How Big is The Telemedicine Market?

IMARC Group, a leading market research company, has recently releases report titled “Telemedicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global telemedicine market size reached US$ 59.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 218.0 Billion by 2028, exhibiting a growth rate (CAGR) of 21.9% during 2023-2028.

What is Telemedicine Market?

Telemedicine, also known as telehealth, refers to the use of telecommunications technology, such as video conferencing, secure messaging, and remote monitoring, to provide healthcare services remotely. It involves real-time interactions between patients and healthcare providers, typically through video calls or phone consultations. It enables patients to consult with healthcare professionals without the need for in-person visits, breaking down geographical barriers and enhancing access to medical care. It also provides remote monitoring and consultations, which enable early intervention and proactive healthcare management. It facilitates the delivery of healthcare to the elderly, helping them manage chronic conditions and receive regular check-ups.

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What are the growth prospects and trends in the Telemedicine industry?

At present, the increasing demand for telemedicine as it connects patients to specialists in fields like cardiology, dermatology, and psychiatry, regardless of their location, represents one of the crucial factors impelling the growth of the market. Besides this, the rising popularity of remote monitoring among patients dealing with chronic conditions, such as diabetes and hypertension, is contributing to the growth of the market. In addition, the growing occurrence of various chronic ailments among the masses due to the adoption of unhealthy lifestyle habits and consumption of calorie-rich diets is offering a favorable market outlook. Apart from this, increasing advancements in telehealth, such as the insertion of artificial intelligence (AI) and machine learning (ML) algorithms, for predictive analytics and personalized patient care are bolstering the growth of the market.

Who are the key players operating in the industry?

The major players in the market are

• Aerotel Medical Systems (1998) Ltd.
• Allscripts Healthcare Solutions Inc.
• AMD Global Telemedicine Inc.
• American Well Corporation
• Cigna Corporation
• Cisco Systems Inc.
• Doxy.me Inc.
• HealthTap Inc.
• PlushCare Inc. (Accolade Inc.)
• SHL Telemedicine
• SOC Telemed Inc. (Patient Square Capital)
• Teladoc Health Inc. and Twilio Inc.

What is included in market segmentation?

The report has been segmented the market into following categories:

Breakup by Component:

• Product
  • Hardware
  • Software
  • Others
• Services
  • Tele-consulting
  • Tele-monitoring
  • Tele-education

Breakup by Modality:

• Real-time
• Store and Forward
• Others

Breakup by Delivery Mode:

• Web/Mobile
  • Audio/Text-based
  • Visualized
• Call Centers

Breakup by Facility:

• Tele-hospital
• Tele-home

Breakup by Application:

• Teledermatology
• Teleradiology
• Telepsychiatry
• Telepathology
• Telecardiology
• Others

Breakup by End User:

• Providers
• Payers
• Patients
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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