Global Telemedicine Market to Hit USD 396.14 Billion by 2029: Cognitive Market Research

As per a new report by Cognitive Market Research, the Global Telemedicine Market size is anticipated to Reach USD 396.14 Billion by 2029 at a CAGR of 24.78% from 2022-2029. As per the current market scenario, the high-speed 5G network will boost the demand for telemedicine services in the remote community.

CHICAGO, Jan. 26, 2023 /PRNewswire/ -- For almost four decades, telemedicine has made healthcare accessible to patients in remote locations. It thus allows doctors and healthcare facilities to reach out to institutions beyond their network. The telemedicine market boomed up during the COVID-19 pandemic, which is majorly attributed to a lack of in-person visits and limitations and restrictions on travel. Hence, mandatory social distancing and the lack of effective treatments have made telemedicine a very positive contributor to healthcare. Moreover, the population in developed countries is rapidly aging. This has created new challenges for healthcare service providers as an increased number of elderly people need effective medical and nursing care. It has been noticed that a high-speed 5G network could transmit information, such as 4K images and ultrasound images, with high image quality and low latency, which is helping in driving the telemedicine market across the globe.

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Snapshot:

Major insights and findings during the study of the Telemedicine market:

✔  By component, software & services held the largest share in the telemedicine market as this software is designed to deliver healthcare-related information and services using the latest technology. It thus allows transparent communication with healthcare providers via video, audio, or text chat, and exchange health information seamlessly

✔  Tele-consulting type dominates in the telemedicine market . It is projected to grow at the highest CAGR during the forecast period as the usage of smart devices has increased for consulting with respective doctors. This service primarily uses real-time video to hear and see each other during a real-time encounter

✔  Cloud-based delivery segment is estimated to witness the fastest growth as it provides customers with internet access to software programs that operate on pooled computer resources. Cloud-based telemedicine connects, digitizes, and combines many types of equipment to simplify treatment delivery. This enhances instant access to all of the patient's clinical information

✔  Geographically, North America shows the highest market share in telemedicine and will grow significantly in the coming years. This is attributed due to the high adoption of digitalization in the healthcare sector

✔  Europe is showing the highest growth in the telemedicine market during the forecast period. During the pandemic and social distancing, European countries heavily relied on digital technologies to continue to provide essential healthcare services to patients

Major players operating in Telemedicine Market:

Players involved in the Global Telemedicine Market are , Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, Allscripts Healthcare Solutions Inc., Aerotel Medical Systems, AMC Health, MDLive, Others

Current Trends of Manufacturers in the Telemedicine Market:

• January 2023

Philips and Masimo expanded their partnership to improve telehealth for patients and clinicians worldwide 

Royal Philips and Masimo have announced an expansion of their partnership to augment patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health tracking watch. This product will integrate with Philips's enterprise patient monitoring ecosystem to advance the forefront of telemonitoring and telehealth.

• October 2022

GE Healthcare and AMC Health partnered in remote patient monitoring

GE Healthcare and AMC Health have announced a collaboration that allows clinicians to offer Remote Patient Monitoring (RPM) as a virtual care solution that extends patient care outside the hospital to the home environment.

• October 2017

Medtronic entered into a partnership with American Well for combined telehealth and remote patient monitoring

Remote patient monitoring company Medtronic Care Management Services had entered into a partnership with telemedicine technology and services vendor American Well to enable a complete telehealth system focused on the unique needs of the complex, chronic, co-morbid patient population. This partnership is working together to facilitate patient access to American Well's telemedicine services on Medtronic Care Management Services' video-enabled platforms and to allow bi-directional data flow between the two parties.

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The landscape of healthcare technology infrastructure is changing through advancements in technology. The services which were previously only for acute care hospitals are now available for home-care settings, ambulatory, virtual, and community sectors. Consultation and Diagnostic services are just a click away owing to the convenience of digital format on smartphones. This is thus creating a streamlined operation by encouraging the use of telemedicine. Furthermore, the public cloud is the most preferred choice for healthcare providers. This is primarily attributed to a need to build resilient systems that can fill the gap between the demands of an ever-changing business environment. It has been surveyed that cloud solutions can generate a value of $100 billion to $170 billion in 2030. Metaverse is also playing a vital role in transforming the healthcare landscape.

Through metaverse, a virtual hospital can be conceptualized that can provide remote-location counselling and healthcare attention through an interface. With 5G penetration, telemedicine-based services over the metaverse platform will enhance the experience.

Telemedicine Market Segmentation

Telemedicine Market - Component Outlook (Revenue, USD Million, 2018 -2030)

• Software & Services
• Hardware

Telemedicine Market - Service Type Outlook (Revenue, USD Million, 2018 -2030)

• Tele-consulting
• Tele-monitoring
• Tele-education/training

Telemedicine Market - Delivery Type Outlook (Revenue, USD Million, 2018 -2030)

• On-premise
• Cloud-based

Telemedicine Market - Application Outlook (Revenue, USD Million, 2018 -2030)

• Telepathology
• Telecardiology
• Teleradiology
• Telepsychiatry
• Teledermatology
• Others

Telemedicine Market - Regional Outlook (Revenue, USD Million, 2018 -2030)

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
• Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)

List of Key Players in Telemedicine Market

• Koninklijke Philips N.V.
• Medtronic
• GE Healthcare
• Cerner Corporation
• Siemens Healthineers
• Cisco Systems, Inc.
• Teladoc Health Inc.
• American Well
• Allscripts Healthcare Solutions Inc.
• Aerotel Medical Systems
• AMC Health
• MDLive
• Others

Related Reports on Telemedicine Market:

• Global Blood Glucose Monitoring System Market to Reach USD 22.83 Billion by 2029

The global blood glucose monitoring system market is expected to hit USD 22.83 Billion by 2029 at a growth rate of 5.02%. A blood glucose monitoring system helps to monitor glucose levels in diabetic patients. The high prevalence of diabetes among people across the globe stimulates the usage of blood glucose monitoring systems. As per the International Diabetes Federation, in 2021, around 537 million people were diagnosed with diabetes, this number is expected to increase to 643 million by 2030 and 783 million by 2045.

• Global Dialysis Management Software Market to be Worth USD 1.74 Billion by 2029

Global dialysis management software market to be worth USD 1.74 Billion by 2029 at a growth rate of 6.42%. Dialysis management software is a system developed to collect detailed data and medical information. The program automates the healthcare practice, including patient data and discharge summaries. The rising prevalence of renal diseases drives the growth of the dialysis management software market. The majority of kidney illnesses affect the nephrons. This injury may render the kidneys incapable of removing wastes. Genetic issues, trauma, and medications are all possible causes. Over the last few years, there has been a rapid increase in smart device adoption and internet penetration. Smart devices offer flexibility to patients on a smartphone or tablet. With a mobile device, users can easily access doctors and therapists. This rapid expansion benefitted the dialysis management software market.

Other Related Reports:

⮚  Global Telecardiology Market to Hit USD 56.13 Billion by 2029, growing at a CAGR of 19.76%

⮚  Global Electronic Health Records Market to Reach USD 62.96 Billion by 2029, growing at a CAGR of 6.48%

⮚  Global Virtual Care Market to be Worth USD 14.25 Billion by 2029, growing at a CAGR of 29.24%

⮚  Global Teleradiology Market to Reach USD 17.42 Billion by 2029, growing at a CAGR of 17.89%

Access Other Cognitive Market Research's Healthcare Industry Reports: https://www.cognitivemarketresearch.com/list/pharma-%26-healthcare

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