The global telemedicine technologies and services market was valued at US$ 144.2 Bn in 2021.It is estimated to grow at a CAGR of 13.8% from 2022 to 2031.The global telemedicine technologies and services market is expected to cross value of US$ 526.7 Bn by the end of 2031
The report suggests that rise in geriatric population, increase in prevalence of chronic diseases such as diabetes, cardiovascular diseases, and others, surge in demand for self-care devices/solutions, increase in penetration of smartphones and Internet services, and shortage of health care personnel are likely to drive the telemedicine technologies & services market from 2017 to 2025.
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Key Developments in Global Telemedicine Technologies and Services Market:
- In May 2021, K Health entered into a partnership with Boost Mobiles, which provided Boost’s customers access to a range of telehealth care for or subscribers of its Unlimited Plus plan.
- In June 2020, Royal Philips announced collaboration with American Telemedicine Association to help further the adoption of telehealth across the industry, demonstrating its commitment to connecting care across acute, post-acute, and home care settings.
- In October 2017, Medtronic announced that its Medtronic Care Management Services (MCMS) business had entered into a strategic partnership with American Well
The global telemedicine technologies & services market is driven by emerging new and advanced technologies, increase in incidence of chronic diseases, and adoption of telemedicine solutions. Rise in geriatric population, surge in prevalence of long-term care conditions, increase in demand for self-care, and advances in mobile penetration, connectivity, and ICT services are the other factors propelling the global telemedicine technologies & services market. However, disparity of Internet quality and cyber threats are the major restraints of the global telemedicine technologies & services market.
The U.S. and China are projected to dominate the global telemedicine technologies & services market in the next few years, owing to increase in manufacturer focus for business expansion in these regions. Players are developing advanced telemedicine technologies & services products for research operations and entering into distribution agreements to strengthen their presence in the U.S. and China. Increase in adoption of technologically advanced products manufactured by local manufacturers drive the telemedicine technologies & services market in the U.K. The market in the country is expected to expand at a CAGR of 16% from 2017 to 2025.
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Services Segment Dominates the Market
The report offers detailed segmentation of the global telemedicine technologies & services market based on component, specialty, and services. The component segment has been divided into hardware, software, and services. The services sub-segment is poised to account for leading share of the component segment during the forecast period from 2017 to 2025. Rise in demand for different telemedicine services such as teleradiology, teledermatology, and telepsychiatry drive the market. The services sub-segment is likely to register comparatively higher growth rate in terms of revenue during the forecast period. The software sub-segment is estimated to expand at the second highest growth rate during the forecast period.
Dermatology and Neurology: Top Two Specialty Segments
In terms of specialty, the dermatology segment is projected to account for significant share of the global telemedicine technologies & services market during the forecast period. The neurology segment is likely to expand at a high CAGR from 2017 to 2025. Dominance of the segment is attributed to increase in geriatric population and emergence of cost-effective medical care.
In February 2018, Masimo received the U.S. FDA approval for its product Eve for Rad-97 Pulse COOximete, a critical congenital heart disease (CCHD) newborn screening application. Such continuous new product launches and exponentially rise in patient base in developed as well as developing countries are likely to drive the segment between 2017 and 2025. The gynecology segment is expected to expand at a CAGR of 16% during the forecast period. The cardiology and orthopedics segments accounted for combined share of 30.0% of the global telemedicine technologies & services market in terms of revenue in 2016.
High Growth of the Telemedicine Technologies & Services Market in the U.S. and China
In terms of revenue, the U.S. was the leading market for telemedicine technologies & services in 2016. Increase in prevalence of chronic diseases, rise 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 contribute to the major share of the U.S. However, cyber threats and disparity of Internet quality are likely to hamper the market.
Rise in venture capital funding for telemedicine solutions, surge in government initiatives for adoption of telemedicine, increase in geriatric population, and rise in prevalence of chronic diseases such as diabetes and heart diseases are the factors likely to drive the telemedicine technologies & services market in China. Government initiatives and grants to increase adoption of telemedicine solutions is expected to boost the market in the U.K. Rise in geriatric population, high percentage of people residing in remote locations, surge in government initiatives, and increase in penetration of smartphone and Internet services are likely to augment the market in India. The market in India is projected to expand at a CAGR of 25% from 2017 to 2025.
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Highly Consolidated Market, with Top Players Accounting for Majority Share
The report also provides profiles of leading players operating in the global telemedicine technologies & services market. McKesson Corporation, F. Hoffmann-La Roche Ltd., Medtronic, Koninklijke Philips N.V., GE Healthcare, LifeWatch, and Honeywell International, Inc., among others are the major players in the market. Expansion of telemedicine technologies & services product portfolio through partnerships to improve quality of product is a growing trend in the global telemedicine technologies & services market.
In January 2018, Royal Philips and American Well entered into a strategic partnership to deliver virtual care solutions across the world. In October 2017, Medtronic announced that its Medtronic Care Management Services (MCMS) business had entered into a strategic partnership with American Well. Other prominent players in the global telemedicine technologies & services market include Aerotel Medical Systems Ltd., GlobalMed, and AMD Global Telemedicine, Inc.
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