Telehealth & Telemedicine Market

Telehealth & Telemedicine Market by Component (Software & Services (RPM, Real-Time), Hardware (Monitors)), Delivery (On-Premise, Cloud-Based), Application (Teleradiology, Telestroke, TelelCU), End User (Provider, Payer) & Region - Global Forecast to 2028

Report Code: HIT 3542 Dec, 2023, by marketsandmarkets.com

The telehealth and telemedicine market is projected to reach a valuation of USD 120.4 billion in 2023, with an anticipated surge to USD 285.7 billion by 2028, exhibiting a CAGR of 23.2% throughout the forecast period. This growth is attributed to several factors, including the rising demand for mental health services, advanced technologies, and cost-effective medical solutions. Additionally, the market is driven by the increasing need for enhanced healthcare services, boosted efficiency, and the integration of novel technologies like chatbots. Demand for telehealth is further accelerated by the rising need for radiological services, orthopedic care, and government initiatives promoting advanced healthcare infrastructure. The market is propelled by the growing preference for online consultations, the expansion of diagnostic laboratories, and governmental investments in telecommunication solutions to connect patients with healthcare experts online.

Telehealth & Telemedicine Market

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Telehealth & Telemedicine Market

Telehealth and telemedicine Market Dynamics

Drivers: Increasing Adoption Of Digital Health And Telehealth to drive the market

The healthcare landscape is witnessing a significant shift with the increasing adoption of digital health and telehealth solutions. This trend is primarily driven by technological advancements that have transformed the way healthcare services are delivered. The integration of cutting-edge technologies such as artificial intelligence, machine learning, and data analytics enhances the capabilities of telehealth platforms. AI-powered chatbots provide real-time assistance to patients, while remote monitoring tools and Internet of Things (IoT) devices enable healthcare providers to gather and analyze patient data. This not only facilitates personalized healthcare but also allows for proactive management of health conditions.

Shortage of medical professionals and increasing demand for healthcare services to drive the market.

A critical challenge facing the healthcare industry is the shortage of medical professionals, coupled with a growing demand for healthcare services. Traditional healthcare delivery models struggle to cope with this imbalance, creating a need for innovative solutions. Digital health and telehealth emerge as crucial tools in addressing this challenge. Virtual consultations and remote healthcare services not only bridge the gap caused by the shortage of medical professionals but also enhance overall healthcare accessibility. By leveraging technology, healthcare providers can optimize resources, streamline administrative processes, and ensure that patients receive timely and efficient care. This shift towards digital health solutions aligns with the broader goal of making healthcare more patient-centric and accessible.

Restraints: Variations in Regulations Across Regions

The challenge of variations in regulations across regions in the telehealth sector is intricately linked to the diverse nature of healthcare policies and reimbursement models worldwide. Each country, and sometimes even different regions within a country, may formulate and implement distinct policies concerning the reimbursement of telehealth services. This lack of uniformity results in a complex operational environment for telehealth service providers, as they must navigate through disparate reimbursement mechanisms, each with its own set of rules and procedures. The complexity arises from the fact that telehealth providers often operate across borders or in regions with different regulatory frameworks. Consequently, understanding and complying with the nuanced reimbursement policies of each jurisdiction become a significant financial challenge. This scenario necessitates concerted efforts and collaboration among various stakeholders, including healthcare providers, policymakers, and payers.

To address this restraint, the telehealth industry requires a collective and collaborative approach to establish standardized reimbursement models. These models should be designed collaboratively with input from all stakeholders and should aim to incentivize the widespread adoption of telehealth services. By fostering collaboration among healthcare stakeholders, policymakers, and payers, the industry can work towards creating a more uniform and predictable reimbursement landscape. The development of standardized reimbursement models is crucial not only for the sustainable growth of telehealth providers but also for fostering greater trust and confidence among healthcare professionals, patients, and investors. Establishing a cohesive and standardized approach to reimbursement will contribute to the long-term viability and success of telehealth as an integral component of modern healthcare delivery. This collaborative effort is essential to overcome the challenges posed by regulatory variations and ensure the continued expansion and acceptance of telehealth services on a global scale.

Opportunities: High utility in combating infectious diseases and use of technologies such as blockchain and AI

The opportunity in the telehealth and telemedicine market lies in its high utility in combating infectious diseases, especially in the context of global health crises. The ongoing advancements in technologies, such as blockchain and artificial intelligence (AI), present a significant avenue for enhancing the capabilities of telehealth solutions.In the realm of infectious diseases, telehealth plays a crucial role in providing timely and efficient healthcare services. The ability to remotely diagnose, monitor, and treat individuals can be instrumental in managing the spread of infectious diseases, ensuring timely interventions, and reducing the burden on traditional healthcare systems. Telehealth platforms facilitate remote consultations, real-time monitoring of patients' health parameters, and the delivery of essential healthcare services without the need for physical presence, thereby minimizing the risk of transmission.

The integration of cutting-edge technologies like blockchain and AI further amplifies the potential of telehealth. Blockchain, with its decentralized and secure nature, enhances data integrity and privacy, addressing critical concerns in healthcare information exchange. This is particularly valuable in telehealth applications where sensitive patient data is transmitted and stored.Artificial intelligence contributes to telehealth by enabling more accurate diagnostics, personalized treatment plans, and predictive analytics. AI algorithms can analyze vast amounts of healthcare data, assisting healthcare professionals in making informed decisions and improving patient outcomes. Additionally, AI-driven chatbots and virtual assistants enhance the patient experience by providing timely information, appointment scheduling, and continuous support.

As the world faces ongoing and emerging infectious threats, the combination of telehealth solutions with advanced technologies creates a compelling opportunity to revolutionize healthcare delivery. Leveraging the high utility of telehealth in infectious disease management, coupled with the transformative capabilities of blockchain and AI, holds the potential to reshape the healthcare landscape, making it more resilient, responsive, and accessible. This convergence presents an optimistic outlook for the telehealth industry, positioning it as a key player in global health preparedness and response efforts.

Challenge:  Issues related to hygiene and cleanliness, behavioral barriers, healthcare affordability, and lack of awareness.

The landscape of telehealth and telemedicine presents a myriad of challenges that necessitate strategic solutions for sustainable growth. One significant obstacle is the challenge of ensuring hygiene and cleanliness standards in virtual healthcare interactions, particularly when traditional physical examinations are not possible. This hurdle demands the development of standardized protocols and the integration of remote monitoring devices to maintain cleanliness without compromising the accuracy of assessments. Additionally, behavioral barriers to the widespread adoption of telehealth services must be addressed through extensive education and awareness campaigns, emphasizing the efficacy, convenience, and safety of virtual care. Healthcare affordability stands as a critical challenge, requiring strategic pricing models, government subsidies, and collaboration with insurance providers to make telehealth financially accessible. Lastly, the lack of awareness, particularly in underserved communities, necessitates robust public awareness campaigns, community outreach programs, and collaborations with local healthcare providers. By holistically addressing these challenges, the telehealth industry can pave the way for a more inclusive, efficient, and widely adopted healthcare paradigm.

Telehealth and Telemedicine  Market Ecosystem

The telehealth and telemedicine market ecosystem comprises entities responsible for the end-to-end workflow of telehealth services. The major stakeholders present in this market include telecommunications companies, CT tools and electronics manufacturers, platforms, service and medical device providers, pharmaceutical companies, healthcare providers, payers, patients/customers, pharmacies and health retailers, senior living/post-acute/hospice centers, startups, and governments and regulatory bodies. The demand continues to grow and expand, especially after the outbreak of the COVID-19 pandemic. Solution and service providers continue to enhance and mature their offerings to add value.

Telehealth & Telemedicine Market Ecosystem

Source: Secondary Literature, Interviews with Experts, and MarketsandMarkets Analysis

Note: Research and Development is restricted to softwares only.

“The Telehealth and telemedicine market, is projected to grow at a CAGR of 23.2% between 2023 and 2028.”

The Telehealth and telemedicine market is projected to reach USD 285.7 billion by 2028 from USD 87.9   billion in 2023, at a CAGR of 23.2% during the forecast period. The rising aging population, increased chronic conditions, rising awareness and government initiatives will provide lucrative opportunities to the market during the forecast period.

“Software and services segment accounted for a substantial share of the Telehealth and telemedicine market, by Componentt in 2022.”

The software segment is poised to experience a favorable CAGR in the forecast period, propelled by the increasing demand for cost-effective and easily accessible healthcare services, streamlined workflow management, and enhanced quality care. The surge in healthcare expenses, coupled with the escalating requirement for real-time and accurate population health monitoring, is fostering the uptake of software solutions. Additionally, healthcare institutions in developed countries are transitioning to value-based care models to enhance patient outcomes. The segment's growth is further accelerated by various global initiatives undertaken by key industry players.

“Providers segment accounted for a considerable share in the Telehealth and telemedicine market, by end user in 2022”

The provider segment dominated with the largest revenue share of 32.9% in 2022, primarily attributed to the growing acceptance of telehealth, teleconsultation, and telemedicine within the healthcare professional community, aiming to alleviate the strain on healthcare facilities. Additionally, the heightened convenience provided by these solutions enables healthcare providers to access patient health records swiftly, facilitate real-time quality reporting, enhance data management, make informed decisions, and embrace eHealth solutions, thereby fostering an increased adoption of these services among healthcare providers.

Web bases delivery mode accounted for the largest share in Telehealth and telemedicine market by Delivery mode in 2022

The web-based delivery mode segment secured the largest share, constituting XX% of the total revenue in 2022. Factors contributing to its dominance include the rise of virtual care and web-based telehealth applications, fostering direct patient access to healthcare services. Increased internet penetration and smartphone industry innovations further propel the growth of web-based delivery, with its cost-effectiveness and user-friendly interface enhancing adoption rates.

On the other hand, the cloud-based delivery segment is poised for the fastest growth, driven by escalating adoption among healthcare providers and patients, alongside the introduction of technologically advanced solutions. The appeal lies in seamless data storage, easy accessibility, high bandwidth, and enhanced security, especially amid growing concerns over data breaches in web-based and on-premise telehealth platforms. Cloud-based applications address critical needs like patient monitoring and teleconsultation in rural and remote areas, emphasizing the demand for immediate medical assistance.

“North America dominated the Telehealth and telemedicine market in 2022”

In 2022, North America asserted its dominance in the telehealth market, securing 40.8% of the total revenue. The region's robust growth is attributed to substantial healthcare IT expenditures, coupled with a high penetration of internet and smartphone users. Future prospects are promising, fueled by the increasing burden of chronic conditions and a heightened awareness of digital health and virtual care platforms among both healthcare providers and patients. The region's favorable conditions, including the presence of key industry players and the emergence of startups, are poised to further drive the adoption of telehealth platforms.

Telehealth & Telemedicine Market by Region

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Key Market Players

Prominent players in the telehealth and telemedicine market include Koninklijke Philips, N.V (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Oracle (US), Siemens Healthcare GmbH (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Iron Bow Technologies (US), American Well (US), Teladoc Health, Inc. (US), AMC Health (US), TeleSpecialists(US), Doctor On Demand by Included Health, Inc. (US), MDLIVE (US), GlobalMedia Group, LLC (US), Medvivo Group Ltd. (UK), Medweb(US), VSee (US), Imedi Plus (China), Zipnosis (US), ACL Digital (US), iCliniq (US), Boston Scientific Cardiac Diagnostics Inc. (US), Resideo Technologies Inc.(US).

Scope of the Market

Report Metric

Details

Market size available for years

2021–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Million/Billion (USD)

Segments covered

Component, Mode of Delivery,Application,  and End User

Geographies covered

North America, Europe, Asia Pacific, Latin America and Middle East Africa.

Companies covered

Prominent players in the telehealth and telemedicine market include Koninklijke Philips, N.V (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Oracle (US), Siemens Healthcare GmbH (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Iron Bow Technologies (US), American Well (US), Teladoc Health, Inc. (US), AMC Health (US), TeleSpecialists(US), Doctor On Demand by Included Health, Inc. (US), MDLIVE (US), GlobalMedia Group, LLC (US), Medvivo Group Ltd. (UK), Medweb(US), VSee (US), Imedi Plus (China), Zipnosis (US), ACL Digital (US), iCliniq (US), Boston Scientific Cardiac Diagnostics Inc. (US), Resideo Technologies Inc.(US).

The study categorizes the Telehealth and Telemedicine based on Product, Type, Application, End User at regional and global level.

Telehealth and Telemedicine  market, By Component
  • Software and Service by Type
    • Remote Patient Monitoring
    • Real Time Interaction
    • Store and Forward
  • Software and Service by Offering
    • One-Time Purchase
    • Subscription Based
    • Pay-Per Use
  • Hardware
    • Monitors
    • Medical Peripheral Devices
      • Blood Pressure Monitors
      • Blood Glucose Meter
      • Weight Scales   
      • Pulse Oximeters
      • Peak Flow Meters
      • Ecg Monitors
      • Other Medical Peripheral Devices
Telehealth and Telemedicine  market, By Mode of Delivery
  • Cloud based
  • On Premise
Telehealth and Telemedicine  market, By Application
  • Telecare
  • Activity Monitoring
  • Remote Medication Management
  • Teleconsultation
  • Tele ICU
  • Telepsychiatry
  • Teledermatology
  • other applications
Telehealth and Telemedicine  market, By End User
  • Providers
    • Hospitals & Clinics
    • Long Term Care Centers & Assissted Living Centers
  • Payers
    • Public
    • Private
  • Patients and consumers
Telehealth and Telemedicine  market, by Region
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • Italy
    • Spain
    • France
    • RoE
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • RoAPAC
  • Latin America
  • Middle East and Africa

Recent Developments

  • In 2021, Medtronic forged a partnership with Statis Lab Inc., aiming to introduce a patient monitoring system in India.
  • Koninklijke Philips unveiled new products, such as Patch, Maternal Pod, and Avalon CL Fetalin 2020 for remote patient monitoring across New Zealand, Europe, Singapore, the United States, and Australia.
  • In 2020, BioTelemetry completed the acquisition of various healthcare services and products from Envolve, encompassing a coaching platform and remote patient monitoring. The strategic move concentrated on addressing healthcare needs in hypertension, mental health, diabetes, and chronic heart failure.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS 
 
1 INTRODUCTION  
    1.1 OBJECTIVES OF THE STUDY  
    1.2 MARKET DEFINITION  
    1.3 INCLUSIONS & EXCLUSIONS 
    1.4 MARKET SCOPE  
           1.4.1 MARKET SEGMENTATION
           1.4.2 REGIONAL SCOPE
    1.5 YEARS CONSIDERED  
    1.6 CURRENCY CONSIDERED 
    1.7 LIMITATIONS  
    1.8 STAKEHOLDERS 
    1.9 SUMMARY OF CHANGES 
           1.9.1 RECESSION IMPACT 
 
2 RESEARCH METHODOLOGY 
    2.1 RESEARCH DATA 
    2.2 SECONDARY DATA 
           2.2.1 KEY DATA FROM SECONDARY SOURCES
    2.3 PRIMARY DATA 
           2.3.1 KEY DATA FROM PRIMARY SOURCES
           2.3.2 KEY INDUSTRY INSIGHTS
           2.3.3 BREAKDOWN OF PRIMARY INTERVIEWS
    2.4 MARKET SIZE ESTIMATION 
           2.4.1 BOTTOM UP APPROACH 
           2.4.2 TOP DOWN APPROACH 
    2.5 MARKET SHARE ESTIMATION  
    2.6 MARKET BREAKDOWN AND DATA TRIANGULATION 
           2.6.1 TELEHEALTH AND TELEMEDICINE MARKET ANALYSIS THROUGH PRIMARY INTERVIEWS
    2.7 RESEARCH ASSUMPTIONS  
    2.8 RISK ASSESSMENT  
    2.9 LIMITATIONS 

3 EXECUTIVE SUMMARY 
 
4 PREMIUM INSIGHTS 
    4.1 OPPORTUNITIES IN TELEHEALTH AND TELEMEDICINE MARKET  
    4.2 TELEHEALTH AND TELEMEDICINE MARKET, BY REGION  
    4.3 TELEHEALTH AND TELEMEDICINE MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 
    4.4 NORTH AMERICAN TELEHEALTH AND TELEMEDICINE MARKET, BY USE CASE AND COUNTRY, 2022 
    4.5 TELEHEALTH AND TELEMEDICINE MARKET, BY OFFERING  
    4.6 TELEHEALTH AND TELEMEDICINE MARKET, BY COMPONENT  
    4.7 TELEHEALTH AND TELEMEDICINE MARKET, BY MODE OF DELIVERY 
    4.8 TELEHEALTH AND TELEMEDICINE MARKET, BY APPLICATION 
    4.9 TELEHEALTH AND TELEMEDICINE MARKET, BY ENDUSER 
 
5 MARKET OVERVIEW 
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           5.2.1 DRIVERS
           5.2.2 RESTRAINTS
           5.2.3 OPPORTUNITIES
           5.2.4 CHALLENGES 
 
6 INDUSTRY TRENDS  
    6.1 INTRODUCTION 
    6.2 KEY INDUSTRY TRENDS  
    6.3 TECHNOLOGY ANALYSIS  
    6.4 PORTER’S FIVE FORCES ANALYSIS  
    6.5 MARKET MAP/ECOSYSTEM ANALYSIS  
    6.6 PRICING ANALYSIS  
           6.6.1 AVERAGE SELLING PRICE TREND, BY REGION
           6.6.2 INDICATIVE PRICING ANALYSIS, BY TYPE 
    6.7 REGULATORY LANDSCAPE  
           6.7.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    6.7.1.1 North America
                    6.7.1.2 Europe
                    6.7.1.3 Asia Pacific
    6.8 SUPPLY CHAIN ANALYSIS 
    6.9 CASE STUDY ANALYSIS 
    6.10 BUSINESS MODELS 
    6.11 PATENT ANALYSIS  
    6.12 KEY CONFERENCES AND EVENTS (2023–2024) 
    6.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 
    6.14 BRANDS AND INVESTMENT/FUNDING ANALYSIS 
    6.15 UNMET NEEDS 
           6.15.1 UNMET NEEDS IN TELEHEALTH AND TELEMEDICINE 
    6.16 KEY STAKEHOLDERS AND BUYING CRITERIA 
           6.16.1 KEY STAKEHOLDERS IN BUYING PROCESS 
           6.16.2 BUYING CRITERIA
* Information on the abovementioned pointers will be provided based on the data available in the public domain
* Trade Analysis is not included as this market covers software and services. Thus, trade data is not available for the same.
 
7 TELEHEALTH AND TELEMEDICINE MARKET, BY COMPONENT, 2021–2028 (USD MIllion)  
    7.1 INTRODUCTION  
    7.2 SOFTWARE & SERVICE, BY TYPE 
           7.2.1 REMOTE PATIENT MONITORING
           7.2.2 REAL TIME INTERACTION
           7.2.3 STORE AND FORWARD
    7.3 SOFTWARE & SERVICES, BY OFFERING 
           7.3.1 ONE-TIME PURCHASE
           7.3.2 SUBSCRIPTION BASED
           7.3.3 PAY-PER USE
    7.4 HARDWARE 
           7.4.1 MONITORS
           7.4.2 MEDICAL PERIPHERAL DEVICES
                    7.4.2.1 BLOOD PRESSURE MONITORS
                    7.4.2.2 BLOOD GLUCOSE METER
                    7.4.2.3 WEIGHT SCALES
                    7.4.2.4 PULSE OXIMETERS
                    7.4.2.5 PEAK FLOW METERS
                    7.4.2.6 ECG MONITORS
                    7.4.2.7 OTHER MEDICAL PERIPHERAL DEVICES
 
8 TELEHEALTH AND TELEMEDICINE MARKET, BY MODE OF DELIVERY, 2021–2028 (USD MIllion)  
    8.1 INTRODUCTION 
    8.2 CLOUD BASED 
    8.3 ON-PREMISE 
 
9 TELEHEALTH AND TELEMEDICINE MARKET, BY APPLICATION, 2021–2028 (USD MIllion)  
    9.1 INTRODUCTION  
    9.2 TELECARE 
           9.2.1 ACTIVITY MONITORING
           9.2.2 REMOTE MEDICATION MANAGEMENT
    9.3 TELECONSULTATION 
    9.4 TELEICU 
    9.5 TELEPSYCHIATRY 
    9.6 TELERADIOLOGY 
    9.7 TELEDERMATOLOGY 
    9.8 OTHER APPLICATIONS 
 
10 TELEHEALTH AND TELEMEDICINE MARKET, BY END USER, 2021–2028 (USD MIllion)  
     10.1 INTRODUCTION  
     10.2 PROVIDERS 
             10.2.1 HOSPITALS & CLINICS
             10.2.2 LONG TERM CARE CENTERS & ASSISSTED LIVING CENTERS
     10.3 PAYERS 
             10.3.1 PUBLIC
             10.3.2 PRIVATE
     10.4 PATIENTS AND CONSUMERS 
 
11 TELEHEALTH AND TELEMEDICINE MARKET, BY REGION, 2021–2028 (USD MIllion) 
     11.1 INTRODUCTION  
     11.2 NORTH AMERICA  
             11.2.1 US
             11.2.2 CANADA
     11.3 EUROPE  
             11.3.1 GERMANY 
             11.3.2 FRANCE 
             11.3.3 UK
             11.3.4 ITALY
             11.3.5 SPAIN
             11.3.6 REST OF EUROPE 
     11.4 ASIA PACIFIC  
             11.4.1 JAPAN 
             11.4.2 CHINA 
             11.4.3 INDIA
             11.4.4 AUSTRALIA
             11.4.5 REST OF ASIA PACIFIC 
     11.5 SOUTH AMERICA 
     11.6 MIDDLE EAST & AFRICA  
 
12  COMPETITIVE LANDSCAPE  
     12.1 OVERVIEW  
     12.2 STRATEGIES ADOPTED BY KEY MARKET PLAYERS  
     12.3 REVENUE SHARE ANALYSIS OF TOP MARKET PLAYERS, 2022  
     12.4 MARKET RANK/SHARE ANALYSIS, 2022  
     12.5 COMPANY EVALUATION QUADRANT FOR KEY PLAYERS  
             12.5.1 STARS
             12.5.2 EMERGING LEADERS
             12.5.3 PERVASIVE PLAYERS
             12.5.4 PARTICIPANTS 
             12.5.5 COMPANY FOOTPRINT 
     12.6 COMPANY EVALUATION QUADRANT FOR STARTUPS/SMES  
             12.6.1 PROGRESSIVE COMPANIES 
             12.6.2 RESPONSIVE COMPANIES
             12.6.3 DYNAMIC COMPANIES
             12.6.4 STARTING BLOCKS 
             12.6.5 COMPETITIVE BENCHMARKING 
     12.7 COMPETITIVE SCENARIOS AND TRENDS 
             12.7.1 PRODUCT LAUNCHES & UPGRADES 
             12.7.2 DEALS 
             12.7.3 OTHERS
 
13 COMPANY PROFILES  
     13.1 KEY PLAYERS  
             13.1.1 KONINKLIJKE PHILIPS 
             13.1.2 MEDTRONIC
             13.1.3 GE HEALTHCARE
             13.1.4 ORACLE
             13.1.5 SEIMENS HEALTHINEERS AG
             13.1.6 CISCO SYSTEMS
             13.1.7 ASAHI KASEI CORPORATION
             13.1.8 IRON BOW TECHNOLOGIES
             13.1.9 AMERICAN WELL
             13.1.10 TELADOC HEALTH
             13.1.11 AMC HEALTH
             13.1.12 TELESPECIALIST
             13.1.13 DOCTOR ON DEMAND, INC.
             13.1.14 MDIVE
             13.1.15 GLOBALMED 
             13.1.16 MEDVIVO GROUP LTD 
     13.2 OTHER PLAYERS 
             13.2.1 MEDWEB
             13.2.2 VSEE
             13.2.3 IMEDIPLUS
             13.2.4 CHIRON HEALTH
             13.2.5 ZIPNOSIS
             13.2.6 ALTEN CALSOFT LABS
             13.2.7 ICLINIQ
             13.2.8 PREVENTICE SOLUTIONS
             13.2.9 RESIDEO LFE CARE SOLUTIONS
* Financial Information and MnM View would be provided for public listed companies only.
* This is a non-exhaustive list of companies and might change at the time of report delivery. 
*Details on company overview, financials, product & services, strategy, and developments might not be captured in case of unlisted companies 
 
14 APPENDIX 
     14.1 INSIGHTS OF INDUSTRY EXPERTS 
     14.2 DISCUSSION GUIDE  
     14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     14.4 CUSTOMIZATION OPTIONS  
     14.5 RELATED REPORTS  
     14.6 AUTHOR DETAILS  
* This is a tentative ToC and the segmentation may be added/updated during the course of the study.

This research study involved the extensive use of both primary and secondary sources. It involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, the competitive landscape of market players, and key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies.

Secondary Research

This research study involved the wide use of secondary sources, directories, databases such as Dun & Bradstreet, Bloomberg Businessweek, and Factiva, white papers, and companies’ house documents. Secondary research was undertaken to identify and collect information for this extensive, technical, market-oriented, and commercial study of the Telehealth and Telemedicine market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, and key developments related to the market. A database of the key industry leaders was also prepared using secondary research.

Primary Research

In the primary research process, various supply side and demand side sources were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side included industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, engineers, and related key executives from various companies and organizations operating in the Telehealth and Telemedicine market. Primary sources from the demand side included personnel from hospitals (small, medium-sized, and large hospitals), primary care clinics,  and stakeholders in corporate & government bodies.

A breakdown of the primary respondents is provided below:

Telehealth & Telemedicine Market Size, and Share

*Others include sales managers, marketing managers, and product managers.

Note: Tiers are defined based on a company’s total revenue, as of 2020: Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = < USD 500 million.

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The total size of the Telehealth and Telemedicine was arrived at after data triangulation through the two approaches mentioned below. After the completion of each approach, the weighted average of these approaches was taken based on the level of assumptions used in each approach.

Data Triangulation

The size of the Telehealth and Telemedicine was estimated through segmental extrapolation using the bottom-up approach. The methodology used is as given below:

  • Shares of leading players in the Telehealth and Telemedicine market were gathered from secondary sources to the extent available. In some instances, shares of Telehealth and Telemedicine have been ascertained after a detailed analysis of various parameters, including product portfolios, market positioning, selling price, and geographic reach & strength.
  • Individual shares or revenue estimates were validated through interviews with experts.

The total revenue in the Telehealth and Telemedicine was determined by extrapolating the Market share data of major companies.

Global Telehealth and Telemedicine market Size: Top-Down Approach

Telehealth & Telemedicine Market Size, and Share

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Market Definition

TELEHEALTH

Telehealth involves short-term clinical and nonclinical (medical education, administration, and research) services that allow the remote interaction between parties (doctor-patient and doctor-doctor) to monitor vital signs, enabling medical practitioners to evaluate and diagnose patients with common (less critical) medical conditions, e-prescribe medicines and treatments for the same, and detect fluctuations in the medical status of patients remotely. It includes short-term therapeutic and preventive health services.

TELEMEDICINE

Telemedicine involves long-term (chronic care) services between parties (general/specialty physician-physician or physician-patient) using telecommunication technologies to diagnose, evaluate, monitor, and treat specific medical conditions. It includes detailed video/virtual consultations and remote monitoring deployed for diagnostic and therapeutic purposes.

Key Stakeholders

  • Telehealth and telemedicine equipment manufacturers
  • Suppliers and distributors of telehealth and telemedicine equipment
  • Healthcare IT service providers
  • Healthcare insurance companies/payers
  • Healthcare institutions/providers (hospitals, clinics, medical groups, physicians’ practices, diagnostic centers, and outpatient clinics)
  • Venture capitalists
  • Government bodies/regulatory bodies
  • Corporate entities
  • Accountable care organizations
  • Telehealth resource centers
  • Research and consulting firms
  • Technology partners
  • Medical research institutes
  • Clinical departments
  • Ministries of health

Objectives of the Study

  • To define, describe, and forecast the telehealth and telemedicine market based on component, application, mode of delivery, end user, and region
  • To provide detailed information regarding the major factors influencing the growth of this market (such as drivers, restraints, opportunities, and challenges)
  • To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall telehealth and telemedicine market
  • To analyze opportunities for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of market segments with respect to four main regions—North America, Europe, the Asia Pacific, and the Rest of the World
  • To profile key players and analyze their market shares and core competencies
  • To track and analyze competitive developments such as product launches & approvals, partnerships, agreements, collaborations, and expansions in the overall market
  • To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategies

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)

Geographic Analysis

  • Further breakdown of the Rest of Europe Telehealth and Telemedicine market into Denmark, Norway, and others
  • Further breakdown of the Rest of Asia Pacific Telehealth and Telemedicine market into Vietnam, New Zealand, Australia, South Korea, and others
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
HIT 3542
Published ON
Dec, 2023
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