Telemedicine Technologies Market

Market Synopsis:

Global Telemedicine Technologies Market is valued at USD 32,819.53 Million in 2021 and is projected to reach a value of USD 82,051.62 Million by 2028 at a Compound Annual Growth Rate (CAGR) of 16.5% over the forecast period.

The factors such as growing geriatric and medically challenged population, advancement in telecommunication, and increasing the adoption of technology during covid-19 are projected to drive the growth of the Telemedicine Technologies market in the years to come. Furthermore, Telemedicine Technologies uses electronic technologies like smartphones, email, and video conferencing for giving the medical information of the patient personally, which is expected to fuel growth of the Telemedicine Technologies market during the forecast period. The Telemedicine Technologies market is witnessing significant growth globally due to the increasing prevalence of chronic diseases and the increasing necessity of patient management. Growth in the telecommunications network and reduction in healthcare costs is expected to have a positive impact on the Telemedicine Technologies market growth during the forecast period. Moreover, the growth of the Telemedicine Technologies market is mainly attributed to its capability to monitor patients in remote areas, growing healthcare awareness, rising demand for telesurgery, and acceptance of technology-developed regions. Additionally, video calling, transferring medical pictures, and vigorous signs monitoring among others are the major applications of Telemedicine Technologies that are expected to drive the growth of the Telemedicine Technologies market in the years to come. Besides, the global Telemedicine Technologies market is driven by the execution of the patient protection and affordable care act (PPACA) which has supported numerous people looking for healthcare insurance and also other medical-related services which are expected to increase the demand for Telemedicine Technologies in the years to come.

Market Segmentation:

The Tele-Consultation Segment is Projected to Grow at the Highest CAGR During the Forecast Period

The tele-consultation segment is expected to grow at the highest CAGR, owing to the growing adoption and utilization of Telemedicine Technologies services in a hospital setting to access various specialists by the doctors. This will result in cost savings for the hospitals and the patients too. Similarly, growing government funding and grants for inspiring the adoption of Telemedicine Technologies services in hospitals will increase the tele-consultation segment demand during the forecast period.

The Web/Mobile Delivery Mode Segment is Expected to Propel Substantially

The web/mobile delivery mode segment is projected to witness significant growth during the forecast period. Increasing telecommunication base in emerging regions united with several government initiatives in emerging economies will increase demand for web/mobile-based Telemedicine Technologies segment in the upcoming years. Besides, various relaxations offered by the federal government for the usage of Telemedicine Technologies services will be advantageous to the web/mobile-based delivery segment during the forecast [period.

North America Region is Accounted to have Held the Largest Share of the Telemedicine Technologies Market

The growth of the region and acquiring the largest share is attributed to the factors like rising in the incidence of chronic conditions, the necessity to reduce healthcare expenditure, and the increase in the geriatric population globally.

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The growth of the Telemedicine Technologies market in the region is due to the occurrence of chronic conditions and overloading hospitals during the forecast period. Additionally, the federal commands to increase the healthcare facilities, and the growing focus on improving the quality of healthcare delivered to covid-19 patients are the major factors expected to drive the growth of the Telemedicine Technologies market in the years to come. The utilization of telehealth and Telemedicine Technologies solutions for combating infectious diseases and epidemics along with the implementation of blockchain, AI, and analytics are expected to provide a great opportunity for the growth of the Telemedicine Technologies market in the Asia Pacific region.

Competitive Landscape:

The Telemedicine Technologies market is highly fragmented in nature due to the presence of key players in the market. Some of the key players in the market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland),GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Doctor on Demand (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), Zipnosis (US)..

Telemedicine Technologies Market is Segmented as Follows: