Telemedicine Market Overview
The telemedicine market was valued at approximately USD 38,289 million in 2020, and it is expected to witness a revenue of USD 168,396 million in 2026, with a CAGR of 28% over the forecast period, 2021-2026. The COVID-19 pandemic had a significant positive impact on the growth of the telemedicine market globally. The major factors for the growth of the telemedicine market include the rising healthcare costs, technological innovations, increasing remote patient monitoring, and the growing burden of chronic diseases. Telehealth solutions have demonstrated the ability to enhance health outcomes and reduce costs.
North America accounted for the largest share in the telemedicine market
Telemedicine is a rapidly growing component of healthcare in the United States owing to the growing burden of chronic diseases and the high adoption of advanced healthcare technologies in the country. Healthcare in the United States is experiencing positive trends, with the emergence of telemedicine applications that help Americans to be active in personal health management, especially during the current COVID-19 pandemic. For instance, in November 2020, Morneau Shepell introduced its first unified telemedicine solution in the United States. Under this service, regional employees and their families will get access to digital health care support for all their crucial and immediate wellbeing needs.
Key Highlights of the Market
- The market studied is moderately consolidated, and the vendors are engaged in partnership, collaboration, acquisitions, mergers, and product launches to sustain in the market.
- Companies like Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Koninklijke Philips NV hold significant market shares in the telemedicine market.
- The telehomes segment is expected to be the fastest-growing segment during the forecast period. Tele-homecare programs, such as the whole system demonstrator (WSD) project (UK), veterans’ health segmentation (VHA) project (US) manage, reduce, and avoid chronic diseases by remote monitoring of patients.
- The rising demand for mobile technologies, rising adoption of home care by patients, and reduction in hospital visits are expected to propel the growth of the telehealth market during the forecast period.
List of Key Players in the Telemedicine Market*
- Aerotel Medical Systems (1998) Ltd
- Allscripts Healthcare Solutions Inc.
- AMD Global Telemedicine Inc.
- SOC TELEMED
- Resideo Technologies Inc.
- Koninklijke Philips NV
- Medtronic PLC
- SHL Telemedicine
- Teladoc Health Inc (InTouch Technologies Inc.)
*List Not Exhaustive
Mordor Intelligence has segmented the global telemedicine market on the basis of Type, Component, Mode of Delivery, and Geography:
- Type (Market Size & Forecast (2018-2026) in USD billion)
- mHealth (Mobile Health)
- Component Type (Market Size & Forecast (2018-2026) in USD billion)
- Other Components
- Other Services
- Mode of Delivery (Market Size & Forecast (2018-2026) in USD billion)
- On-premise Delivery
- Cloud-based Delivery
- Geography (Market Size & Forecast (2018-2026) in USD billion)
- North America
- United States
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
- North America
Related Reports & Links
- Home Healthcare Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
- Tele Intensive Care Unit Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
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