Telemedicine Global Market Report 2023-2028: Sector to Reach $197.55 Billion at a 24.12% CAGR

DUBLIN, Jan. 23, 2023 /PRNewswire/ -- The "Telemedicine Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" report has been added to  ResearchAndMarkets.com's offering.

The Global Telemedicine Market will reach to US$ 197.55 Billion by 2028 according to the publisher. Telemedicine, also called e-medicine, is the remote delivery of healthcare services, including consultations and examinations, over the telecommunications infrastructure. By using the latest telemedicine features, practice can reap numerous benefits.

Telemedicine can reduce medical costs, improve efficiency and profitability, and offer patients better access to medical services.

Telemedicine has shown tremendous growth in the last five years. Telemedicine helps patients to connect with physicians remotely and also aids in reducing the price burden of healthcare. Due to these advantages, physicians and hospitals look forward to adopting digital health technologies. In addition, Telemedicine has also triggered the government to reimbursement policies and develop regulations around telehealth. Telemedicine Market size surpassed US$ 54.02 Billion in 2022.

Introduction of Al-based clinics to create multiple opportunities in the field of Telemedicine

Artificial intelligence-powered booths in local malls have emerged in the last few years. The system includes an intelligent medicine cabinet that dispenses over 100 medications. In addition, the AI machine collects the patient's medical history and provides a diagnosis strategy, which is transferred to a clinical expert. These small clinics are called 'One-Minute Clinics'. These clinics connect patients with a physician on 'Ping, Doctor's in-house medical team.

Such AI-based clinics can be set up anywhere from shopping mall to school and pharmacies to highway service stations. Moreover, introducing digitally advanced medical devices connected, integrated, and wirelessly with mobile phones would also surge the market growth. Hence, such innovations in the digital health field hold tremendous opportunities for the telemedicine industry to exhibit positive development across the globe.

Worldwide Tele-medicine Market to grow with a staggering CAGR of 24.12% from 2023 to 2028

The telemedicine market is further bifurcated based on type into services and products. In Telemedicine, reducing waiting time for consultations and referrals is one of the main reasons for the increasing number of patients providing or deploying consultation services, which, in turn, is favoring the services segment.

Further, Worldwide Tele-medicine Industry is projected to grow with a double digit CAGR of 24.12% from 2023 to 2028.

Application Analysis: Teleconsultation and Teleradiology Accounts for most of the Revenue Share

Telemedicine is segmented into Teleconsultation, Telecardiology, Teledermatology, Telepathology, Telecardiology, Telesurgery, Telepsychiatry, and Others. Teleconsultation and Teleradiology accounted for most of the revenue share. The demand for Teleradiology increased rapidly in the past few years owing to various benefits such as faster diagnostics, precise imaging, lower costs, and elimination of the excess work of the radiologists.

The telecardiology segment will also grow due to the rising prevalence of cancer and cardiovascular diseases among the global population and the increasing adoption of telemedicine platforms. Telemedicine provides a patient monitoring feature that has a cardiac device implanted. It improves patient care, so the demand for this segment is expected to grow.

Modality Analysis: The Real-time Segment is expected to grow due to rise in e-visits

Regarding the modality, the industry is segmented into real-time and Remote Patient Monitoring. The real-time segment is expected to grow due to the drastic rise in e-visits. On the other hand, the increasing application of telehealth in diagnosing diseases and radiology, especially in dermatology, is expected to favor the expansion of the remote patient monitoring segment. In addition, coupled with a significant increase in smartphone users, the rising internet penetration, even in rural areas, is projected to augment the growth of the Modality segment.

End User: Hospital Segment holds a Maximum Portion of the Market

The telemedicine market is segmented into hospitals, Diagnostics Centers, Ambulatory Surgical Centers, Specialty Centers, and Other. The hospital Segment holds a maximum portion of the market. The increasing number of service providers for virtual consultations, the increased use of telecommunications tools for training doctors in medical colleges, and several government-funded pilot programs for Telemedicine are the main factors poised to surge the hospital segment.

On the other hand, the diagnostic center segment is projected to show substantial market growth during the forecast period. The primary factors responsible for developing the diagnostic center segment are the rising geriatric population and significant cost-saving in the healthcare services expenditure.

Types Outlook - Market has been covered from 2 viewpoints:

1. Products
2. Services

Application Outlook - Market has been covered from 8 viewpoints:

1. Teleconsultation
2. Telepathology
3. Telecardiology
4. Telesurgery
5. Teleradiology
6. Teledermatology
7. Telepsychiatry
8. Others

Modality Outlook - Market has been covered from 2 viewpoints:

1. Real Time Telemedicine
2. Remote Patient Monitoring

End Users Outlook - Market has been covered from 5 viewpoints:

1. Hospital
2. Diagnostic Center
3. Ambulatory Surgical Center
4. Specialty Center
5. Others

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

5. Global Telemedicine Market

6. Market Share - Global Telemedicine Market

7. Types - Global Telemedicine Market

8. Application - Global Telemedicine Market

9. Modality - Global Telemedicine Market

10. End User - Global Telemedicine Market

11. Region - Global Telemedicine Market

12. Company Analysis

Companies Mentioned

• CEVA, Inc.
• Eli Lilly and Company
• Bayer AG
• Merck & Co. Inc
• Teladoc Health, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/ihr7fm

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