Increasing adoption of electronic health record (EHR)/electronic medical record (EMR) will grow the Global Telemedicine Market during forecasted period

Market Overview

The global Telemedicine Market is expected to be valued at USD 502.2 billion by 2030, growing at an 18.9 % CAGR during forecast 2023-2032. As per telemedicine market analysts, the global market is anticipated to witness growth owing to the factors such as increasing demand for efficient health care services as well as the growing pressure on healthcare professionals. However, the telemedicine market will face challenges and restraints due to high expenses associated with telemedicine systems and the expenses associated with telemedicine systems during the forecast period.

The rising efforts to reduce the mounting pressure in the market is set to play a key role in determining the growth potential during 2023 to 2032. Analysts have also studied the global telemedicine market to understand potential threats and challenges in the market companies could face. Although the market for telemedicine is poised to grow at a fast pace across application, component, deployment, end-user, and service type segments, factors such as strict government regulations concerning telemedicine could slow down the telemedicine market's growth worldwide.

Market Segmentation

The global market has been segmented into application, component, deployment, end-user, and service type. Based on the segment which is a component, the market is categorized on the basis of software and hardware. The global market for telemedicine is further segmented based on application into cardiology, dermatology, ophthalmology, psychiatry, radiology, and others. Furthermore, the market, on the basis of end-user is segmented into hospitals, clinics, and home care. Based on the segment which is deployment, the market is categorized on the basis of cloud-based and on-premises. The global market for telemedicine is further segmented based on service type into tele oncology, teledermatology, telenursing, telepharmacy, teleradiology, and others. 

The telemedicine market research report covers all the aspects of the telemedicine market based on the segmental analysis of these application, component, deployment, end-user, and service type segments. Analysts have also studied the regional markets spread across many continents and countries. The application, component, deployment, end-user, and service type segments along with their sub-segments have been analyzed and companies functioning in the telemedicine market across these segments are profiled and analyzed based on input and feedback from telemedicine market based decision makers as well as primary and secondary sources. The telemedicine market research report presents analysis based information for companies functioning in the telemedicine market.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Telemedicine Market Research Report

Regional Overview

Hesitation to accept technology by practitioners may hinder the telemedicine market growth. The market research report suggests that companies in the global market could be supported by integration of AI & analytics as well as the increasing applications of AI & analytics in telehealth services during the forecast period. The global telemedicine market is set to register growth at a high CAGR owing to these key factors. The market for telemedicine is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global telemedicine market research report reveals that APAC, North America, and Europe regional telemedicine markets will dominate the global market for telemedicine during the forecast period 2018 to 2023. As per market analysts, the market is set to witness tremendous growth across radiology, hospitals, teledermatology, and software segments in North America which covers telemedicine markets across the United States, Canada, Mexico and several other regional markets. Companies active in the telemedicine market are also analyzed and studied in the telemedicine market research report.

The telemedicine market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the telemedicine market research report covers the Asia-Pacific region covering telemedicine markets from India, China, Japan, Australia, and others. The telemedicine market is also spread across the rest of the world. The telemedicine market report covers all such regions including the Middle East, Africa, Brazil, and others.

Competitive Landscape

Telemedicine has seen increased demand over the years, due to the growing efficacy provided by AI and versatile technology. Companies functioning in the global telemedicine market are also being challenged due to the conventional practice of consultation due to a lack of awareness and high expenses. Mergers and acquisitions by telemedicine market companies are anticipated to help the market during the forecast period . As the telemedicine market is set to register a high CAGR of 16.8% and is also anticipated to reach a US$56,783.3 million by 2023, the report highlights key areas companies need to focus on. The report suggests that the telemedicine market will see a healthy growth in the long run till 2023. Based on SWOT analysis and telemedicine market’s analysis based on Porters’ Five Force Model presented in the telemedicine market report. Mergers and acquisitions by telemedicine market companies are anticipated to help the market during the forecast period 2018 to 2023. 

Key Players in the market are CardioNetAerotel, Medical Systems Ltd., CareClix, Koninklijke Philips N.V., SHL Telemedicine, Medtronic, Cisco, TeleVital, Aerotel Medical Systems, Cardiocom, Allscripts Healthcare Solutions, IBM Corporation, Iris Telehealth, Intel Corporation, Honeywell Lifesciences, GENERAL ELECTRIC, Care Innovations, Cerner Corporation, AMD Global Telemedicine Inc., Tunstall Healthcare and Medvivo Group Ltd.

Industry News

Teladoc, a publicly traded telehealth firm, will pay $600 million for rival InTouch Health. Teladoc's top line is expected to increase as a result of the transaction, as well as its position in hospitals and health systems. There will be $150 million in cash and $450 million in Teladoc common stock in the $600 million offer. At Friday's trading close, the company's stock was worth $85.37. The contract is expected to be completed by the middle of 2020. More than 450 hospitals and health departments are served by InTouch Health. After its inception in 2002, the organisation has raised just over $49 million in funding. InTouch is forecast to generate $80 million in sales in 2019, up 35% from the previous year.