Telehealth & Telemedicine Market Scope
Telehealth and telemedicine are terms used to describe the delivery of healthcare services remotely using telecommunications technology. They involve the use of electronic communication tools, such as video conferencing, telephone calls, and secure messaging, to provide medical consultations, diagnosis, treatments, and other healthcare services from a distance. Both telehealth and telemedicine have gained significant popularity and adoption. They offer numerous benefits, such as increased access to healthcare services, especially for individuals in remote or underserved areas, reduced travel time and costs, improved convenience, and the potential for better health outcomes.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Koninklijke Philips N.V (Netherlands), GE Healthcare (United States), Cerner Corporation (United States), Siemens Healthineers (Germany), Medtronic plc (Ireland), Teladoc Health Inc. (United States), American Well Corporation (United States), Cisco Systems, Inc. (United States), Cigna Healthcare (United States), AMD Global Telemedicine Inc. (United States), Florence Labs, Inc. (United States), TeleSpecialists (United States) and AMC Health (United States) |
CAGR | % |
Manufacturers can focus on developing innovative and user-friendly telehealth products and solutions. This involves incorporating advanced technologies, improving user interfaces, and offering unique features that enhance the telehealth experience for both healthcare providers and patients. Apart from this, the players explore new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Telehealth & Telemedicine market throughout the predicted period.
Koninklijke Philips N.V (Netherlands), GE Healthcare (United States), Cerner Corporation (United States), Siemens Healthineers (Germany), Medtronic plc (Ireland), Teladoc Health Inc. (United States), American Well Corporation (United States), Cisco Systems, Inc. (United States), Cigna Healthcare (United States), AMD Global Telemedicine Inc. (United States), Florence Labs, Inc. (United States), TeleSpecialists (United States) and AMC Health (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Telehealth & Telemedicine market by Type , by Application (Telecare, Tele Home Health, Activity Monitoring, Remote Medication Management, Teleconsultation, Tele ICU, Telepsychiatry, Teledermatology and Others) and Region with country level break-up.
On the basis of geography, the market of Telehealth & Telemedicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In June 2020, Oracle completed the acquisition of Cerner Corp. and acquired 69.2% of the company's shares. Post-acquisition, the two companies will focus on co-developing advanced healthcare analytics solutions and expanding their product portfolio and business scale.
In August 2021, Philips announced the launch of Philips Acute Care Telehealth, a flexible and configurable solution to help healthcare systems deliver virtual care.
In the United States, telehealth and telemedicine regulations fall under the jurisdiction of multiple regulatory bodies at the federal and state levels. The main federal agency involved is the Centres for Medicare and Medicaid Services (CMS), which establishes reimbursement policies for telehealth services under Medicare.
Influencing Trend:
Technological Advancement in Telecommunications and Rising Demand for Remote Patient Monitoring
Market Growth Drivers:
Growing Prevalence of Chronic Diseases, Rising Geriatric and Medically Underserved Populations and Rising Adoption of the Telemedicine Among the Doctors and the Patients
Challenges:
Lack of Awareness
Restraints:
Regulatory Variations Across Different Countries and Regions
Opportunities:
Rising Level of Government Support and Increasing Penetration of the Internet
Key Target Audience
Healthcare Providers, Patients, Potential Investors, Governmental Bodies and Others