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Telemedicine Market by Product, Application, and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40924
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The telemedicine market size has the potential to grow by USD 56.47 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by application (telehospital and teleclinic, and telehome), product (services and solutions), and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Aerotel Medical Systems Ltd., Allscripts Healthcare Solutions Inc., BioTelemetry Inc., Cisco Systems Inc., General Electric Co., HP Inc., International Business Machines Corp., Koninklijke Philips NV, Medtronic Plc, and Siemens Healthineers AG.

Market Overview

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Market Competitive Analysis

The telemedicine market is fragmented. HP Inc., International Business Machines Corp., Koninklijke Philips NV, Medtronic Plc, and Siemens Healthineers AG are some of the major market participants. Although the increased demand for digital health platforms will offer immense growth opportunities, data security, and privacy issues in telemedicine will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this telemedicine market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this telemedicine market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Aerotel Medical Systems Ltd.
  • Allscripts Healthcare Solutions, Inc.
  • BioTelemetry Inc.
  • Cisco Systems, Inc.
  • General Electric Co.
  • HP Inc.
  • International Business Machines Corp.
  • Koninklijke Philips NV
  • Medtronic Plc
  • Siemens Healthineers AG

Telemedicine Market: Segmentation by Region

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North America was the largest telemedicine market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Over 40% of the market’s growth will originate from North America during the forecast period. The US is the critical market for telemedicine in North America. Market growth in this region will be slower than the growth of the market in Asia and Europe.

Telemedicine Market: Segmentation by Product

telemedicine-market-share-by-distribution-channel

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Telemedicine market share growth by the services segment will be slower than the growth of the market by the solutions segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the telemedicine market size.

Telemedicine Market: Key Drivers and Trends

The increasing demand for digital health platforms is one of the key factors driving the telemedicine market growth. Digital health platforms such as m-Health, telehealth, EMR, and other wireless technologies are essential elements in every healthcare organization. They enable remote monitoring of patients, increase healthcare delivery efficiencies, improve access to electronic health information, and improve the quality of healthcare services along with cost reduction. Furthermore, digital health platforms support a wide range of healthcare needs and functions such as chronic disease management, clinical decision support, and population health management.

The growing acceptance of video consulting is one of the vital telemedicine market trends. The declining cost of smart devices, improvement in their features, and the growing penetration of the Internet have enabled their use for remote consultation. Moreover, video consulting is convenient for both patients and doctors. It helps in saving time and is extremely beneficial in providing special care in emergency situations and ensure patient survival. Market experts within the telemedicine industry believe that the above-mentioned factors may have a positive influence on market growth over the forecast period. The telemedicine market will register a CAGR of almost 19% during the forecast period.

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Telemedicine Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive telemedicine market growth during the next five years
  • Precise estimation of the telemedicine market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the telemedicine market industry across Asia, Europe, North America, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of telemedicine market vendors 

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • Services - Market size and forecast 2019-2024
  • Solutions - Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by Application

  • Market segments
  • Comparison by Application placement
  • Telehospital and teleclinic - Market size and forecast 2019-2024
  • Telehome - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • Asia - Market size and forecast 2019-2024
  • ROW - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Aerotel Medical Systems Ltd.
  • Allscripts Healthcare Solutions Inc.
  • BioTelemetry Inc.
  • Cisco Systems Inc.
  • General Electric Co.
  • HP Inc.
  • International Business Machines Corp.
  • Koninklijke Philips NV
  • Medtronic Plc
  • Siemens Healthineers AG

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The telemedicine market growth will increase by $56.47 billion during 2019-2024.
The telemedicine market is expected to grow at a CAGR of 18.61% during 2019-2024.
Technavio has segmented the telemedicine market by product (Services and Solutions) ,application (Core banking software, Asset and wealth management software, and Other banking software) , and geographic (North America, Europe, and Asia).
Aerotel Medical Systems Ltd., Allscripts Healthcare Solutions Inc., BioTelemetry Inc., Cisco Systems Inc., General Electric Co., HP Inc., International Business Machines Corp., Koninklijke Philips NV, Medtronic Plc, Siemens Healthineers AG are a few of the key vendors in the telemedicine market.
North America will register the highest growth rate of 43.73% among the other regions. Therefore, the telemedicine market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the telemedicine market growth are:
  • Growing burden of chronic diseases
  • Integration of AI with telemedicine
The telemedicine market vendors should focus on grabbing business opportunities from the services segment as it accounted for the largest market share in the base year.
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