Telemedicine Market

Telemedicine Market Outlook (2024 to 2034)

The valuation of the global telemedicine market size is estimated at US$ 17.83 billion in 2024. Worldwide demand for telemedicine services is predicted to increase at a 12.3% CAGR and reach a market size of US$ 57 billion by the end of 2034.

Growing expenditure on healthcare, increasing burden of chronic diseases, and rising traction for remote patient monitoring are key factors that are propelling demand for telemedicine solutions.

Several patients have been adopting telemedicine services to consult specialists. This factor is projected to help in cost reduction for patients as well as hospitals. Moreover, rising government support is encouraging hospitals to adopt telemedicine services that are further predicted to contribute to market growth.

Key Market Growth Drivers

• Technological advancements, especially in telecommunications, high-speed internet, and mobile devices, are making it comparatively easier for healthcare providers to provide telemedicine services. This has increased convenience and accessibility to healthcare facilities.
• Telemedicine is estimated to bridge the gap for patients residing in underserved or rural areas. It connects them with healthcare professionals without any requirement for long journeys.

Healthcare costs can be reduced with the adoption of telemedicine services for service providers and patients. It reduces the overhead prices related to the maintenance of physical healthcare facilities. In addition, it also assists patients in avoiding expenditure on transportation.

Telemedicine is beneficial for managing chronic diseases. Patients can avail facilities of regular check-ups with their respective doctors without any need for frequent in-person visits. Further, these solutions also reduce the burden on healthcare systems and improve their quality of life.

Several regulatory bodies and governments are taking steps to regulate and support telemedicine, which is predicted to offer a conducive environment for market growth. Removal of regulatory barriers and supportive reimbursement policies are some of the pivotal steps taken by these bodies to stimulate the adoption of telehealth services across regions. Collaborations between telemedicine service providers, insurance companies, and healthcare systems are estimated to facilitate the integration of telemedicine solutions into current healthcare ecosystems.

Report Attributes	Details
Telemedicine Market Size (2024E)	US$ 17.83 Billion
Forecasted Market Value (2034F)	US$ 57 Billion
Global Market Growth Rate (2024 to 2034)	12.3% CAGR
North America Market Size (2024E)	US$ 5.54 Billion
East Asia Market Share (2034F)	27.5%
Real-time Telemedicine Segment Value (2024E)	US$ 11.35 Billion
Key Companies Profiled	Babylon Tele-Med International CareClix AMD Global Telemedicine Global Telehealth Services American Well MD International AB Encounter Telehealth Doctor on Demand MDLIVE Inc.

Why are Telemedicine Solutions Becoming Immensely Popular across Geographies?

“Emergence of AI-based Healthcare Clinics across the World”

Introduction of AI-powered (artificial intelligence) booths in local malls includes smart medicine cabinets to dispense around 100 medications. Patients who need immediate consultations can avail the features of these AI-powered booths to get relief rapidly.

Machines powered by AI collect the medical history of patients and offer a diagnosis strategy that can be transferred to an expert in clinical settings. These miniature clinics ensure the connectivity of patients with clinicians. These clinics can use any location as a setup, including schools, shopping malls, pharmacies, highway service stations, etc.

• Vitalchat, in February 2023, launched E-Sitter to offer telehealth services to patients while connecting with hospitals. This innovation is powered by movement and voice and offers hands-free technology.

Innovations in telehealth solutions are predicted to offer tremendous growth opportunities for players in the coming 10 years.

“Improved Patient Convenience in Regular Healthcare Facilities”

Telemedicine providers offer more flexible scheduling options and enable patients to select appointment times as per their availability. This feature is helpful for patients who have very tedious schedules and cannot take time off from their responsibilities or work for in-person appointments. Patients can save transportation costs and other expenses with the adoption of telemedicine facilities.

Telehealth facilities enable patients to avail continuous care without any interruptions irrespective of the physical presence of their healthcare providers. In addition, it also works as a bridge to fill the gap to get specialized care, especially for patients who are living in remote areas with limited access to healthcare specialists. Convenience and engagement of patients are improved with the adoption of telemedicine services, which is predicted to act as one of the prominent driving factors in the market.

What Drawbacks of Telemedicine are Predicted to Limit its Adoption?

“Technological Barriers and Poor Medical Infrastructure in Low- and Medium-income Countries”

Infrastructure and technological barriers in low- and medium-income countries are predicted to impede the penetration of telemedicine services. The adoption of these digital health technologies is leading to increased requirements for cutting-edge telecommunication devices, storage capacity to process and transfer medical data, and high-speed internet. The higher cost of installation along with a dearth of skilled healthcare personnel is predicted to impede the telemedicine market growth.

“Increasing Risk of Data Security Breach”

Telemedicine is gaining traction as an effective and technology-driven alternative to traditional healthcare. Risk of data security breaches in telemedicine services is predicted to negatively impact the healthcare experience of patients. This is forecasted to reduce the confidence of patients and healthcare professionals, which is further projected to impede market growth opportunities.

What Initiatives are Start-ups Taking to Enhance Their Market Revenue Share?

“Adoption of Advanced Technologies by New Companies”

Advent of several advanced technologies, including the Internet of Things (IoT), machine learning, virtual hospitals, artificial intelligence (AI), and telehealth applications, is predicted to stimulate the adoption of telemedicine. Applications developed on machine learning algorithms are helpful in the diagnosis of chronic diseases, including cancer. Start-ups can invest in the development of technologically advanced products to aid services offered through telemedicine.

Country-wise Insights

Demand for telemedicine services in North America is projected to advance at 10.4% CAGR and reach US$ 14.88 billion by the end of 2034. Presence of some prominent players, including MDLIVE and Teladoc, along with increasing government support is predicted to stimulate the adoption of telemedicine, which is further predicted to contribute to revenue streams in the region.

Rising prevalence of chronic diseases and the implementation of supportive government policies are forecasted to bolster the adoption of digital health facilities, which are driving growth opportunities in the European region.

Why are Telemedicine Service Providers Eyeing the United States?

“Increasing Burden of Chronic Diseases Leading to Adoption of Advanced Healthcare Facilities”

Demand for telehealth solutions in the United States is forecasted to expand at 10.9% CAGR and is estimated to reach US$ 11.88 billion by 2034. Need for telemedicine services is increasing significantly in the United States owing to the rising burden of chronic diseases. In addition, extensive adoption of advanced healthcare technologies is also predicted to contribute to revenue streams. Reduced healthcare spending, improved quality of life of patients, and improved care management are some key factors contributing to the rising demand for telemedicine services.

Why Do Companies Have High Expectations in China and India?

“Supportive Government Initiatives Widening Application Scope of Telehealth Services”

Sales of telemedicine tools in China are projected to advance at 9.6% CAGR and reach a valuation of US$ 5.13 billion by the end of 2034. Increasing need for healthcare assistance and the presence of a large patient pool in China and India are predicted to stimulate demand for telemedicine services. These countries are forecasted to hold a significant share of regional market revenue in 2034.

• IBEF (India Brand Equity Foundation), in March 2021, reported the launch of a telemedicine service named eSanjeevani by the Indian government. This service completed about 3 million teleconsultations in the country in 2021.

Category-wise Insights

As per this research report by Fact.MR, a market research and competitive intelligence provider, demand for telemedicine solutions is predicted to increase at a rapid pace in homecare settings. Monitoring helps patients in the early identification of disorders and offers aid in emergencies.

Which End User is Projected to Contribute Significantly to Market Revenue?

“Rising Penetration of Internet-based Healthcare Services in Hospitals and Clinics”

Hospitals & clinics held 51% of the global telemedicine market share in 2023, as per Fact.MR report. This dominance is owing to the increased penetration of internet-based services and rising awareness among patients about their health. Moreover, supportive government initiatives are also forecasted to drive growth opportunities in the global market. In addition, the rising adoption of mHealth facilities is also estimated to generate lucrative opportunities for market players in the coming decade.

Competition Landscape

Companies are incorporating multiple strategies to achieve several purposes, including management of supply chain systems, ensuring quality control of products, new developments, etc. New launches, collaborations, etc., are some organic and inorganic strategies adopted by market players to expand their reach across geographies.

For instance :

• MediTelecare introduced MediTely in May 2021. It is a mobile health technology that is directly offered to consumers with a special concentration on geriatric people who have been living outside care facilities for a long time.
• Teladoc Health entered into a partnership with Vivo in May 2021 to improve access to qualitative healthcare in Brazil, particularly with the adoption of telemedicine.
• AMD Global partnered with PointClickCare Technologies in March 2021 to offer more effective healthcare facilities.

Key players in the telemedicine market are Babylon, Tele-Med International, CareClix, AMD Global Telemedicine, Global Telehealth Services, American Well, MD International AB, Encounter Telehealth, Doctor on Demand, and MDLIVE Inc.

Segmentation of Telemedicine Market Research

• By Product Type :

  • Real-time Telemedicine
  • Remote Patient Monitoring

• By Mode of Delivery :

  • Cloud-based
  • Premise-based

• By End User :

  • Hospitals & Clinics
  • Homecare Settings

• By Region :

  • North America
  • Europe
  • East Asia
  • Latin America
  • Middle East & Africa
  • South Asia & Oceania