Telemedicine Market to reach USD 324.38 Billion by 2030, Predicts Growth Plus Reports

Telemedicine Market by Component [Products (Hardware & Software) and Services (Telecardiology, Teledermatology, Telepathology, Telepsychiatry & Teleradiology)], Mode of Delivery (Cloud-Based Delivery & On-Premises Delivery) and End User (Tele-Home and Tele-Hospital & Tele-Clinic) – Global Outlook & Forecast 2022-2030

Udaipur, INDIA


Pune, July 18, 2022 (GLOBE NEWSWIRE) -- The Global Telemedicine Market is expected to reach US$ ~324.38 billion by 2030. Telepsychiatry emerges as a promising option for psychiatric treatments and boost telemedicine the market at a CAGR of 18.9% from 2022 to 2030, states Growth Plus Reports.

Telemedicine is a branch of e-Health which uses digital platform for medical consultation and helps to bridge the gap between patients and physicians. This facility can be easily availed by people from the remote areas for better healthcare services through the telecommunication platform. This telemedicine has gained a lot of popularity in the recent years. The big contribution to the growth of this market is attributed by the Covid-19 situation.  

Key takeaways from the Telemedicine Market Report

  • As per Growth Plus Reports, North America dominates the global market with the largest share.
  • Major players operating in telemedicine market report are Koninklijke Philips N.V., ClearArch, Inc., AMD Global Telemedicine, Inc., Cisco Systems, Inc., Allscripts Healthcare, LLC., Advanced Telemed Services Pvt. Ltd., Aerotel Medical Systems (1998) Ltd., MEDTRONIC PLC., Iris Telehealth Inc., and MDLIVE Inc. among others.
  • In Jan 2021, the U.S. FCC (Federal Communication Commission) announced initial pilot projects for telehealth services that included 14 projects for 11 states and more than 150 digital healthcare sites. The FCC funded $26.6 million for these projects.
  • Rising government initiatives and public awareness among the population have further fueled the telemedicine industry. 

To read more about the latest highlights related to telemedicine, get a snapshot of the key highlights entailed in the Global Telemedicine Market

Market Drivers

The telemedicine market has experienced a swift growth in the market in the recent years. This growth can attributed to the increasing chronic diseases prevalence, adoption of advanced technology due to the Covid-19 situation, favorable and supportive government policies/initiatives; and many more. Furthermore, this market helps to reduce the overall healthcare cost which also contributes to the development of this market. However, there are some challenges that can restrain the growth of this market. These pitfalls are the lack of specialized and dignified physicians; data safety, patient information confidentiality and security problems; the low adoption rate in economically backward countries, and many others.  

The global telemedicine market has been analyzed from four different perspectives – Component, Mode of Delivery, End-User, and Region.

Excerpts from ‘By Component Segmentation’

The components of telemedicine market are bifurcated into:-

  • Products
  • Services

The product segment is expected to be the dominating segment in this market. This segment is further subdivided into hardware and software, where software leads the global market in terms of revenue generation. The adoption of digital platform for healthcare services has been witnessing rapid growth due to its user-friendly nature attributed to this powerful impact on the market.

While services segment has been showing progressive growth and is thus expected to be the fastest-growing section of the overall telemedicine market. This segment is also further classified into various different categories such as teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology, and others (telenursing, tele-oncology, etc.). Among these, telecardiology shows the largest share in the global telemedicine market and is expected to show continued dominance during the forecast period.

Excerpts from ‘By Region Segmentation’

Geographically, the global telemedicine market is collective to

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)

North America dominates the global market with the largest share.

This growth can be attributed to the large patient base for chronic illness, growth in the geriatric population, and enormous technological base. The growing incidences of chronic diseases can be considered as a big cause of mortality in this region can be a major factor attributing to the growth of this market. Furthermore, growing government initiatives and funding augmented the popularity and penetration of this segment. Also, the massive base of the technologies and state of the art healthcare infrastructure, that provide a desired healthcare quality and accessibility are a few reasons that can prove to be the beneficial factors for the telemedicine market growth in North America.

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Report Scope & Segmentation:

Report CoverageDetails
Market Size in 2021USD ~ 68.3 billion
Revenue forecast in 2030USD ~ 324.38 billion
Growth RateCAGR of ~ 18.9% from 2022 to 2030
Base year for estimation2021
Forecast period2022-2030
Segments coveredBy Component, Services, Mode of Delivery
, End User
Regional scopeNorth America, Europe, Asia Pacific, and the Rest of the World (ROW)

VALUE PROPOSITIONS RELATED TO THE REPORT:

  • Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
  • Comprehensive quantitative and qualitative insights at segment and sub-segment level
  • Covid 19 impact trends and perspective
  • Granular insights at global/regional/country level
  • Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
  • Blanket coverage on competitive landscape
  • Winning imperatives
  • Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

CUSTOMIZATION OPTIONS:

  • Distributor Landscape Assessment
  • Pricing Intelligence
  • Customer Base Assessment
  • Investment & Initiatives Analysis
  • 'Business Profile' of Key Players

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