Telemedicine Industry Overview
The global telemedicine market size is anticipated to reach USD 380.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 19.5% over the forecast period. The key factors driving the market growth include the increasing prevalence of chronic conditions, aging population, telehealth uptake, and rising demand for reduction in care costs. SOC Telemed reported 140,743 total system-wide consults during Q3 2021, an increase of about 76% year over year. The company also reported a recovery in telepsychiatry volumes to pre-COVID levels and significant volume increases in the teleneurology service line. About 1,087 total facilities were serviced by SOC Telemed including 193 facilities serviced by Access Physicians.
Telemedicine Market Segmentation
Grand View Research has segmented the global telemedicine market on the basis of component, modality, application, delivery mode, facility, end user, and region:
Based on the Component Insights, the market is segmented into Product, and Services.
- The product segment dominated the market in 2021 while the services segment is expected to grow at the fastest CAGR of over 20% from 2022 to 2030. The product segment is further divided into software, hardware, and others.
- The telemonitoring segment is expected to grow at the fastest CAGR over the forecast period owing to the expanding field of remote patient monitoring. The tele-consulting segment contributed to the largest revenue share as it forms the core of telemedicine solutions.
Based on the Modality Insights, the market is segmented into Store & Forward, Real-time, and Others.
- The industry is driven by three concepts, which include real-time (synchronous), store and forward (asynchronous), and others comprising remote patient monitoring, etc. The real-time segment accounted for the largest revenue share of more than 38.00% in 2021.
- This is owing to the rising uptake of on-demand medical consultations, usage of mHealth and virtual video visits, and service offerings by key market players. The others segment consisting of patient monitoring (e.g. health tracking and vital signs monitoring) from a distant location (such as home or hospital) is also expected to grow at a significant CAGR over the forecast years.
Based on the Application Insights, the market is segmented into Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology, and Others.
- The teleradiology segment dominated the market and accounted for the largest revenue share of more than 24.05% in 2021.
- Telepsychiatry, on the other hand, is projected to grow at the fastest CAGR from 2022 to 2030. This is owing to the growing prevalence of mental health disorders, behavioral disorders, rising awareness, and adoption of telepsychiatry services.
Based on the Delivery Mode Insights, the market is segmented into Web/Mobile, and Call Centers.
- The global market has been further bifurcated into web/mobile and call centers. The web/mobile segment dominated the market in 2021 and accounted for the largest share of more than 78.05% of the global revenue. The segment is estimated to expand further at the fastest CAGR retaining its dominant position throughout the forecast period.
- This segment is further categorized into audio/text-based and visualized access to the care. Rising smartphonepenetration, a surge in mHealth usage, and growing healthcare consumerism are contributing to the segment growth.
- The call centers segment is also expected to grow at a considerable CAGR over the estimated period.
Based on the Facility Insights, the market is segmented into Tele-hospital, and Tele-home.
- The tele-hospitals facility segment dominated the global market in 2021. The segment accounted for the maximum share of more than 50.5% of the global revenue in the same year. The segment is expected to expand further at a steady growth rate during the forecast period.
- The tele-home care facility segment is projected to register the fastest growth rate during the forecast period. This growth can be attributed to the increasing adoption of remote patient monitoring devices.
Based on the End-user Insights, the market is segmented into Providers, Payers, Patients, and Others.
- The patients segment dominated the market with a share of more than 37.5% in 2021. This is because patients seek telemedicine services for various purposes starting from mild or moderate health issues to emergencies.
- The providers segment is estimated to register the fastest growth rate over the forecast period. Telemedicine solutions help enhance the quality of healthcare services.
- eHealth solution offers great convenience to healthcare professionals, in terms of patient scheduling and data management. These benefits are expected to boost the usage of telemedicine by providers over the forecast period.
Telemedicine Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The market is highly fragmented and competitive. Market players are involved in implementing strategic initiatives, such as product upgrades, regional expansions, portfolio diversification, and mergers & acquisition.
Some of the key players in the global telemedicine market include:
- MDlive, Inc. (Evernorth)
- American Well Corp.
- Twilio, Inc.
- Teladoc Health, Inc.
- Doctor On Demand, Inc. (Included Health)
- Zoom Video Communications, Inc.
- SOC Telemed, Inc.
- NXGN Management, LLC
- Plantronics, Inc.
Order a free sample PDF of the Telemedicine Market Intelligence Study, published by Grand View Research.
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.
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