Summary

Global Telemedicine Market will reach to US$ 197.55 Billion by 2028 according to Renub Research. Telemedicine, also called e-medicine, is the remote delivery of healthcare services, including consultations and examinations, over the telecommunications infrastructure. By using the latest telemedicine features, practice can reap numerous benefits. Telemedicine can reduce medical costs, improve efficiency and profitability, and offer patients better access to medical services.


Telemedicine has shown tremendous growth in the last five years. Telemedicine helps patients to connect with physicians remotely and also aids in reducing the price burden of healthcare. Due to these advantages, physicians and hospitals look forward to adopting digital health technologies. In addition, Telemedicine has also triggered the government to reimbursement policies and develop regulations around telehealth. Telemedicine Market size surpassed US$ 54.02 Billion in 2022.


Introduction of Al-based clinics to create multiple opportunities in the field of Telemedicine

Artificial intelligence-powered booths in local malls have emerged in the last few years. The system includes an intelligent medicine cabinet that dispenses over 100 medications. In addition, the AI machine collects the patient's medical history and provides a diagnosis strategy, which is transferred to a clinical expert. These small clinics are called "One-Minute Clinics." These clinics connect patients with a physician on 'Ping, Doctor's in-house medical team.


Such AI-based clinics can be set up anywhere from shopping mall to school and pharmacies to highway service stations. Moreover, introducing digitally advanced medical devices connected, integrated, and wirelessly with mobile phones would also surge the market growth. Hence, such innovations in the digital health field hold tremendous opportunities for the telemedicine industry to exhibit positive development across the globe.


Worldwide Tele-medicine Market to grow with a staggering CAGR of 24.12% from 2023 to 2028

By Type Analysis: The telemedicine market is further bifurcated based on type into services and products. In Telemedicine, reducing waiting time for consultations and referrals is one of the main reasons for the increasing number of patients providing or deploying consultation services, which, in turn, is favoring the services segment. Further, Worldwide Tele-medicine Industry is projected to grow with a double digit CAGR of 24.12% from 2023 to 2028.


Application Analysis: Teleconsultation and Teleradiology Accounts for most of the Revenue Share

Telemedicine is segmented into Teleconsultation, Telecardiology, Teledermatology, Telepathology, Telecardiology, Telesurgery, Telepsychiatry, and Others. Teleconsultation and Teleradiology accounted for most of the revenue share. The demand for Teleradiology increased rapidly in the past few years owing to various benefits such as faster diagnostics, precise imaging, lower costs, and elimination of the excess work of the radiologists.


The telecardiology segment will also grow due to the rising prevalence of cancer and cardiovascular diseases among the global population and the increasing adoption of telemedicine platforms. Telemedicine provides a patient monitoring feature that has a cardiac device implanted. It improves patient care, so the demand for this segment is expected to grow.


Modality Analysis: The Real-time Segment is expected to grow due to rise in e-visits

Regarding the modality, the industry is segmented into real-time and Remote Patient Monitoring. The real-time segment is expected to grow due to the drastic rise in e-visits. On the other hand, the increasing application of telehealth in diagnosing diseases and radiology, especially in dermatology, is expected to favor the expansion of the remote patient monitoring segment. In addition, coupled with a significant increase in smartphone users, the rising internet penetration, even in rural areas, is projected to augment the growth of the Modality segment.


End User: Hospital Segment holds a Maximum Portion of the Market

The telemedicine market is segmented into hospitals, Diagnostics Centers, Ambulatory Surgical Centers, Specialty Centers, and Other. The hospital Segment holds a maximum portion of the market. The increasing number of service providers for virtual consultations, the increased use of telecommunications tools for training doctors in medical colleges, and several government-funded pilot programs for Telemedicine are the main factors poised to surge the hospital segment.


On the other hand, the diagnostic center segment is projected to show substantial market growth during the forecast period. The primary factors responsible for developing the diagnostic center segment are the rising geriatric population and significant cost-saving in the healthcare services expenditure.


Region: North American will hold the most Market Share

North American will hold the most market share due to significant players such as MDLive, Teladoc, and others, as well as increasing teleconsultations and strong government support, which are driving the market in this region. Europe is also the one of the most leading region in demand, which can be attributed to the rising prevalence of chronic diseases and the improving government guidelines for using digital health.


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As smartphones and high cameras have opened new opportunities for the Asian market, many start-up companies, such as FirstCheck, InstaDoc, and others, are sprouting up in Asia, which is anticipated to foster the telemedicine market in the region. For example, in March 2021, India Brand Equity Foundation (IBEF) reported that the Indian government launched a telemedicine service eSanjeevani and completed around 3 million consultations nationwide. In addition, the growing number of ongoing pilot projects to overcome the shortage of doctors & physicians in recent years is expected to augment the growth in the MEA and Latin America.


Company Analysis

The telemedicine industry has made healthcare affordable and accessible to all. In addition, the increasing number of e-visits and expansion in behavioral health, radiology, cardiology, and others has risen in developing healthcare models and new business surrounding telehealth. As a result, the telemedicine market is slowly becoming highly competitive with the launch of new platforms and the entry of new players with massive funding. In May 2021, MediTelecare launched a direct-to-consumer mobile technology named MediTely. It was primarily designed for the old age population.


Renub Research new report titled "Global Telemedicine Market by Types (Products & Services), Application (Teleconsultation, Telepathology, Telecardiology, Telesurgery, Teleradiology, Teledermatology, Telepsychiatry, Others) Modality (Real-Time Telemedicine & Remote Patient Monitoring) End Users (Hospitals, Diagnostics Center, Ambulatory Surgical Center, Specialty Center & Others), Regions (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) Company (CEVA Inc, Eli Lilly & Company, Bayer AG, Merck &Co.Inc)" provides a complete analysis of Telemedicine Market Industry Worldwide.


Types Outlook - Market has been covered from 2 viewpoints:

1. Products
2. Services


Application Outlook - Market has been covered from 8 viewpoints:

1. Teleconsultation
2. Telepathology
3. Telecardiology
4. Telesurgery
5. Teleradiology
6. Teledermatology
7. Telepsychiatry
8. Others


Modality Outlook - Market has been covered from 2 viewpoints:

1. Real Time Telemedicine
2. Remote Patient Monitoring


End Users Outlook - Market has been covered from 5 viewpoints:

1. Hospital
2. Diagnostic Center
3. Ambulatory Surgical Center
4. Specialty Center
5. Others


Region Outlook - Market has been covered from 5 viewpoints:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa


All companies have been covered from 3 Viewpoints

• Overview
• Recent Development & Strategies
• Financial Insight


Company Analysis

1. CEVA, Inc.
2. Eli Lilly and Company
3. Bayer AG
4. Merck & Co. Inc
5. Teladoc Health, Inc.

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