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The global telemedicine market size is estimated to grow by USD 92.07 billion at a CAGR of 15.64% between 2022 and 2027.
Patient engagement refers to the interaction between patients and healthcare providers. It is extremely crucial for enhancing healthcare outcomes, enhancing patient care, and achieving lower costs through the regular interaction between healthcare suppliers and patients and by keeping patients occupied in care management. Improving and improving the management of patient care will help increase their trust in a healthcare professional, contributing to ensuring continuity of care. The adoption of telemedicine provides various benefits in terms of communication and patient care and enhances and improves patient engagement. Telemedicine allows healthcare professionals and patients to use advanced treatment models such as the provision of convenient and comprehensive access to teleconferencing visits, reducing friction in healthcare workflows by eliminating any frustration with the process among patients, and minimizing the waiting time for patients to consult doctors.
Technavio has segmented the market into Product, Application, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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Services
The market share growth by the services segment will be significant during the forecast period. The services segment of the global telemedicine market encompasses a wide range of offerings that facilitate remote healthcare consultations, diagnostics, monitoring, and treatment. The surge in telemedicine adoption has been triggered by an increase in the number of patients who require convenient, accessible, and on-demand healthcare services.
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The services segment was valued at USD 30.33 billion in 2017. Telemedicine services provide an effective means of monitoring and managing these health conditions remotely. Telemedicine is helping to bridge the geographical divide and make healthcare accessible for those living in remote or unaccustomed areas. Patients can connect with healthcare providers regardless of their physical location, reducing healthcare disparities.
Telehospital and teleclinic
The telehospital and teleclinic segment is a significant component of the global telemedicine market. This segment involves the use of telecommunication and digital technologies to provide remote healthcare services, diagnosis, treatment, and consultations, bridging the gap between healthcare providers and patients. Telehospital Technology enables health professionals to work together with each other at the same time, sharing expertise, discussing treatment plans, and making decisions on a collective basis. Teleclinics provide a convenient way for patients with chronic conditions to receive regular check-ins, monitoring, and care without frequent in-person visits. Teleclinic services can help older people with their healthcare needs, allowing them to age in place with proper medical support. Such adoptions and growth of telehospital and teleclinics are expected to drive the growth of the telehospital and teleclinic segment of the global telemedicine market during the forecast period.
Telehome
The telehome segment within the global telemedicine market refers to the use of telehealth and telemedicine technologies to provide medical care, consultations, monitoring, and support to patients in the comfort of their own homes. Telehome services enable patients to receive their medical care in the comfort of their homes. Telehome provides a patient centric approach to care, allowing individuals to actively participate in their health care and treatment plans. Moreover, patients are becoming more accustomed to using digital tools for various aspects of their lives, including healthcare. As a result, there is a growing demand for virtual care options like telehome services. Many healthcare systems and providers are integrating telehome services into their offerings to provide a comprehensive continuum of care.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The telemedicine market in North America has witnessed remarkable growth in 2022, fueled by technological advancements, changing patient preferences, and the need for accessible healthcare services. Telemedicine, encompassing virtual consultations, remote monitoring, and digital health platforms, has become a pivotal component of the healthcare landscape of the region.
Moreover, North America is proud of its robust technological infrastructure and widespread availability of high-speed Internet connections. This has enabled patients to be able to get healthcare services from the comfort of their homes so that they can take advantage of easy video consultations, online monitoring, and the use of digital health platforms. The mix of densely populated urban centers and remote rural areas in the region has created disparities in healthcare access. Telemedicine helps bridge this gap by bringing medical expertise to underserved rural communities, thereby improving healthcare equity. Some areas in North America, especially rural regions, face shortages of healthcare professionals. It is expected to drive the growth of the regional telemedicine market during the forecast period.
In 2020, the outbreak of the COVID-19 pandemic positively impacted the telemedicine market in North America. The pandemic brought about widespread disruptions to traditional healthcare systems. However, in 2021, owing to the large-scale vaccination drives conducted by the government across the region contributed to the gradual restoration of in-person medical visits. On the other hand, telemedicine retained its significance by offering a hybrid approach that combined virtual and in-person care. Even after the pandemic had passed, patients were able to benefit from the convenience and efficiency of telemedicine, driving demand for virtual care. A few factors are expected to drive the growth of the regional telemedicine market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Access TeleCare LLC- The company offers telemedicine services for Cardiology, Hospitalist, Infectious Disease, Neurology, and Psychiatry.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The increasing healthcare cost is driving the growth of the telemedicine market. Chronic diseases are becoming more common and widespread, such as diabetes, COPD, and heart disease are leading to an excessive burden on healthcare systems across the globe. Increasing advances in telecommunication technology have enabled healthcare providers to reduce the costs suffered by patients.
However, the increasing adoption of telemedicine solutions has not only increased the efficiency of the level of care for patients but also reduced associated costs. Rather than increasing the number of hospital patients, it has helped healthcare professionals to make effective decisions by providing primary medical care for simple health problems. Therefore, the growing need to cut down on rising healthcare costs is expected to drive the growth of the global telemedicine market during the forecast period.
The decentralization of patient care with blockchain is a key trend in the telemedicine market. Telemedicine has become more widely used as a result of increasingly focused attention on remote patient care, which, in turn, has led to the decentralization of patient care activities from healthcare facilities. Increasing wait times at healthcare facilities and other inconveniences faced by patients have encouraged them to opt for online consultations with healthcare professionals.
Moreover, Increasing the use of Blockchain in telemedicine helps to ensure an efficient exchange of data and increases consumer confidence in the system. The use of blockchain technology in telemedicine empowers patients through decentralization. To this end, it will help to speed up and simplify the workings of healthcare professionals in a precise and transparent manner. It is expected to drive the demand for telemedicine services, which, in turn, is expected to drive the growth of the global telemedicine market during the forecast period.
The issues related to telemedicine are a major challenge in the market growth. Telemedicine applications in healthcare have been increased by the use of advanced technology. Telemedicine is an ideal solution for patients suffering from various chronic diseases who need regular monitoring and consultation. Miscommunication between healthcare professionals and patients may lead to misdiagnosis.
Moreover, inadequate telemedicine parity is one of the major factors hindering the growth of the telemedicine market across the globe. Patients are likely to be dissuaded from using telemedicine services due to limited reimbursements for medical treatment via telemedicine. This, in turn, is expected to hamper the growth of the global telemedicine market to some extent during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Telemedicine Market Customer Landscape
The telemedicine market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Telemedicine Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.64% |
Market growth 2023-2027 |
USD 92.07 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.82 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, Germany, UK, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Access TeleCare LLC, Aerotel Medical Systems Ltd., AMD Global Telemedicine Inc., American Well Corp., AMN Healthcare Services Inc., CareCloud Inc., Cisco Systems Inc., Doctor On Demand Inc., ENCOUNTER TELEHEALTH LLC, Evernorth Health Inc., General Electric Co., GlobalMedia Group LLC, Koninklijke Philips N.V., MeMD, Oracle Corp., Sesame Inc., SHL Telemedicine Ltd., Teladoc Health Inc., Veradigm LLC, and Medtronic Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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