The telemedicine market which is already a multibillion Industry is projected to jump about five folds in the next nine years.
According to a recent research report by Emergen Research, the global telemedicine market size is expected to reach $450 billion in 2032 as compared to the $84 billion in 2022 and is expected to register a revenue compound annual growth rate (CAGR) of 18.3% during the forecast period.
The report shows that the major factors driving the market revenue growth are healthcare professionals’ shortage, technological advancements in telecommunications and telemedicine, government initiatives and awareness, rising demand for remote healthcare services, increasing number of smartphone users, rise in artificial intelligence, internet of things, big data and virtual assistance.
By 2030, the World Health Organisation (WHO) predicts a 10-million-person shortage in the health workforce, primarily in low and lower middle-income countries. Telemedicine offers a solution to the growing shortage of specialist physicians. By distributing specialist expertise widely, the technology addresses the pressing challenge of providing care to underserved areas.
Insights from the research report
Component insights
- The global telemedicine market is segmented into software, hardware and services.
- The software segment is expected to register fastest revenue growth rate during the forecast period (2023-2032) due to its ideal fit for growing businesses.
- The service segment is expected to account for the largest revenue share during the forecast period. Within the telemedicine market, service sub-segments encompass evaluation and diagnosis, remote monitoring, teleconsultation and telehealth education.
End-use insights
- On the basis of end-use, the global telemedicine market is segmented into healthcare provider, healthcare consumers, and others.
- The healthcare consumer segment registered fastest revenue growth rate in 2022.
- The healthcare provider segment is expected to account for the largest revenue share during the forecast period, as it is highly used in telemedicine due to its widespread accessibility.
Type insights
- On the basis of type, the global telemedicine market is segmented into tele hospital, tele home and mHealth (mobile health).
- The tele home segment is expected to register a significantly fast revenue growth rate over the forecast period. One of the major factors is the aging global population as the tele home services offer a convenient way for older adults.
- The tele hospital segment is expected to account for largest revenue share in the telemedicine market during the forecast period.
Regional insights
- Based on regional analysis, the North American market accounted for the largest revenue share in the global telemedicine market in 2022 and it is expected to maintain its dominance in the forecast period.
- The market in Asia pacific is expected to register fastest revenue growth over the forecast period.
- The Europe market accounted for second largest revenue share in the telemedicine market in 2022.
Strategic Partnerships
- On 9 October 2023, SUNU Health Nigeria limited entered a partnership with Mobihealth to provide telehealth services to insurance beneficiaries. This partnership will enable SUNU beneficiaries to access healthcare professionals locally and globally via their mobile devices, homes, or workplaces around the clock.
