Telemedicine Market worth USD 396.76 Billion at 25.8% CAGR; Cost-effectiveness and Time-saving Properties to Surge Demand: Fortune Business Insights™

Telemedicine Market Key Players Studied in this Report are American Well (Boston, U.S.), MDLIVE Inc. (Sunrise, U.S), Teladoc Health Inc. (Purchase, U.S.), Doctor on Demand Inc. (San Francisco, U.S.), MeMD (Arizona, U.S.), Encounter Telehealth (Nebraska, U.S.), Global Med (Arizona, U.S.), SnapMD (California, U.S.).


Pune, India, March 10, 2021 (GLOBE NEWSWIRE) -- According to the report, Telemedicine Market size is projected to reach USD 396.76 Billion value by 2027, exhibiting a CAGR of 25.8% .The Telemedicine Industry was valued at USD 41.63 billion in 2019. The global telemedicine market is set to gain momentum from the introduction of artificial intelligence (AI)-powered booths in local malls. The system can dispense over 100 medications from a smart medicine cabinet.

Increasing Government Focus to Reduce Road Fatalities to Surge Demand

As per CMS, the healthcare expenditure reached USD 3.6 trillion in 2018 in the U.S., alone. It revealed a surge of 4.6%. This shows that out-of-pocket expenditure and the rising incidence of chronic diseases have bolstered the healthcare cost. Besides, the increasing usage of teleconsultations and digital technologies would augment the telemedicine market growth in the near future.

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Teleconsultation services are cost-effective and aid healthcare professionals to save time. Hence, governments of various countries are trying to implement telemedicine services in their healthcare infrastructure. However, the lack of skilled healthcare professionals may hinder the demand for this time of medicine.

Based on type, the services segment is likely to remain at the forefront throughout the forthcoming years because of the rising deployment of e-consultation services in hospitals worldwide. The Merritt Hawkins Survey stated that the average waiting time for dermatological consultations in the U.S. increased to 32.2 days in 2017 from 28.8 days in 2014. The declining number of dermatologists is expected to raise the adoption of remote and virtual diagnostics services, thereby boosting the segment’s growth.

In 2019, North America generated USD 17.90 billion in terms of the telemedicine market share. This growth is attributable to the presence of several prominent players, such as MDLive and Teladoc in this region. At the same time, the rising teleconsultations and the robust support from government agencies would propel growth in this region.

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In Europe, the increasing usage of digital health owing to the implementation of favorable guidelines by government bodies would aid growth. The region is expected to retain its second position in the upcoming years backed by the surging cases of chronic diseases. The British Skin Foundation, for instance, mentioned that every year, the U.K. showcases around 100,000 new cases of skin cancer.

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Robert Bosch & Autoliv Focus on Launching Advanced Products to Brighten Market Prospects

The global market for telemedicine houses numerous renowned companies that are mainly focusing on partnership and acquisition strategies. They are doing so to expand their product portfolios and to gain a large consumer base. Below are the two latest industry developments:

VivaBem joined hands with to raise approximately USD 2.5 million. The fund will help them to refine its existing products by integrating the’s AI-driven technology. It will further improve the user experience for health and wellness services, chronic care management, and telemedicine.

  • American Well (Boston, U.S.)
  • MDLIVE Inc. (Sunrise, U.S)
  • Teladoc Health Inc. (Purchase, U.S.)
  • Doctor on Demand Inc. (San Francisco, U.S.)
  • MeMD (Arizona, U.S.)
  • Encounter Telehealth (Nebraska, U.S.)
  • Global Med (Arizona, U.S.)
  • SnapMD (California, U.S.)

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Global Telemedicine Market Segmentation:

By Type:         

  • Products
  • Services

By Modality:  

  • Store-and-forward (Asynchronous)
  • Real-time (Synchronous)

By Application

  • Teleradiology
  • Telepathology
  • Teledermatology
  • Telecardiology
  • Telepsychiatry

End User:

  • Healthcare Facilities
  • Homecare

By Geography

  • North America (U.S. and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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