Telemedicine Market Size, Share & Trends Analysis Report By Component (Products, Services), By End User (Patients, Providers), By Application, By Modality, By Delivery Mode, By Facility- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Telemedicine market size was estimated at USD 72.4 billion in 2022 and is projected to hit around USD 380.9 billion by 2030, growing at a CAGR of 19.8% during the forecast period 2022 to 2030.

Key Takeaways:

• Telemedicine has a wide scope of application in dermatology, psychiatry, intensive care units, emergency care, ophthalmology, neurology, rehabilitation, and radiology
• The teleradiology segment accounted for the majority of revenue share in 2022. Telepsychiatry, on the other hand, is estimated to grow at the fastest CAGR from 2022 to 2030
• Products dominated the components segment in 2022 while services are projected to grow at the fastest CAGR from 2022 to 2030
• The web/mobile-based delivery mode segment is expected to register the fastest CAGR during the forecast years due to the high adoption of smartphones and penetration of the internet
• The tele-home facility segment will register the maximum CAGR from 2022 to 2030 due to the advanced technologies to monitor patient health from remote locations and rising awareness regarding the benefits of remote healthcare
• The providers segment accounted for the maximum revenue share in 2022. However, the patients segment is expected to grow at the fastest CAGR from 2022 to 2030
• Government-initiated healthcare programs across the world are anticipated to propel the adoption of telemedicine solutions by patients and providers in the coming years

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 2022, 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.

The COVID-19 pandemic had an overall positive impact on the market. It led to increased awareness about telemedicine solutions, propelled the adoption rates among patients & providers, and increased the investment activities in the market. Supportive regulatory initiatives to promote the use of telemedicine further contributed to the market growth. In the U.S., both state and federal laws have evolved to facilitate the widespread use of telemedicine to cope with the COVID-19 pandemic. For instance, on March 6, 2020, the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It included USD 8.0 billion emergency funding for the federal agencies and provision to expand reimbursement coverage for telehealth services.

Many U.S. states also waived the licensure for better utilization of the service. This positively impacted the market growth during the pandemic. Rapid advancements in technology are also expected to boost the demand for online consultation, thereby contributing to market growth. For instance, in April 2020, American Well launched Amwell Private Practice, which is a secure, simple, and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID-19 patients. Furthermore, strategic initiatives by key market players, the entry of large-scale, established companies into the market, and the emergence of new start-ups are estimated to contribute to the market growth. In October 2020, Teladoc, Inc. merged with Livongo Health, Inc. to improve the access, delivery, and experience of healthcare for consumers.

This supported its growth objectives. In January 2022, Teladoc, Inc. acquired Consultant Connect Ltd.-a telemedicine provider specializing in enabling healthcare professional-to-professional advice and guidance in the U.K. There has been a significant rise in tele-mental 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. The social shift to overall mental wellbeing and rising healthcare consumerism are other key factors anticipated to propel market growth in the near future. For instance, in 2020, over 52.9 million adults in the U.S. experienced mental illness, according to the NAMI.

Suicide was found to be the second leading cause of death across the country among people aged 10 to 34 years. The increase in awareness levels about mental health, uptake by end users, expansion of offerings by the existing market players, the flow of investments, and entry of new companies are expected to drive the market growth during the forecast period. North America dominated the global market in 2022 due to the high adoption of telehealth solutions during the COVID-19 pandemic. The availability of advanced healthcare facilities and quick adoption of digital technologies also contributed to the region’s growth. Asia Pacific is predicted to witness the fastest CAGR over the forecast period due to the rising number of smartphone users, demand for affordable healthcare services, and presence of a large patient pool.

Report Scope of the Telemedicine Market

Report Coverage	Details
Market Size	USD 380.9 Billion by 2030
Growth Rate	CAGR of 19.8% from 2022 to 2030
Largest Market	Asia Pacific
Fastest Growing Market	North America
Base Year	2022
Forecast Period	2022 to 2030
Segments Covered	Component, modality, application, delivery model, facility, end user, and Region,
Companies Mentioned	MDlive, Inc. (Evernorth); American Well Corporation; Twilio Inc.; Teladoc Health, Inc.; Doctor On Demand, Inc. (Included Health); Zoom Video Communications, Inc.; SOC Telemed, Inc.; NXGN Management, LLC; Plantronics, Inc.; Practo; VSee; Sesame, Inc.; Doxy.me Inc.; PlushCare; HealthTap, Inc.

 

Component Insights

By component, the product segment dominated the market in 2022 while the services segment is expected to grow at the fastest CAGR of over 21% from 2022 to 2030. The product segment is further divided into software, hardware, and others. The hardware segment held the largest market share in 2022 owing to the high adoption of medical peripheral devices, microphones, display screens, videoconferencing devices, and audio equipment to facilitate virtual visits. Teladoc Health, Inc. for instance, offers a range of devices that support clinical collaboration and point-of-care visits, such as the Viewpoint Cart, TV Pro & TV Pro+, Xpress & Xpress Cart, Lite with Boom Camera, and others.

In terms of services, 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. The widespread use of tele-consulting between patients and clinicians, between physicians, and between surgeons and students is estimated to propel the segment growth. In December 2022, the Common Services Centre of the Ministry of Electronics and Information Technology in India launched the CSC Health Services Helpdesk-a chatbot-based helpline on WhatsApp.

Modality Insights

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 39.00% in 2022. 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.

In 2018, Fitbit Health Solutions reported that Cedars-Sinai Hospital in Los Angeles started giving out Fitbit wearables to patients after hip replacements, knee replacements, and other surgeries. This enabled the clinicians to track patient activity and to encourage patients to start walking short distances to support their rehabilitation journey. In October 2020, Fitbit (now a part of Google), announced its plans to grow the premium health and fitness subscription service line by entering into virtual care in the coming years.

Application Insights

The teleradiology segment dominated the market and accounted for the largest revenue share of more than 25.05% in 2022. This is because of factors, such as an increase in imaging practices, teleradiology workflow adoption by healthcare providers, expansion of service offerings within radiology sub-segments, and the streamlining & regulation of teleradiology practices. The integration of Artificial Intelligence (AI) into teleradiology, implementation of Picture Archiving and Communication System (PACS), and growing R&D activities pertaining to eHealth are key growth propellers over the forecast period.

Heidelberg Medical Consultancy & Health Tourism Pvt. Ltd., for instance, is a telemedicine service provider specializing in customized, high-quality, and affordable radiology reporting solutions for dental specialists and practices. 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. MD Live, for instance, offers sessions with counselors and psychiatrists for a range of conditions including anxiety, depression, trauma & PTSD, panic disorders, and more.

Delivery Mode Insights

On the basis of delivery modes, the global market has been further bifurcated into web/mobile and call centers. The web/mobile segment dominated the market in 2022 and accounted for the largest share of more than 79.05% 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 smartphone penetration, a surge in mHealth usage, and growing healthcare consumerism are contributing to the segment growth.

The market is also dominated by tech companies offering web and mobile-first solutions to enable telemedicine, thus contributing to the high share of the segment. Furthermore, increasing awareness among users, the introduction of technologically advanced solutions, and the penetration of cloud-based solutions are anticipated to boost the adoption of visualized care delivery solutions. The call centers segment is also expected to grow at a considerable CAGR over the estimated period. In April 2022, the Cyberabad Police in Telangana, India, launched a COVID-19 telemedicine consultation call center to address the basic and immediate needs of COVID-19-related queries for citizens.

Facility Insights

On the basis of facilities, the global market has been further bifurcated into tele-hospitals and tele-home. The tele-hospitals facility segment dominated the global market in 2022. The segment accounted for the maximum share of more than 51.5% 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.

The supportive government initiatives, increasing awareness among patients towards their health concerns, and high penetration of internet-based solutions are some of the factors driving the segment. The Tele-ICU program launched by Koninklijke Philips N.V., for instance, played a key role in facilitating clinicians to monitor a scalable number of ICU beds remotely in 2020. The beds were connected to a central monitoring facility and came equipped with camera-enabled bedside support and predictive analytics. The growing adoption of mHealth and wearable devices is also expected to fuel the market growth.

End-user Insights

The patients segment dominated the market with a share of more than 38.5% in 2022. This is because patients seek telemedicine services for various purposes starting from mild or moderate health issues to emergencies. Market players are thus expanding their service offerings to fit patient needs. VSee, for instance, provides Telemedicine Software, Carts & Kits, Remote Patient Monitoring Dashboard, and API& SDKs. The company offers these solutions to a variety of clinical specialties, such as Concierge Medicine, Dermatology, Family Medicine, Internal Medicine, Mental Health, Pediatrics, Physical Therapy, Primary Care, Psychiatry (ER), Radiology, Skilled Nursing Facilities, Speech Therapy, and Urgent Care.

On the basis of end users, the global market has been divided into patients, payers, providers, and others. The providers segment is estimated to register the fastest growth rate over the forecast period. Telemedicine solutions help enhance the quality of healthcare services. These also offer convenience for healthcare providers, in terms of quick access to patient records, improved decision support, improved workflows, and analytics. 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.

Regional Insights

North America dominated the global market in 2022 and accounted for the largest share of more than 35.8% of the overall revenue. This is owing to the rising digitalization across healthcare, advanced healthcare facilities, and the adoption of telemedicine solutions. The presence of key players further contributes to the notable share of the region. For instance, companies including MDlive, Inc., Teladoc Health, Inc., American Well Corp., Doctor On Demand, Inc., SteadyMD, Inc., and Zoom Video Communications, Inc. are headquartered in the U.S. These companies implement strategic initiatives to increase their market share.

Asia Pacific, on the other hand, is anticipated to be the fastest-growing regional market during the forecast period. This rapid growth can be attributed to the presence of a large patient population pool, increasing internet usage, and rapid demand for healthcare assistance, especially in the rural areas. Emerging economies including India and China are estimated to lead the regional market in the years to come. In March 2022, India Brand Equity Foundation (IBEF) reported that the Indian government launched a telemedicine service-eSanjeevani and completed around 3 million consultations across the nation.

Some of the prominent players in the 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.
• Practo
• VSee
• Sesame, Inc.
• Doxy.me Inc.
• PlushCare
• HealthTap, Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Telemedicine market

• Component
• Product

• Hardware
• Software
• Others
• Services
• Tele-consulting
• Tele-monitoring
• Tele-education
• Modality
• Store and forward
• Real time
• Others
• Application
• Teleradiology
• Telepsychiatry
• Telepathology
• Teledermatology
• Telecardiology
• Others
• Delivery Mode
• Web/Mobile
• Audio/Text-based
• Visualized
• Call Centers
• Facility
• Tele-hospital
• Tele-home
• End-user
• Providers
• Payers
• Patients
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Telemedicine industry analysis from 2022 to 2030 to identify the prevailing Telemedicine industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Telemedicine industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Telemedicine industry trends, key players, market segments, application areas, and market growth strategies.