Telemedicine Market

Industry Overview

The global telemedicine market is expected to grow from USD 38.4 billion to USD 195.4 billion by 2030 at a CAGR of 37.9% during the forecast period ranging from 2025 to 2030.

Telemedicine uses different types of information and communication technologies. The main purpose is to offer better clinical solutions to the patients to facilitate improving health of individuals by using electronic media. It includes a wide range of services and applications such as smartphones, two-way videos, email, and wireless tools. Apart from that, the availability is increased due to lower distance barriers between the patients and medical service providers due to the advent of telemedicine.

The market comprises different services such as tele-consulting, tele-education, tele-monitoring, tele-training, and others and is growing at a significant rate. This is attributed to the growing incidents of chronic and lifestyle related diseases as well as a constant need for improved healthcare services. The tele-monitoring segment is particularly high in demand due to rise in the use of home monitoring devices.

The growth of the global telemedicine market is facing a setback due to shortage of skilled professionals to handle the operations. Along with it the high cost of installation of the systems also hinders widespread adoption and market expansion. However, with the availability of strong networks and a notable merger and acquisition among the leading players are creating new prospects for market growth.

Market Segmentation

Insight by End User

The global telemedicine market is divided by end users into tele-home, and tele-hospitals and clinics segments. Among all these segments, the tele-hospitals and clinics segment is expected to grow at a higher CAGR during the forecast period due to growing adoption of telemedicine in hospitals and clinics. On the other hand, the tele-home segment is also expected to grow at the fastest rate due to a growing preference for personalized medicine.

Insight by Service

The global telemedicine market is divided by service into tele-consulting, tele-education, tele-monitoring, tele-training, and other segments. Out of all these segments, the tele-monitoring segment is expected to grow at the faster rate during the projected period due to the rising demand for home monitoring devices and the awareness of the significant benefits offered to the care of patients who have suffered heart failure.

Insight by Specialty

The global telemedicine market is divided by specialty into dermatology, orthopedic, cardiology, gynecology, neurology, and other segments. Out of these, the dermatology segment is expected to grow more and contribute the larger market share due to rise in the number of patients receiving medical information related to skin conditions such as acne, rashes, skin tumor, and psoriasis. However, the neurology segment is also expected to grow at a faster rate due to rise in the number of cases.

Insight by Product

The global telemedicine market is divided by product into hardware, software, and other segments. Out of these, the hardware segments are expected to grow more during the forecast period due to higher adoption of different types of telemedicine products, which will need a large number of hardware components for their production purposes.

Insight by Modality

The global telemedicine market is divided by modality into real-time (synchronous), store and forward (asynchronous), and other technologies. Ot of these segments, the real-time segment is expected to dominate the market by higher revenue share due to growing demand for on-demand medical consultations, higher availability of services, and growing adoption of mHealth and virtual video visits.

Insight by Application

The global telemedicine market is divided by application into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology, and other segments. Among all these segments, the teleradiology segment will contribute the largest revenue share due to higher adoption in workflows by the healthcare providers, expansion within radiology sub-segments, regulated practice, and introduction of new teleradiology. On the other hand, telepsychiatry segment will also grow due to higher prevalence of mental and behavioral health disorders, higher adoption, and growing awareness.

Insight by Delivery Model

The global telemedicine market is divided by delivery mode into web/mobile and call centers, where the former is expected to grow more due to growing prevalence of smartphone usage, higher healthcare consumerism, and rising mHealth adoption. It is also attributed to the growing adoption of visualized care delivery solutions, higher user awareness, higher cloud-based solution penetration, and introduction of technologically advanced solutions.

Global Telemedicine Market Report Coverage

Industry Dynamics

Industry Trends

It is noticed that the major players of the industry are adopting different strategies to develop and launch newer and better products. They are also collaborating with others strategically to facilitate geographical expansion of the market by extending their reach across geo limits. Apart from that, there is a significant growth in the demand noticed for teleradiology to deal with emergencies and also to have second opinions.

Growth Drivers

The rise in medical tourism as well as the growth of the geriatric population prone to chronic diseases are the most significant factors driving the growth of the global telemedicine market. In addition, the significant increase in government funding and supportive initiatives to promote a robust framework for telemedicine practice also fuels the market growth. Apart from those rapid technological developments and the significant rise in the number of smartphone users and higher internet penetration and better connectivity allowing more accessibility and convenience for patients is promoting the market growth. The market expansion is also attributed to growing prevalence target disease and healthcare cost, the rising need for medical requirement in remote locations and need for remote patient monitoring services in developing countries are all propelling the growth of the global telemedicine market.

Challenges

One significant challenge faced by the global telemedicine market that hinders its growth is an inadequate healthcare infrastructure. In addition, the stringent regulatory standards and high capital requirement prevent new companies to netter the market and facilitate expansion.

Opportunities

The growth prospects to the telemedicine market are offered by the continual research and technological progress to allow developing innovative products. Also, the extensive use and integration of advanced technologies such as artificial intelligence (AI), machine learning, and others offer novel growth avenues.

Geographic Overview

North America leads the market due to the growing geriatric population as well as the developed telecommunication infrastructure. Apart from that, the market is expected to grow due to rising number of chronic and lifestyle related diseases as well as smartphone users and high demand for technologically advanced products.

The Asia-Pacific market will grow at a faster rate during the projected period due to growing number of chronic and lifestyle related diseases, rising healthcare expenditure, and rapid development in the information technology sector.

Competitive Insight

Key players in the telemedicine market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. Koninklijke Philips N.V., Aerotel Medical Systems Ltd., Cerner Corporation, McKesson Corporation, InTouch Technologies Inc., Cisco Systems Inc., Allscripts Healthcare Solutions Inc., BioTelemetry Inc., and Honeywell International Inc. are the key players offering telemedicine.

Koninklijke Philips N.V., commonly shortened to Philips, is a Dutch multinational conglomerate corporation that was founded in Eindhoven in 1891. It is the leading player in the remote patient monitoring market. Philips focuses on sustainable growth through continuous improvement of its operating base and the introduction of competitive technologies. 

Aerotel Medical Systems is a world-leading provider of high-quality, cost-effective and user-friendly medical diagnostic systems and devices for home care, eHealth and telemedicine, as well as telecare and personal safety. The company provides a complete disease management package; including trans-telephonic and wireless devices designed for a variety of remote diagnostic and monitoring applications, hardware and software platforms for remote monitoring call centers, as well as phone, cellular and web-based monitoring software.

Recent Developments by Key Players

Royal Philips (a global leader in health technology) has announced the debut of Philips Virtual Care Management, a comprehensive portfolio of flexible solutions and services to help health systems, providers, payers and employer groups more meaningfully motivate and deeply connect with patients from virtually anywhere. Philips Virtual Care Management can help reduce pressure on hospital staff by decreasing emergency department visits, as well as reducing the cost of care through better management of chronic disease.

Masimo and Philips partnered to improve telehealth for patients and clinicians around the world. through this partnership the Masimo W1 Watch with advanced Philips solutions will soon be available for home telehealth applications.

The Telemedicine Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

• By End User
  • Tele-Home
  • Tele-Hospitals
  • Clinics
• By Service
  • Tele-Consulting
  • Tele-Education
  • Tele-Monitoring
  • Tele-Training
  • Others
• By Specialty
  • Dermatology
  • Orthopedic
  • Cardiology
  • Gynecology
  • Neurology
  • Others

• By Product
  • Hardware
  • Software
  • Other Segments

• By Modality
  • Real-time (synchronous)
  • Store and forward (asynchronous)
  • Other technologies

• By Application
  • Teleradiology
  • Telepsychiatry
  • Telepathology
  • Teledermatology
  • Telecardiology
  • Other segments

• By Delivery Model
  • Web/Mobile
  • Call Centers 

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World (RoW)
  • Brazil
  • Saudi Arabia
  • South Africa
  • U.A.E.
  • Other Countries

Source: VynZ Research