Telemedicine Market: Information by Component (Hardware), Application (Telepsychiatry), Mode of Delivery (Cloud-Based), End-User (Providers), and Region — Forecast till 2029

Telemedicine allows healthcare professionals to gauge, diagnose, and treat patients at a distance using telecommunications technology. An increase in the usage of online platforms and a surge in the number of smart devices has changed the practice of telemedicine profoundly. Telemedicine has a promising future as its benefit is closely linked with cost-effectiveness. Developing countries face issues, such as high costs, underdeveloped infrastructure, and lack of technical expertise. The telemedicine market is predicted to grow with a CAGR of 17.0%.

Telemedicine-Market

Market Drivers

Growing Awareness about the Benefits of Telemedicine

The onset of innovative and fashionable technological advancements has created a notable distinction within the medical field and has created telemedicine a game-changing way to serve people throughout the globe. The adoption of telemedicine has magnified considerably within the last decade, though there are a couple of issues concerning its dependableness and exactness. The advantages associated with telemedicine are step-by-step creating a mark within the medical business.

Telemedicine has mostly helped to save time. With the assistance of telemedicine, a patient doesn't need to travel to the supplier. Further, telemedicine eliminates any probabilities of the transfer of infectious diseases. The foremost vital side of telemedicine is its ability to cater to the wants of patients from anyplace at any given time. This is often extremely useful for occupational medicine. In 2015, CoxHealth launched its initial project within the field of telemedicine and achieved tremendous success.

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Rapid Advancement, Increasing Availability of ICT, and Growing Geriatric Population

Recent advancements and increasing convenience and utilization of ICT by the general population drive the market growth. The replacements of equivalent kinds of communication with digital strategies, combined with a fast drop in the price of ICT, have triggered wide interest within the application of telemedicine. The introduction and popularization of the internet have accelerated the pace of ICT advancements, further increasing the scope of telemedicine applications.

As per the UN Agency, by 2050, the world’s population aged 60 and older is anticipated to reach 2 billion, up from 900 million in 2015. The geriatric population requires home help for provision, which is anticipated to be a key factor driving the telemedicine market. The variety of services suppliers offer via telemedicine include chronic care management, interventions, home watching, remote subject matter, and on-line medical aid.

Limited Healthcare Infrastructure in Emerging Nations is Driving the Market Growth

The developing countries across the globe, such as China, India, Russia, Brazil, Mexico, and South Africa, are offering potential growth opportunities to the players in the telemedicine market. In low-income countries, telemedicine applications are used to link patients with specialists, referral hospitals, and tertiary care centers.

More than half of the world’s population resides in India and China, accounting for an outsized patient base. As per the UN Economic and Social Affairs Report (2019), the population of individuals aged over 60 years in Asia is anticipated to surge from 395.3 million in 2019to 587.4 million by 2030.

Government Initiatives for Telemedicine

The governments of various nations have approved the use of telemedicine. For instance, the Health Resources and Services Administration (HRSA) of the U.S.Department of Health and Human Services Technologies embody video conferencing, the web, store-and-forward imaging, streaming media, and terrestrial and wireless communications for medical emergencies and assistance. The department of Health and Human Services (HHS) and the U.S.Department of Agriculture (USDA) have proclaimed to promote broadband services and technology to rural areas in America. With similar sentiments and vision, the Indian government also introduced the use of NitiAayog with the commitment to provide equal access to quality care.

Telemedicine Market: Segmentation

Hardware Segment to Dominate the Market during the Forecast Period

The hardware segment holds the largest share of the telemedicine market on account of its rising use in medical peripheral devices, webcams, speakers, microphones, display screens, videoconferencing devices, laptops, and monitors to the general population. The large share of this segment can be attributed to the rising aging population requiring home assistance and surging incidence of chronic diseases.

Videoconferencing devices are used for the diagnosis and prescription of medical treatment for patients at remote locations. They are also used for remote clinical consultations between medical professionals for education and training of medical staff and for administrative/ business functions.

Provider Segment to Hold the Largest Share of the Telemedicine Market

The provider segment holds the largest share of the telemedicine market on account of the increased adoption of remote monitoring devices, advancements in telemonitoring devices, and the availability of a variety of tele-specialty services. Telehealth solutions improve healthcare quality and offer convenience for healthcare providers in terms of quick access to patient records, improved decision support, providing clinical alerts, and real-time quality reporting.

Regional Overview

North-America-Lead-Telemedicine-Market

North America to Dominate the Telemedicine Market during the Forecast Period.

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North America dominates the telemedicine market as the region is backed by rising healthcare awareness, coupled with the acceptance of cloud-based technologies and the presence of key market players. The presence of a well-established healthcare system, high penetration of telemedicine, and surging prevalence of chronic diseases drive the regional market growth. The rising geriatric population is further anticipated to propel market growth.

Key Players

Koninklijke Philips N.V. (the Netherlands)
Medtronic (Ireland)
GE Healthcare (the U.S.)
Cerner Corporation (the U.S.)
Siemens Healthineers (Germany)
Cisco Systems, Inc. (the U.S.)
Teladoc Health Inc. (the U.S.)
American Well (the U.S.)
AMC Health (the U.S.)
MDLive (the U.S.)
Telemedicine Market: Segmentation

By Component

Hardware
Medical Peripheral Devices
Monitors
Software
Remote Patient Monitoring Software
Real-Time Interaction Software
Store-And-Forward Software
Services
Tele-consulting
Tele-monitoring
Tele-education
By Application

Telepsychiatry
Teleradiology
Telepathology
Teledermatology
Others
By Mode of Delivery

Cloud-Based
On-Premise
By End-User

Providers
Payers
Patients
By Region

Americas
North America
The U.S.
Canada
South America
Europe
Western Europe
Germany
The U.K.
France
Italy
Spain
Eastern Europe
The Rest of Europe
Asia-Pacific
China
Japan
India
Korea
Australia
South Korea
The Rest of Asia-Pacific
The Middle East and Africa

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This release was published on openPR.