Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global telemedicine market size is calculated worth USD 94.44 Billion in 2023, and it is projected to reach USD 286.22 Billion by 2030, registering a compound annual growth rate (CAGR) of 17.2% from 2023 to 2030. Furthermore, in 2022, the market was estimated to be worth USD 87.41 Billion.
The increasing prevalence of chronic diseases and growing out-of-pocket expenditures have led to a significant rise in healthcare cost. According to the Centers for Medicare and Medicaid Services. Furthermore, a rising preference for remote patient monitoring using technologically advanced products will also supplement the market growth.
Telemedicine Market Key Industry Development:
March 2023 - Temple University Health System (Temple Health) and Masimo expanded their collaboration to include various new devices and technologies in telehealth and Remote Patient Monitoring (RPM) offerings.
Request A FREE Sample PDF: https://www.fortunebusinessinsights.com/enquiry/sample/telemedicine-market-101067
Key Takeaways:
- Artificial intelligence (AI) and machine learning (ML) are revolutionizing telemedicine, driving advancements in areas like remote diagnostics, chronic disease management, and virtual assistants.
- The rise of telehealth platforms and virtual clinics is improving accessibility and convenience, making healthcare more readily available, especially in rural and underserved areas.
- Wearable devices and remote monitoring technologies are enabling continuous data collection and real-time patient monitoring, enhancing the accuracy and effectiveness of remote care.
- Data privacy and cybersecurity remain paramount, with regulations and technological advancements ensuring secure and confidential virtual consultations.
Discover the Leading Players Featured in the Report:
Major players in the telemedicine market are American Well (U.S.), MDLIVE Inc. (U.S.), Teladoc Health Inc. (U.S.), Doctor on Demand Inc. (U.S.), MeMD (U.S.), and Encounter Telehealth (U.S.) Global Med (U.S.), and SnapMD (U.S.).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.2% |
| 2030 Value Projection | USD 286.22 Billion |
| Base Year | 2022 |
| Telemedicine Market Size in 2023 | USD 94.44 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 178 |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/telemedicine-market-101067
Drivers and Restraints:
Decrease in Healthcare Costs to Augment Market Growth
The prevalence of chronic diseases is rising at a worrying rate across the world. This scenario has also increased the out-of-pocket expenditures, thereby raising the healthcare cost considerably. However, the introduction of digital technologies in the healthcare sector has played a vital role in decreasing the cost of healthcare. More hospitals are opting for teleconsultations, as they are quite affordable and reduce the work burden on medical professionals. These benefits are expected to boost the adoption of telemedicine.
However, technological barriers and lack of adequate infrastructure in developing countries may hinder the market’s growth.
Drivers of Telemedicine Market Growth:
- Increased demand for convenient and affordable healthcare: Patients seek accessible care beyond traditional in-person appointments.
- Technological advancements: Improved video conferencing, remote monitoring, and wearable devices enhance the telemedicine experience.
- COVID-19 pandemic: Concerns about virus exposure pushed healthcare towards virtual consultations.
- Aging population: Growing demand for chronic disease management, where telemedicine plays a crucial role.
- Supportive regulations and reimbursement policies: Governments and insurers increasingly recognize and cover telemedicine services.
Recent Trends in Telemedicine Market:
- Specialization: Growth in specific areas like telepsychiatry, telerehabilitation, and teledermatology.
- AI and machine learning integration: Advanced technologies for diagnostics, personalized care, and automated catboats.
- Remote patient monitoring: Wearables and sensors enable continuous health data collection and analysis.
- Focus on rural and underserved areas: Expanding access to healthcare in geographically remote or resource-limited communities.
- Increased competition and consolidation: More players enter the market, leading to mergers and acquisitions.
Segments:
By Type
- Products
- Services
By Application
- Teleradiology
- Telepathology
- Teledermatology
- Telepsychiatry
- Telecardiology
- Others
By Modality
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Others
By End User
- Healthcare Facilities
- Homecare
- Other
Quick Buy - Telemedicine Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101067
Hospitals to Increase Reliance on Teleconsultation Services to Improve Patient Outcome
Based on type, the market is segmented into products and services. The services segment accounted for the maximum revenue share of the market in 2022 as teleconsultation services can drastically minimize the average waiting time for referrals and consultations.
Real-time Telehealth Solutions to Gain Traction with Growing Number of E-visits
Based on modality, the market is segmented into real-time, Store-and-Forward (S&F), and others. The real-time segment is expected to witness lucrative growth as there has been a notable rise in the number of e-visits in medical centers.
Telemedicine to Find Robust Use in Teleradiology Due to Innovations in S&F Technologies
Based on application, the market is fragmented into teleradiology, telepathology, telecardiology, telepsychiatry, teledermatology, and others. The teleradiology segment dominated the market in 2022 and is expected to maintain its dominance throughout the forecast period as there have been significant improvements in Store-and-Forward (S&F) technologies. There is also a notable lack of radiologists, further boosting the segment’s growth.
Supportive Government Policies to Boost Service Adoption in Healthcare Facilities
In terms of end-user, the market is segmented into healthcare facilities, homecare, and others. The healthcare facilities segment is set to hold a dominant position in the market as governments across the world are funding various pilot programs to promote telemedicine.
Concerning region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
North America Market to Record Strong Growth Due to Strong Support from Governments
North America is expected to hold a leading position in the global market as the region has a vast presence of reputed market players such as MDLive and Teladoc. The regional governments are also becoming increasingly supportive of telehealth solutions through their reimbursement policies, further boosting the regional market’s growth.
Europe is expected to be the second leading region in this industry as the regional governments are rolling out supportive policies and guidelines to increase the use of digital health.
Competitive Landscape:
Teladoc to Dominate Market Through Collaborations with Other Leading Players
Teladoc Health Inc. captured the largest telemedicine market share in 2022 as the company is collaborating with several other market players to boost its business operations. Teladoc also has a vast customer base and a well-connected network of specialists and general practitioners, which will help it maintain its dominance in the market.
FAQ’s
How Big Is The Telemedicine Market?
The Telemedicine Market size is calculated at USD 94.44 billion in 2023.
How Fast Is the Telemedicine Market Growing?
The Telemedicine Market will exhibit a CAGR of 17.2% during the forecast period of 2023-2030.
Related Reports:
U.S. Telemedicine Market Share, Trends, and Forecast To 2030
Emergency Telemedicine Services Market Size, Share, Trends, Growth | Global Forecast Report 2030
Telehealth Market Size, Share| Global Forecast Report 2030
U.S. Telehealth Market Share, Trends, Growth Forecast To 2030
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants uses industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Contact Us:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower,
Baner - Mahalunge Road, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Attachment
