Chicago, Aug. 10, 2023 (GLOBE NEWSWIRE) -- In the near future, the telehealth and telemedicine industry is poised to undergo a transformative evolution, redefining the way healthcare services are accessed and delivered. Rapid advancements in digital technology, coupled with the lessons learned from global healthcare challenges, have paved the way for a seamless integration of virtual consultations, remote patient monitoring, and data-driven personalized treatments. This paradigm shift promises to transcend geographical boundaries, improve healthcare accessibility, and enhance patient-centric care, while also necessitating robust cybersecurity measures and regulatory adaptations to ensure the privacy and security of sensitive medical information in this increasingly interconnected healthcare landscape.
Telehealth & Telemedicine market in terms of revenue was estimated to be worth $87.8 Billion in 2022 and is poised to reach $285.7 Billion by 2027, growing at a CAGR of 26.6% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The growth in the telehealth market is mainly driven by factors such as prevailing shortage of physicians, upsurge in geriatric population, rise in rural and medically underserved population, rise in chronic conditions, telecom advancements & cost-saving nature of telehealth and telemedicine services, government initiatives increased funding & conferences on telehealth and telemedicine practices, and rising technology adoption in the wake of COVID-19. However, regulatory barriers across regions, fraudulence and informal telehealth and telemedicine practices on social media are restraining this market. Also, the behavioural barriers, healthcare affordability & awareness are silently restricting this market.
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Telehealth & Telemedicine Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $87.8 Billion |
| Estimated Value by 2027 | $285.7 Billion |
| Growth Rate | Poised to grow at a CAGR of 26.6% |
| Market Size Available for | 2020–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Mode of Delivery, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia, and the Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | AI and Analytics |
| Key Market Drivers | Rising prevalence of chronic conditions and cost-benefits of telehealth and telemedicine |
Telehealth & Telemedicine market major players covered in the report, such as:
- Koninklijke Philips (Netherlands)
- Medtronic (Ireland)
- GE Healthcare (US)
- Cerner Corporation (US)
- Siemens Healthineers (Germany)
- Cisco Systems (US)
- Asahi Kasei Corporation (Japan)
- Teladoc Health (US)
- American Well (US)
- AMC Health (US)
- MDLIVE (US)
- Doctor on Demand (US)
- Medvivo (UK)
- Iron Bow Technologies (US)
- TeleSpecialists (US)
- GlobalMed (US)
- Medweb (US)
- IMEDIPLUS (Taiwan)
- VSee (US)
- Chiron Health (US)
- Zipnosis (US)
- ALTEN Calsoft Labs (US)
- iCliniq (India)
- Preventice Solutions (US)
- Resideo Life Care Solutions (US)
- and Among Others
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By Component
- Software & services
- Hardware
By Mode of Delivery
- Cloud-based
- On-premise
By Application
- Teleconsultation
- TeleICU
- Telestroke
- Teleradiology
- Telepsychiatry
- Teledermatology
- Other Applications
By End User
- Providers
- Payers
- Patients
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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The key stakeholders in the Telehealth & Telemedicine market include:
- Healthcare Providers: Medical professionals, doctors, nurses, and specialists who offer virtual consultations, diagnose, and treat patients remotely.
- Patients: Individuals seeking medical advice, diagnoses, prescriptions, and treatment through virtual platforms, improving accessibility and convenience.
- Technology Companies: Tech firms providing the necessary platforms, software, and hardware for secure and efficient telehealth services, including video conferencing, remote monitoring devices, and electronic health records (EHR) systems.
- Telecommunication Industry: Telecom companies offering high-speed and reliable internet connectivity, essential for seamless video consultations and data exchange between patients and healthcare providers.
- Regulatory Authorities: Government bodies responsible for establishing and monitoring regulations and standards governing telehealth and telemedicine practices to ensure patient safety, data security, and quality of care.
- Healthcare Institutions: Hospitals, clinics, and medical centers integrating telehealth services into their operations, enabling a hybrid model of in-person and virtual healthcare delivery.
- Insurance Providers: Health insurance companies adapting policies to cover telehealth services, acknowledging its cost-effectiveness and potential to improve patient outcomes.
- Pharmaceutical Companies: Drug manufacturers exploring partnerships and opportunities to offer virtual prescription services and medication delivery, enhancing patient convenience.
- Healthcare Associations: Professional organizations representing healthcare providers and practitioners, playing a role in shaping industry guidelines and best practices for telehealth.
- Investors and Venture Capitalists: Financial entities investing in telehealth startups, technology innovations, and infrastructure development to capitalize on the expanding market.
- Research and Development Entities: Organizations conducting research on telemedicine advancements, healthcare trends, and patient outcomes to drive continuous improvement and innovation.
- Patient Advocacy Groups: Organizations representing patient interests, ensuring that telehealth services prioritize patient needs, access, and quality of care.
- Data Security and Privacy Experts: Professionals specializing in cybersecurity, data protection, and privacy, crucial for safeguarding sensitive patient information exchanged during telehealth interactions.
- Academic Institutions: Universities and research centers contributing to the development of telehealth technologies, training future healthcare professionals, and conducting studies on the efficacy of telemedicine solutions.
- Government Agencies: National and regional bodies responsible for funding, regulating, and promoting telehealth initiatives as part of broader healthcare strategies and initiatives.
- Non-Profit Organizations: NGOs dedicated to improving healthcare access in underserved areas, utilizing telehealth to bridge gaps in medical services and offer care to remote populations.
These stakeholders collectively shape the telehealth and telemedicine landscape, driving innovation, adoption, and integration of virtual healthcare solutions into mainstream medical practices.
Recent Developments:
- In 2021, Medtronic partnered with Statis Labs Inc, this distribution partnership helped to scale up and expand access to state-of-the-art Stasis Monitor, a connected care bedside multi-parameter monitoring system in India
- In 2020, Koninklijke Philips, launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring
- In 2020, Koninklijke Philips formed collaboration with American Telemedicine Association (ATA) (US), this collaboration helped increase the adoption of telehealth across acute, post-acute, and home care settings.
- In 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) and coaching platform, operated by Envolve People Care, Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry’s current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.
Frequently Asked Questions (FAQs) of Telehealth & Telemedicine Market:
1. What is the projected market of the global telehealth & telemedicine market in 2027?
The projected market of the global telehealth & telemedicine market is expected to be 285.7 billion in 2027.
2. Who are the leading players in the telehealth & telemedicine market?
Some of the leading players in the telehealth & telemedicine market include Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Teladoc Health (US), American Well (US), AMC Health (US), MDLIVE (US), Doctor on Demand (US), Medvivo (UK), Iron Bow Technologies (US), TeleSpecialists (US), GlobalMed (US), Medweb (US), IMEDIPLUS (Taiwan), VSee (US), Chiron Health (US), Zipnosis (US), ALTEN Calsoft Labs (US), iCliniq (India), Preventice Solutions (US), and Resideo Life Care Solutions (US).
3. What are some of the major drivers & restraints for telehealth & telemedicine market?
Growth in this market is primarily driven by the growing geriatric and medically underserved (especially rural) populations, the growing prevalence of chronic conditions, the benefits of telehealth and telemedicine given the current shortage of physicians and care personnel, and advancements in telecommunications. However, variations in regulations, the possibility of fraud, and the growing reliance on social media are expected to restrain the market growth during the forecast period.
4. What is the impact of COVID-19 on the telehealth & telemedicine market?
The COVID-19 pandemic has had a devastating global impact on the health of the population and a huge economic impact on most countries. However, the pandemic provides immense opportunities for telehealth and telemedicine solutions, considering that social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe. Early in the COVID-19 pandemic, telehealth usage surged as consumers and providers sought ways to safely access and deliver healthcare. In April 2020, overall telehealth utilization for office visits and outpatient care was 78 times higher than in February 2020. Thus, rapid adoption of connected devices and telehealth solutions was witnessed.
5. Which region has the highest growth potential in the telehealth & telemedicine market?
North America is expected to dominate the telehealth & telemedicine market, with a share of 59.2% in 2021, while Asia Pacific is expected to register the highest CAGR of 33.7% during the forecast period.
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Report Objectives:
- To define, describe, and forecast the telehealth and telemedicine market based on component, application, mode of delivery, end user, and region
- To provide detailed information regarding the major factors influencing the growth of this market (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall telehealth and telemedicine market
- To analyze opportunities for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments with respect to four main regions—North America, Europe, the Asia Pacific, and the Rest of the World
- To profile key players and analyze their market shares and core competencies
- To track and analyze competitive developments such as product launches & approvals, partnerships, agreements, collaborations, and expansions in the overall market
- To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategies
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