Valued at USD 79 Billion in 2023, Telemedicine Market is Projected to Progress at 18% CAGR During 2024-30
In accordance to the latest research report issued by MarkNtel Advisors, the Global Telemedicine Market size was valued at USD 79 billion in 2023 and is estimated to grow at a CAGR of about 18% during the forecast period, i.e., 2024-30. The major factors propelling the market growth include the expanding geriatric & medically underserved populations, telemedicine’s economical nature, the development of the healthcare industry, the mounting occurrence of chronic diseases, improvements and progress in telecommunication technology, and several other additional aspects. Moreover, telemedicine is quite beneficial in providing routine care and handling situations, where one does not necessarily require physical presence enabling continuous observation and synchronization between patients and healthcare providers.
Additionally, the economical nature of telemedicine has led to its extensive adoption, further heightening the market growth. Moreover, with all these advantages and the blockchain unlocking security and growth potential in telemedicine, which is likely to open opportunities for market growth, the Global Telemedicine Market will see tremendous growth in the forecast years.
Talking about the market competition, GE Healthcare, AMD, Aerotel, Philips, McKesson Corp, SHL, Polycom, InTouch, Medtronic, and others are the prominent companies maintaining healthy competition in the Global Telemedicine Market. These companies hold a substantial share of the market, enjoy an extensive consumer base, and are among the leading ones.
Breaking Down the Market Segmentation of the Global Telemedicine Market
- By Component (Hardware (Monitors and Medical Peripheral Devices (Digital ECG, Digital Stethoscope)) and Software (Integrated Software and Standalone Software))
- By Service (Tele-training, Tele-consultation, Tele- Surgery, Tele-monitoring, and Asynchronous (Store-and-Forward))
- By Application (Tele-radiology, Tele-Psychiatry, Tele-Cardiology, Tele-Dermatology, Tele-Neurology, Tele-Pathology, Emergency Care, and Others (Tele-Nephrology, Tele-Obstetrics, etc.))
- By End User (Hospitals, Home Care, Clinics & Specialty Centers, and Others (Medical Labs, etc.))
- By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)
Tele-monitoring attained the maximum share of the Global Telemedicine Market in the historical period. The segment’s growth was majorly attributed to the escalating prevalence of chronic disorders and the expanding geriatric population needing home support. Moreover, healthcare providers use tele-monitoring to observe and monitor the patient’s health resulting in decreased readmission rate further aiding the overall market growth.
North America captured the maximum share of the Global Telemedicine Market in the past few years of 2022 and is expected to continue with the dominance in the coming years as well. This is majorly due to the increasing consciousness among consumers regarding growth & developments in the healthcare industry and the approval of cloud-based technologies. Besides, the prompt adoption and implementation of novel technologies, rising incidence of chronic diseases among the population, and escalating R&D efforts and activities are some of the other additional factors aiding the North America Telemedicine Market growth.
Telemedicine Market is Predominantly Driven by the Escalating Demand for Telemedicine in the Management of Chronic Disease
The occurrence of chronic diseases, such as diabetes, hypertension, and heart disease is quite high on a global level and is continuously rising, thus requiring effective management. Telemedicine is extensively crucial in tackling this issue since it facilitates the incessant monitoring and observation of chronic conditions by using remote patient monitoring devices and digital health platforms. This enables healthcare providers to monitor and track patients’ crucial signs, medication observance, and lifestyle activities in real-time. This results in the patients receiving well-timed interferences and reduction in the risk of difficulties and hospital readmissions.
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