Global Telemedicine Market – Size, Outlook, Trends and Forecast (2024 – 2032)

A telecommunication technology paved the way for an innovative change in the medical industry with smartphones, computers, and the internet. Telemedicine became a merger of medical sciences and telecommunication technology, thereby spreading the reach of medical help to areas and places that were formerly difficult to contact immediately.

Global Telemedicine Market Segments Size & Growth:

Global telemedicine market accounted for $23.13 billion in 2017 and expected to grow at a CAGR of 18.52% to reach $XX billion by 2025 during the forecast period 2019-2025. Major factors driving the market growth include an ageing population, growing prevalence of chronic diseases, improvements in telecommunication infrastructure, and increasing medical reimbursement for telehealth services. However, according to telemedicine industry analysis lack of interoperability between e-health solutions and delayed response time are restricting the growth of the global telemedicine market share.

Global Telemedicine Market Segments Share:

Global telemedicine market is categorised into by component which consists of services, hardware, and software. The services segment is projected to account for the major share of the global telemedicine market due to the growing adoption of remote monitoring solutions by patients in remote rural areas, technological improvements in telecommunication, and introduction of ACA and related legislation in the U.S.  The software segment is expected to witness the highest growth in the forecast period 2019-2025.

By mode of delivery, it is classified by cloud-based and on-premises. The cloud-based segment is expected to grow at the highest CAGR during the forecast period. Growing awareness of telemedicine in rural areas is likely to fuel the growth of the telemedicine market. By speciality, it is segregated into teleradiology, telecardiology, telepathology, emergency care, others. The telecardiology market is growing at a rapid rate owing to the increasing incidences of cardiac disorders. Tele-radiology accounted for a significant share of the tele-hospitals market driven by varied usage of this technology for shifting patient’s medical reports.

Tele-consulting segment is likely to lead the telemedicine market in 2017. This can be attributed to the growing number of smartphone users and the benefits available with teleconsulting services, like reduced hospital stays, and decreased healthcare expenditure and travel cost. By Geography, North America accounted for the significant share in the global telemedicine market with a 48.8% share in 2017 based on telemedicine market trends in this region. This growth is attributed owing to the better healthcare infrastructure, improved health care spending, rising geriatric population, and increasing prevalence of chronic and lifestyle-related diseases. However, the Asia-Pacific region is likely to grow at the highest CAGR during the forecast period 2019-2025.  This can be attributed due to the growth in geriatric population in Japan, Japan’s ICT fund to support the approval of HCIT (Health Care Information Technology) solutions and initiatives for the adoption of telepathology in China is boosting the market growth in APAC region.

Global Telemedicine Market Segments Trends:

• In July 2018, Philips launched Japan’s first telemedicine intensive care program to improve critical care.
• In March 2018, Honeywell Incorporated video capability in telehealth platforms to treat patients at home.
• In November 2017, BioTelemetry, Inc., partnered with Apple Inc. to offer cardiac monitoring services in combination with the Apple Heart Study
• In September 2016, Aerotel and LevMed collaborated to enhance the market share and integrating the products to provide eco-friendly ECG- telemonitoring solutions.

Global Telemedicine Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have a complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried out to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact on altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with significant competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The primary key telemedicine market leaders are:

• Honeywell Life Care Solutions
• Medtronic plc
• Koninklijke Philips N.V.
• AMD Global Telemedicine, Inc.
• Aerotel Medical Systems Ltd.
• Bio Telemetry Inc.
• Cisco Systems, Inc.
• Cerner Corporation

Along with these companies, there were many other companies considered/cited in the report while analysing the global telemedicine market size. These companies hold substantial share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and stable customer base.