SAN FRANCISCO, March 9, 2021 /PRNewswire/ -- The global telemedicine market size is expected to reach USD 298.9 billion by 2028, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 22.4% from 2021 to 2028. Key drivers of the market include increasing incidences of chronic conditions and rising demand for self-care. Furthermore, enhancing internet application, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing to market growth.
Key suggestions from the report:
The product segment registered largest revenue share in 2020 due to increasing adoption of remote monitoring devices
Increasing demand of automation and synchronization across the system is anticipated to be the key driving factor for the real time technology segment
Telemedicine found wide applications in dermatology, psychiatry, intensive care units, emergency care, ophthalmology and radiology. The teleradiology segment accounted for the largest revenue share in 2020
The web/mobile based delivery model is expected to witness significant growth in coming years due to high adoption of smartphones and penetration of internet
The tele-homecare segment is anticipated to witness a lucrative CAGR in coming years due to increasing awareness pertinent to benefits of remote healthcare amongst patients and introduction of advanced technologies to monitor patient's health from remote locations
The patients segment held the largest revenue share in 2020. Government initiated healthcare programs across the world are anticipated to propel segment growth in coming years
North America dominated the market as there is high adoption of telehealth solution due to COVID-19 pandemic. Availability of advanced healthcare facilities with plenty funds contributed to the emergency care delivery to stop spread of the disease is contributing towards the growth of the market in the region
In Asia Pacific, the market is predicted to witness lucrative growth over the forecast period. Developing economies such as China and India are facing challenge to provide access to patients due to corona outbreak is expected to boost the adoption of telemedicine services in this region. Economic reforms, boosting IT industry, and low functioning costs are the key factors attracting market players to participate in this region
Telemedicine products are distributed by direct supply contract amongst the manufacturers and end users or maybe concluded via a third-party supplier
In the U.S. both state and federal laws have evolved to facilitate the widespread use of telemedicine to cope up with the COVID-19 pandemic. For instance, in March 6, 2020 the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It includes USD 8.0 billion emergency funding for the federal agencies and to expand reimbursement coverage for telehealth services. Various U.S. states also waived of the licensure for better utilization of the service. This positively impacted the market growth during the pandemic.
Rapid advancements in technology is further expected to boost the demand for online consultation, thereby contributing to the market growth of telemedicine solutions and services over the forecast period. For instance, in April 2020, American Well launched Amwell Private Practice that is a secure, simple and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID19 patients. There has been a significant rise in telemental health visits over the past decade in the U.S. and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.
Grand View Research has segmented the global telemedicine market by component, technology, application, delivery mode, type, end-use, and region:
Telemedicine Component Outlook (Revenue, USD Million, 2016 - 2028)
Telemedicine Technology Outlook (Revenue, USD Million, 2016 - 2028)
Store and forward
Telemedicine Application Outlook (Revenue, USD Million, 2016 - 2028)
Telemedicine Delivery Mode Outlook (Revenue, USD Million, 2016 - 2028)
Telemedicine Type Outlook (Revenue, USD Million, 2016 - 2028)
Telemedicine End-use Outlook (Revenue, USD Million, 2016 - 2028)
Other End Users
Telemedicine Regional Outlook (Revenue, USD Million, 2016 - 2028)
eHealth Market – The global eHealth market size was valued at USD 85.44 billion in 2014 and is expected to increase at the rate of 15.8% over the forecast period.
U.S. Telehealth Market – The U.S. telehealth market size was valued at USD 572.0 million in 2014. Key drivers of the market include rising demand for centralization of healthcare administration and enhanced quality and safety of the applications.
Telepsychiatry Market – The global telepsychiatry market size was valued at USD 5.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 24.7% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.