Telemedicine Market Size To Hit $155.1 Billion By 2027 Due To Rising Disposable Income & Geriatric Populations To Aids The Growth | Grand View Research, Inc.

Telemedicine Market Size To Hit $155.1 Billion By 2027 Due To Rising Disposable Income & Geriatric Populations To Aids The Growth | Grand View Research, Inc.

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According to the report published by Grand View Research, Inc., growing disposable income, rising geriatric populations along with increasing shift towards technologically-aided healthcare are some of the major factors aiding the growth of the telemedicine market.

The global telemedicine market size is expected to reach USD 155.1 billion by 2027, expanding at a CAGR of 15.1% over the forecast period, according to a new report by Grand View research, Inc. Increasing incidences of chronic conditions and rising demand for self-care medicines are the key factors driving the market. Furthermore, increasing use of internet applications, ease of telemedicine, and rising demand for centralization of healthcare are expected to help save cost, which is one of the critical factors for the telemedicine market growth.

Telemedicine is gaining grounds in the world, with growing awareness regarding the benefits related to its usage. Also, centralization of healthcare is expected to help in harmonizing the entire process as well as providing economic assistances. COVID-19 pandemic has resulted in increased demand for telemedicine solutions and with the increasing shift towards technology-aided developments in healthcare, telemedicine is set to touch the zenith of growth in the market.

Telemedicine is helping in reducing the emergency room visits and hospitalization rate, thereby augmenting the market growth. Moreover, improving therapeutic infrastructure, growing post-acute care supervision, and rising demand in the emerging economies are expected to further propel the demand. 

Global telemedicine market size, by components, 2016 - 2027 (USD Million)

Further key findings from the study suggest:

  • The products sub-segment registered largest revenue share in 2019 due to increasing adoption of remote monitoring devices

  • Telemedicine found wide applications in dermatology, psychiatry, intensive care units, emergency care, ophthalmology, and radiology, out of which, teleradiology accounted for the majority of revenue in 2019

  • On the basis delivery model, Web/mobile based delivery model is expected to witness significant growth in coming years due to high adoption of smartphones and penetration of internet

  • On the basis of type, tele-homecare segment is anticipated to expand at a lucrative CAGR in coming years due to increasing awareness regarding remote healthcare benefits among patients and introduction of advanced technologies to remotely monitor patient’s health

  • The provider end-use segment held the dominant share of overall market in 2019. Government initiated healthcare programs across the world are anticipated to propel the adoption of telemedicine solutions by patients and providers in coming years

  • On the basis of region, North America dominated the global telemedicine market in 2019 and is still dominating as there is high adoption of telehealth solution due to COVID-19 pandemic. Availability of advanced healthcare facilities along with funds for the emergency care delivery in order to stop the spread of the disease is contributing toward regional growth

  • Asia Pacific is predicted to witness lucrative growth over the forecast period owing to developing economies such as China and India facing challenges to provide access to patients due to corona outbreak. Economic reforms, booming IT industry, and low functioning costs are the key factors attracting market players in this region

  • Some of thekey players in the market are IBM; Intel Corporation; Teladoc; Doctor on Demand; iCliniq; Philips Healthcare; McKesson Corporation; AMD Telemedicine; and Cardio Net Inc.

  • Collaborations between companies is one of the common ways to boost the efficiency and expansion of the companies. For instance, IBM and Santa Casa da Misericórdia de Lisboa (SCML), a Portuguese institution of public utility recognized for its social, health and education work in the community, announced that they have worked together with IBM Garage and IBM Services to develop a teleconsultation solution running on IBM public cloud. It will provide telemedicine services with the help of IB public cloud.

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Grand View Research has segmented the global telemedicine market by component, technology, application, delivery model, type, end use, and region:

Telemedicine Component Outlook (Revenue, USD Million, 2016 – 2027)

  • Product

    • Hardware

    • Software

    • Others

  • Services

    • Tele-consulting

    • Tele-monitoring

    • Tele-education

Telemedicine Technology Outlook (Revenue, USD Million, 2016 – 2027)

  • Store and Forward

  • Real Time

  • Others

Telemedicine Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Teleradiology

  • Telepsychiatry

  • Telepathology

  • Teledermatology

  • Telecardiology

  • Others

Telemedicine Delivery Model Outlook (Revenue, USD Million, 2016 – 2027)

  • Web/Mobile

    • Telephonic

    • Visualized

  • Call Centers

Telemedicine Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Tele-hospital

  • Tele-home

Telemedicine End Use Outlook (Revenue, USD Million, 2016 – 2027)

  • Providers

  • Payers

  • Patients

  • Others

Telemedicine Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Netherlands

    • Switzerland

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

    • Malaysia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

List of Key Players of Telemedicine Market

  • Teladoc
  • Doctor on Demand
  • iCliniq
  • IBM
  • Intel Corporation
  • Philips Healthcare
  • McKesson Corporation
  • AMD Telemedicine
  • GE Healthcare
  • CardioNet Inc.
  • 3m Health Information Systems
  • Medic4all
  • CirrusMD Inc.
  • Cisco
  • American Telecare Inc.

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About Grand View Research

Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.

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