Telemedicine Market Size Expanding at 24.1% CAGR, Forecast to 2022-2030

Reports and Insights (R&I) has published a new report titled, “Telemedicine Market: Opportunity Analysis and Future Assessment 2020-2028

Global Telemedicine Market, By Component (Software & services and Hardware), By Mode of delivery (Cloud-based and On-Premise), By Application (Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, and Other Applications), By end-user (Providers, Payers, Patients, and Other End Users), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.

The global telemedicine market is estimated to reach at a value of US$ 57.0 Bn by the end of 2020 and expected to reach at a value of US$ 316.5 Bn by 2028 with a significant CAGR of 24.1%.

In the present day and age, one of the major challenges humankind is facing is to provide high-quality healthcare services all around the world. Recognizing the vision is quite complex, perchance next to impossible, due to the strain levied on an increasing global population by existing and novel diseases, Information and communication technologies (ICTs) played a crucial role as it carries a huge potential to deal some of the complex challenges faced by both developed and developing nations in offering cost effective, accessible, superior-quality healthcare services.

Telemedicine, under the broad concept of telehealth, can be perceived as the remote delivery of clinical care through electronic communications. The term ‘Telemedicine’ was striked in the 1970s by the World Health Organization (WHO) as a means of legitimate exchange of clinical information referring to diagnosis, treatment and prevention of injuries and disease by means of information and communication technologies with the aim of enhancing patients’ well-being and the entire health status.

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However, the notion of telemedicine isn’t new, as medical data is being transmitted to distant patients from a while ago. Although, in the present times, the ICT has advanced this process in a huge manner. The massive development and advancements in the ICT and telemedicine industry has resulted in affordability and accessibility of it all across the world which is majorly driving the growth of the telemedicine market.

On top of that, the sudden outbreak of global crisis of COVID-19 has massively accelerated the need for remote delivery of healthcare services as most of the nations, worldwide, went under lockdowns and period of isolation. Such factors further boosted the demand of telemedicine, globally, which is projected to positively fuel the growth of the global telemedicine market in the years to come.

Furthermore, the rapidly increasing incidence of chronic diseases among the population, including diabetes and cancer is also propelling the growth in the demand of telemedicine worldwide. Attributing to which, the global telemedicine market is expected to witness substantial growth in the coming years.

R&I Study identifies some of the key participating players in the telemedicine market globally are Koninklijke Philips N.V., Medtronic, GE Healthcare. Other prominent players in this market include Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLive, Doctor on Demand, Medvivo Group Ltd, Asahi Kasei Corporation, Iron Bow Technologies, Telespecialists Llc, GlobalMed, MedWeb, IMediplus Inc., Vsee, Chiron Health, Zipnosis, among others.

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