Telemedicine Market size to record USD 132.61 bn growth from 2024-2028, Integration of AI with telemedicine is one of the key market trends, Technavio
NEW YORK, April 3, 2024 /PRNewswire/ -- The global telemedicine market size is estimated to grow by USD 132.61 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of almost 17.11% during the forecast period. The telemedicine market is expanding due to AR technology integration in mobile devices like smartphones and tablets. Vendors offer AR applications for enhanced user experience and value proposition. Basic computer vision and positional tracking enable AR functionality. Teleconsultation services, virtual hospitals, and remote patient monitoring are key areas of growth. Technological barriers, such as high installation costs and poor infrastructure, are being addressed with advancements in AI, ML, and high-speed internet. Key segments include dermatology, radiology, and tele-mental health services.
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Innovation Sparks Market Growth:
The telemedicine market is experiencing significant growth during the COVID-19 pandemic period, driven by the adoption of digital technologies such as teleconsultations. Government organizations and consumers alike are turning to advanced technologies like Machine Learning (ML) and Artificial Intelligence (AI) to provide virtual hospitals and telehealth apps. These solutions offer benefits such as reduced work burden for healthcare professionals, lower travel-related costs, and real-time diagnosis of diseases in areas with poor infrastructure. Products and services in the telemedicine market include teleconsultation services, e-consultation services, and remote patient monitoring. The market's revenue share is influenced by factors like type (real-time and Store-and-Forward (S&F)), wireless connectivity, and the use of telecommunication devices like mobile phones. Telemedicine applications span various segments, including dermatology, radiology, cardiac monitoring devices, and m-health apps. Machine learning algorithms and AI are used to diagnose diseases in real-time, improving efficiency and accuracy. However, technological barriers and high installation costs remain challenges. The telemedicine market includes tele-mental health services, teledermatology, and radiology services. Rare diseases and chronic conditions are particularly well-suited for remote diagnosis and monitoring. High-speed internet, high bandwidth, and large storage capacity are essential requirements for these services. In summary, the telemedicine market is growing rapidly due to the integration of digital technologies, the need for remote healthcare services, and the challenges posed by the COVID-19 pandemic. The market includes various products and services, such as teleconsultation services, e-consultation services, and remote patient monitoring. Technological advancements, like machine learning algorithms and AI, are improving the efficiency and accuracy of telemedicine services. However, challenges like technological barriers and high installation costs remain.
Addressing Challenges:
The telemedicine market is experiencing significant growth, with new players entering the scene, fueled by series A funding and the shift towards virtual care delivery. Platforms like OpenLoop and Vitalchat are revolutionizing healthcare through AI-powered booths in local malls, smart medicine cabinets, and "One-Minute Clinics." These innovations enable patients to consult with doctors using AI machines, which analyze medical history and suggest diagnosis strategies. AI-based clinics are also being set up in schools, shopping malls, pharmacies, and highway service stations. However, reimbursement services and regulatory approvals pose challenges. Despite these hurdles, the market's positive growth trajectory continues, particularly in addressing chronic diseases and reducing out-of-pocket expenditures. Eurostat reports that national healthcare spending and per person spending are under financial burden, making digital health solutions like AI-enabled E-Sitters and inpatient telehealth more essential. Voice and movement-controlled, hands-free technology are further enhancing patient experiences and opportunities in this sector.
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Analyst Review
The Telemedicine Market is experiencing significant growth in the healthcare industry, driven by advancements in technology and the increasing need for remote consultation services. Telemedicine encompasses various digital medical services such as teleconsultation, telemonitoring, telecare, telepharmacy, telepsychiatry, and telecardiology. These services enable patients to receive medical care and attention from doctors online, using telecommunication technology. The market trends indicate a shift towards telehealth solutions, which offer convenience, affordability, and improved access to medical services. The analysis of this industry reveals that telemedicine is transforming the way healthcare is delivered, particularly in underserved areas and for chronic disease management. Overall, the telemedicine market is poised for continued expansion and innovation in the digital healthcare landscape.
Market Overview
Telemedicine market is experiencing significant growth due to the increasing adoption of digital health technologies. Markets such as Artificial Intelligence (AI), telehealth platforms, and remote monitoring solutions are driving this trend. The COVID-19 pandemic has further accelerated the demand for telemedicine services, making them an essential part of healthcare delivery. The market is segmented based on services, devices, and regions. Services include remote monitoring, teleconsultation, and store-and-forward. Devices include smartphones, tablets, laptops, and specialized medical equipment. Regions include North America, Europe, Asia Pacific, and the Middle East and Africa. The market is expected to grow at a CAGR of over 15% during the forecast period, driven by factors such as increasing government support, rising healthcare costs, and the growing elderly population. Companies such as American Well, Teladoc Health, and MDLive are leading players in the telemedicine market.
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Key Companies:
Telemedicine Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Telemedicine Market report includes information on the product launches, sustainability, and prospects of leading vendors including Access TeleCare LLC, Aerotel Medical Systems Ltd., AMD Global Telemedicine Inc., American Well Corp., AMN Healthcare Services Inc., CareCloud Inc., Cisco Systems Inc., Doctor On Demand Inc., Evernorth Health Inc., GlobalMedia Group LLC, Koninklijke Philips N.V., Medtronic Plc, MeMD, Resideo Technologies Inc., Sesame Inc., SHL Telemedicine Ltd., TALKSPACE INC, Teladoc Health Inc., Twilio Inc., Veradigm LLC
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- Telehospital And Teleclinic
- Telehome
- Product
- Services
- Solutions
- Geography
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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