Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Global Telemedicine Market" report has been added to ResearchAndMarkets.com's offering.
The global telemedicine market accounted for USD 115.04 billion in 2023 and is expected to reach USD 709.16 billion by 2034 with a CAGR of 17.98% during the forecast period 2024-2034. The market will grow as a result of factors such as the increased need for remote healthcare services, the aging population and the burden of chronic diseases, technological advancements, government support and policy changes, and an increase in partnerships and collaborations.
By component, the product segment accounted for the highest revenue-grossing segment in the global telemedicine market in 2023 owing to the increasing demand for remote monitoring devices, wearable health technology, and telemedicine software solutions, driving innovation and investment in product development. For instance, Teladoc Health expanded its reach and capabilities in the critical care and chronic illness management market in February 2024 when it purchased InTouch Health, a leader in virtual care solutions. Additionally, the services segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising need for virtual consultations, remote patient monitoring, and telehealth services, driven by advancements in technology, increasing healthcare expenditure, and the growing acceptance of telemedicine as an effective healthcare delivery model.
By application, the teleradiology segment accounted for the highest revenue-grossing segment in the global telemedicine market in 2023 owing to the increasing demand for remote diagnostic imaging services, improved access to specialized radiologists, and the ability to expedite the interpretation and reporting of medical images, enhancing patient care and treatment outcomes. For instance, Amwell expanded access to patients in underprivileged locations in March 2023 by launching a new virtual primary care product in collaboration with a large health organization. Additionally, the telepsychiatry segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing recognition of mental health importance, increased acceptance of virtual therapy sessions, and the need to address mental health challenges exacerbated by factors such as the COVID-19 pandemic and societal stressors.
By delivery mode, the web/mobile segment accounted for the highest revenue-grossing segment in the global telemedicine market in 2023 and is predicted to grow at the fastest CAGR during the forecast period owing to the proliferation of smartphones, increasing internet penetration, and the convenience of accessing healthcare services remotely through mobile apps and web platforms, driving widespread adoption among patients and healthcare providers alike.
By facility, the tele-hospitals segment accounted for the highest revenue-grossing segment in the global telemedicine market in 2023 owing to the growing demand for virtual hospital services, expansion of healthcare infrastructure, and the need to provide specialized care to remote or underserved areas, driving investment in tele-hospital facilities and services. Additionally, the telephone care solutions segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased accessibility for patients without internet access, simplicity of use, and the ability to provide basic medical consultations and triage services, particularly in rural and elderly populations.
By end-user, the patient segment accounted for the highest revenue-grossing segment in the global telemedicine market in 2023 owing to the increasing adoption of telemedicine platforms by patients for remote consultations, monitoring of chronic conditions, and accessing healthcare services conveniently from home. Additionally, the provider segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for telemedicine solutions among healthcare providers to enhance efficiency, streamline workflows, and expand access to care, driven by factors such as the need for remote consultations, telehealth services, and digital health solutions.
North America is anticipated to have the highest revenue share during the forecast period owing to the advanced healthcare infrastructure, high adoption of telemedicine technologies, favorable government policies, and increasing investments in healthcare IT solutions, driving the growth of the telemedicine market in the region. Additionally, Asia Pacific is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding population, increasing smartphone penetration, rising healthcare expenditure, and efforts to improve healthcare access and infrastructure, fueling the adoption of telemedicine solutions in the region.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Component, Application, Delivery Mode, Facility, and Distribution Channel
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of the Top 10+ Market Players
Global Telemedicine Market Segmentation, by:
Component
- Product
- Hardware
- Software
- Others
- Services
- Tele-consulting
- Tele-monitoring
- Tele-education
Application
- Teleradiology
- Telepsychiatry
- Telepathology
- Teledermatology
- Telecardiology
- Others
Delivery Mode
- Web/Mobile
- Call Centers
Facility
- Tele-hospital
- Tele-home
End-user
- Providers
- Payers
- Patients
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Companies Featured
- Teladoc Health Inc.
- American Well Corporation
- MDLive Inc.
- Amwell
- GlobalMed
- InTouch Health
- CareClix
- Cisco Systems Inc.
- Philips Healthcare
- Siemens Healthineers
- IBM Watson Health
- Honeywell Life Care Solutions
- Medtronic PLC
For more information about this report visit https://www.researchandmarkets.com/r/tyyobh
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