Telemedicine Technologies and Services Market (Component: Hardware, Software, and Services; Specialty: Dermatology, Gynecology, Neurology, Cardiology, Orthopedics, Emergency Care, Internal Medicine, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Telemedicine Technologies and Services market was valued at USD 145.2 billion in 2021 and it is expected to hit around USD 528.7 billion by 2030 with a CAGR of 14.8% during the forecast period 2022 to 2030.

Telemedicine technologies & services is the use of telecommunications and information technologies to share information and provide clinical care, education, public health, and administrative services. Telemedicine is used to treat patients in a remote location by using the telecommunication technology. It exchanges the medical information and data from one location to another through advanced technological innovation. Telemedicine services allow people to receive healthcare services digitally, usually on a computer or a smartphone app.

Moreover, lack of effective physical treatment options has made telemedicine the safest interactive system between patients, both infected and uninfected, and clinicians.

Report Scope of the Telemedicine Technologies and Services Market

Increase in Incidence of Chronic Conditions to Drive Adoption of mHealth and Remote Monitoring Solutions

Chronic diseases are one of the key healthcare concerns globally. Incidence of chronic conditions such as diabetes and cardiovascular is increasing. The rise in demand for self-care devices/solutions such as mHealth and remote monitoring is expected to propel the market during the forecast period.

According to the National Cancer Institute, in 2020, around 1,806,590 new cases of cancer were diagnosed in the U.S. and 606,520 people succumbed to the disease. As per the World Health Organization, in 2019, cardiovascular diseases (CVD) accounted for around 17.9 million deaths globally. These factors are likely to drive the global telemedicine technologies and services market during the forecast period.

Advancements in Mobile Penetration and Connectivity to Propel Global Market

Digital technologies are increasingly being used to support health systems by providing flexible options for communication and the exchange of information. These technologies can be used for medical diagnostic, monitoring, and therapeutic purposes, when participants are separated by distance or time or both, with the goal of improving the health of individuals and communities.

Mobile access is becoming ubiquitous globally. All developed markets such as South Korea, Australia, the U.S., the U.K., Germany, Sweden, and Japan already have mobile penetration greater than 100%. Furthermore, increase in penetration of smartphones as well as 3G and 4G networks is likely to boost to the use of the mobile platform for providing healthcare services.

Additionally, health ICT (Information and Communication Technologies) is based on the development of digital technologies, databases, and other applications that seek to prevent illness, treat diseases, and manage chronic illness, while improving healthcare for individuals and communities, and also provide capacity for system efficiencies and prevent medical errors. These factors drive the global telemedicine technologies and services market.

Services Segment to Dominate Global Market

The global telemedicine technologies and services market has been segmented based on component, specialty, and services. In terms of component, the global telemedicine technologies and services market has been classified into hardware, software, and services. The services segment is projected to account for key share of the global market by 2031. The services segment is anticipated to witness strong growth, as these provide cost-effective methods to consult doctors/physicians. Moreover, rise in demand for different telemedicine services such as teleradiology, teledermatology, and telepsychiatry are expected to propel the segment during the forecast period.

Surge in Use of Digital Technologies for Diagnosis and Treatment of Skin Diseases

Based on specialty, the global telemedicine technologies and services market has been categorized into dermatology, gynecology, neurology, cardiology, orthopedics, emergency care, internal medicine, and others. Teledermatology is a subspecialty of dermatology and probably among the most popular applications of e-health and telemedicine. Digital technologies are used to improve the diagnosis and treatment of skin diseases such as psoriasis. High prevalence of skin disorders & conditions and ease of use of telemedicine services are factors likely to drive the segment during the forecast period.

Tele-consultation to Gain Prominence with Rise in Number of Smartphone Users

In terms of services, the global telemedicine technologies and services market has been divided into tele-consultation, tele-monitoring, tele-education, tele-training, tele-care, telesurgery, and others. The tele-consultation segment is projected to grow at a high CAGR during the forecast period. Adoption of technologically-advanced products, increase in the number of people using smartphones and Internet services, and rise in use of phones for consulting with doctors/physicians are anticipated to augment the segment.

Legal and Privacy Issues to Hamper Global Telemedicine Technologies and Services Market

Telemedicine services involve store and transfer of patient record electronically. This could lead to privacy and security breaches. The ineffective management of privacy and security problems in telemedicine could compromise the overall success of the health system. During file sharing over the network, invaders could gain access to confidential information and possibly alter, steal, or even delete patient records. This could lead to serious outcomes such as misdiagnosis or administering an incorrect treatment plan to the patient whose data has been tampered with. This is likely to hamper the growth of the market.

Regional Outlook of Global Telemedicine Technologies and Services Market

In terms of region, the global telemedicine technologies and services market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.

North America accounted for the largest share of the global telemedicine technologies and services market in 2021, and the trend is projected to continue during the forecast period. The market in the U.S. is anticipated to grow at a rapid pace due to rise in prevalence of chronic diseases, increase in government initiatives, surge in the number of installations of telemedicine solutions in various clinics/hospitals, and presence of a large number of suppliers and service providers of telemedicine solutions.

The telemedicine technologies and services market in Asia Pacific is projected to grow at a high CAGR from 2022 to 2030. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by foreign players, especially in China, Japan, and South Korea are anticipated to drive the telemedicine technologies and services market in the region.

Some of the prominent players in the Telemedicine Technologies and Services Market include:

McKesson Corporation, F. Hoffmann-La Roche Ltd., Medtronic, Koninklijke Philips N.V., GE Healthcare, LifeWatch, Honeywell International, Inc., AMD Global Telemedicine, Inc. GlobalMed, Aerotel Medical Systems Ltd., and other players.

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 Technologies and Services market

• Component
• Hardware
• Software
• Services
• Specialty
• Dermatology
• Gynecology
• Neurology
• Cardiology
• Orthopedics
• Emergency Care
• Internal Medicine
• Others
• Services
• Tele-consultation
• Tele-monitoring
• Tele-education
• Tele-training
• Tele-care
• Tele-surgery
• 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 Technologies and Services industry analysis from 2022 to 2030 to identify the prevailing Telemedicine Technologies and Services 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 Technologies and Services 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 Technologies and Services industry trends, key players, market segments, application areas, and market growth strategies.