What is the global market size of Telemedicine Market?

Telemedicine Market size was valued at USD 43156.8 million in 2021 and is poised to grow from USD 54334.41 million in 2022 to USD 431823.76 million by 2030, growing at a CAGR of 25.9% in the forecast period (2023-2030).

Who are the key vendors in the Global Telemedicine Market?

The telemedicine market is growing rapidly thanks to the growing popularity of digital health. This market is expected to reach $233.49 billion by 2028, and players are looking for new ways to enter this market. One way is to use telemedicine to connect patients with doctors remotely. There are a number of reasons why players are interested in this market. First, it's a convenient way for patients to get care without leaving their homes. Second, it can help doctors get more information about patients' conditions in a timely manner. Finally, it can reduce the cost of medical care by connecting patients with doctors who are familiar with their specific condition. Apart from this, market players are exploring various vertical and horizontal growth opportunities. For instance, in 2021, Walmart Inc. acquired MeMD-a telehealth provider. This would enable Walmart to offer virtual care access for urgent, behavioural, and primary care across the U.S. This type of acquisition will help the players to expand their business in the global telemedicine market over the forecast period. 'Cisco Systems (US)', 'Teladoc Health Inc.', 'American Well Corporation', 'MDLIVE Inc.', 'Doctor on Demand Inc.', 'InTouch Technologies Inc.', 'Philips Healthcare', 'AMD Global Telemedicine Inc.', 'Honeywell International Inc.', 'Medtronic plc', 'OBS Medical Ltd.', 'Tunstall Healthcare Group Ltd.', 'General Electric Company', 'Siemens Healthineers AG', 'McKesson Corporation', 'Vidyo Inc.', 'CareClix Telemedicine', 'Cybersight Inc.', 'GlobalMed Inc.', 'Cerner Corporation'.

What is the key driver of Global Telemedicine Market?

Teleconsultants aid in solving issues at a cheaper price. They reduce the workload of healthcare providers, hence government organizations are aiming to install digital health technology in countries. This is expected to boost the demand for telemedicines during the forecast period.

What is the key market trend for Global Telemedicine Market?

In recent years, artificial intelligence-powered booths have appeared in local malls. The system features a smart medicine cabinet that can administer over 100 different prescriptions. Ping An Good Doctor announced the launch of small unstaffed clinic that uses artificial intelligence. Patients who seek immediate consultations can sit in the three-square-meter booth and consult with an artificial intelligence-powered doctor.

Which region accounted for the largest share in Global Telemedicine Market?

North America dominated the global telemedicine market in 2021, accounting for more than 33.8% of total market revenue thanks to increased digitalization in healthcare, advanced healthcare facilities, and the use of telemedicine technologies. In addition to this, the region has strong presence of prominent players in the region suc as MDlive, Inc., Teladoc Health, Inc., American Well Corp., Doctor on Demand, Inc., SteadyMD, Inc., and Zoom Video Communications, Inc. These businesses undertake strategic initiatives to enhance their market share.

Telemedicine Market Size, Share, Growth Analysis, By Component(Product and Services), By Modality(Asynchronous and Videoconferencing), By Application(Teleradiology and Telepsychiatry), By End Use(Healthcare Provider and Healthcare Consumers), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35G2214 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 118 | Figures: 77

Telemedicine Market Insights

Global Telemedicine Market size was valued at USD 97.48 Billion in 2022 and is poised to grow from USD 114.98 Billion in 2023 to USD 430.72 Billion by 2031, growing at a CAGR of 17.95% in the forecast period (2024-2031).

Telemedicine is one of the areas which in the past few years has grown greatly. This may help reduce expenditure on healthcare and help in distant communication between patients and physicians. Therefore, it's very attractive to healthcare institutions and medical experts who seek to integrate digital health technologies into their operations. This has encouraged the government to create policies and payment plans about telehealth. Progress in this field has made healthcare affordable and accessible to all. The increasing distance delivery of healthcare services, including acute care and expansion in radiology, cardiology, mental health, and other sectors, has given rise to new business and healthcare models centered around telehealth. With numerous platforms being introduced and new competitors entering the Telemedicine market with substantial funding, the sector is rapidly becoming highly competitive.

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The global telemedicine market is growing at a stable yet dynamic rate with the rising need for treatment from a distance, increasing healthcare costs, and technological advancement. It competes with a broad spectrum of businesses, such as IT companies, traditional healthcare service providers, and more recent entrants in the form of innovative start-ups. Players in the healthcare industry rely on their strong portfolio of healthcare products & services and their experience, while newcomers use disruptive technologies such as artificial intelligence, the Internet of Things, and remote monitoring. 'AMC Health ', 'Teladoc Health Inc.', 'The Cigna Group', 'MDlive, Inc.', 'Twilio Inc.', 'SOC Telemed, Inc.', 'Vsee ', 'ACL Digital ', 'ICliniq ', 'Oracle Corporation', 'Oracle Corporation', 'Oracle Corporation', 'General Electric Company ', 'American Well Corporation ', 'Doctor on Demand, Inc. '

Artificial intelligence (AI), machine learning (ML), telemedicine apps, virtual hospitals, and the Internet of Things (IoT) are among the contemporary technologies that are becoming more and more popular. Applications developed using machine learning algorithms can help detect cancer, other chronic illnesses, and uncommon disorders.

The North American market grew significantly in 2022 and is likely to dominate the market in the forecast period as well. Significant companies such as Teladoc, MDLive, and others, along with strong government support and an increase in teleconsultations, are driving the market's expansion in this region. In 2022, the American Medical Association conducted a survey with 93% of physicians expressing satisfaction with the use of digital health devices. This percentage was 85% in 2016. Furthermore, the percentage of telehealth visits increased from 14% in 2016 to 28% in 2019 and to 80% in 2022. This will be most anticipated to contribute to the growth of the North American market.

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Telemedicine Market Size, Share, Growth Analysis, By Component(Product and Services), By Modality(Asynchronous and Videoconferencing), By Application(Teleradiology and Telepsychiatry), By End Use(Healthcare Provider and Healthcare Consumers), By Region - Industry Forecast 2024-2031

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What is the global market size of Telemedicine Market?

Who are the key vendors in the Telemedicine Market?

What is the key driver of Telemedicine Market?

What is the key market trend for Telemedicine Market?

Which region accounted for the largest share in Telemedicine Market?

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