Pune, India, July 24, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global telemedicine market size was valued at USD 87.41 billion in 2022 and is projected to grow from USD 94.44 billion in 2023 to USD 286.22 billion by 2030, exhibiting a CAGR of 17.2% during the forecast period.
The demand for telemedicine has grown tremendously in recent years, especially during the COVID-19 pandemic. This form of healthcare not only makes it easier for patients to virtually connect with their doctors but also helps decrease the overall cost of healthcare. These advantages have motivated hospitals and clinics to use digital health solutions in their day-to-day operations. This factor is expected to bolster the telemedicine market growth in the coming years.
Key Industry Development:
February 2023 - Midi Health and Lifepoint Health teamed up to expand access to virtual speciality care for older women using telehealth tools.
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Key Takeaways:
- The increasing prevalence of chronic diseases is a major driver of the telemedicine market growth.
- The rising demand for telemedicine in rural and remote areas is also expected to boost market growth.
- The technological advancements in telemedicine, such as the development of mobile apps and virtual reality, are expected to create new opportunities for market growth.
- The lack of reimbursement and regulatory challenges are major challenges to the telemedicine market growth.
Discover the Leading Players Featured in the Report:
Leading Players in 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.), Encounter Telehealth (U.S.), Global Med (U.S.), 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 |
| Market Size in 2023 | USD 94.44 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 178 |
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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 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 a lack of adequate infrastructure in developing countries may hinder the market’s growth.
Segments:
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
On the basis of 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 centres.
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.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The research report analyzes the market in detail and offers information on various aspects. These include data on the latest trends, drivers, opportunities, threats, and restraints of the market. This information can help stakeholders gain valuable insights about the market. The report also offers information on the market’s competitive landscape and the strategies employed by key players.
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.
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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?
Telemedicine Market size was 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, 2023-2030
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