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Telemedicine Market Size, Leaders, Segment Analysis and Future Scope

Research Proposal · January 2020

DOI: 10.13140/RG.2.2.30681.88165

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 Healthcare

Telemedicine Market Size to Reach

$48.8 Billion by 2023

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 According to the market research report published by P&S Intelligence, the
global telemedicine market size reached $21.5 billon in 2017 and is expected
to witness a CAGR of 14.8% during the forecast period (2018–2023). The
reasons for this growth are the increasing healthcare cost, geriatric
population, government funding and grants for telemedicine, medical
tourism, prevalence of chronic and lifestyle-associated diseases, medical
requirement in remote areas, and need for remote patient monitoring
services in developing countries. Telemedicine enables healthcare
professionals to diagnose, evaluate, and treat patients from a distance
through the use of telecommunication equipment, including video and audio
devices.
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On the basis of specialty, the telemedicine market is categorized into

gynecology, cardiology, orthopedics, neurology, dermatology, and others.
The category of dermatology contributed the most revenue to the market
(32.7%) in 2017 and is predicted to retain its position during the forecast
period. This is because telemedicine is used in dermatology to transmit
medical information related to skin conditions, such as rashes, tumors,
moles, psoriasis, and acne, for the purpose of consultation and
interpretation. Through this method, it becomes easy for patients to receive
consultation for their skin conditions.

When service is taken into consideration, the telemedicine market is divided

into tele monitoring, tele training, tele consulting, tele education, and others.
Out of these, the tele consulting division held the largest share in the market
during the historical period (2013–2017) and is predicted to hold its position
during the forecast period. The tele monitoring division is projected to grow
at the highest CAGR during the forecast period due to the rising need for
monitoring patients located in remote areas and the increasing prevalence of
chronic and lifestyle-associated diseases.

Technological advancements in the telemedicine market are a key trend. In

order to increase operational efficiency, improve outcomes, and expand the
access to health services, the healthcare industry is witnessing a growth in

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 the adoption of innovative technologies. The telemedicine technology is
finding its way into connected devices, integrated home-healthcare, and
other platforms. Due to technological innovations in the field of medical
devices and healthcare services, the deployment of telemedicine has
considerably changed the industry. It enables healthcare providers attend
various patients in remote locations, simultaneously, with unified
collaborative communication solutions.

The increasing healthcare cost is among the major factors that are driving the
growth of the telemedicine market. The healthcare cost is increasing across
the world, which is a major concern among patients as well as healthcare
providers. The expensive new technologies and drugs, high administrative
costs, growing physician fees, and high cost of goods and services are some
factors contributing to the rising healthcare expenditure. Telemedicine, on
the other hand, offers services that are cost-efficient, in addition to
maintaining and improving the quality of the care provided.

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Share, Development, Growth, and Demand Forecast, 2013–2023" at:
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Another major factor driving the telemedicine market is the increasing

government funding and grants. Several government organizations are
supporting the implementation of telemedicine facilities by providing
funding. For example, the U.S. Department of Agriculture granted $23.0
million to 36 telemedicine projects and 44 distance learning projects in 2016.
Projects like this in the country will help connect rural communities with
educational and medical experts and improve their access to healthcare
services, which will result in the growth of the market.

Thus, the increasing government grants and funds and rising healthcare cost
are driving the growth of the market.

TELEMEDICINE MARKET SEGMENTATION

Market Segmentation by Type
 Tele-hospital and clinic
 Tele home

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 Market Segmentation by Service
 Tele-consulting
 Tele-monitoring
 Tele-education
 Tele-training
 Others (tele-care and tele-surgery)
Market Segmentation by Specialty
 Dermatology
 Gynecology
 Cardiology
 Neurology
 Orthopedics
 Others
Market Segmentation by Geography
 North America Telemedicine Market
 U.S. Telemedicine Market
 Canada Telemedicine Market
 Europe Telemedicine Market
 Germany Telemedicine Market
 U.K. Telemedicine Market
 France Telemedicine Market
 Italy Telemedicine Market
 Spain Telemedicine Market
 Asia-Pacific (APAC) Telemedicine Market
 Japan Telemedicine Market
 China Telemedicine Market
 India Telemedicine Market
 Latin America Telemedicine Market
 Brazil Telemedicine Market
 Mexico Telemedicine Market
 Middle East and Africa (MEA) Telemedicine Market
 South Africa Telemedicine Market

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