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Telemedicine Market - Growth, Trends, and Forecast (2019 - 2024)

The Telemedicine Market is segmented by Type, Component, Mode of Delivery, and Geography.

Market Snapshot

Telemedicine Market 1
Study Period:

2015-2024

Base year:

2018

Fastest growing market:

Asia Pacific

Largest market:

North America

Key Players:

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Telemedicine Market

The telemedicine market was valued at USD 21,446.33 million in 2018, and it is estimated to be valued at USD 60,448.47 million by 2024, witnessing a CAGR of 18.50%. The major factors for the growth of the telemedicine market include the rising healthcare costs, technological innovations, increasing remote patient monitoring, and growing burden of chronic diseases.

  • Healthcare costs are rising across the world. The primary driver for rising healthcare costs is increased utilization of healthcare services, which result in the growth of consumer demand for innovative and new techniques, lifestyle factors, etc. Furthermore, it can also be attributed to the cost shifting, from government programs to private payers. Low reimbursement rates have increased cost-shifting burden on hospitals and doctors, who, in turn, charge much higher rates for the same facilities to private payers, which ultimately affect the health insurance rates. It is estimated that elderly care is four times as expensive as it is for those who are younger, and the elderly population consumes between 40% and 50% of the healthcare resources.
  • Telehealth solutions have demonstrated the ability to enhance health outcomes and reduce costs. Telemedicine saves the patients’, providers’, and payers’ money, when compared to the traditional approaches. For instance, in the United States, healthcare cost related to diabetes (wherein multiple inpatients and outpatient visits are required) is about USD 100 billion a year. Research has suggested that telemedicine improves the health of the diabetic patients, especially in case of older adults. Telemedicine has been decreasing the cost of healthcare, while increasing efficiency through improved management of chronic diseases, reduced travel times, shared health professional staffing, and fewer and shorter hospital stays. Thus, owing to all aforementioned factors, the market is expected to witness high growth over the forecast period.

 

Scope of the Report

As per the scope of this report, telemedicine services and systems have made the most progress in remote management of post-acute care patients with chronic conditions. Telemedicine is the remote delivery of healthcare services, such as consultations over telecommunication or teleconference, and it allows healthcare professionals to evaluate, diagnose, and treat patients. This report is segmented by type, clinical service, technology, mode of delivery, and geography.

By Type
Telehospitals
Telehomes
mHealth (mobile health)
By Component
Products
Hardware
Software
Others
Services
Telepathology
Telecardiology
Teleradiology
Teledermatology
Telepsychiatry
Others
By Mode of Delivery
On-premise Delivery
Cloud-based Delivery
Geography
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The Telehomes Segment is Expected to be the Fastest Growing Segment over the Forecast Period

Telehomecare is also considered as one of the most successful applications of telemedicine. The telephone market segment is expected to grow significantly in the coming years. The rise of chronic diseases is a global concern that puts a strain on healthcare resources. Telehomecare is an innovative way to provide care, monitor a patient, and provide information, by using the latest technology in telecommunication. Monitoring allows early identification of disease, and thus, preventing chronic conditions. Telehomecare programs are also initiated in countries, including whole system demonstrator (WSD) project in the United Kingdom, veterans health segmentation (VHA) project in the United States, and TELEKART program in Denmark. These telehomecare programs manage, reduce, and avoid chronic diseases by remote monitoring of patients. The universities are collaborating well to promote the tele-homecare, such as University of Ottawa Heart Institute has been making good progress in telehome monitoring technology, which offers services for various regions, under the regional home monitoring program for cardiac patients. Telehome services provide an opportunity for significant savings for patients and hospitals. Thus, the increasing adoption rate of telehomecare services is directly affecting the growth of the telemedicine market.

Telemedicine Market 2

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North America Accounted for the Largest Share in the Global Market

Telemedicine is a rapidly growing component of healthcare in the United States. Treatment of chronically ill patients constitutes nearly four-fifths of the US healthcare spending. This is hampered by a fragmented delivery system and discontinuity of care. The adoption of telemedicine has improved care management, patient quality of life, and reduced healthcare spending. The demand for mobile technologies and internet by people, coupled with the rising adoption of homecare by patients and reduction in hospital visits, is expected to propel the growth of the market over the forecast period. Healthcare in the United States is experiencing positive trends, with the emergence of telemedicine applications that help Americans to be active in personal health management. Smartphones and the presence of mobile technology make it possible to use both clinical and lifestyle applications, in order to help, educate, and change health behaviors. More Americans are now using mobile health applications. It is estimated that through mobile applications, 60% of adults monitor their weight, diet, and exercise; 33% of track blood glucose, headaches, sleep patterns, blood pressure, and chronic pain; and seven out of 10 Americans track at least one health indicator. The extensive consumer interest in, and adoption rate of, telemedicine and mobile health applications, such as wearable technology (bands and watches) that monitor and report throughout the day, is supporting the market growth by driving the digitalization, and converting conventional forms of healthcare management to connected and remote healthcare.

Telemedicine Market 3

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Competitive Landscape

The market studied is a moderately consolidated, owing to the presence of many small and large market players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products with fewer prices. Companies, like Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Philips, hold significant market shares in the telemedicine market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Healthcare Costs

      2. 4.2.2 Technological Innovations

      3. 4.2.3 Increasing Remote Patient Monitoring

      4. 4.2.4 Growing Burden of Chronic Diseases

    3. 4.3 Market Restraints

      1. 4.3.1 Legal and Reimbursement Issues

      2. 4.3.2 High Initial Capital Requirements and Lack of Physician Support

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Telehospitals

      2. 5.1.2 Telehomes

      3. 5.1.3 mHealth (mobile health)

    2. 5.2 By Component

      1. 5.2.1 Products

        1. 5.2.1.1 Hardware

        2. 5.2.1.2 Software

        3. 5.2.1.3 Others

      2. 5.2.2 Services

        1. 5.2.2.1 Telepathology

        2. 5.2.2.2 Telecardiology

        3. 5.2.2.3 Teleradiology

        4. 5.2.2.4 Teledermatology

        5. 5.2.2.5 Telepsychiatry

        6. 5.2.2.6 Others

    3. 5.3 By Mode of Delivery

      1. 5.3.1 On-premise Delivery

      2. 5.3.2 Cloud-based Delivery

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 US

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 UK

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East & Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East & Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Aerotel Medical Systems (1998) Ltd

      2. 6.1.2 Allscripts Healthcare Solutions Inc.

      3. 6.1.3 AMD Global Telemedicine Inc.

      4. 6.1.4 Biotelemetry

      5. 6.1.5 Resideo Technologies Inc. (Honeywell Life Care Solutions)

      6. 6.1.6 InTouch Technologies Inc.

      7. 6.1.7 Koninklijke Philips NV

      8. 6.1.8 Medtronic PLC

      9. 6.1.9 SHL Telemedicine

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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