers in the Telemedicine Market:
- January 2023
Royal Philips and Masimo have announced an expansion of their partnership to augment patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health tracking watch. This product will integrate with Philips's enterprise patient monitoring ecosystem to advance the forefront of telemonitoring and telehealth.
- October 2022
GE Healthcare and AMC Health have announced a collaboration that allows clinicians to offer Remote Patient Monitoring (RPM) as a virtual care solution that extends patient care outside the hospital to the home environment.
- October 2017
Medtronic entered into a partnership with American Well for combined telehealth and remote patient monitoring
Remote patient monitoring company Medtronic Care Management Services had entered into a partnership with telemedicine technology and services vendor American Well to enable a complete telehealth system focused on the unique needs of the complex, chronic, co-morbid patient population. This partnership is working together to facilitate patient access to American Well's telemedicine services on Medtronic Care Management Services' video-enabled platforms and to allow bi-directional data flow between the two parties.
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The landscape of healthcare technology infrastructure is changing through advancements in technology. The services which were previously only for acute care hospitals are now available for home-care settings, ambulatory, virtual, and community sectors. Consultation and Diagnostic services are just a click away owing to the convenience of digital format on smartphones. This is thus creating a streamlined operation by encouraging the use of telemedicine. Furthermore, the public cloud is the most preferred choice for healthcare providers. This is primarily attributed to a need to build resilient systems that can fill the gap between the demands of an ever-changing business environment. It has been surveyed that cloud solutions can generate a value of $100 billion to $170 billion in 2030. Metaverse is also playing a vital role in transforming the healthcare landscape.
Through metaverse, a virtual hospital can be conceptualized that can provide remote-location counselling and healthcare attention through an interface. With 5G penetration, telemedicine-based services over the metaverse platform will enhance the experience.
Telemedicine Market Segmentation
Telemedicine Market - Component Outlook (Revenue, USD Billion, 2018 -2030)
- Software & Services
Telemedicine Market - Service Type Outlook (Revenue, USD Billion, 2018 -2030)
Telemedicine Market - Delivery Type Outlook (Revenue, USD Billion, 2018 -2030)
Telemedicine Market - Application Outlook (Revenue, USD Billion, 2018 -2030)
Telemedicine Market - Regional Outlook (Revenue, USD Billion, 2018 -2030)
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
- Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
- Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)
List of Key Players in Telemedicine Market
- Koninklijke Philips N.V.
- GE Healthcare
- Cerner Corporation
- Siemens Healthineers
- Cisco Systems, Inc.
- Teladoc Health Inc.
- American Well
- Allscripts Healthcare Solutions Inc.
- Aerotel Medical Systems
- AMC Health
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