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According to The Business Research Company’s research report on the telemedicine services market, the market is expected to be positively impacted by the COVID-19 situation. Telehealth services have proved to be an essential tool for fighting the pandemic, thus driving the demand for the market. For instance, in March 2020, the US government announced its decision to expand telemedicine options in the country, allowing the citizens of the country to opt for telemedicine options – that is consult a doctor or medical professional – by phone or video chat for no additional cost.
The global telemedicine services market is supported by the large consumer population in both developed and developing countries, growing awareness about the use of telemedicine services and high spending on healthcare. North America and Europe are well-established and mature markets where there is a well-established system for healthcare including the use of telemedicine services and wherein the major companies of the market are located. Developing regions such as Asia-Pacific, the Middle East and Africa are fast-growing markets. North America has the largest telemedicine market share, accounting for 43.9%.
The Business Research Company’s report titled Telemedicine Services Market – Opportunities And Strategies – Global Forecast To 2030 covers major telemedicine services companies, telemedicine services market share by company, telemedicine services manufacturers, telemedicine services infrastructure market size, and telemedicine services market forecasts. The report also covers the global telemedicine services market and its segments.
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The global telemedicine services market reached a value of nearly $49.89 billion in 2019, having increased at a compound annual growth rate (CAGR) of 22.5% since 2015. The market is expected to grow from $49.89 billion in 2019 to $194.05 billion in 2023 at a rate of 40.4%. The growth is mainly due to the increase in demand for telemedicine services during the pandemic and government initiatives. The telemedicine market size is expected to then grow to $277.93 billion in 2025 at a CAGR of 19.7% and reach $459.80 billion in 2030 with a CAGR of 10.6%. Going forward, aging population, increase in healthcare access, rising prevalence of chronic diseases and rising demand for telemedicine services due to COVID-19 are expected to drive the market.
One of the latest trends in the telemedicine market is the integration and implementation of 5G. Due to the unexpected outbreak of the COVID-19 pandemic, healthcare delivery was forced to change overnight. During these times, using 5G in telemedicine ensures improved data reliability on three major fronts: speed, latency, and connectivity. Speed not only refers to how fast the data can move but also how much of the data can move quickly at the same time.
Essentially, with the use of 5G, a three-lane highway is converted into a fifteen-lane highway, ensuring that enormous amounts of data is moved quickly between connected devices to the required destination. Latency refers to how quickly any given signal can travel to the tower and back. For virtual reality (VR) and augmented reality (AR) to work effectively, the lag time has to be as close to zero as possible. For telemedicine to reach the next level it will require VR and AR, in this way, 5G extends applications to VR and AR in telemedicine as well. In terms of connectivity, 5G expands the upper limit of connection points or the number of people able to connect at any point in time from tens of thousands to several million.
Using the 5G connection technology, hospitals and doctors’ offices are no longer the only point of care, this technology ensures that patients have access to healthcare wherever they may be. For example, according to a recent Accenture study form 2019, 82 percent of healthcare executives agree 5G will revolutionize their industry by offering new ways to provide products and services.
Telemedicine Services Market – Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and telemedicine market forecast market size and growth for the whole market, telemedicine market segments and telemedicine market geographies, telemedicine market trends, telemedicine market drivers, telemedicine market restraints, telemedicine market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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