Revolutionizing Healthcare: Exploring the Telemedicine Market | Global Insight Services

The global telemedicine market was valued at USD 63.5 billion in 2023, and it is anticipated to grow up to USD 98.5 billion by 2033, at a CAGR of 4.5% 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 organizations have already started or implemented telemedicine programs. Even small, independent medical practices are beginning to embrace telemedicine to compete with local retail clinics and stop losing patients.

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Market Trends and Drivers

The surging prevalence of chronic diseases and the cost-benefits of telemedicine will propel 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.

COVID-19 Impact

The COVID-19 pandemic had a significant impact on the global telemedicine market. It can be expected that the pandemic will expedite the adoption of telemedicine. Companies are already witnessing a surge in the number of telemedicine visits, with some companies reporting a significant spike in the demand for video consultations since the COVID-19 pandemic. Moreover, doctors are adopting telemedicine to ensure social distancing and limit their risk of exposure to infected patients. This has led to a growing number of patients using telemedicine for consultations.

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Research Objectives

  • Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
  • Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
  • Identify factors influencing market growth and challenges, opportunities, drivers and restraints
  • Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
  • Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
  • Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
  • To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
  • Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives

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Global Telemedicine Market Segmentation

By Service

  • Tele-consulting
  • Tele-monitoring
  • Tele-education/training
  • Others

By Type

  • Tele-hospital
  • Tele-home

By Specialty

  • Cardiology
  • Gynaecology
  • Neurology
  • Orthopaedics
  • Dermatology
  • Mental health
  • Others

By Delivery Mode

  • Web/Mobile
  • Call centers
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.

Research Scope

  • Scope – Highlights, Trends, Insights. Attractiveness, Forecast
  • Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
  • Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
  • Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
  • Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
  • Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.

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