Telemedicine Technologies and Services Market (By Component: Hardware, Software, Services; By Specialty: Dermatology, Gynecology, Neurology, Cardiology, Orthopedics, Emergency Care, Internal Medicine; By Services: Tele-consultation, Tele-monitoring, Tele-education, Tele-training, Tele-care, Tele-surgery) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global telemedicine technologies and services market was valued at USD 60.86 billion in 2022 and it is predicted to surpass around USD 297.08 billion by 2032 with a CAGR of 17.18% from 2023 to 2032.

Telemedicine is the use of telecommunications and information technologies to share information and provide clinical care, education, public health, and administrative services. Telemedicine uses Internet and broadband connection to enable applications that utilize streaming of multimedia, video, wireless communications, and examination.

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 2023 to 2032.

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.

Based on component, the global telemedicine technologies and services market has been segmented into hardware, software, and services. Rapid expansion of the global telemedicine technologies and services market is attributed to increase in innovations and technological advancements in telemedicine products, increase in incidence of chronic conditions and adoption of telemedicine solutions, rise in geriatric population to propel demand for telemedicine solutions and surge in prevalence of long-term care conditions coupled with rise in demand for self-care.

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 2022 to 2032. 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 2023 to 2032. 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 2022.

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 2022. 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 30.06% from 2022 to 2032.

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.

Some of the prominent players:

• Koninklijke Philips N.V.
• Medtronic
• GE Healthcare
• Cerner Corporation
• Siemens Healthineers
• Cisco Systems, Inc.
• Teladoc Health Inc.
• American Well
• AMC Health
• MDLive

Market Segmentation

By Component

• Hardware
• Software
• Services

By Specialty

• Dermatology
• Gynecology
• Neurology
• Cardiology
• Orthopedics
• Emergency care
• Internal Medicine
• Others

By Services

• Tele-consultation
• Tele-monitoring
• Tele-education
• Tele-training
• Tele-care
• Tele-surgery
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
• Rest of the World

This report focuses on telemedicine technologies and services market includes crucial information on market share, market size, and growth rate for the forecast period 2022 to 2032 at the global level, regional level and company level. From a global perspective, this report represents overall telemedicine technologies and services market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global telemedicine technologies and services market.

The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.

In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).

The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2022 to 2032. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.

Major Key Points Covered in Report:

Executive Summary: It includes key trends of the telemedicine technologies and services market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the telemedicine technologies and services market based on production and revenue.

Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Telemedicine technologies and services market.

Market Segments: This part of the report discusses about product, application and other segments of the telemedicine technologies and services market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2022 to 2032. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global telemedicine technologies and services market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the telemedicine technologies and services market.

The report includes country-wise and region-wise market size for the period 2022-2032. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2022-2032.

Competitive Landscape

This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2022 to 2032.

The analysts have provided a comprehensive analysis of the competitive landscape of the global telemedicine technologies and services market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.

• Company Overview
• Company Market Share/Positioning Analysis
• Product Offerings
• Financial Performance
• Recent Initiatives
• Key Strategies Adopted by Players
• Vendor Landscape
• List of Suppliers
• List of Buyers

Research Methodology

The research methodology adopted by analysts for compiling the global telemedicine technologies and services market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global telemedicine technologies and services market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption,  forecast (2022-2032);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.