Portland, OR, Aug. 09, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global Telemedicine Market generated $40.20 billion in 2020, and is projected to reach $431.82 billion by 2030, registering a CAGR of 25.9% from 2021 to 2030.
Technological advancements and adoption due to the Covid-19 outbreak and need to reduce healthcare costs have boosted the growth of the global telemedicine market. However, poor infrastructure and technological barriers hinder market growth. On the contrary, high growth potential in developing economies and the advent of AI-based clinics are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic favored the adoption of telemedicine. The cancellation and postponement of elective surgeries and clinical appointments along with the threat of infection reduced the patient visits in clinics and hospitals. However, this increased adoption of telehealth to connect patients with doctors.
- However, the lack of necessary infrastructure hindered the global adoption of telemedicine. The lack of a skilled workforce and investments from market players hampered the market.
The report segments the global telemedicine market on the basis of application, component, end-user, and region.
Based on application, the telepsychiatry segment is expected to portray the highest CAGR of 27.9% during the forecast period. However, the teledermatology segment held the largest share in 2020, contributing to nearly one-third of the market.
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On the basis of component, the hardware segment is projected to manifest the highest CAGR of 30.6% during the forecast period. However, the software segment held the lion’s share in 2020, accounting for nearly half of the market.
The global telemedicine market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding nearly half of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 29.0% during the forecast period.
The global telemedicine market includes an in-depth analysis of the prime market players such as Medtronic, Koninklijke Philips N.V., Cerner Corporation, GE Healthcare, Cisco Systems, Inc., Siemens Healthineers, American Well, Teladoc Health Inc., MDLive, and AMC Health.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
