The global telemedicine market size is anticipated to reach USD 380.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 19.5% over the forecast period. The key factors driving the market growth include the increasing prevalence of chronic conditions, aging population, telehealth uptake, and rising demand for reduction in care costs.
Telemedicine Market Report Highlights
- Telemedicine has a wide scope of application in dermatology, psychiatry, intensive care units, emergency care, ophthalmology, neurology, rehabilitation, and radiology
- The teleradiology segment accounted for the majority of revenue share in 2021. Telepsychiatry, on the other hand, is estimated to grow at the fastest CAGR from 2022 to 2030
- Products dominated the components segment in 2021 while services are projected to grow at the fastest CAGR from 2022 to 2030
- The web/mobile-based delivery mode segment is expected to register the fastest CAGR during the forecast years due to the high adoption of smartphones and penetration of the internet
- The tele-home facility segment will register the maximum CAGR from 2022 to 2030 due to the advanced technologies to monitor patient health from remote locations and rising awareness regarding the benefits of remote healthcare
- The providers segment accounted for the maximum revenue share in 2021. However, the patients segment is expected to grow at the fastest CAGR from 2022 to 2030
- Government-initiated healthcare programs across the world are anticipated to propel the adoption of telemedicine solutions by patients and providers in the coming years
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Moreover, factors like rising mental health concerns, neurological disease, teleconsulting services, medical tourism, and increasing government initiative further propel the growth. SOC Telemed reported 140,743 total system-wide consults during Q3 2021, an increase of about 76% year over year. The company also reported a recovery in telepsychiatry volumes to pre-COVID levels and significant volume increases in the teleneurology service line. About 1,087 total facilities were serviced by SOC Telemed including 193 facilities serviced by Access Physicians.
COVID-19 Impacts On Telemedicine Market
The COVID-19 pandemic had an overall positive impact on the market. The government initiatives such as revising the guidelines and waiving many restrictions to cope up with the global pandemic will boost the market growth. In 2021 the market will witness a slight decline in YoY growth of nearly 10% as compared to 2020, before resuming its growth trajectory by mid-2022. It led to increased awareness about telemedicine solutions, propelled the adoption rates among patients & providers, and increased the investment activities in the market. Supportive regulatory initiatives to promote the use of telemedicine further contributed to the market growth. In the U.S., both state and federal laws have evolved to facilitate the widespread use of telemedicine to cope with the COVID-19 pandemic. For instance, on March 6, 2020, the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It included USD 8.0 billion emergency funding for the federal agencies and provision to expand reimbursement coverage for telehealth services.
Many U.S. states also waived the licensure for better utilization of the service. This positively impacted the market growth during the pandemic. Rapid advancements in technology are also expected to boost the demand for online consultation, thereby contributing to market growth. For instance, in April 2020, American Well launched Amwell Private Practice, which is a secure, simple, and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID-19 patients. Furthermore, strategic initiatives by key market players, the entry of large-scale, established companies into the market, and the emergence of new start-ups are estimated to contribute to the market growth. In October 2020, Teladoc, Inc. merged with Livongo Health, Inc. to improve the access, delivery, and experience of healthcare for consumers.
This supported its growth objectives. In January 2021, Teladoc, Inc. acquired Consultant Connect Ltd.-a telemedicine provider specializing in enabling healthcare professional-to-professional advice and guidance in the U.K. There has been a significant rise in tele-mental health visits over the past decade in the U.S. and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings. The social shift to overall mental wellbeing and rising healthcare consumerism are other key factors anticipated to propel market growth in the near future. For instance, in 2020, over 52.9 million adults in the U.S. experienced mental illness, according to the NAMI.
Suicide was found to be the second leading cause of death across the country among people aged 10 to 34 years. The increase in awareness levels about mental health, uptake by end users, expansion of offerings by the existing market players, the flow of investments, and entry of new companies are expected to drive the market growth during the forecast period.
Telemedicine Market Insights By Geographical Regions
North America dominated the global market in 2021 due to the high adoption of telehealth solutions during the COVID-19 pandemic. The availability of advanced healthcare facilities and quick adoption of digital technologies also contributed to the region’s growth. Asia Pacific is predicted to witness the fastest CAGR over the forecast period due to the rising number of smartphone users, demand for affordable healthcare services, and presence of a large patient pool. Emerging economies including India and China are estimated to lead the regional market in the years to come.
Industry Share Analysis By Major Players
The market is highly fragmented and competitive. Market players are involved in implementing strategic initiatives, such as product upgrades, regional expansions, portfolio diversification, and mergers & acquisition. New competitors have now rushed to the market with more specialized virtual care platforms due to boom in venture capital dollars. The market is expected to have intense competition as many startups are seeking opportunities in this sector as well as large-scale, established companies are entering the market to increase their portfolio. Some of the key players in the global telemedicine market include:
- MDlive, Inc. (Evernorth)
- American Well Corp.
- Twilio, Inc.
- Teladoc Health, Inc.
- Doctor On Demand, Inc. (Included Health)
- Zoom Video Communications, Inc.
- SOC Telemed, Inc.
- NXGN Management, LLC
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Telemedicine Market Segmentation
Grand View Research has segmented the global telemedicine market on the basis of component, modality, application, delivery mode, facility, end user, and region:
- Telemedicine Component Outlook (Revenue, USD Million, 2017 – 2030)
- Telemedicine Modality Outlook (Revenue, USD Million, 2017 – 2030)
- Telemedicine Application Outlook (Revenue, USD Million, 2017 – 2030)
- Telemedicine Delivery Mode Outlook (Revenue, USD Million, 2017 – 2030)
- Telemedicine Facility Outlook (Revenue, USD Million, 2017 – 2030)
- Telemedicine End-user Outlook (Revenue, USD Million, 2017 – 2030)
- Telemedicine Regional Outlook (Revenue, USD Million, 2017 – 2030)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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