Global Telemedicine Market- Industry Trends & Forecast Report 2027
global telemedicine market was worth USD 51.0 Billion in 2020 and is further
projected to reach USD 152.3 Billion by 2027, at a CAGR of 16.1%
during 2021-2027 (forecast period). Increasing consumer demand,
shortage of healthcare specialists, growing patient acceptance, rising
healthcare expenses, government assistance, advancements in telecommunications,
and the growing demand for improved quality of healthcare offers the global
telemedicine market plenty of room to expand. Furthermore, the ongoing pandemic
has fueled the increased use of telehealth, ensuring its continued market
growth in the coming years. Spurred by these factors, the global telemedicine
market is projected to grow over the forecast period.
Source: BlueWeave Consulting
Global Telemedicine Market Overview
The importance of telehealth has been emphasized in light of the global shortage of hospital beds and medical workers. Telemedicine involves the use of technology via video, phone, messaging, etc., for delivering healthcare services to patients remotely. The concept of telemedicine has lowered healthcare expenses while boosting productivity through better chronic disease management, faster travel times, and a shorter stay in hospitals. Moreover, telemedicine has grown in popularity as a result of increasing technology adoption following COVID-19. Many telemedicine businesses are witnessing an increase in virtual visits as a result of the COVID-19 pandemic. To meet the growing demand, telemedicine companies are now expanding their ability to handle thousands of virtual visits per day, thereby, propelling the global telemedicine industry forward.
Advancements Empowering the Global Telemedicine Market
technology is being lauded for its role in coronavirus treatment. Technological
advancements make it possible for healthcare providers to diagnose, treat and,
and monitor patients’ progress remotely with more efficiency, which in turn
encourages market growth. Telemedicine nowadays is not limited only to
wireless devices or other telecommunications tools. Advanced technologies such
as robotics, Blockchain Technology, wearables, the Internet of Medical things, Machine
Learning (ML), and AI (Artificial Intelligence)-enabled chatbots are being used
increasingly by telemedicine companies worldwide for collecting patient
information, analyzing patient records, treating patients, making diagnoses,
and even for developing vaccines. Moreover, these technologies are also being
used for supporting and developing innovative remote healthcare models.
According to the WHO's eHealth observatory survey, AI in the telemedicine
sector is directly augmenting advancements in telepathology, teleradiology,
telepsychiatry, and teledermatology.
Initiatives Playing a Pivotal Role in Driving Growth
initiatives are expected to play an essential role in driving the growth of the
global telemedicine market during the forecast period.New policies and
reimbursement standards are being implemented by several countries across the
world to support telehealth. Additionally, the governments of various nations
have released guidelines for the use of telemedicine to aid in the continual
delivery of healthcare services to the masses to ensure perpetual health
services. Many federal agencies are seeking to reform current telehealth
policies in order to increase access to high-quality care while lowering
healthcare costs in the United States. For example, the CARES (The Coronavirus Aid, Relief, and Economic Security) Act
passed by the 116th U.S. Congress has significantly boosted telehealth
services by introducing a number of provisions aimed at increasing telehealth
access in rural and deprived areas. The Act also reauthorized and funded an
HRSA (Health Resources and Services Administration) grant program that supports
the utilization of telehealth services for at-home care, mental health, and
preventive care in rural areas.
Instances of Telemedicine
Fraud is on the Rise
is a high risk of fraud, scams, and abuse in the field of telemedicine.
Patients, as well as healthcare workers, can be victimized in countless ways.For example, the name of the physician as well as the accounts could be used by
hackers for obtaining payments from insurance companies. Additionally,
ineligible or non-registered institutional providers may engage in inappropriate
coding and billing for fraudulent insurance claims. Telehealth fraud involves
not only fraud committed by providers that bill for healthcare services not
rendered but also fraud committed by dishonest entities offering low-cost
services, with cyber hackers impersonating telemedicine service providers.
Lack of Technical
Skills in Physicians and Patients
as well as patients, often fail to understand how to use telemedicine services
because of the complexities of implementation and use, which prevents them from
discarding conventional healthcare practices. Moreover, because of their lack
of familiarity with technology, older individuals often choose to stick with
traditional healthcare practices. Additionally, patients often express their concern
about receiving an accurate diagnosis through telehealth. These are some significant barriers in the global telemedicine market which is impeding the market growth.
Impact of COVID-19
has had a severe impact on almost all industries except the global telemedicine
market. The COVID-19-induced pandemic prompted an unprecedented shift in healthcare
delivery. People's perceptions of the industry have shifted markedly as a result
of the pandemic, with demand for telemedicine services expected to rise across
the globe. Given that social distancing is the only way to prevent COVID-19,
the pandemic presents enormous opportunities for the global telemedicine
market. Telemedicine is not only crucial in ensuring the safety of healthcare
providers but also an affordable and effective option for patients seeking
medical assistance during the ongoing pandemic while maintaining social
communication with physicians eliminates the need for an individual to visit a the healthcare facility or urgent care center, thereby, reducing their risk of
contracting the virus. Moreover, telehealth visits have also helped to prevent
overcrowding in emergency departments of hospitals, thus, enabling healthcare
facilities to focus on serious COVID-19 cases.
Market: By Type
on type, the global telemedicine market is segmented into tele-hospital and
tele-home. Among them, tele-hospital is dominating the global telemedicine
market. This segment is also likely to witness a sturdy growth rate during the
forecast period as tele-hospitals allow healthcare providers to view their
patients using a high-definition camera, read patient's vital signs and medical
records remotely, listen to a patient’s heartbeat using a virtual stethoscope besides
ordering therapy modalities in person. It also enables physicians to carry out
daily multidisciplinary rounds. What’s more, patients can connect with doctors
more easily using tele-hospital virtual care services.
the use of remote patient monitoring devices increases, tele-home care
solutions are also expected to expand significantly in the coming years. The
segment’s growth is being aided by, supportive government programs, high
penetration of internet-based solutions, and increasing patient awareness of
Market: By Application
on application, the global telemedicine market is categorized into teleradiology,
tele-ICU, tele-stroke, telepathology, teledermatology, telepsychiatry, and
others. Of these, teleradiology is expected to lead the market during the
forecast period. The development of this segment is being driven by the implementation of teleradiology workflow, advances in imaging technologies, streamlining of teleradiology
processes, as well as a shortage of radiologists in rural areas. Due to
financial constraints, a lot of healthcare providers are unable to invest in
trainee radiologists, resulting in a shortage of radiologists capable of
interpreting more specialized and multifaceted scans. Because the demand for
diagnostic imaging exceeds the supply of radiologists, hospitals are
increasingly outsourcing their diagnostic reporting work.
Market: By Mode of Delivery
on the mode of delivery, the global telemedicine market can be categorized into mobile or web-based, telephonic, and cloud-based. Since mobile or web-based mode of
delivery offers direct access to healthcare delivery solutions, this mode of
delivery held the largest market share in 2020 and is projected to witness
impressive growth in the coming years. This mode of delivery is witnessing a
huge demand in developing countries that are increasingly adopting telehealth
technologies for providing access to healthcare services in remote areas. The
explosive growth in smartphone and tablet usage, along with rising disposable
income are fueling the growth of this segment.
Market: By End-User
on end-user, the market is grouped into patients, healthcare providers, and
healthcare payers. The patient segment dominated the market in 2020 and also
held the largest revenue share as patients prefer seeking telemedicine services
for a variety of reasons, ranging from minor to major health problems to
emergency cases. According to a report published by the US Centers for Disease
Control and Prevention in November 2020, telehealth visits increased by 154% in
the last week of March 2020 compared to the period in 2019.
Market: Regional Insights
the telemedicine market is categorized into North America, Europe, the
Asia-Pacific, the Middle East & Africa, and Latin America. North America leads
the global telemedicine industry and is projected to lead the overall industry
during the forecast period. The rising incidence of chronic and
lifestyle-related diseases, the region's aging population, as well as increased
government funding and grants for telemedicine, are driving this trend.
Moreover, the geriatric population of North America has a high prevalence of
cancer and other chronic ailments, which drives the need for advanced
healthcare systems even higher. In terms of market share, Europe follows North
America, owing to improved government guidelines over the use of digital health
and the increasing prevalence of chronic diseases. Additionally, the Asia-Pacific
is also expected to register positive growth in the industry owing to the
growing demand for healthcare assistance, especially in rural areas.
Some of the key players in
the market is SteadyMD Inc., GE Healthcare
(US), Cisco Systems, Inc., MDlive Inc., Siemen’s
Healthineers, Zipnosos, Maven, Inc., MDlive, CVSHealth, iCliniq, Practo, Doctor On Demand, SnapMD, Encounter Telehealth, Global Med, MeMD, Teladoc Health Inc., AMD Global Telemedicine, Vsee, and other prominent players.
The global telemedicine market is also favorable
for new entrants and their unique business models. For example, Amazon recently
announced its plans of entering telehealth services that all businesses can use
to provide benefits to their employees. Additionally, many startups are getting
substantial financing from private equity companies in order to expand their
operations. Therefore, market players are constantly engaging in acquisitions,
partnerships, and mergers in order to remain ahead of the curve.
telehealth services provider Grand Rounds announced its merger with video
telemedicine company Doctor on Demand (also based in San Francisco) to form a business that will combine Grand Rounds' care navigation services with the
Doctor on Demand's telehealth platform.
In February 2021, Mateon Therapeutics, Inc., a reputable developer of
TGF-β therapeutics for oncology and infectious disease and respiratory health,
along with Windlas Biotech Pvt. Ltd. (Windlas), a leading Indian pharmaceutical
contract drug development and manufacturing organization announced the launch
of PulmoHeal, a combined lung therapy, and AI-based telemedicine
solutions for respiratory wellness in India.
Scope of the Report
Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Billion
U.S, Canada, Germany, UK,
France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India,
Argentina, UAE, South Africa, Saudi Arabia
By type,by application, mode of delivery, and end-user
Key Players in the market are SteadyMD Inc., GE Healthcare (US), Cisco Systems,
Inc., MDlive Inc., Zipnosos, Maven, Inc., MDlive, CVSHealth, iCliniq, Practo, Doctor On Demand, SnapMD, Encounter Telehealth, Global Med, MeMD, Teladoc Health Inc.,
Telemedicine, Siemen’s Healthineers, Vsee, and other prominent players.
By Mode of Delivery
Middle East & Africa
1. What is the current
size of the global telemedicine market?
Answer: The global telemedicine market has reached USD 51.0 Billion in 2020.
2. What are the major
factors driving the growth of the global telemedicine market?
major factors driving the growth of the global telemedicine market are increasing
consumer demand, shortage of healthcare specialists, growing patient
acceptance, rising healthcare expenses, government assistance, advancements in
telecommunications, and the growing demand for improved quality of healthcare.
3. Who are the key
players in the global telemedicine market?
Answer: The key
players in the global telemedicine market areSteadyMD
Inc., GE Healthcare (US), MDlive Inc., Siemen’s Healthineers, Zipnosos, Maven, Inc., MDlive, CVSHealth, iCliniq, Practo, Doctor On Demand, SnapMD, Encounter Telehealth, Global Med, MeMD, Teladoc Health Inc., AMD Global Telemedicine, Siemen’s Healthineers, Vsee, and other prominent
Which end-user accounted for the largest share in the
global telemedicine market?
Answer: The patient segment accounted for the largest
share in the global telemedicine market.
5. Which region
growing at a higher rate in the global telemedicine market?
Answer: North America is growing at a higher rate in
the global telemedicine market.