Telemedicine Market Size, Share & Growth Analysis, [2030] | With CAGR of 17.2%

As per the report by Fortune Business Insights, the Telemedicine Market size is projected to reach USD 286.22 Billion by 2030, at a CAGR of 17.2%.

Telemedicine_Market

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.

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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:

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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

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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.

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