Newark, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the telemedicine market will grow from USD 94.02 Billion in 2022 to USD 510.74 Billion by 2032. The telemedicine market is expanding due to the rising prevalence of chronic and infectious diseases, rising investments in the healthcare industry and supporting government initiatives.
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Key Insight of the Telemedicine Market
North America region to account for the largest market size during the forecast period.
North America will have the most major telemedicine market share during the forecast period. The factors supporting the growth of the regional telemedicine market include the growth of healthcare industries in countries such as the U.S., Canada and Mexico. Many regional players are investing in the deployment of advanced technologies which can be used to deliver better and more efficient services to the patients, payers and providers.
The store & forward segment is expected to augment the market during the forecast period.
The modality segment is divided into real-time, store & forward and others. The store & forward segment is expected to augment the market during the forecast period. In store-and-forward telemedicine, clinical data is gathered and electronically sent to a different location for analysis. Medical history, demographic information, documents including lab reports, and images and videos are common types of information.
The services segment is expected to grow at the highest CAGR during the forecast period.
The component segment is divided into products and services. The product segment further includes software, hardware and others. The services segment further includes tele-education, tele-monitoring and tele-consulting. The services segment is expected to augment the market during the forecast period. Telemonitoring and teleconsulting are the most widely used services by patients. Surgeons, physicians and students utilize telemedicine services, propelling the market growth.
The telepsychiatry segment is expected to augment the market during the forecast period.
The application segment is divided into teledermatology, telepathology, telepsychiatry, telecardiology, teleradiology and others. The telepsychiatry segment is expected to augment the market during the forecast period. Many patients can receive psychiatric care through the method of telepsychiatry, which involves the use of telecommunication devices. Many people may find telepsychiatry beneficial as a substitute for conventional in-person psychiatric services.
The providers segment is expected to augment the market during the forecast period.
The end-users segment is divided into patients, payers, providers and others. The providers segment is expected to augment the market during the forecast period. The providers can improve their treatment methods, workflow and solutions through telemedicine. The providers can manage data and schedule patient appointments through telemedicine technology.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 94.02 Billion |
| Market Size in 2032 | USD 510.74 Billion |
| CAGR | 18.44% |
| No. of Pages in Report | 247 |
| Segments Covered | Modality, Component, Application and End-users |
| Drivers | Increasing use of telemedicine for monitoring remote patients |
| Opportunities | Increasing technological advancements |
| Restraints | Unavailability of physical diagnosis |
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Market Dynamics
Driver: Rising use of smartphones
Smartphones have emerged as an efficient means of communication both inside and between medical specialities for the care of patients. The surgical team can connect via voice, multimedia, text, email, and camera. Surgeons can offer consultation and opinions right away due to a variety of smartphone features. Telemedicine services are used in place of a second opinion in medical practises, and this system could generate income by enabling patients in remote locations to access specialized medical care without the hassle and expense of travelling to far-off medical facilities.
Restraint: Expensive installation
The cost of telemedicine solutions is high. Implementing a solution takes technology, software, and training, which are unquestionably expensive. To fully utilize the system, healthcare workers must master its ins and outs. Some mid-scale clinics and medical facilities might need help generating the required ROI.
Opportunity: Growing investment in telemedicine
The sustained expansion of telemedicine is fueled by strong ongoing uptake, positive consumer perception, and concrete investment in this area. A recent analysis shows telemedicine use has grown 38X since the pre-COVID-19 baseline. With 3X as much investment in digital health in 2020 as in 2017, investment in virtual care and digital health in general has soared, spurring greater innovation. With the potential to enhance customer experience/convenience, access, outcomes, and affordability, virtual healthcare models and business models are increasing and evolving. They are moving from urgent case virtual care to a range of services, including integration of telemedicine with other health solutions, longitudinal virtual care, and hybrid virtual care models.
Challenges: Data security issues
The telemedicine industry is increasingly facing cyber and technology-related data security and privacy exposure threats. Patients' worries about privacy and security are exacerbated by their lack of trust and knowledge of telemedicine technology. Thus, the data security issues are limiting the growth of the market
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Some of the major players operating in the telemedicine market are:
• American Well Corp.
• MDlive, Inc.
• Twilio, Inc.
• Teladoc Health, Inc.
• Zoom Video Communications, Inc.
• NXGN Management, LLC
• SOC Telemed, Inc.
• Plantronics, Inc.
• VSee
• Practo
• Sesame, Inc.
• PlushCare
• Doxy.me Inc.
• HealthTap, Inc.
Key Segments Cover in the Market:
By Modality:
• Real-Time
• Store & Forward
• Others
By Component:
• Product
o Software
o Hardware
o Others
• Services
o Tele-education
o Tele-monitoring
o Tele-consulting
By Application:
• Teledermatology
• Telepathology
• Telepsychiatry
• Telecardiology
• Teleradiology
• Others
By End-users:
• Patients
• Payers
• Providers
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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