Overview


According to FutureWise analysis, the market for Telemedicine is estimated to be US$ 102.64 billion in 2023 and is expected to reach US$ 370.89 billion in 2031 at a CAGR of 17.4%.

Telemedicine represents a new and transformative frontier in public health. As per the World Health Organization (WHO), Telemedicine encompasses the delivery of healthcare services, particularly in situations where distance plays a vital role. This provision involves healthcare professionals employing information and communication technologies to exchange accurate information. The scope of Telemedicine spans diverse objectives, including but not limited to diagnosis, treatment, disease prevention, research, evaluation, and the ongoing education of healthcare providers. Rooted in the Greek "tele," meaning distance, and the Latin "modern," pointing to healing, Telemedicine leverages electronic communication technologies to overcome geographical barriers that hinder direct interaction among participants. Despite its initial classification as futuristic and experimental, Telemedicine has solidified its position as a practical and enduring reality. Its applications span diverse domains, encompassing patient care, education, research, administration, and public health. This evolution has garnered attention, prompting Time magazine to label it "healing by wire aptly." One of the most compelling roles of Telemedicine lies in its ability to confront the challenges faced by individuals residing in remote and rural areas. Often plagued by inadequate access to timely and high-quality specialized medical care, such regions need more specialist physicians who tend to be concentrated in urban centers. In this context, Telemedicine emerges as a transformative solution, bridging geographical divides and revolutionizing healthcare delivery in underserved locales. Various definitions of Telemedicine exist, with the most comprehensive encompassing services beyond conventional real-time interactive telecommunication health solutions. This encompasses practices like store-and-forward, wherein camera images are stored and transmitted while consultations occur through a telecommunication system. Despite lacking real-time interactivity, these methods remain valuable for delivering treatment. Additionally, remote monitoring stands as another facet within the realm of Telemedicine.

FutureWise Market Research has published a report that provides an insightful analysis of Telemedicine Market trends affecting overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes the stature of key manufacturers operational in this industry. By the end of the forecast period, FutureWise research analysts project that the Telemedicine Market will experience significant growth.

According to the analysis, this report will help understand the information referring to the total valuation held by this industry. Additionally, this report will help understand the growth opportunities held by various segments of this market and further assist in making better strategic and expansion decisions by key stakeholders of an organization.

  • Adlive, Inc
  • American Well Corp.
  • Twilio, Inc.
  • Teladoc Health, Inc
  • Doctor On Demand, Inc
  • Zoom Video Communications, Inc
  • SOC Telemed, inc.
  • NXGN Management, LLC
  • Plantronics, inc
  • Practo
  • Vsee
  • Sesame, Inc.
  • Doxy.me Inc.
  • PlushCare
  • HealthTap, Inc.

(Note: The list of the major players will be updated with the latest market scenario and trends)

By Component

  • Product
    • Hardware
    • Software
    • Others
  • Services
    • Tele-consulting
    • Tele-monitoring
    • Tele-education

By Modality

  • Store and Forward
  • Real Time
  • Others

By Application

  • Teleradiology
  • Telepsychiatry
  • Telepathology
  • Teledermatology
  • Telecardiology
  • Others

By Delivery Model

  • Web/Mobile
    • Telephonic
    • Visualized
  • Call Centers

By Facility

  • Tele-hospital
  • Tele-home

By End-Use

  • Providers
  • Payers
  • Patients
  • Others

By Region

  • Europe
  • North America
  • Asia Pacific
  • Latin America
  • Middle East and Africa

The market is segmented by region into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America registered the highest share in the market in 2022. The rapid expansion of telemedicine in North America is propelled by the increasing prevalence of chronic illnesses and the rapid adoption of advanced healthcare technologies. This growth has led to enhanced quality of life, improved patient care, and reduced healthcare costs. The increasing demand for mobile technologies, home-based care, and growing healthcare expenditures are significant factors driving this trend. For instance, Canadian health spending reached USD 308.1 billion in 2021, and the US spent USD 4.3 trillion in 2022, creating opportunities for telemedicine to thrive. Companies are also contributing to this growth through collaborations and innovations. Inova's FDA-approved remote deep brain stimulation (DBS) treatment and Hicuity's launch of tele-ICU services are prime examples. Given these factors, North America's telemedicine market is poised for substantial growth.

Additionally, by modality, the real-time segment accounted for the largest revenue share of more than 38% in 2022; by application, teleradiology accounted for the highest share of more than 24%; by delivery mode, the web/mobile segment accounted for more than 78.7%. Furthermore, by facility, tele-hospitals held a substantial market share of over 50.5% in 2022. The surge in demand for tele-hospitals can be attributed to their capacity to deliver convenient and accessible healthcare services. They bridge geographical gaps, offering specialized care to remote areas and enabling patients to consult with doctors from home. Particularly valuable during emergencies and pandemics, tele-hospitals reduce healthcare costs, aid chronic disease management, and cater to the needs of the elderly and disabled.

Drivers for Telemedicine Market

The telemedicine market is propelled by a convergence of influential drivers reshaping healthcare accessibility and delivery. Technological advancements, exemplified by widespread high-speed internet and smartphone adoption, facilitate seamless remote communication and data sharing. Concurrently, the demand for remote healthcare access is met through initiatives like Brazil's Telehealth Program, extending primary care consultations to underserved regions. Addressing the shortage of healthcare providers, programs such as the Cleveland Clinic's eConsult platform enhance collaboration between primary care physicians and specialists. Telemedicine also proves instrumental in managing an aging population and chronic diseases, as demonstrated by the Veterans Health Administration's telehealth efforts. Global health crises like the COVID-19 pandemic drive the adoption of telemedicine, with Teladoc Health witnessing a surge in demand for virtual care. Consumer preference for convenient and on-demand healthcare fuels platforms like Amwell, while legislative support, as seen in expanded reimbursement policies by the U.S. Medicare program, further solidifies telemedicine's role as a transformative force in healthcare delivery.

Restraints for Telemedicine Market

The telemedicine market encounters several restraints that influence its widespread adoption and implementation. Privacy and security concerns are a prominent challenge, as exchanging sensitive medical information over digital platforms raises apprehensions about data breaches and unauthorized access. Regulatory complexities and varying legal frameworks across different regions hinder uniform telemedicine practices, impacting scalability and cross-border services. The digital divide, characterized by unequal access to technology and reliable internet connectivity, limits telemedicine's reach, particularly among underserved populations. Resistance to change within traditional healthcare systems and among some healthcare professionals can impede the full integration of telemedicine into established care models. Reimbursement issues also pose a barrier, with consistent or adequate coverage by insurance providers affecting the financial viability of telemedicine services for healthcare providers. Additionally, the inability to conduct hands-on physical examinations and diagnostic procedures remotely can constrain the scope of telemedicine for specific medical conditions, leading to potential limitations in accurate diagnosis and treatment.

Opportunities for Telemedicine Market

Remote Patient Monitoring (RPM) leverages wearable devices and IoT technology for real-time tracking of patients' health metrics, enabling proactive management of chronic conditions and post-operative care. For instance, Biofourmis' Biovitals® platform monitors heart failure patients, alerting clinicians to potential deterioration and ensuring timely interventions. In mental health, telemedicine offers a confidential avenue for therapy and counseling, exemplified by Ginger's on-demand services connecting users with licensed therapists through secure video sessions. Specialty Care Access through telemedicine breaks down geographical barriers, granting patients access to specialized expertise. Mayo Clinic's eConsult program enables remote consultations with specialists, enhancing patient care. Tele-Emergency Services come into play during critical situations, employing telemedicine for emergency consultations in remote areas. Furthermore, Global Health Outreach uses telemedicine to extend medical support to developing regions, as demonstrated by The Swinfen Charitable Trust's provision of advice and expertise to medical facilities across 80 countries.

Trends for Telemedicine Market

The telemedicine market is experiencing dynamic trends and initiatives reshaping healthcare accessibility and delivery. The rapid adoption of teleconsultations, exemplified by the eSanjeevani platform, has become a popular mode of accessing medical advice, especially evident during the COVID-19 pandemic. Notably, there's a strong focus on extending healthcare to rural areas, with organizations like Apollo Telehealth establishing telemedicine centers to provide primary care and specialist consultations. Expanding specialty care through initiatives like the Max MyHealth+ app enables patients to access specialized medical expertise remotely. Integration of AI and remote monitoring, as seen in Practo's services, enhances diagnoses and continuous health tracking.

Moreover, telemedicine platforms are integrating pharmacy services, government policies are fostering growth, mental health support is gaining prominence through platforms like YourDOST, and electronic health record integration facilitates seamless data sharing. Telemedicine also enables medical second opinions and contributes to health awareness and preventive care, exemplified by initiatives from Medibuddy and Portea Medical. These trends collectively reflect a transformative shift in healthcare delivery, leveraging technology to make quality medical services more accessible and convenient across the country.

 

 

  • Tier 1 players- established companies in the market with a major market share
  • Tier 2 players
  • Emerging players which are growing rapidly
  • New Entrants
  • FutureWise research report will help you understand the growth prospects, key trends, and data points affecting the market's growth.
  • A detailed review of strategies being opted by the players in this market, and a thorough market share registered by the key companies globally as well as on a regional basis.
  • To provide with an exhaustive analysis on the of Telemedicine Market By Component, By Modality, By Application, By Delivery mode, By Facility and By Region.
  • To cater comprehensive insights on factors such as drivers, restraints, trends, opportunity, and additionally segmental and regional factors impacting market growth.
  • To evaluate current market trends and forecast micro-markets and the overall market projections which are represented in the format of data-sets and ppt.
  • To predict the market size, in key regions— North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • To provide information on competitors which includes landscape mapping, technological advancements, R&D spending, news concerning strategic alliances, and new product launches.
  • We have a flexible delivery model and you can suggest changes in the scope/table of content as per your requirement
  • The customization Mobility Care offered are free of charge with purchase of any license of the report
  • You can directly share your requirements/changes to the current table of content to: sales@futurewiseresearch.com

Table of Contents


  • 1.   Market Introduction
    •   1. Objectives of the Study
        2. Market Definition
        3. Market Scope
         3.1. Years Considered for the Study
         3.2. Market Covered
        4. Currency
        5. Limitations
        6. Stakeholders
  • 2.   Research Methodology
    •   1. Research Data
         1.1. Secondary Data
          1.1.1. Key Data from Secondary Sources
         1.2. Primary Data
          1.2.1. Key Data from Primary Sources
        2. Market Size Estimation
        3. Market Breakdown and Data Triangulation
        4. Assumptions for the Study
  • 3.   Executive Summary
    •   1. Market Outlook
        2. Segment Outlook
        3. Competitive Insights
  • 4.   Telemedicine Market Variables, Trends and Scope
    •   1. Market Lineage Outlook
        2. Penetration and Growth Prospect Mapping
        3. Industry Value Chain Analysis
        4. Cost Analysis Breakdown
        5. Technology Overview
        6. Regulatory Framework
         6.1. Reimbursement Framework
         6.2. Standards and Compliances

  • 5.   Market Overview
    •   1. Market Dynamics
         1.1. Market Driver Analysis
          1.1.1. Increasing focus of Telemedicine Market Companies on Brand Protection
          1.1.2. Untapped Opportunities in Emerging Regions
         1.2. Market Restraint Analysis
          1.2.1. High Cost Associated with Implementation of Predictive Analysis
         1.3. Industry Challenges
          1.3.1. Presence of Ambiguous Regulatory Framework
  • 6.   Telemedicine Market Analysis Tools
    •   1. Industry Analysis - Porter’s
         1.1. Supplier Power
         1.2. Buyer Power
         1.3. Substitution Threat
         1.4. Threat from New Entrants
         1.5. Competitive Rivalry
        2. Pestel Analysis
         2.1. Political Landscape
         2.2. Environmental Landscape
         2.3. Social Landscape
         2.4. Technology Landscape
         2.5. Legal Landscape
        3. Major Deals And Strategic Alliances Analysis
         3.1. Joint Ventures
         3.2. Mergers and Acquisitions
         3.3. Licensing and Partnership
         3.4. Technology Collaborations
         3.5. Strategic Divestments
        4. Market Entry Strategies
        5. Case Studies
  • 7.   Telemedicine Market, By Component Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Product
         1.1. Hardware
         1.2. Software
         1.3. Others
        2. Services
         2.1. Tele-consulting
         2.2. Tele-monitoring
         2.3. Tele-education

  • 8.   Telemedicine Market, By Modality Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Store and Forward
        2. Real Time
        3. Others

  • 9.   Telemedicine Market, By Application Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Teleradiology
        2. Telepsychiatry
        3. Telepathology
        4. Teledermatology
        5. Telecardiology
        6. Others

  • 10.   Telemedicine Market, By Delivery Model Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Web/Mobile
         1.1. Telephonic
         1.2. Visualized
        2. Call Centers

  • 11.   Telemedicine Market, By Facility Historical Analysis and Forecast 2023-2031(USD Million)
    •   1. Tele-hospital
        2. Tele-home

  • 12.   Telemedicine Market, By End-Use Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Providers
        2. Payers
        3. Patients
        4. Others

  • 13.   North America Telemedicine Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. U.S.A
         2.2. Canada
         2.3. Mexico
        3. Market Size (USD Million) Forecast for North America 2023-2031

  • 14.   Latin America Telemedicine Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Brazil
         2.2. Venezuela
         2.3. Argentina
         2.4. Rest of Latin America
        3. Market Size (USD Million) Forecast for Latin America 2023-2031

  • 15.   Europe Telemedicine Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Germany
         2.2. U.K
         2.3. France
         2.4. Italy
         2.5. Spain
         2.6. Russia
         2.7. Poland
         2.8. Rest of Europe
        3. Market Size (USD Million) Forecast for Europe 2023-2031

  • 16.   Asia Pacific Telemedicine Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Japan
         2.2. China
         2.3. India
         2.4. Australia and New Zealand
         2.5. ASEAN
         2.6. Rest of Asia Pacific
        3. Market Size (USD Million) Forecast for Asia Pacific 2023-2031

  • 17.   Middle East and Africa Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. GCC
         2.2. Israel
         2.3. South Africa
         2.4. Rest of MEA
        3. Market Size (USD Million) Forecast for MEA 2023-2031

  • 18.   Market Share Analysis and Competitive Landscape
    •   1. Global Landscape - Key Players, Revenue and Presence
        2. Global Share Analysis - Key Players (Tier 1, Tier 2, Tier 3)
        3. Global Emerging Companies
        4. North America - Market Share Analysis and Key Regional Players
        5. Europe - Market Share Analysis and Key Regional Players
        6. Asia Pacific - Market Share Analysis and Key Regional Players
        7. Global Key Player - Growth Matrix
  • 19.   Company Profiles (Competition Dashboard, Competitors Deep Dive, Products Offered and Financial Layouts)
    •   1. Adlive, Inc
         1.1. Company Overview
         1.2. Product Portfolio
         1.3. SWOT Analysis
         1.4. Financial Overview
         1.5. Strategic Overview
        2. American Well Corp.
         2.1. Company Overview
         2.2. Product Portfolio
         2.3. SWOT Analysis
         2.4. Financial Overview
         2.5. Strategic Overview
        3. Twilio, Inc.
         3.1. Company Overview
         3.2. Product Portfolio
         3.3. SWOT Analysis
         3.4. Financial Overview
         3.5. Strategic Overview
        4. Teladoc Health, Inc
         4.1. Company Overview
         4.2. Product Portfolio
         4.3. SWOT Analysis
         4.4. Financial Overview
         4.5. Strategic Overview
        5. Doctor On Demand, Inc
         5.1. Company Overview
         5.2. Product Portfolio
         5.3. SWOT Analysis
         5.4. Financial Overview
         5.5. Strategic Overview
        6. Zoom Video Communications, Inc
         6.1. Company Overview
         6.2. Product Portfolio
         6.3. SWOT Analysis
         6.4. Financial Overview
         6.5. Strategic Overview
        7. SOC Telemed, inc.
         7.1. Company Overview
         7.2. Product Portfolio
         7.3. SWOT Analysis
         7.4. Financial Overview
         7.5. Strategic Overview
        8. NXGN Management, LLC
         8.1. Company Overview
         8.2. Product Portfolio
         8.3. SWOT Analysis
         8.4. Financial Overview
         8.5. Strategic Overview
        9. Plantronics, inc
         9.1. Company Overview
         9.2. Product Portfolio
         9.3. SWOT Analysis
         9.4. Financial Overview
         9.5. Strategic Overview
        10. Practo
         10.1. Company Overview
         10.2. Product Portfolio
         10.3. SWOT Analysis
         10.4. Financial Overview
         10.5. Strategic Overview
             11. Vsee
         11.1. Company Overview
         11.2. Product Portfolio
         11.3. SWOT Analysis
         11.4. Financial Overview
         11.5. Strategic Overview
             12. Sesame, Inc.
         12.1. Company Overview
         12.2. Product Portfolio
         12.3. SWOT Analysis
         12.4. Financial Overview
         12.5. Strategic Overview
             13. Doxy.me Inc.
         13.1. Company Overview
         13.2. Product Portfolio
         13.3. SWOT Analysis
         13.4. Financial Overview
         13.5. Strategic Overview
             14. PlushCare
         14.1. Company Overview
         14.2. Product Portfolio
         14.3. SWOT Analysis
         14.4. Financial Overview
         14.5. Strategic Overview
             15. HealthTap, Inc.
         15.1. Company Overview
         15.2. Product Portfolio
         15.3. SWOT Analysis
         15.4. Financial Overview
         15.5. Strategic Overview

  • 20.   Pre and Post COVID-19 Impact
    •   1. Positive influence on the healthcare industry
        2. The financial disruption of the manufacturing sector
        3. Impact of COVID-19 on emerging companies
        4. Significant mandates in the healthcare regulations initiated by administrations
        5. The overall economic slowdown of the developing and developed nations
  • 21.   FutureWise SME Key Takeaway Points for Client
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