Telemedicine Market to Reach Around USD 565.81 Billion by the end of 2030 Growing at 26.3% CAGR - Reports and Data
According to a new report by Reports and Data, the global Telemedicine market is forecast to reach USD 565.81 billion by 2030.
NEW YORK CITY, NY, UNITED STATES, June 20, 2022 /EINPresswire.com/ -- According to a new report by Reports and Data, the global Telemedicine market is forecast to reach USD 565.81 billion by 2030. Telemedicine is experiencing prospective opportunities in the field as rising adoption of IT in healthcare domain, rising geriatric population, increasing prevalence of target diseases and majorly the advantage of maximum reach in case of different medical crisis such as pandemic outbreak of COVID-19 or untapped target of population (rural areas or bedridden patients). Geriatric population is rapidly rising across the globe, and Europe and North America have the highest share of population with age of over sixty-five years and above. Telemedicine is emerging as crucial part of pandemic hit world, to remotely address many common medical conditions that are reflected among the old population such as Parkinson’s, diabetes, cardiovascular diseases, high blood pressure, and high cholesterol, arthritis and many more. According to the United Nations, in 2050, geriatric population are expected to account for 35% of the population in Europe, 28% in Northern America, 25% in Latin America and the Caribbean, 24% in Asia, 23% in Oceania and 9% in Africa. Traveling to hospitals for visits and unfamiliar environment of hospitals leads to non-compliance of patients to follow ups. Thus, tele-visits and telemedicine help in such situation to provide services remotely at their familiar environment.
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In 2018, Europe in total had approximately 3 million dependent or bedridden patients. In such cases movement of patients is difficult wherein telemedicine or tele-visits need no shifting of critically ill patients leading to rising growth of telemedicine market. Additionally, favorable reimbursement policies for telehealth is one of the major factors driving the market growth. Insurance companies such as Medicare, Medicaid cover telehealth reimbursement. Medicare part B reimburses clinicians for E-visits, communication, or virtual check-ins. Recently, the center for Medicare & Medicaid Services published coverage for COVID-19 telehealth resulting growing adoption of telemedicine. To approach the untapped market players are developing telemedicine solution resulting to enhance in the market demand. For instance, recently Texas A&M Health launched telemedicine station for rural patients. Moreover, huge ongoing pipeline research of the platform solution is expected to fuell the market growth in future. For instance, Canniesburn Regional Plastic Surgery and Burns Unit, U.K. is engaged in developing 3D telemedicine to practice efficiently in the COVID-19 pandemic.
Further key findings from the report suggest:
To avoid the obstruction due to lack of usage knowledge of physicians or healthcare providers market players are developing reference guidelines to boost the adoption of technology. For instance, the American Medical Association (AMA) has launched the AMA Telemedicine Quick Reference Guide, aimed at helping clinicians figure out best practices for implementing the tech. The guidelines cover everything from policy and coding to implementation
In April 2020, DrChrono launched fully integrated telemedicine app & marketplace for patients. Over 10,000 medical providers on the DrChrono platform have access to more telehealth options and receive more inbound requests to provide virtual care visits to patients, especially during COVID-19
Towards broadening the clientele field players are engaged in developing telemedicine solution for different users with personalized plans. For instance, in January 2020, Cigna an insurer from the U.S. in partnership with MDLive has launched a telehealth platform that gives its 12 million members in employee-sponsored health plans access to primary care services
North America dominated the ovulation testing at home with a revenue of USD 17.63 billion in 2019. In North America, rising prevalence of target diseases, growing adoption of advanced technologies, high investment on IT in healthcare solutions are major factors driving market growth.
The segment of software type has accounted for the highest market share in 2019. Broadly adoption of telemedicine and digital platform in healthcare and several software developments by key players are major factors booming the market growth of telemedicine software
Based on end use diagnostic centers are estimated to grow at the CAGR 15.5%. Imaging being the primary procedure in overall healthcare management and significant growth of teleradiology are the major factors promoting telemedicine market growth in diagnostic centers
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Telemedicine market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
MDLIVE, Teladoc, SteadyMD, Doctor on Demand, Maven Clinic, AMD Telemedicine, Aerotel Medical Systems Ltd., iCliniq, Polycom, HealthTap, Cardio Net Inc., Amwell, CVS Health, Synapse Medicine, Practo.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Telemedicine Market Segmentation:
End-use Outlook (Revenue, USD Billion; 2019-2030)
Hospitals and Healthcare Facilities
Homecare
mHealth
Others
Application Outlook (Revenue, USD Billion; 2019-2030)
Teleradiology
Telepathology
Teledermatology
Telecardiology
Telepsychiatry
Others
Regional Outlook:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
A.E.
South Africa
Rest of MEA
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