Telemedicine Market (By Type: Tele-hospital and Tele-Home; By Component: Product and Services; By Application: Telepathology, Teleradiology, Teledermatology, Telepsychiatry, Telecardiology, and Others; By Technology: Store & Forward, Real-Time, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 - 2030


The global telemedicine market was valued at USD 53 billion in 2021 and is expected to reach USD 225 billion by 2030, growing with a compound annual growth rate (CAGR) of 15.6% during the forecast period 2021 to 2030.

Telemedicine Market Size 2021 to 2030

Growth Factors

The rising adoption of the telemedicine among the doctors and the patients is boosting the growth of the telemedicine market across the globe. The ease of use and convenient access to the healthcare services is the major benefit of adopting telemedicine. The telemedicine provides easy access to the healthcare coupled with improved quality and safety of the services, which drives the demand for the telemedicine. The various products of the telemedicine such as tele-ICU and tele-care efficient and quality services to the consumers. The rising burden of diseases and growing geriatric population across the globe are the major factors that may propel the growth of the telemedicine market. Moreover, telemedicine keeps a record of the patient’s past health records and can provide useful insights to the doctors or physicians while treating the patient. It improves the overall patient care.

The rising government investments to develop IT and telecommunications infrastructure, the growing dependence of the consumers on the digital services, increasing number of internet users, and increasing adoption of the smartphones are the major drivers of the telemedicine market. According to ITU, around 4 billion people were using internet by the end of 2019. Most of the internet users operates through their smartphones.

Type Insights

Based on type, the tele-hospital segment accounted for over 51% of the market share in 2021. The increased adoption of the telemedicine in the case of emergency has fueled the growth of this segment. The rapid growth of the telemedicine is directly linked to the COVID-19 pandemic. During the pandemic in 2020, the adoption of the telemedicine increased rapidly due to the traveling restrictions and increased adoption of digital technologies.

Telemedicine Market Share, By Type, 2020 (%)

The tele-home segment is predicted to reach notable growth during the forecast period. The rising preferences of the people to get treatment at their homes, especially the geriatric people and the increased awareness regarding the hospital acquired infections among the population are the major factors that are expected to drive the growth of this segment.

Component Insights

Based on component, the product segment accounted 45% revenue share in 2021. The product includes hardware and software.The hardware consists of wide variety of devices and are extensively used in the hospitals, clinics, and homecare telehealth devices. Various hardware used consists of mobile frame, communication lines, computer systems, therapeutic devices, video feed, and various others. The extensive usage along with the high prices of the hardware has resulted in a huge revenue generated by this segment. Moreover, the rapid development and updates in the software system to enhance the efficiency and effectiveness of the telehealth devices is exponentially boosting the segment growth.

Telemedicine Market Share, By Component, 2020 (%)

The services segment is projected to reach highest CAGR over the forecast period. The rising adoption of the telemedicine among the consumers and the doctors or physicians is propelling the sales of various services such as e-monitoring, e-consulting, and e-education, which is expected to drive the market growth.

Application Insights

Based on application, the teleradiology segment accounted 27% revenue share in 2021 and is expected to witness remarkable CAGR over the forecast period. The demand for the teleradiology increased rapidly in the past few years owing to various benefits it offers such as faster diagnostics, clear imaging, lower costs, and elimination of the excess work of the radiologists. This segment accounted for over 25% of the market share in 2020.

The telecardiology segment is expected to be fastest-growing segment during the forecast period. This is attributed to the rising prevalence of cardiovascular diseases among the global population coupled with rising adoption of the telemedicine platforms. Telemedicine provides patient monitoring feature who has a cardiac device implanted. It improves the patient care and hence the demand for this segment is expected to grow.

Technology Insights

Based on technology, the store & forward segment accounted 41% revenue share in 2021 and is projected to witness remarkable CAGR during the forecast period. The telemedicine app can store the past health records of the users and this information can be communicated to the doctors or the physicians at the time of treatment, which can enhance the patient care and benefit the patients.

The real-time segment is expected to hit largest CAGR over the forecast period. The real-time is very much useful especially at the tele intensive care because it transfers the patient’s data quickly to the intensivist at a distant location and helps the ICU members at the hospital in the treatment of the patient.

Region Insights

Based on region, North America accounted 35% revenue share in 2021. The rising burden of chronic diseases and growing geriatric population in US are the major factors behind the growth. Moreover, the region is characterized by increased disposable income, increased demand for the advanced technologies, and developed healthcare and IT infrastructure. According to NCBI, over 40,000 health apps were available for download on Apple iTunes store in 2013 in US. Thus, rapid growth of the telemedicine is boosting the market growth in this region.

Telemedicine Market Share, By Region, 2020 (%)

The Asia Pacific is expected to witness remarkable CAGR during the forecast period. Asia Pacific is estimated to grow due to various factors such as largest population, rapid urbanization, rising investments on healthcare infrastructure, and increased investments on the IT infrastructure. Further, the use of advanced technologies can significantly reduce the healthcare costs, which drives the adoption of telemedicine in the Asia Pacific region.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In May 2021, MediTelecare launched a direct-to-consumer mobile technology, named MediTely. It was especially designed for the old age population.

The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.

Some of the prominent players in the global telemedicine market include:

  • Koninklijke Philips N.V.
  • Medtronic
  • GE Healthcare
  • Cerner Corporation
  • Siemens Healthineers
  • Cisco Systems, Inc.
  • Teladoc Health Inc.
  • American Well
  • AMC Health
  • MDLive

Report Scope of the Telemedicine Market

Report Highlights Details
Market Size USD 225 Billion by 2030
Growth Rate CAGR of 15.6% From 2021 to 2030
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Type, Component, Application, Technology, Delivery Mode, Region
Companies Mentioned Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLive

 

Segments Covered in the Report

By Type

  • Tele-hospital
  • Tele-Home

By Component

  • Product
    • Hardware
    • Software
    • Others
  • Services
    • Tele-consulting
    • Tele-monitoring
    • Tele-education

By Application

  • Telepathology
  • Teleradiology
  • Teledermatology
  • Telepsychiatry
  • Telecardiology
  • Others

By Technology

  • Store & Forward
  • Real-Time
  • Others

By Delivery Mode

  • Web/Mobile
    • Telephonic
    • Visualized
  • Call Centers

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

What is the current size of telemedicine market?
The global telemedicine market size was reached at USD 53 billion in 2021 and is projected to hit USD 225 billion by 2030.
The global telemedicine market is projected to grow at a CAGR of 15.6% during the forecast period 2021 to 2030.
The global telemedicine market growth is driven by the increasing investments on the development of IT infrastructure, development of strong telecommunication channels, rising penetration of internet, increasing adoption of smartphones, and growing popularity of the digital technology.
The major players in the telemedicine market are Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLive.
North America accounted 35% revenue share in 2021 and will lead the market in near future.

PROCEED TO BUY

   USD 4500
   USD 7000
   USD 9000

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client

Get a Sample