At 26.1% CAGR, Global Telemedicine Market Size & Share to Surpass USD 342.1 Billion by 2028 | Telemedicine Industry Trends, Growth, Value, Opportunities, Statistics, Analysis & Forecast Report by Facts & Factors

NEW YORK, Jan. 5, 2023 /PRNewswire/ -- As per Facts and Factors study, The global telemedicine market size was worth around USD 85.1 billion in 2021 and is estimated to grow to about USD 342.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 26.1% over the forecast period.

Telemedicine Market: Overview

The remote delivery of healthcare services through the telecommunications infrastructure, such as tests and consultations, is known as telemedicine. It is sometimes known as telehealth or e-medicine. According to recent data, 90% of organizations have either begun or implemented telemedicine initiatives. Even more modest independent medical practices are beginning to use telemedicine to compete with neighborhood retail clinics and stem patient attrition. Telemedicine may enhance patient access to healthcare, lower medical expenses, and increase productivity & profitability. This will have a beneficial effect and fuel the expansion of the telemedicine industry. In the wake of the pandemic, demand for healthcare products and services rose to an all-time high. In addition, technology like telemedicine, chatbots, and others are being used to aid with information gathering, population reassurance, patient treatment, and diagnosis.

Additionally, several nations fund cutting-edge technology and telecommunications to link doctors remotely. As a result, it is anticipated to have a favorable effect during the forecast period. Telemedicine systems may also provide the patient with automatic instruction and direction through a series of questions and responses processed by the system's software algorithms.

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Key Industry Insights & Findings of the Telemedicine Market Reports:

• As per the analysis shared by our research analyst, the global telemedicine market value is expected to grow at a CAGR of 26.1% over the forecast period.
• In terms of revenue, the global telemedicine market size was valued at around USD 85.1 billion in 2021 and is projected to reach USD 342.1 billion by 2028.
• The growing need to oversee patients and treat them for ongoing illnesses and mental health concerns using telemedicine techniques like telepsychiatry from remote places is fueling the rise of the telemedicine market.
• By component, the software category dominated the market in 2021.
• By application, the telemonitoring category dominated the market in 2021.
• North America dominated the global telemedicine market in 2021.

Facts and Factors published the latest report titled "Telemedicine Market Size, Share, Growth Analysis Report By Component (Software, Services, Hardware), By Type (Real-Time Interactive Mode, Communication Via Telephone, Store-And-Forward Mode, Remote Monitoring), By Application (Telemonitoring, Assisted Surgery, Education & Training, Consultation), By Specialty Areas (Neurology, Orthopedics, Gynecology, Radiology, Pathology, Psychology, Dermatology, Emergency Care), By End-User (Providers, Home Care, Payers, Physicians), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" into their research database.

Industry Dynamics:

Telemedicine Market: Growth Drivers

• Increased development of telehealth systems drives the market growth.

The global telemedicine market is expanding as a result of cutting-edge telehealth solutions. For example, a digital care assistant has been introduced by the "virtual doctor" startup Babylon Health to help individuals identify and treat ambiguous COVID-19 contaminations. The care assistant may be used at any time, according to the company, whose GP at smartphone app is being used in the National Health Service (NHS), to assess symptoms, document disease, combat self-isolation, and maintain a connection with medical personnel. Following each person's specific needs, Babylon claims that the revolutionary COVID-19 service delivers relevant information and treatment for each individual, devoting doctors' attention to the patients who need it most. 

Telemedicine Market: Restraints

• Medical fraud may hinder the market growth.

Healthcare fraud is a critical element in telehealth and telemedicine operations. A patient or a doctor may become a victim in several ways, such as when institutional providers who are ineligible or not listed use incorrect coding and billing for false claims or when the doctor's name and accounts are used fraudulently to get money from the insurance carrier. Such fraudulent conduct may harm people's faith and confidence in telemedicine services. Victimized patients commonly vent their terrible experiences in the media, which has a debilitating effect on a large number of just enrolled participants and restricts market expansion.

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Telemedicine Market: Opportunities

• Analytics and AI to present market growth opportunities.

To allow risk prediction and management, big data analytics may analyze data gathered from telemedicine modalities, including objective (vital signs and ambient environment), subjective (symptoms and patient behaviors), and historical data. Additionally, during the epidemic, government organizations, major commercial insurers, and public payers have increased access to telemedicine. Most of them are working hard to ensure that telemedicine is used on the appropriate patients with the proper healthcare requirements, boosting effectiveness and efficiency in healthcare delivery. As medical delivery adjusts to the widespread use of telemedicine, there seems to be considerable promise in analytics, AI, and machine learning. Data-driven analytics is thus a crucial component in guaranteeing the efficacy and efficiency of telemedicine.

Telemedicine Market: Challenges

• The lack of understanding, behavioral impediments, and the cost of healthcare are the major challenges for the market.

Although they may not be the most evident barrier, behavioral barriers nonetheless provide a major obstacle to the adoption of telemedicine. Patients and doctors frequently lack knowledge of new techniques and are reluctant to abandon their traditional methods. Due to a lack of familiarity with the technology, older adults may also choose not to use telemedicine services. Only a small portion of the population in underdeveloped nations now relies on telemedicine services to meet their medical needs. This highlights the urgent need for ongoing patient education to raise public knowledge of telemedicine practices. The significance and necessity of telemedicine may be communicated through telecare (more precisely, patient education through television and radio), which is implemented with different government policies.

Global Telemedicine Market: Segmentation

• The global telemedicine market is segregated based on component, type, application, specialty areas, end users, and region.

The market is divided into hardware, software, and services based on components. Among these, the software component proved one of the most lucrative segments in 2021. The service platform can be further bifurcated into tele-home & mHealth, and the hospital. The tele-home & mHealth segment accounted for the greatest market share. This rise is attributable to an aging population increasingly choosing tele-home options such as personal emergency response service (PERS) gadgets for remote consulting services. A personal emergency response system might give one peace of mind knowing that help is only a button push away. It can be the greatest medical alert system for a senior family member.

The market is classified into real-time interactive mode, communication via telephone, store-and-forward mode, and remote monitoring. The real-time interactive way led the market in 2021 and is expected to maintain its dominance during the forecast period. This results in more people using on-demand medical consultations, mHealth & virtual video visits, and more major market participants providing services.

Based on application, the market is segmented into telemonitoring, assisted surgery, education & training, and consultation. In 2021, telemonitoring dominated the market.

Based on a specialty area, the market is classified into neurology, orthopedics, gynecology, radiology, pathology, psychology, dermatology, and emergency care. The radiology segment dominated the market in 2021. This is a result of several factors, including, among others, an increase in imaging practices, healthcare providers' acceptance of teleradiology workflow, the expansion of service offerings within radiology sub-segments, and the streamlining & regulation of teleradiology operations. Major growth drivers during the anticipated period will include the adoption of the Picture Archiving and Communication System (PACS), integrating Artificial Intelligence (AI) into teleradiology, and expanding eHealth-related research and development activities.

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List of Key Players in Telemedicine Market:

• Babylon
• Doctor Care Anywhere
• Immedicare
• Telemedicine Clinic
• Push Dr
• HomeTouch Care Ltd.
• Now Healthcare Group.

Key questions answered in this report:

• What are the growth rate forecast and market size for Telemedicine Market?
• What are the key driving factors propelling the Telemedicine Market forward?
• What are the most important companies in the Telemedicine Market Industry?
• What segments does the Telemedicine Market cover?
• How can I receive a free copy of the Telemedicine Market sample report and company profiles?

Report Scope:

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Recent Developments

• July 2021: Doro Care UK said the COVID-19 discharge service would begin working alongside NHS Cheshire CCG. The program supports quick hospital discharges throughout Cheshire.

Regional Dominance:

• North America dominated the telemedicine market in 2021.

North America had the largest global telemedicine market share in 2021. The increasing digitization of healthcare, the development of state-of-the-art healthcare facilities, and the widespread use of telemedicine technology are a few factors that contribute to this region's growth. The presence of large corporations has a greater impact on the region's considerable market share. This rapid expansion results from several factors, including the availability of a huge patient population pool, an increase in internet access, and a rise in demand for healthcare support, particularly in rural regions.

Global Telemedicine Market is segmented as follows:

Telemedicine Market: By Component Outlook (2022-2028)

• Software
• Services
• Hardware

Telemedicine Market: By Type Outlook (2022-2028)

• Real-Time Interactive Mode
• Communication Via Telephone
• Store-And-Forward Mode
• Remote Monitoring

Telemedicine Market: By Application Outlook (2022-2028)

• Telemonitoring
• Assisted Surgery
• Education & Training
• Consultation

Telemedicine Market: By Specialty Areas Outlook (2022-2028)

• Neurology
• Orthopedics
• Gynecology
• Radiology
• Pathology
• Psychology
• Dermatology
• Emergency Care

Telemedicine Market: By End-user Outlook (2022-2028)

• Providers
• Home Care
• Payers
• Physicians

Telemedicine Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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