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Telemedicine Market Size Is Expected to Exhibit 16.8% CAGR By 2023 | Share Analysis, Growth Statistics and Sales Insights

Telemedicine Market Size, Trends and Growth Insights By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care), Forecast till 2023

Telemedicine Market Trends and Insights

The telemedicine market size is anticipated to grow by USD 56,783.3 million by 2023 rapidly growing at a CAGR of 16.8% during the forecast period 2018 to 2023. The global telemedicine market is driven by adoption of new technologies, developed healthcare infrastructure, chronic disease prevalence, and growing investment. An up-to-date review of the telemedicine market dynamics, latest trends, and market performance details are presented in the telemedicine market study. The research report for the market is based on primary and secondary data.

This information is collected from major businesses, key company representatives, key decision makers, and industry’s thought leaders. The data for the telemedicine market report is then studied, analyzed, and duly verified with highly credible sources. This market research study offers a comprehensive overview of the global telemedicine market. The details covered in the market report cover market size, market trends, growth patterns, opportunities, constraints, and investment areas. The telemedicine market report also provides company profiles of leading businesses in the sector

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The need for telemedicine and real-time communication has reached its peak during the pandemic that can drive the eHealth services significantly during the forecast period. The growing need to reduce the burden on medical professionals is expected to grow demand for advanced telecommunication technologies that can augment the telemedicine market during the forecast period. Furthermore, the integration of AI and analytics is anticipated to enhance the efficiency of the telemedicine service, which is expected to drive the global market during the assessment tenure.

On the flip side, the expenses associated with the implementation of telemedicine systems can hinder market expansion during the forecast period. However, the rising prevalence of chronic illness is expected to counter the impeding cause that can grow the demand for telemedicine to monitor patients, which is likely to boost the market.

Telemedicine Market Segmentation

The global telemedicine market has been segmented based on service type end-users, deployment, and applications. On the basis of applications, the market for telemedicine is segmented based on radiology, cardiology, and dermatology. Additionally, the market on the basis of deployment, is segmented into cloud-based and on-premises. The global market for telemedicine is also covered based on service type segment which is further split into telenursing. Also, based on end-users the market is segmented into hospitals, home care, and clinics.

Factors such as growing chronic disease prevalence and increasing demand for successful health care services promote the growth of the telemedicine industry. In recent and current years, the success of the telemedicine market has also been studied. In addition, a detailed analysis of the different market segments mentioned above is provided in the telemedicine market report. It also offers sub-segment research to help support businesses involved in the global telemedicine industry. By defining key industry influencers such as AI & analytics integration, the study addresses different market facets. A systematic market overview with a thorough report on potential growth drivers is included in the report. To demonstrate a consistent telemedicine market performance study, market analysts have conducted a SWOT analysis of key vendors.

Telemedicine Market Competitive Landscape

SWOT analysis is used for the telemedicine market study to help recognise a possible competitive advantage in the healthcare industry. Porter’s Five Forces explores dynamic market forces in the market and market segments of the telemedicine market. It helps companies analyse the telemedicine market on the basis of five main elements: customers, new entrants, replacements, manufacturers, and competitive rivalry.

The telemedicine market research report on telemedicine offers perspectives to help businesses shape their approach to the industry’s competitive landscape. By exploring various aspects of the telemedicine market, companies may recognise key success factors and determine their place in the telemedicine market compared to others in the industry. The telemedicine market research report provides data for investors and large companies that can help them assess their telemedicine-centered product portfolios and decide on which products to invest in and which to cut, based on market trends in telemedicine and the expected cash flow created.

Telemedicine Market Regional Outlook

As several companies are involved in the telemedicine industry, in-depth regional analysis is given in the study. The regions covered in the report reflect their share in the global market which is set to expand at a fast pace in the coming years. The market research study on telemedicine also covers country-level markets. The regional telemedicine markets also have a major impact on the global telemedicine industry. The data presented in the telemedicine market report will help telemedicine companies make wise investment choices, a growth strategy and plans for new and existing products and services in the telemedicine market.

North America, APAC (Asia-Pacific), Europe and other parts of the world evaluated the main regional telemedicine markets presented in the study. As per the analysis, North America is anticipated to lead the global market for telemedicine during the forecast period owing to the presence of advanced healthcare infrastructure. The outbreak of COVID-19 has offered various opportunities for expansion. For example, AMD global telemedicine launched a virtual portal to streamline COVID-19 test results, which is likely to augment the regional market.

In the European telemedicine industry, the main markets for telemedicine are countries such as France, the UK, Germany, Spain, Italy and the rest of Europe. And the telemedicine industry in the United States, Mexico and Canada is experiencing healthy growth in North America

APAC is projected to propel at the highest rate during the assessment period owing to the rising need to curb the growing COVID-19 cases. Besides the increasing instances of coronavirus, the region is also witnessing a surging incidence of chronic illness among the expanding populace, which is anticipated to grow the demand for telemedicine. Furthermore, the presence of emerging economies such as; India and China are expected to play a salient role in developing the regional market. For example, eSanjeevani, India’s initiative to popularize eHealth service, has crossed more than 1 million teleconsultations. Such initiatives are predicted to strengthen the regional market in the coming period

MEA is expected to acquire a smaller market share during the forecast period owing to the lack of awareness and hesitance to adopt the latest technologies in the healthcare sector.

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