Telemedicine Market Size To Reach USD 453.5 Billion By 2032 CAGR: 17.9%. Report By DataHorizzon Research

Fort Collins, Colorado, Oct. 01, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Telemedicine Market Size, Share, Trends, Growth, Statistics Analysis Report, By Type (Products, Services), By Modality, By Application (Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, Others), By End-user, By Region And Segment Forecasts, 2023-2032."  

According to DataHorizzon Research, The telemedicine market size was USD 88.0 Billion in 2022 and is anticipated to be USD 453.5 Billion by 2032 at a CAGR of 17.9%. The global report offers a comprehensive market analysis and detailed insights at global and regional levels. During the initial stages of its development, telemedicine was primarily utilized to establish a connection between physicians treating patients in a particular location and experts elsewhere. Telemedicine harnesses the capabilities of various forms of Information and Communication Technology (ICT) to provide healthcare services from one location to another. This proved a significant advantage for individuals residing in rural or remote areas where specialists are not readily available. The benefits of telemedicine include enhanced access to healthcare services, reduced healthcare expenditures, and heightened patient satisfaction by the convenience of flexible scheduling.

The telemedicine market is expanding due to the surge in demand for healthcare services and the advancement of technology. Telemedicine saves time, reduces the cost of treatment for patients and healthcare providers, and streamlines the workflow of hospitals and clinics. As a result, the demand for healthcare services has increased, further fueling the growth of the telemedicine market. Moreover, the surge in chronic ailments frequency drives telemedicine's growth via remote patient monitoring. This innovative healthcare approach is attainable for patients suffering from chronic diseases like heart disease, cancer, or diabetes to ensure consistent and perpetual management of their conditions.

The integration of artificial intelligence and telemedicine has opened up many growth prospects for major players in the healthcare industry. Additionally, the implementation of IoT in healthcare presents a range of opportunities for key players to introduce innovative solutions for patients. IoT in telemedicine allows for prompt treatment and enables clinicians to monitor patients in the comfort of their homes remotely. Devices such as smart beds, inhalers, and electrocardiograms (ECG) can facilitate data exchange through telemedicine apps, reducing the strain on the offline healthcare system and enhancing patient comfort. The benefits of these technological advancements are far-reaching and hold significant potential for improving the quality of patient care.

The healthcare sector is rapidly adopting AI technology to improve patient care and health outcomes. This implementation allows for data-driven decisions and has shown significant improvements in disease management capacity in 75% of healthcare facilities, as reported by MIT. AI technology has also increased the accuracy of disease detection, particularly in oncology diagnosis, and has streamlined schedules and workflow efficiency. Integrating AI into automated health record analysis, population health management through predictive analytics, and medical training has proven incredibly beneficial. AI technology will continue to be critical in advancing the healthcare sector.

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Report Snapshot:

Segmentation Overview:

The telemedicine market is segmented based on type, modality, application, end-user, and region.

Based on modality, the store and forward division is anticipated to enhance the overall market during the projected period. Store-and-forward telemedicine is a process in which clinical data is compiled and digitally dispatched to a different site for examination. Medical records, demographic data, and various documents such as lab reports, images, and videos are among the prevalent types of information involved in this process.

The teleradiology segment emerged as the dominant player in the medical field. This innovative technology has proven to be a boon for underserviced hospitals, providing them with timely access to radiologists. Teleradiology has been increasingly used to detect target diseases such as cancer and cardiovascular diseases. The American Cancer Society has reported a staggering 1.9 million new cancer cases in the United States alone, with a patient mortality rate of around 0.6 million. The rising number of these cases and the flexibility for radiologists to work remotely have led to a surge in demand for teleradiology.

North America emerged as the dominant player in the global market share. This growth can be attributed to the government's proactive efforts towards promoting the adoption of telemedicine. The American Telemedicine Association has devised a set of policy principles to facilitate technology integration in healthcare, thereby addressing issues such as escalating healthcare expenses, an aging population, variances in quality and outcomes, and a shortage of healthcare professionals. In addition, in May 2023, the U.S. Department of Health and Human Services announced the extension and expansion of federal flexibilities implemented during the pandemic until December 2024.

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Key Developments in the Telemedicine Market:

• Cisco has announced to acquire Splunk, a move aimed at furthering the security and resilience of organizations in an increasingly AI-powered world. This strategic partnership will enable organizations to transition from a reactive stance of threat detection and response to a proactive view of threat prediction and prevention. The merger of these two companies will create one of the world's largest providers of software and will accelerate Cisco's move towards a subscription-based revenue model.

• Labcorp and Oracle Cerner have joined forces to simplify lab operations for a nonprofit Catholic health system. Labcorp acquired some of the health system's outreach laboratory business assets as part of the partnership and can manage its hospital-based labs in 10 states. Labcorp will use Cerner's LIS to centralize operations, improve lab efficiency, and enhance patient care.

Telemedicine Market Report Highlights:

• The telemedicine market size is anticipated to be USD 453.5 Billion at a CAGR of 17.9% by 2032. Telemedicine uses technology to provide healthcare services remotely, benefiting those in rural or remote areas. It reduces healthcare costs and improves patient satisfaction. The market is growing due to increased demand and technological advancements. Integrating AI and IoT in healthcare presents opportunities for innovative solutions, such as remote patient monitoring. AI technology improves disease management and workflow efficiency and will be critical in advancing the healthcare sector.

• Store-and-forward telemedicine, where clinical data is digitally sent for examination, is expected to boost the market. Teleradiology has become a dominant player, providing underserviced hospitals with timely access to radiologists. Its use in detecting diseases like cancer has led to a surge in demand.

• North America dominates the global market share due to the government's efforts to promote telemedicine adoption. The American Telemedicine Association has policies to integrate technology into healthcare, addressing rising costs, aging populations, quality and outcome variations, and healthcare staff shortages. The US Department of Health and Human Services extended pandemic flexibilities until December 2024.

• Some of the key players in the telemedicine market research report and analysis include American Well, MDLIVE Inc., Teladoc Health Inc., Doctor on Demand Inc., MeMD, Encounter Telehealth, Global Med, SnapMD, Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, and Cisco Systems, Inc. 

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Telemedicine Market Report Segmentation:

Telemedicine Market, By Type (2023-2032)

• Products
• Services

Telemedicine Market, By Modality (2023-2032)

• Store-and-forward
• Real-time
• Others

Telemedicine Market, By Application (2023-2032)

• Teleradiology
• Telepathology
• Teledermatology
• Telecardiology
• Telepsychiatry
• Others

Telemedicine Market, By End-user (2023-2032)                                                                                             

• Healthcare Facilities
• Homecare

Telemedicine Market, By Region (2023-2032)

• North America
  • U.S.
  • Canada

• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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