Telemedicine Market to Record CAGR of 19.0% Over 2024-2032; Increasing Acceptance of Innovative Healthcare Technologies to Foster Market Growth

The telemedicine market size was valued at USD 97.15 billion in 2023 and is predicted to reach USD 107.52 billion in 2024. The market is anticipated to touch USD 432.31 billion by 2032, recording a CAGR of 19.0% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Telemedicine Market Size, Share & Industry Analysis, By Type (Products and Services), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), and Others), By Application (Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, and Others), By End-User (Healthcare Facilities, Homecare, and Others), and Regional Forecast, 2024-2032,”.

The concept of telemedicine has gained immense traction in the last few years as this technology has helped several patients, especially those living in rural areas, gain easy access to medical services by connecting them with trained healthcare professionals. These services are also beneficial for physicians as they can help them decrease the burden of healthcare costs. These wide-ranging advantages will have a positive impact on the market’s growth during the forecast period.

The COVID-19 pandemic played a critical role in accelerating the market’s progress as the demand for telehealth services skyrocketed during the initial stages of the outbreak. Patients suffering from the deadly infection and other chronic diseases were compelled to stay indoors, which restricted their access to medical services. This resulted in an increased adoption of digital health solutions to provide patients with access to consultations and referrals so that they can receive timely treatment for their conditions.

India’s Ministry of Health and Family Welfare Recognized Telemedicine Dept. at PGI as Center of Excellence

The Indian Ministry of Health and Family Welfare announced that it had given its approval to the Department of Telemedicine at PGI as a center of excellence in telepathology in India. This decision is expected to help healthcare professionals receive confirmation regarding cancer, non-cancer, infections, and any other unknown ailment by analyzing the images sent from the samples gathers from any place across India. This will be particularly helpful if doctors experience a roadblock in the diagnostics process and where pathology tests are required.

Increasing Acceptance of Innovative Healthcare Technologies to Foster Market Growth

Futuristic technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) are becoming increasingly popular in various healthcare settings. This has resulted in the establishment of virtual hospitals and development of advanced telehealth applications to increase the quality of patient care. Applications using machine learning algorithms can help medical professionals detect several medical conditions, such as COVID-19, cancer, and rare diseases. These technologies can also be used to help doctors analyze their patients’ data, which will further boost the adoption of digital health solutions.

However, several developing countries do not have the adequate medical infrastructure to cater to their patients’ requirements. There is a severe lack of the awareness regarding the benefits of digital health services as well. These factors are expected to hamper the telemedicine market growth during the forecast period.

Teladoc Health Inc. Dominated Market with Strong Network of Telemedicine Specialists

Some of the companies operating driving the telemedicine market growth include American Well, Teladoc Health Inc., GlobalMed, and Ping An Good Doctor. Among them, Teladoc Health Inc. held a dominant position in the market as the company has a vast network of telemedicine specialists and general practitioners. It also has a large client base in many countries across the world. The company is partnering with several service providers to expand its business operations and maintain its dominance in the market.

Notable Industry Development:

• July 2023:  Heartnet India, an Indian start-up, announced the launch of an IoT-based solution named Asaan. This solution will help improve the quality of cardiac healthcare in India by offering heart patients easier access to leading cardiologists for online consultations.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/telemedicine-market-101067

List of the Companies Profiled in the Report:

• American Well (U.S.)


• MDLIVE Inc. (U.S)


• Teladoc Health Inc. (U.S.)


• Doctor on Demand Inc. (U.S.)


• MeMD (U.S.)


• Encounter Telehealth (U.S.)


• Global Med (U.S.)


• SnapMD (U.S.)

Further Report Findings:

• North America accounted for the largest global telemedicine market share in 2023 as the region has a vast presence of leading companies that offer these services. Moreover, governments across the region are launching various initiatives and programs to promote the adoption of telehealth products and solutions.


• Asia Pacific will also showcase promising growth in the global market as the region is witnessing a strong rise in the adoption of smartphones and cameras in the healthcare industry. These gadgets can help patients get an easier access to healthcare services and doctors can improve the quality of patient care by offering teleconsultations.


• Based on end-user, the healthcare facilities segment is anticipated to dominate the market as governments are introducing pilot programs to increase the public awareness regarding the benefits of telehealth services. Moreover, doctors are using telecommunication tools to receive training in this field, which will further boost the adoption of these services in healthcare facilities.

Table of Segmentation