Global Telemedicine Market Forecast to 2023 | Industry Size, Share, Research

Market Insights

According to Market Research Future's (MRFR) latest report, the global telemedicine market is expected to value an estimated USD 56.73 billion by the end of 2023 and observe a notable CAGR of 16.8% during the forecast period 2017-2023. Increasing occurrences of chronic lifestyle diseases and the rapid evolution of applications for telecommunication and IT technology are crucial factors driving market growth. 

The increasing adoption of electronic health records is poised to be a major market driver during the forecast period due to its capability to allow physicians to communicate with their patients securely and effectively. The prevalence of diseases such as cancer where patients could benefit from telemedicine treatment is likely to provide avenues for growth of the market. Additionally, rising demand for self-care options, the advent of virtual medicine and the ability of the technology to reduce emergency hospital visits is expected to encourage robust growth during the forecast period.

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Extensive required training, high cost associated with deployment and stringent regulations regarding the same are expected to hinder market growth. However, the market and relevant technology are still in its Indian stages, and government-sponsored telemedicine programs provide high potential for growth in the future. 

Market Segmentation

The global telemedicine market has been broadly categorized by service type, component, deployment, application, end-user, and region. 

By service type, the market has been segregated into telenursing, telepharmacy, teleradiology, teledermatology, teleoncology and others. 

By component, the market has been divided into software and hardware. Further sub-segmentation is as follows

• Hardware - monitors and peripheral medical
• Software - integrated software and standalone software 

By deployment, the market is divided into cloud-based and on premises. 

By application, the market has been divided by cardiology, ophthalmology, psychiatry, radiology, dermatology, and others. 

By end users, the market is segmented into hospitals, clinics, and home care.  

Regional Analysis

The Americas possess the most significant market share due to the existence of a well funded and established healthcare sector. Moreover, the region is often swift in its adoption of current healthcare IT technology. There is a strong presence of major market players who contribute significantly toward the market position of this region. The research and development of this technology in the Americas, specifically the U.S and Canada is expected to motivate market growth. 

Government support and pressing healthcare needs have boosted Europe to the second largest regional market segment. Developed economies in this region have an established healthcare sector and a growth pattern similar to that of the Americas. 

Rapidly emerging economies of the fastest growing Asia Pacific region such as India, China, and Australia are driving growth for the global telemedicine market. The growing expenditure on healthcare and the considerable potential of this technology for the vast patient population that exists in this region is expected to motivate growth. 

Meanwhile, the Middle East & Africa is expected to grow moderately during the forecast period due to the presence of impoverished countries in the African continent. However, developing countries of the Middle East are expected to facilitate growth, albeit limited. 

Key Players

Prominent players who have been profiled in MRFR's analysis of the competitive landscape include Aerotel Medical Systems Ltd., Allscripts Healthcare Solutions, Cardiocom, AMD Global Telemedicine, Inc., CardioNet, CareClix, Cerner Corporation, Intel Corporation,  Iris Telehealth, Koninklijke Philips N.V., Medtronic, GENERAL ELECTRIC, IBM Corporation, SHL Telemedicine, TeleVital, Honeywell Lifesciences, Tunstall Healthcare, Care Innovations, Medvivo Group Ltd, and others. 

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Latest Industry News

A Pennsylvania hospital has seen benefits from deploying telemedicine. Abington Hospital - Jefferson Health has been using a virtual visit platform in it's OR so that clinician can connect with specialists during intensive operations. Physicians are also using the tool to communicate with a patient's family after surgery.

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Sapana Joined: March 13th, 2019