Telemedicine Market Size to Surpass USD 526.7 Bn by 2031 with CAGR of 13.4% | Transparency Market Research

Wilmington, Delaware, United States, March 24, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, the global telemedicine industry was worth USD 144.2 billion globally as of 2021. The market is predicted to reach USD 526.7 billion by 2031, rising at a CAGR of 13.4% from 2022 to 2031.

Telemedicine was extensively used during the pandemic to lessen the risk of COVID-19 since it helps to limit interaction with various healthcare professionals, healthcare facilities, and patients. For instance, Chinese public health officials as well as mental health professionals were able to offer safe online mental health services throughout the pandemic with the use of online polls on mental health and communication platforms such as TikTok, Weibo, and WeChat, among others. These factors will also help the global telemedicine market to grow in the future as well, especially in the event of an emergency.

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Market Snapshot:

Improving patient safety along with quality standards will increase demand for such systems over the course of the forecasted period, which will also aid market growth. Telemedicine is also seen to be the most flexible technology for delivering remote medical assistance, information, as well as education. Technological improvements provide more sophisticated patient-centered care and better access to rural areas. Additionally, it helps to reduce hospital admissions and emergency room, which fosters market expansion.

Continuous investment in new innovative technologies to improve the capabilities of telemedicine products and services is another significant factor anticipated to drive market development in the near future. Additionally, the sector is seeing a surge in mergers, investments, and acquisitions, as well as the arrival of new, substantial businesses. In the upcoming years, it is anticipated that this would increase competitiveness. For instance, Amazon.com, Inc. opened up access to its healthcare and virtual visit system, Amazon Care, to other Washington-based businesses in March 2021. Up until that point, only Washington State-based employees and their families could use Amazon Care. Such elements are predicted to expand the application potential of telemedicine in fields such as telesurgery.

Key Findings of the Market Report

• The global market for telemedicine is expected to garner a 13.4% CAGR from 2021 to 2031.
• In 2021, North America was the most lucrative region in the global telemedicine market.
• By service type, teleconsultation is most sought after, thanks to better access via smartphones and other devices
• Teleconsultation services for dermatology procedures to experience maximum deployment

Global Telemedicine Market Trends

• Over the projected period, it is predicted that the provider's category would increase at the quickest rate. Telemedicine applications improve the standard of healthcare.
• In terms of rapid access to patient records, enhanced decision assistance, enhanced workflows, and analytics also provide comfort for healthcare practitioners.
• Healthcare practitioners may schedule patients and handle data with remarkable ease thanks to eHealth solutions.
  

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Global Telemedicine Market: Regional Landscape

• Geographically, in 2021, North America dominated the world market and generated the majority of revenue. This is brought on by expanding levels of digitization in the healthcare sector, greater telemedicine use, and contemporary healthcare facilities. The presence of big players has an impact on the region's sizeable portion.
• Asia Pacific region is considered to have the quickest growth throughout the projection period. The availability of a sizable patient population pool, rising internet usage, and a quickening need for healthcare support, particularly in rural regions, are all factors contributing to this rapid expansion. According to predictions, emerging economies like China and India would dominate the local market in the following years.

Global Telemedicine Market: Key Players

• Agfa-Gevaert Group
• Allscripts Healthcare
• AMD Global Telemedicine
• CISCO systems, Inc
• F-Hoffmann-La Roche Ltd
• Honeywell HomeMed LLC
• InTouch Technologies
• BioTelemetry, Inc
• Medtronic
• OBS Medical Ltd
• Siemens Healthcare Private Limited
• McKesson Corporation

Some developments by the key players are:

• In 2021, Statis Health and Medtronic India collaborated to market Stasis Labs' bedside patient monitoring system across the country. The linked care monitoring system automates as well as digitizes the tracking, recording, and sharing of crucial patient data. It also provides staff with 24-hour vital sign trend data and utilizes predictive AI to warn them when patients' conditions are getting worse.
• InTouch Health, a U.S.-based business, was purchased by Teladoc Health, Inc. in July 2020. With this, the business enhanced medical services across outpatient, in-patient, and home care settings by integrating InTouch Health's portfolio with its current offerings.
• Walmart Inc. purchased telehealth company MeMD in May 2021. As a result, Walmart would be able to provide nationwide access to urgent, behavioral, along with primary care services via virtual care.
  

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Global Telemedicine Market: Segmentation

By Component

• Hardware
• Software
• Services
  

By Specialty

• Dermatology
• Gynecology
• Neurology
• Cardiology
• Orthopedics
• Emergency care
• Internal medicine
• Others

By Service Type

• Tele-consultation
• Tele-monitoring
• Tel-education
• Tele-training
• Tele-care
• Tele-surgery
• Others
  

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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