Report Overview

Global Telemedicine Market- Industry Trends & Forecast Report 2027

The global telemedicine market was worth USD 51.0 Billion in 2020 and is further projected to reach USD 152.3 Billion by 2027, at a CAGR of 16.1% during 2021-2027 (forecast period). Increasing consumer demand, shortage of healthcare specialists, growing patient acceptance, rising healthcare expenses, government assistance, advancements in telecommunications, and the growing demand for improved quality of healthcare offers the global telemedicine market plenty of room to expand. Furthermore, the ongoing pandemic has fueled the increased use of telehealth, ensuring its continued market growth in the coming years. Spurred by these factors, the global telemedicine market is projected to grow over the forecast period.

Source: BlueWeave Consulting

Global Telemedicine Market Overview

The importance of telehealth has been emphasized in light of the global shortage of hospital beds and medical workers. Telemedicine involves the use of technology via video, phone, messaging, etc., for delivering healthcare services to patients remotely. The concept of telemedicine has lowered healthcare expenses while boosting productivity through better chronic disease management, faster travel times, and a shorter stay in hospitals. Moreover, telemedicine has grown in popularity as a result of increasing technology adoption following COVID-19. Many telemedicine businesses are witnessing an increase in virtual visits as a result of the COVID-19 pandemic. To meet the growing demand, telemedicine companies are now expanding their ability to handle thousands of virtual visits per day, thereby, propelling the global telemedicine industry forward.

Global Telemedicine Market Trends

Growth Drivers

Technological Advancements Empowering the Global Telemedicine Market

Telehealth technology is being lauded for its role in coronavirus treatment. Technological advancements make it possible for healthcare providers to diagnose, treat and, and monitor patients’ progress remotely with more efficiency, which in turn encourages market growth. Telemedicine nowadays is not limited only to wireless devices or other telecommunications tools. Advanced technologies such as robotics, Blockchain Technology, wearables, the Internet of Medical things, Machine Learning (ML), and AI (Artificial Intelligence)-enabled chatbots are being used increasingly by telemedicine companies worldwide for collecting patient information, analyzing patient records, treating patients, making diagnoses, and even for developing vaccines. Moreover, these technologies are also being used for supporting and developing innovative remote healthcare models. According to the WHO's eHealth observatory survey, AI in the telemedicine sector is directly augmenting advancements in telepathology, teleradiology, telepsychiatry, and teledermatology.

Government Initiatives Playing a Pivotal Role in Driving Growth

Government initiatives are expected to play an essential role in driving the growth of the global telemedicine market during the forecast period.New policies and reimbursement standards are being implemented by several countries across the world to support telehealth. Additionally, the governments of various nations have released guidelines for the use of telemedicine to aid in the continual delivery of healthcare services to the masses to ensure perpetual health services. Many federal agencies are seeking to reform current telehealth policies in order to increase access to high-quality care while lowering healthcare costs in the United States. For example, the CARES (The Coronavirus Aid, Relief, and Economic Security) Act passed by the 116^th U.S. Congress has significantly boosted telehealth services by introducing a number of provisions aimed at increasing telehealth access in rural and deprived areas. The Act also reauthorized and funded an HRSA (Health Resources and Services Administration) grant program that supports the utilization of telehealth services for at-home care, mental health, and preventive care in rural areas.

Restraints

Instances of Telemedicine Fraud is on the Rise

There is a high risk of fraud, scams, and abuse in the field of telemedicine. Patients, as well as healthcare workers, can be victimized in countless ways.For example, the name of the physician as well as the accounts could be used by hackers for obtaining payments from insurance companies. Additionally, ineligible or non-registered institutional providers may engage in inappropriate coding and billing for fraudulent insurance claims. Telehealth fraud involves not only fraud committed by providers that bill for healthcare services not rendered but also fraud committed by dishonest entities offering low-cost services, with cyber hackers impersonating telemedicine service providers.

Lack of Technical Skills in Physicians and Patients

Physicians, as well as patients, often fail to understand how to use telemedicine services because of the complexities of implementation and use, which prevents them from discarding conventional healthcare practices. Moreover, because of their lack of familiarity with technology, older individuals often choose to stick with traditional healthcare practices. Additionally, patients often express their concern about receiving an accurate diagnosis through telehealth. These are some significant barriers in the global telemedicine market which is impeding the market growth.

Impact of COVID-19

COVID-19 has had a severe impact on almost all industries except the global telemedicine market. The COVID-19-induced pandemic prompted an unprecedented shift in healthcare delivery. People's perceptions of the industry have shifted markedly as a result of the pandemic, with demand for telemedicine services expected to rise across the globe. Given that social distancing is the only way to prevent COVID-19, the pandemic presents enormous opportunities for the global telemedicine market. Telemedicine is not only crucial in ensuring the safety of healthcare providers but also an affordable and effective option for patients seeking medical assistance during the ongoing pandemic while maintaining social distancing norms.

Virtual communication with physicians eliminates the need for an individual to visit a the healthcare facility or urgent care center, thereby, reducing their risk of contracting the virus. Moreover, telehealth visits have also helped to prevent overcrowding in emergency departments of hospitals, thus, enabling healthcare facilities to focus on serious COVID-19 cases.

Global Telemedicine Market: By Type

Based on type, the global telemedicine market is segmented into tele-hospital and tele-home. Among them, tele-hospital is dominating the global telemedicine market. This segment is also likely to witness a sturdy growth rate during the forecast period as tele-hospitals allow healthcare providers to view their patients using a high-definition camera, read patient's vital signs and medical records remotely, listen to a patient’s heartbeat using a virtual stethoscope besides ordering therapy modalities in person. It also enables physicians to carry out daily multidisciplinary rounds. What’s more, patients can connect with doctors more easily using tele-hospital virtual care services.

As the use of remote patient monitoring devices increases, tele-home care solutions are also expected to expand significantly in the coming years. The segment’s growth is being aided by, supportive government programs, high penetration of internet-based solutions, and increasing patient awareness of treatment services.

Global Telemedicine Market: By Application

Based on application, the global telemedicine market is categorized into teleradiology, tele-ICU, tele-stroke, telepathology, teledermatology, telepsychiatry, and others. Of these, teleradiology is expected to lead the market during the forecast period. The development of this segment is being driven by the implementation of teleradiology workflow, advances in imaging technologies, streamlining of teleradiology processes, as well as a shortage of radiologists in rural areas. Due to financial constraints, a lot of healthcare providers are unable to invest in trainee radiologists, resulting in a shortage of radiologists capable of interpreting more specialized and multifaceted scans. Because the demand for diagnostic imaging exceeds the supply of radiologists, hospitals are increasingly outsourcing their diagnostic reporting work.

Global Telemedicine Market: By Mode of Delivery

Based on the mode of delivery, the global telemedicine market can be categorized into mobile or web-based, telephonic, and cloud-based. Since mobile or web-based mode of delivery offers direct access to healthcare delivery solutions, this mode of delivery held the largest market share in 2020 and is projected to witness impressive growth in the coming years. This mode of delivery is witnessing a huge demand in developing countries that are increasingly adopting telehealth technologies for providing access to healthcare services in remote areas. The explosive growth in smartphone and tablet usage, along with rising disposable income are fueling the growth of this segment.

Global Telemedicine Market: By End-User

Based on end-user, the market is grouped into patients, healthcare providers, and healthcare payers. The patient segment dominated the market in 2020 and also held the largest revenue share as patients prefer seeking telemedicine services for a variety of reasons, ranging from minor to major health problems to emergency cases. According to a report published by the US Centers for Disease Control and Prevention in November 2020, telehealth visits increased by 154% in the last week of March 2020 compared to the period in 2019.

Global Telemedicine Market: Regional Insights

Geographically, the telemedicine market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America leads the global telemedicine industry and is projected to lead the overall industry during the forecast period. The rising incidence of chronic and lifestyle-related diseases, the region's aging population, as well as increased government funding and grants for telemedicine, are driving this trend. Moreover, the geriatric population of North America has a high prevalence of cancer and other chronic ailments, which drives the need for advanced healthcare systems even higher. In terms of market share, Europe follows North America, owing to improved government guidelines over the use of digital health and the increasing prevalence of chronic diseases. Additionally, the Asia-Pacific is also expected to register positive growth in the industry owing to the growing demand for healthcare assistance, especially in rural areas.

Source: Blueweave Consulting

Competitive Landscape

Some of the key players in the market is SteadyMD Inc., GE Healthcare (US), Cisco Systems, Inc., MDlive Inc., Siemen’s Healthineers, Zipnosos, Maven, Inc., MDlive, CVSHealth, iCliniq, Practo, Doctor On Demand, SnapMD, Encounter Telehealth, Global Med, MeMD, Teladoc Health Inc., AMD Global Telemedicine, Vsee, and other prominent players.

The global telemedicine market is also favorable for new entrants and their unique business models. For example, Amazon recently announced its plans of entering telehealth services that all businesses can use to provide benefits to their employees. Additionally, many startups are getting substantial financing from private equity companies in order to expand their operations. Therefore, market players are constantly engaging in acquisitions, partnerships, and mergers in order to remain ahead of the curve.

Recent Developments:

·         In March 2021, San-Francisco-based telehealth services provider Grand Rounds announced its merger with video telemedicine company Doctor on Demand (also based in San Francisco) to form a business that will combine Grand Rounds' care navigation services with the Doctor on Demand's telehealth platform.

·         In February 2021, Mateon Therapeutics, Inc., a reputable developer of TGF-β therapeutics for oncology and infectious disease and respiratory health, along with Windlas Biotech Pvt. Ltd. (Windlas), a leading Indian pharmaceutical contract drug development and manufacturing organization announced the launch of PulmoHeal^, a combined lung therapy, and AI-based telemedicine solutions for respiratory wellness in India.

Scope of the Report

By Type

Ø  Tele-hospital

Ø  Tele-home

By Application

Ø  Tele-radiology

Ø  Tele-ICU

Ø  Tele-pathology

Ø  Tele-dermatology

Ø  Tele-Psychiatry

Ø  Others

By Mode of Delivery

Ø  Mobile or Web-based

Ø  Telephonic

Ø  Cloud-based

By Region

Ø  The Asia-Pacific

Ø  North America

Ø  Europe

Ø  The Middle East & Africa

Ø  Latin America

FAQs:

1.    What is the current size of the global telemedicine market?

Answer: The global telemedicine market has reached USD 51.0 Billion in 2020.

2.    What are the major factors driving the growth of the global telemedicine market?

Answer:  The major factors driving the growth of the global telemedicine market are increasing consumer demand, shortage of healthcare specialists, growing patient acceptance, rising healthcare expenses, government assistance, advancements in telecommunications, and the growing demand for improved quality of healthcare.

3.    Who are the key players in the global telemedicine market?

Answer:  The key players in the global telemedicine market areSteadyMD Inc., GE Healthcare (US), MDlive Inc., Siemen’s Healthineers, Zipnosos, Maven, Inc., MDlive, CVSHealth, iCliniq, Practo, Doctor On Demand, SnapMD, Encounter Telehealth, Global Med, MeMD, Teladoc Health Inc., AMD Global Telemedicine, Siemen’s Healthineers, Vsee, and other prominent players.

4.    Which end-user accounted for the largest share in the global telemedicine market?

Answer: The patient segment accounted for the largest share in the global telemedicine market.

5.    Which region growing at a higher rate in the global telemedicine market?

Answer: North America is growing at a higher rate in the global telemedicine market.

Research Framework

1.1. Research Objective

1.2. Product Overview

1.3. Market Segmentation

2.    Research Methodology

2.1. Qualitative Research

2.1.1.   Primary and Secondary Sources

2.2. Quantitative Research

2.2.1.   Primary and Secondary Sources

2.3. Breakdown of Primary Research Respondents

2.3.1.   Secondary Research

2.3.2.   Primary Research

2.4. Breakdown of Primary Research Respondents, By Industry Participants

2.5. Key Questionnaire asked during Primary Interviews

2.6. Key Primary Responses

2.7. Market Size Estimation

2.8. Assumption for the Study

2.9. Market Breakdown & Data Triangulation

3.    Executive Summary

4.    Global TelemedicineMarket – Industry Insights

4.1. DROC Analysis

4.1.1.   Growth Drivers

4.1.2.   Restraints

4.1.3.   Opportunity

4.1.4.   Challenges

4.2. Recent Developments / Technical Landscape

4.3. Regulatory Framework

4.4. Porter’s Five Forces Analysis

4.5. Value Chain Analysis

4.6. PESTEL Analysis

4.7. Strategic Outlook

5.    Global Telemedicine Market Overview

5.1. Market Estimates & Forecast by Value, 2017-2027

5.1.1.   By Value (USD Billion)

5.2. Market Share & Forecast

5.2.1.   By Type (Value, USD Billion: 2017-2027)

5.2.1.1. Tele-Hospital

5.2.1.2. Tele-Home

5.2.2.   By Application (Value, USD Billion: 2017-2027)

5.2.2.1. Tele-radiology

5.2.2.2. Tele-ICU

5.2.2.3. Tele-stroke

5.2.2.4. Tele-pathology

5.2.2.5. Tele-dermatology

5.2.2.6. Tele-psychiatry

5.2.2.7. Others

5.2.3.   By Delivery Models

5.2.3.1. Web/Mobile-based

5.2.3.2. Telephonic

5.2.3.3. Cloud-based

5.2.4.   By End- Users

5.2.4.1. Healthcare Providers

5.2.4.2. Healthcare Payers

5.2.4.3. Patients

5.2.4.4. Others

5.2.5.   By Region

5.2.5.1. North America

5.2.5.2. Europe

5.2.5.3. Asia-Pacific (APAC)

5.2.5.4. Latin America (LATAM)

5.2.5.5. Middle-East & Africa (MEA)

6.    North America Telemedicine Market Overview

6.1. Market Size and Forecast

6.1.1.   By Value (USD Billion), 2017-2027

6.2. Market Share and Forecast

6.2.1.   By Type

6.2.2.   By Application

6.2.3.   By End Use

6.2.4.   By Country

6.2.4.1. U.S.

6.2.4.2. Canada

7.    Europe Telemedicine Market Overview

7.1.      Market Size and Forecast

7.1.1.   By Value (USD Billion), 2017-2027

7.2.      Market Share and Forecast

7.2.1.   By Type

7.2.2.   By Application

7.2.3.   By End Use

7.2.4.   By Country

7.2.4.1.   Germany

7.2.4.2.   U.K.

7.2.4.3.   France

7.2.4.4.   Italy

7.2.4.5.   Spain

7.2.4.6.   Russia

7.2.4.7.   Netherlands

7.2.4.8.   Rest of Europe

8.    APAC Telemedicine Market Overview

8.1.      Market Size and Forecast

8.1.1.   By Value (USD Billion), 2017-2027

8.2.      Market Share and Forecast

8.2.1.   By Type

8.2.2.   By Application

8.2.3.   By End-Use

8.2.4.   By Country

8.2.4.1.   China

8.2.4.2.   India

8.2.4.3.   Japan

8.2.4.4.   South Korea

8.2.4.5.   Rest of APAC

9.    LATAM Telemedicine Market Overview

9.1.      Market Size and Forecast

9.1.1.   By Value (USD Billion), 2017-2027

9.2.      Market Share and Forecast

9.2.1.   By Type

9.2.2.   By Application

9.2.3.   By End Use

9.2.4.   By Country

9.2.4.1.   Mexico

9.2.4.2.   Brazil

9.2.4.3.   Rest of LATAM

10. MEA Telemedicine Market Overview

10.1.   Market Size and Forecast

10.1.1. By Value (USD Billion), 2017-2027

10.2.   Market Share and Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By End Use

10.2.4. By Country

10.2.4.1. Saudi Arabia

10.2.4.2. UAE

10.2.4.3. South Africa

10.2.4.4. Rest of Europe

11. Competitive Landscape

11.1.1. List of Key Producers and Their Offerings

11.1.2. Market Share / Ranking Analysis (2020)

11.1.3. Competitive Benchmarking, By Operating Parameters

12. COVID-19 Impact

12.1.             Future Impact

12.2.             Key Developments during COVID-19

12.3.             Impact on Market

12.3.1. Different Scenario

12.3.2. Impact on Companies

12.4.             Regional Impact

13. Key Strategic Recommendations

14. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *

14.1.             SteadyMD Inc.

14.2.             GE Healthcare (US)

14.3.             MDlive Inc.

14.4.             Cisco Systems, Inc.

14.5.             Siemen’s Healthcare

14.6.             Zipnosys

14.7.             Maven, Inc

14.8.             MDlive

14.9.             CVSHealth

14.10.          iCliniq

14.11.          Practo

14.12.          Doctor On Demand

14.13.          AMD Global Telemedicine

14.14.          Vsee

14.15.          SnapMD

14.16.          Encounter Telehealth

14.17.          Global Med

14.18.          MeMD

14.19.          Teladoc Inc

14.20.          Other prominent players

*Financial information of non-listed Companies will be provided as per availability.

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.