The global Telemedicine
Market size
is expected to reach USD 380.3 billion by 2030, registering a CAGR of around
18.0% from 2024 to 2030, based on a new report by Grand View Research, Inc.
Rising prevalence of chronic illnesses, increased traditional healthcare costs,
evolution of mhealth services in healthcare institutions, and a growing number
of digital health users attribute to market growth. Favorable government initiatives
led to introduction of advanced healthcare IT infrastructure and facilities
that fuels growth of the market. For instance, the Research and Innovation
Enterprise Plan in Singapore supports digital innovation that focuses on
healthcare.
COVID-19 positively impacted the market
growth as it increased awareness and adoption rates among patients and
healthcare providers, leading to increased investment activities. In response
to the pandemic, both state and federal laws in U.S. have been modified to facilitate
the widespread use of telemedicine. The Coronavirus Preparedness and Response
Supplemental Appropriations Act of March 2020, expanded the reimbursement
coverage for telehealth services
and provided emergency funding of USD 8.0 billion for federal agencies. Many
U.S. states also waived licensure requirements, enabling better utilization of
the services. These factors collectively contributed to the market growth
during pandemic.
Rapid technological improvements have also
increased the demand for online consultation, adding to market growth. In March
2022, Plantronics Inc., renamed as Poly, announced its partnership with
Raydiant for making advancements in telemedicine services. The purpose was to
optimize remote, hybrid, and in-office team communication for facilitating
health communication. The market growth of telehealth products is also expected
to be driven by presence of established companies, emerging start-ups and
various other initiatives such as mergers, partnerships, and acquisitions. In
January 2021, Teladoc, Inc. announced the acquisition of Consultant Connect
Limited. Consultant Connect is a UK-based telemedicine provider that facilitates
connections and information sharing between healthcare professionals.
List of Key Players in the Telemedicine
Market
- MDlive,
Inc. (Evernorth)
- American
Well Corporation
- Twilio Inc.
- Teladoc
Health, Inc.
- Doctor
On Demand, Inc. (Included Health)
- Zoom
Video Communications, Inc.
- SOC
Telemed, Inc.
- NXGN
Management, LLC
- Plantronics,
Inc.
- Practo
- VSee
Related
Press Release@ Telemedicine
Market Report
Telemedicine Market Report Highlights
- The
products segment dominated the market in 2023 while services segment is
projected to grow with the fastest CAGR of 18.90% over the forecast period
from 2024 to 2030.
- Real-time
segment contributed to the largest revenue share in modality segment in
2023. Increasing uptake of on-demand virtual visits and enhanced care
delivery over video are anticipated to be the vital drivers for the real
time telemedicine solutions market growth
- Web/mobile-based
delivery model is projected to experience substantial growth over the
forecast period owing to the widespread adoption of smartphones and
internet penetration
- Based
on application, teleradiology dominated the market in 2023. Key growth
drivers for this segment include integrating Artificial Intelligence (AI) into teleradiology, implementing a
Picture Archiving and Communication System (PACS), and increasing R&D
activities in eHealth
- Based
on end-use, patients segment held the dominant share of overall market in
2023, owing to patients using telemedicine services for various health
issues, from mild to emergency situations
- North
America has seen a high adoption of telehealth solutions, resulting in its
domination of the global market. The region's abundant advanced healthcare
facilities and widespread adoption of digital technologies have
contributed to its large market share
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Telemedicine Market Segmentation
Grand View Research has segmented the global
telemedicine market based on component, modality, application, delivery mode,
facility, end-use, and region:
Telemedicine Component Outlook (Revenue, USD
Billion, 2018 - 2030)
- Product
- Hardware
- Software
- Others
- Services
- Tele-consulting
- Tele-monitoring
- Tele-education
Telemedicine Modality Outlook (Revenue, USD
Billion, 2018 - 2030)
- Store
and forward
- Real
time
- Others
Telemedicine Application Outlook (Revenue,
USD Billion, 2018 - 2030)
- Teleradiology
- Telepsychiatry
- Telepathology
- Teledermatology
- Telecardiology
- Others
Telemedicine Delivery Mode Outlook (Revenue,
USD Billion, 2018 - 2030)
- Web/Mobile
- Audio/Text-based
- Visualized
- Call
Centers
Telemedicine Facility Outlook (Revenue, USD
Billion, 2018 - 2030)
- Tele-hospital
- Tele-home
Telemedicine End-use Outlook (Revenue, USD
Billion, 2018 - 2030)
- Providers
- Payers
- Patients
- Others
Telemedicine Regional Outlook (Revenue, USD
Billion, 2018 - 2030)
- North
Americ
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia
Pacific
- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Latin
America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
- Kuwait
About
Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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