The global telemedicine market was valued at USD 60,908.9 million in 2021 and it is anticipated to grow up to USD 4,35,880.7 million by 2031, at a CAGR of 21.4% during the forecast period.
Telemedicine, also known as telehealth or e-medicine, is the remote delivery of healthcare services via telecommunications infrastructure, such as exams and consultations. According to recent research, 90% of organisations have already started or implemented telemedicine programmes. Even small, independent medical practises are beginning to embrace telemedicine in order to compete with local retail clinics and stop losing patients.
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Market Trends and Drivers
Surging prevalence of chronic diseases and cost-benefits of telemedicine will propel the market expansion. For instance, according to the US CDC, chronic diseases are major causes of death and disability globally and are strong contributors to the rise in annual healthcare expenditures. The management of chronic diseases requires constant monitoring and therapy to slow their progress.
Telehealth and telemedicine, especially remote patient monitoring (RPM)/tele-homecare, are capable of improving patient self-management, medication compliance, clinical outcomes, and patient & provider satisfaction while reducing emergency room visits, hospital admissions, primary care utilization, long-term care, home admissions, and patient travel costs. These advantages are driving the demand for telehealth among end-users.
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Global Telemedicine Market Segmentation
Service
- Tele-consulting
- Tele-monitoring
- Tele-education/training
- Others
Type
- Telehospital
- Telehome
Specialty
- Cardiology
- Gynecology
- Neurology
- Orthopedics
- Dermatology
- Mental health
- Others
Delivery Mode
- Web/Mobile
- Call centers
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Major Players in the Global Telemedicine Market
The key players in the market are 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), and AMC Health (US), among other.
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