Telemedicine Market to Surpass USD 430.72 Billion by 2031, Witnessing 17.95% CAGR Growth | SkyQuest Technology
Westford, USA, July 08, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Telemedicine market will attain a value of USD 430.72 billion by 2031, with a CAGR of 17.95% during the forecast period (2024-2031). The telemedicine market has been growing tremendously at an exponential rate because of the development of technology and the ever-growing demand for healthcare. It is mainly designed to enable access to health care services, increase the effectiveness of service provision, and improve the quality-of-service deliveries by mitigating the limitations created by geographic location, without necessarily overloading traditional health care facilities or increasing costs. The social distancing measures that were crafted due to the COVID-19 pandemic forced the adoption of telemedicine, which was further enhanced by grants and funding from the governments.
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Browse in-depth TOC on “Telemedicine Market”
- Pages – 165
- Tables – 118
- Figures – 77
Telemedicine Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 114.98 Billion |
| Estimated Value by 2031 | $ 430.72 Billion |
| Growth Rate | Poised to grow at a CAGR of 17.95% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Modality, Delivery Mode, Facility, Application, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Integration of Artificial Intelligence and Machine Learning |
| Key Market Drivers | Increasing Prevalence of Chronic Diseases |
Healthcare Providers Leads the Market as Telemedicine Offers Easy and Hassle-Free Checkups
Healthcare providers are the barons controlling the major market share. With telemedicine, doctors and other healthcare workers can extend consultations without physically contacting the patients at the same time, patients can be remotely supervised in real-time without any hassle and waiting time. Telemedicine is used in this segment owing to its effectiveness and convenience that influences the expansion of the telemedicine market.
Healthcare Consumers Stands as the Rapidly Growing Segment Owing to Virtual Consultation
The healthcare consumers segment is the most rapidly evolving segment of the telemedicine market. The growing use of such devices like smartphones and the internet, as well as awareness of the advantages of telehealth services, including increasing chronic diseases has made routine monitoring for the patient mandatory. This has led to the growth of this industry. Healthcare consumers show more readiness to depend on virtual consulting, which defines this segment as the major source of potential growth in the future.
North America Continues to be the Leading Consumer with High Telemedicine Adoption Rate
North America is the dominating region in this market, largely due to its advanced healthcare infrastructure, high adoption rate of telemedicine technologies, and favorable government initiatives. The region also houses major telemedicine service providers and huge research and development activities, high investment and high prevalence of chronic diseases demanding continuous medical attention make the US play an important role in driving the market.
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Telemedicine Market Insights:
Drivers
- Increasing Prevalence of Chronic Diseases
- Convenient and Timely Access to Medical Care in Remote Areas
- Frequent Medical Consultations Needed by the Older Aging Population
Restraints
- Limited Access to Digital Infrastructure
- Lack of Physical Examination and Few Diagnostics Tests Done Remotely
- Inconsistencies in Reimbursement Policies for Telemedicine
Prominent Players in Telemedicine Market
The following are the Top Telemedicine Companies
- AMC Health
- Siemens AG
- General Electric Company
- Teladoc Health Inc.
- Medtronic plc
- Koninklijke Philips N.V.
- The Cigna Group
- Oracle Corporation
- American Well Corporation
- MDLIVE, Inc.
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Key Questions Answered in Telemedicine Market Report
- At what CAGR Telemedicine Market is growing in the forecasted period?
- Who are the leading Telemedicine providers in the market?
- Where will the demand for the Telemedicine Market rapidly grow in the forecasted year?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of telemedicine market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the telemedicine market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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