Global Telemedicine Market Size to Reach USD 449.01 Billion in 2032 | Emergen Research
Emergen Research
8 min read
Emergen Research
Global Telemedicine Market Shows Strong Growth, Fueled by Healthcare Challenges and Technological Advancements
Vancouver, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global telemedicine market size was USD 84.00 Billion in 2022 and is expected to register a revenue CAGR of 18.3% during the forecast period. according to a recent market research report. The report highlights several key factors driving this remarkable growth, such as the shortage of healthcare professionals, technological advancements, government initiatives, and increasing demand for remote healthcare services. However, it also identifies barriers like infrastructure challenges and regulatory issues that hinder market expansion.
One of the major drivers of the telemedicine market is the shortage of healthcare professionals, especially in low- and lower-middle-income countries. By 2030, the World Health Organization predicts a shortage of 10 million health workers. Telemedicine provides a solution to this problem by enabling the distribution of specialist expertise to underserved areas. It's seen as a crucial tool for equitable healthcare, particularly in cognitive specialties like psychiatry, cardiology, and infectious disease.
The market growth is also fueled by technological advancements, including Artificial Intelligence (AI), Internet of Things (IoT), and Augmented Reality (AR). AI-powered healthcare chatbots and AI-based Electronic Health Records (EHRs) enhance patient care and streamline healthcare processes. The integration of AR and Virtual Reality (VR) in telemedicine enhances medical imaging, training, and diagnostic accuracy, providing innovative tools for medical professionals and patients.
its growth, the telemedicine market faces challenges due to poor infrastructure and connectivity. Inadequate Information and Communication Technology (ICT) infrastructure, limited internet connectivity, and high initial startup costs hinder its expansion. These issues are compounded by ICT literacy gaps and resistance to change. Regulatory barriers, including standardized policies for online prescriptions and malpractice liability, also pose obstacles, particularly in developing countries.
In 2022, the service segment led the telemedicine market in terms of revenue growth. Telemedicine services, including evaluation and diagnosis, remote monitoring, teleconsultation, and telehealth education, are in high demand. The convenience and accessibility of remote healthcare services drive growth, supported by continuous technological advancements.
The report also highlights the rapid growth of telemedicine among healthcare consumers. Telemedicine bridges geographical gaps, providing improved access to healthcare in remote areas. It offers cost-effective and convenient healthcare services, contributing to the goal of achieving universal health coverage.
The healthcare provider segment is expected to maintain the largest revenue share in the telemedicine market during the forecast period. Telemedicine optimizes Revenue Cycle Management (RCM) for healthcare providers by expanding patient access, increasing patient volume, improving revenue capture, and enhancing billing efficiency.
North America held the largest revenue share in the global telemedicine market in 2022, driven by its historical development and widespread adoption. The Asia Pacific region is experiencing rapid growth due to economic constraints, healthcare challenges, and the acceleration of telemedicine adoption prompted by the COVID-19 pandemic. Europe accounted for the second-largest revenue share, with wide adoption of telehealth services and the exchange of electronic medical records.
Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
Type, Technology, End Use, Component, Delivery mode, and Region
Regional scope
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled
Koninklijke Philips N.V., Siemens Healthcare provider GmbH, Oracle, GE Healthcare provider, Medtronic, Teladoc Health, Inc, American Well, Doctor on Demand, GlobalMedia Group, LLC, MDLIVE, Cisco Systems, Inc., AMC Health, Asahi Kasei Corporation, Iron Bow Technologies, CEP AMERICA, LLC, Medvico, VSee, CHIRON HEALTH, Zipnosis and iClinig
Customization scope
10 hours of free customization and expert consultation
The global telemedicine market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient telemedicine solutions. Some major players included in the global telemedicine market report are:
Koninklijke Philips N.V.
Siemens Healthcare provider GmbH
Oracle
GE Healthcare provider
Medtronic
Teladoc Health, Inc.
American Well
Doctor On Demand
GlobalMedia Group, LLC
MDLIVE
Cisco Systems, Inc.
AMC Health
Asahi Kasei Corporation
Iron Bow Technologies
CEP AMERICA, LLC
Medvico
VSee
CHIRON HEALTH
Zipnosis
iClinig
Strategic Development
On 18 January 2023, Royal Philips and Masimo joined forces to enhance patient monitoring in home telehealth applications with the Masimo W1 advanced health tracking watch. This collaboration aims to revolutionize telemonitoring and telehealth by combining their expertise in monitoring, connectivity, and automation. The Masimo W1 watch offers continuous pulse oximetry measurements and transmits patient data securely to Philips's patient monitoring ecosystem, enabling remote clinician surveillance. This breakthrough innovation will benefit early discharge initiatives, hospital-at-home programs, and chronic illness management by providing continuous monitoring and timely interventions. The partnership reflects a commitment to improving access to quality healthcare while leveraging the potential of remote monitoring technologies.
On 9 October 2023, SUNU Health Nigeria Limited entered into a partnership with Mobihealth to provide telehealth services to insurance beneficiaries. This partnership will enable SUNU beneficiaries to access healthcare professionals locally and globally via their mobile devices, homes, or workplaces around the clock.
For the purpose of this report, Emergen Research has segmented the global telemedicine market on the basis of type, technology, end-use, component, delivery mode, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Tele Hospitals
Tele Homes
mHealth (Mobile Health)
Technology Outlook (Revenue, USD Billion; 2019-2032)
Store-and-forward (Asynchronous)
Real-time (Synchronous)
Others
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Healthcare provider
Healthcare consumers
Others
Component Outlook (Revenue, USD Billion; 2019-2032)
Software
Hardware
Services
Telepathology
Telecardiology
Teleradiology
Teledermatology
Telepsychiatry
Other Services
Delivery Mode Outlook (Revenue, USD Billion; 2019-2032)
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
Web/Mobile (Telephonic, Visualized)
Call Centers
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