Telehealth & Telemedicine Market

Telehealth & Telemedicine Companies - Koninklijke Philips, N.V (Netherlands) and Medtronic plc (Ireland) are the Leading Players

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. Growth in the telehealth and telemedicine market is mainly driven by factors such as the rising population, the increasing need to expand healthcare access, the growing prevalence of chronic diseases and conditions, a shortage of physicians, advancements in telecommunications, the rising level of government support, and increasing awareness. However, regional variations in regulations, fraud, and the use of social media for care provision will affect market growth negatively during the forecast period.

Prominent players operating in this industry:

  • Koninklijke Philips, N.V (Netherlands),
  • Medtronic plc (Ireland),
  • GE Healthcare (US),
  • Oracle (US),
  • Siemens Healthcare GmbH (Germany), and many more....

These companies adopted strategies such as product launches, partnerships, collaborations, and acquisitions to strengthen their market presence in Telehealth and telemedicine market.

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Koninklijke Philips, N.V (Netherlands):

Koninklijke Philips N.V. has established a prominent position in the telehealth and telemedicine market, driven by its strong global presence and dedication to advancing product development. Since 2018, the company has introduced a range of telehealth platforms and devices in sectors such as teleradiology, telepsychology, and digital health solutions. In 2020, Philips unveiled data-driven personalized connected care solutions for oral health (Sonicare oral healthcare ecosystem), mother and childcare (Avent mother and childcare ecosystem), and sleep care (SmartSleep ecosystem).

Medtronic plc (Ireland):

Medtronic plc holds the second position in the global telehealth and telemedicine market. The company boasts an extensive international footprint, operating in over 150 countries with more than 350 locations and subsidiaries in Ireland, Israel, and the US. Medtronic markets a diverse range of products and care management services, including remote monitoring platforms and patient-centered software. The company strategically focuses on long-term growth through initiatives such as therapy innovation, globalization, and creating economic value to enhance its market share. Furthermore, Medtronic demonstrates a commitment to inorganic growth by actively engaging in partnerships, agreements, and collaborations.

GE Healthcare (US):

GE Healthcare is a significant participant in the global telehealth and telemedicine market, serving customers in over 140 countries globally. The company's prominent standing is a result of its emphasis on acquisitions and partnerships with both government and private institutions. GE Healthcare prioritizes innovation by developing advanced solutions and enhancing existing products as part of its organic growth strategy. Its development of numerous innovative products provides a competitive advantage over other industry players. Additionally, GE adopts various inorganic strategies, such as partnerships, collaborations, and acquisitions, to further strengthen its presence in the telehealth and telemedicine market.

Global Manufacturers of the Telehealth & Telemedicine Industry:

  • Teladoc Health, Inc. (United States),
  • American Well Corporation (United States),
  • Doctor On Demand, Inc. (United States),
  • GlobalMed (United States),
  • InTouch Health (United States),
  • Cisco Systems, Inc. (United States),
  • AMD Global Telemedicine, Inc. (United States),
  • Honeywell International Inc. (United States), and many more....

Lets dive a little bit deeper and get to know about some of the manufacturers

Teladoc Health, Inc. (United States):

Teladoc Health is a leading provider of virtual healthcare services, offering telemedicine platforms, remote monitoring solutions, and telehealth consultations to patients, healthcare providers, and employers worldwide. Their comprehensive telehealth ecosystem enables access to medical care, mental health support, and chronic disease management through secure video consultations and mobile health applications.

American Well Corporation (United States):

American Well Corporation develops telehealth platforms and digital health solutions for healthcare providers, payers, and health systems. Their flagship telemedicine platform, Amwell, facilitates virtual visits, remote patient monitoring, and telepsychiatry services, connecting patients with board-certified physicians, specialists, and therapists for on-demand healthcare consultations.

Doctor On Demand, Inc. (United States):

Doctor On Demand offers telemedicine services for urgent care, primary care, and behavioral health, connecting patients with licensed healthcare providers via video visits and virtual consultations. Their telehealth platform provides convenient access to board-certified physicians, pediatricians, and psychiatrists for diagnosis, treatment, and prescription refills.

GlobalMed (United States):

GlobalMed specializes in telemedicine technologies and telehealth solutions for military, government, and healthcare organizations worldwide. Their telemedicine platforms, mobile telehealth carts, and telehealth peripherals enable remote consultations, telestroke assessments, and tele-ICU monitoring, connecting patients with healthcare providers in real time.

InTouch Health (United States):

InTouch Health provides telehealth solutions for hospitals, health systems, and specialty clinics, enabling virtual care delivery across multiple clinical specialties and care settings. Their telemedicine platform offers video conferencing, medical device integration, and telestroke capabilities, facilitating remote consultations, teleconsults, and telemonitoring services.

Cisco Systems, Inc. (United States):

Cisco Systems offers telehealth infrastructure, collaboration tools, and network solutions for healthcare providers, enabling secure and scalable telemedicine deployments. Their telehealth platform integrates video conferencing, messaging, and data sharing capabilities, connecting clinicians, patients, and caregivers for virtual consultations, remote monitoring, and telemedicine-enabled care delivery.

AMD Global Telemedicine, Inc. (United States):

AMD Global Telemedicine develops telehealth devices and telemedicine software for remote patient monitoring, teleconsultations, and telestroke assessments. Their telemedicine carts, medical peripherals, and cloud-based platforms facilitate virtual care delivery, teletriage, and telepsychiatry services, improving access to healthcare in underserved communities.

Honeywell International Inc. (United States):

Honeywell International provides telehealth solutions for remote patient monitoring, teleICU, and telemedicine-enabled home care. Their telehealth platforms, medical devices, and wearable sensors enable real-time data collection, video consultations, and virtual care delivery, empowering patients to manage their health and wellness from the comfort of their homes.

Related Reports:

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

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Telehealth & Telemedicine Market Size,  Share & Growth Report
Report Code
HIT 3542
RI Published ON
12/5/2023
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