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Market Overview:
Telemedicine involves delivery of healthcare services virtually using telecommunication and digital technologies like video conferencing and m-health applications. It allows patients to consult and interact with doctors and receive diagnosis, treatment and advice from remote locations through platforms like live chat, voice calls and app-based systems. Key applications of telemedicine include teleconsultation, telediagnosis, telemonitoring, teletherapy and more. With advancement in digital technologies and adoption of digital healthcare models, telemedicine has gained immense popularity over the last few years as it improves geographic access to quality healthcare and reduces associated time and cost for patients.
The Telemedicine Market is estimated to be valued at US$ 94.44 Bn or Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The foremost driver fueling growth of telemedicine market is rapidly aging global population which is leading to rise in chronic diseases prevalence worldwide. According to WHO, chronic diseases account for over 70% of global deaths each year. Timely diagnosis and management of chronic conditions has been facilitated by telemedicine as it eliminates geographic barriers to healthcare access. Secondly, COVID-19 pandemic has further boosted adoption of telehealth and telemedicine globally as social distancing norms prompted healthcare systems to digitally connect with patients. This has led to permanent incorporation of virtual care models within healthcare infrastructure worldwide. Growth in m-health and remote patient monitoring solutions are also expected to drive market expansion during forecast period.
Segment Analysis
Telemedicine Market is segmented into service type, modalities and end-users. Under service type, teleconsultation is the dominating segment owing to increasing cases of infectious diseases and growing need for specialist consultations remotely.
PEST Analysis
Political: Regulations allowing telemedicine practices and virtual care delivery have been expanded during the pandemic, supporting the market growth.
Economic: The economic burden of chronic diseases and need for affordable healthcare drives the adoption of cost-effective telemedicine services.
Social: Rising smartphone and internet penetration along with changing attitudes towards online medical consultations are favoring the market expansion.
Technological: Advanced technologies like cloud computing, AI and IoT enable virtual healthcare delivery through real-time audio-video communication and remote patient monitoring.
Key Takeaways
The global Telemedicine Market is expected to witness high growth at a CAGR of 17% over the forecast period of 2023 to 2030, due to increasing prevalence of chronic diseases and shortage of physicians globally.
North America dominates the telemedicine market currently owing to favorable reimbursement policies, established telehealth industry players and government initiatives to promote virtual healthcare delivery in the region.
The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period due to increasing healthcare infrastructure development and growing adoption of telemedicine practices in densely populated countries like India and China.
Key players operating in the 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.). These players are focusing on new product launches and strategic collaborations to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
