Global Telemedicine Market Shows Strong Growth, Fueled by Healthcare Challenges and Technological Advancements

Vancouver, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global telemedicine market size was USD 84.00 Billion in 2022 and is expected to register a revenue CAGR of 18.3% during the forecast period. according to a recent market research report. The report highlights several key factors driving this remarkable growth, such as the shortage of healthcare professionals, technological advancements, government initiatives, and increasing demand for remote healthcare services. However, it also identifies barriers like infrastructure challenges and regulatory issues that hinder market expansion.

One of the major drivers of the telemedicine market is the shortage of healthcare professionals, especially in low- and lower-middle-income countries. By 2030, the World Health Organization predicts a shortage of 10 million health workers. Telemedicine provides a solution to this problem by enabling the distribution of specialist expertise to underserved areas. It's seen as a crucial tool for equitable healthcare, particularly in cognitive specialties like psychiatry, cardiology, and infectious disease.

The market growth is also fueled by technological advancements, including Artificial Intelligence (AI), Internet of Things (IoT), and Augmented Reality (AR). AI-powered healthcare chatbots and AI-based Electronic Health Records (EHRs) enhance patient care and streamline healthcare processes. The integration of AR and Virtual Reality (VR) in telemedicine enhances medical imaging, training, and diagnostic accuracy, providing innovative tools for medical professionals and patients.

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its growth, the telemedicine market faces challenges due to poor infrastructure and connectivity. Inadequate Information and Communication Technology (ICT) infrastructure, limited internet connectivity, and high initial startup costs hinder its expansion. These issues are compounded by ICT literacy gaps and resistance to change. Regulatory barriers, including standardized policies for online prescriptions and malpractice liability, also pose obstacles, particularly in developing countries.

In 2022, the service segment led the telemedicine market in terms of revenue growth. Telemedicine services, including evaluation and diagnosis, remote monitoring, teleconsultation, and telehealth education, are in high demand. The convenience and accessibility of remote healthcare services drive growth, supported by continuous technological advancements.

The report also highlights the rapid growth of telemedicine among healthcare consumers. Telemedicine bridges geographical gaps, providing improved access to healthcare in remote areas. It offers cost-effective and convenient healthcare services, contributing to the goal of achieving universal health coverage.

The healthcare provider segment is expected to maintain the largest revenue share in the telemedicine market during the forecast period. Telemedicine optimizes Revenue Cycle Management (RCM) for healthcare providers by expanding patient access, increasing patient volume, improving revenue capture, and enhancing billing efficiency.

North America held the largest revenue share in the global telemedicine market in 2022, driven by its historical development and widespread adoption. The Asia Pacific region is experiencing rapid growth due to economic constraints, healthcare challenges, and the acceleration of telemedicine adoption prompted by the COVID-19 pandemic. Europe accounted for the second-largest revenue share, with wide adoption of telehealth services and the exchange of electronic medical records.

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Major Companies and Competitive Landscape

The global telemedicine market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient telemedicine solutions. Some major players included in the global telemedicine market report are:

• Koninklijke Philips N.V.

• Siemens Healthcare provider GmbH

• Oracle

• GE Healthcare provider

• Medtronic

• Teladoc Health, Inc.

• American Well

• Doctor On Demand

• GlobalMedia Group, LLC

• MDLIVE

• Cisco Systems, Inc.

• AMC Health

• Asahi Kasei Corporation

• Iron Bow Technologies

• CEP AMERICA, LLC

• Medvico

• VSee

• CHIRON HEALTH

• Zipnosis

• iClinig

Strategic Development

• On 18 January 2023, Royal Philips and Masimo joined forces to enhance patient monitoring in home telehealth applications with the Masimo W1 advanced health tracking watch. This collaboration aims to revolutionize telemonitoring and telehealth by combining their expertise in monitoring, connectivity, and automation. The Masimo W1 watch offers continuous pulse oximetry measurements and transmits patient data securely to Philips's patient monitoring ecosystem, enabling remote clinician surveillance. This breakthrough innovation will benefit early discharge initiatives, hospital-at-home programs, and chronic illness management by providing continuous monitoring and timely interventions. The partnership reflects a commitment to improving access to quality healthcare while leveraging the potential of remote monitoring technologies.

• On 9 October 2023, SUNU Health Nigeria Limited entered into a partnership with Mobihealth to provide telehealth services to insurance beneficiaries. This partnership will enable SUNU beneficiaries to access healthcare professionals locally and globally via their mobile devices, homes, or workplaces around the clock.

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For the purpose of this report, Emergen Research has segmented the global telemedicine market on the basis of type, technology, end-use, component, delivery mode, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)

  • Tele Hospitals

  • Tele Homes

  • mHealth (Mobile Health)

• Technology Outlook (Revenue, USD Billion; 2019-2032)

  • Store-and-forward (Asynchronous)

  • Real-time (Synchronous)

  • Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

  • Healthcare provider

  • Healthcare consumers

  • Others

• Component Outlook (Revenue, USD Billion; 2019-2032)

• • Software

  • Hardware

  • Services

    1. Telepathology

    2. Telecardiology

    3. Teleradiology

    4. Teledermatology

    5. Telepsychiatry

    6. Other Services

• Delivery Mode Outlook (Revenue, USD Billion; 2019-2032)

• Regional Outlook (Revenue, USD Billion; 2019–2032)

  • North America

    1. U.S.

    2. Canada

    3. Mexico

  • Europe

    1. Germany

    2. France

    3. U.K.

    4. Italy

    5. Spain

    6. Benelux

    7. Rest of Europe

  • Asia Pacific

    1. China

    2. India

    3. Japan

    4. South Korea

    5. Rest of APAC

  • Latin America

    1. Brazil

    2. Rest of LATAM

  • Middle East & Africa

    1. Saudi Arabia

    2. UAE

    3. South Africa

    4. Turkey

    5. Rest of MEA

• • Web/Mobile (Telephonic, Visualized)

  • Call Centers

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