Telemedicine Market: Global Industry Analysis and Forecast (2024-2030) by Component, Categories, End User, and region.

Telemedicine Market Objective 

 

Stellar Market Research conducted brief analysis on Global Telemedicine Market. The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Global Telemedicine Market. The analysis examines all areas of the industry, with a focus on significant companies such as market leaders, followers, and newcomers. The research is an investor's guide since it clearly depicts competitive analysis of major competitors in the Global Telemedicine Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

 

Telemedicine Market Overview

 

Telemedicine is practice of providing medical care remotely by telecommunications technology. It involves sharing of medical data by encrypted messaging apps, phone conversations, or video chats between a patient and a medical expert.

 

The key driving factors for Telemedicine market such as aging population, regulatory support, rise in consumer demands, and many others are analysed in the report. Recent technologies, like AI for observing and tracking patients' health status Virtually and Data Analytics for keeping records to improve accessibility to medical data and streamlining healthcare processes, are applied to cater the rising demand for Telemedicine Market. Use of artificial intelligence in Telemedicine is surging as for data analysis, personalized medicine, and bettering patient outcomes, AI has created huge opportunity for Telemedicine market players to enhance their sales. Recent trends in Telemedicine market, such as, Integration with Electronic Health Records (EHR) to streamline the sharing of patient information and improve overall continuity of care, Telemedicine Startups to offer innovative solutions and disrupting traditional healthcare delivery models, and many others are analysed thoroughly in the report.

 

Stellar market research conducted the analysis of for Telemedicine market over past 5 years and by using the data, came to a conclusion that North America dominated the global Telemedicine market with around 45% market share and is expected to continue its dominance during the forecast period. The dominance is majorly supported by United States and Canada. United States, with a CAGR of 20%, has dominated the Telemedicine market in North America. Companies like  Teladoc Health Inc., American Well Corporation, MDLive Inc., and others are few major companies operating in North America region analysed in the report. APAC and Europe are also contributing significantly to the Global Telemedicine market.

 

 

Telemedicine Market Dynamics

 

Increase in adoption of Telemedicine

 

The global telemedicine market witnessed surge in adoption and acceptance, with drastic shift during and after COVID-19 pandemic. According to SMR analysis, telemedicine utilization in the United States increased from 10% of total outpatient visits in 2019 to a 40% in 2023. This shift showcase the rapid acceptance and mainstream integration of telemedicine solutions.

 

 

Globally, chronic illnesses is rising, and to provide effective treatment, telemedicine plays an important role by  keeping an eye on a patient, and sharing information that leverages the newest telecommunications technologies. Monitoring makes it feasible to prevent chronic illnesses and diagnose diseases early. Recent initiatives like Denmark's TELEKART, the US's veterans' health segmentation (VHA), and the UK's whole system demonstration (WSD) are done to cater the growing demand of consumers.

 

Advancement in technologies related to telemedicine

As the global healthcare industry advances digitally, advanced technologies are playing a crucial role in reshaping the telemedicine market. These cutting-edge tools are transforming telemedicine by improving diagnostic accuracy, tailoring patient care, and streamlining healthcare delivery. Artificial Intelligence (AI) and machine learning algorithms are increasingly being incorporated into telemedicine platforms to enhance the efficiency and precision of remote diagnostics. Virtual Reality (VR) and Augmented Reality (AR) applications are changing the landscape of telehealth by offering immersive experiences for both patients and healthcare providers. The Internet of Things (IoT) enables remote monitoring through connected devices, contributing to a more comprehensive approach to patient care.

 

In Europe, countries like Germany, the United Kingdom, and France are leading the way in improving telemedicine through technological advancements. This progress is driven by the rising demand for affordable and time-efficient healthcare services. According to SMR analysis, the telemedicine market in Europe is projected to reach €16 billion by 2025, underscoring the substantial growth made possible by technological innovations.

 

Companies such as Siemens Healthineers, Philips Healthcare, and Teleperformance are putting a lot of money into research and development to come up with new and clever telemedicine solutions. Siemens Healthineers is leading the way in making diagnostic tools that use artificial intelligence (AI), making telemedicine services better and faster. Philips Healthcare is adding the Internet of Things (IoT) to its telehealth solutions, letting doctors monitor patients from a distance and use data to manage healthcare more effectively.

 

Regulation impact on Telemedicine Market

 

Telemedicine regulations in the USA include consent, online prescribing, licensing across states, licensure compacts, and professional board standards. The Interstate Medical Licensure Compact (IMLC) enables practitioners licensed in one state to offer telemedicine services in another state. The American Medical Association (AMA) is actively working to permanently eliminate restrictions on telehealth coverage and payment at the federal level.

 

The Ministry of Health, Labour and Welfare (MHLW) in Japan updated its guidelines for telemedicine. These guidelines now allow telemedicine to begin with the first patient visit, as long as a primary care physician generally conducts the initial contact. The MHLW has also outlined specific requirements regarding the security systems and measures that must be in place for telemedicine, ensuring the protection of patient information.

 

Telemedicine Market Segment Analysis

 

Based on Application, in 2023, the telemedicine market had different specialized areas like Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology, and others. Among these, Teleradiology is the most dominant and expected to continue leading in market share. This is because more healthcare providers are using Teleradiology due to an increase in imaging practices. Additionally, the simplification and regulation of Teleradiology processes contribute to its widespread adoption.

 

 

One of the key reasons for Teleradiology's dominance is the integration of Artificial Intelligence (AI) into the field. AI is making the interpretation of radiological images more efficient.

 

 

The use of Picture Archiving and Communication System (PACS) is also contributing to Teleradiology's growth. PACS helps in the digital storage and retrieval of medical images, streamlining the process. The expansion of research and development (R&D) activities in the health sector is playing a crucial role in Teleradiology's growth. As more advancements are made in technology and processes, Teleradiology is becoming even more integral to the broader telemedicine market.

 

Telemedicine Market Competitive Analysis

 

In M&A, the United States has been the major player in gathering funds for telemedicine. Since 2015, they have raised over $28 billion through over 2,200 transactions, making up more than 60% of the total funds collected globally.

 

1. Teladoc Health, Inc.

• Invested $400 million in research and development (R&D) and innovation in 2023.
• A global leader in whole-person virtual care, offering technology for connecting patients with trusted expertise and improving health outcomes.
• Acquired Livongo Health for $18.5 billion in 2020, which marked a major move in the telehealth space.

 

2. American Well Corporation

• Partnered with Cleveland Clinic to form a joint venture, under the name CCAW, JV LLC, to provide broad access to comprehensive and high acuity care services via digital care delivery.
• Acquired Conversa Health, an automated care company, in August 2021 for an aggregate purchase price of approximately $320 million.
• Acquired SilverCloud Health, a digital mental health platform, in 2021 for $320 million.

 

3. Grand Rounds Health

• Grand Rounds Health merged with Doctor on Demand in 2021.

4. Apple

• Apple has played a significant role in telemedicine by creating digital health tools. These include features like wellness trackers on the Apple Watch and their exclusive telemedicine application, Apple Health.

5. SnapMD

• SnapMD has secured $20.7 million in funding from six investors, which include J.F. Shea Co and MBX Capital. This financial backing will support the growth and development of SnapMD's business in telemedicine market.
• The research includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favourable or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry.

 

The research also aids in comprehending the Telemedicine Market dynamics and structure by studying market segments and forecasting market size.

 

The research is an investor's guide since it clearly depicts competitive analysis of major competitors in the Telemedicine Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

 

Telemedicine Market Scope
Market Size in 2023	USD 90 Bn.
Market Size in 2030	USD 254.36 Bn.
CAGR (2024-2030)	16%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Delivery Mode On-Premise Delivery Cloud-Based Delivery
	By Application Teleradiology Telepsychiatry Telepathology Teledermatology Telecardiology Others
	By End User Providers Payers Patients Other
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Telemedicine Market Players

• Koninklijke Philips N.V.
• American Well Corporation
• Medtronic plc
• Siemens AG
• AMC Health, LLC
• The Cigna Group
• Teladoc Health Inc.
• General Electric Company
• Oracle Corporation
• MDlive, Inc. (Evernorth)
• Twilio Inc.
• Doctor On Demand, Inc. (Included Health)
• Zoom Video Communications, Inc.
• SOC Telemed, Inc.
• NXGN Management, LLC
• Plantronics, Inc.
• Practo
• VSee
• AMD Global Telemedicine Inc.
• Resideo Technologies Inc. (Honeywell Life Care Solutions)
• Allscripts Healthcare Solutions Inc.
• Aerotel Medical Systems