Telemedicine Market Size Worth USD 423 Billion by 2030 at 22.1% CAGR – Report by Market Research Future (MRFR)

New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) — Telemedicine Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Telemedicine Market Information by Service Type, Component, Deployment, Application, End Users and Region – Forecast till 2030”, The market was worth USD 67.3 Billion in 2021 and should achieve a valuation of more than USD 423 Billion by 2030 while thriving at a rate of 22.1% from 2022 to 2030.

Market Scope:

Telemedicine involves the use of electronic information by healthcare professionals for assessing, diagnosing, and treating patients from a distance. This comprises the use of a variety of audio, visual and electronic means. The surging use of electronic health records (EHR)/electronic medical record (EMR) will be a huge reason for the strong growth of the telemedicine market in the years to come.

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Report Scope:

Telemedicine Market Competitive Analysis:

Some of the most eminent contenders in the telemedicine industry include:

• CardioNet
• Aerotel Medical Systems Ltd.
• CareClix
• Koninklijke Philips N.V.
• SHL Telemedicine
• Medtronic
• Cisco
• TeleVital
• Aerotel Medical Systems
• Cardiocom
• Allscripts Healthcare Solutions
• IBM Corporation
• Iris Telehealth
• Intel Corporation
• Honeywell Lifesciences
• GENERAL ELECTRIC
• Care Innovations
• Cerner Corporation
• AMD Global Telemedicine Inc.
• Tunstall Healthcare
• Medvivo Group Ltd.

The market is extremely competitive and fragmented, with the players constantly taking up strategic initiatives, like regional expansions, product upgrades, mergers & acquisitions along with portfolio diversification. The market should turn even more competitive with several startups trying to seek opportunities in the sector and established, large-scale firms entering the industry to enhance their portfolio.

Telemedicine Market USP Dynamics

Market Drivers

Technological innovations in telemedicine services and software have worked in favor of the worldwide market over the years. The introduction of user-friendly solutions and systems has raised the demand, which in turn raises the growth rate of the global market.  

Telemedicine solutions and products are extremely useful for people that live in rural or remote locations and do not have the necessary access to medical facilities and services. For this reason, telemedicine solutions are enjoying massive demand among patients as well as healthcare providers. This should offer lucrative business opportunities to renowned manufacturers in the years to come. Other than this, since telemedicine facilitates smoother connection and communication between healthcare team members, its demand is expected to mount rapidly in the years ahead.

The majority of the medical device developers along with telemedicine firms are partnering and forming joint ventures to foster their businesses on a regional as well as global scale. Most of the firms active in the telemedicine industry are also taking up strategies like acquisitions and mergers to better their rankings.

Market Restraints

Significant expenses related to telemedicine systems, including EHR and EMR combined with the stringent government regulations with regard to telemedicine can be major challenges for the global market players in the years to follow.

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Telemedicine Market COVID-19 Analysis

The COVID-19 outbreak’s impact on the healthcare system was profound, giving way to numerous public health measures, as well as a reduction in medical access to people. The pandemic resulted in the shutdown of operational facilities worldwide.

The worldwide healthcare industry has been facing multiple challenges during the lockdown phase. Given the rapid increase in COVID-19 cases, many medical facilities are encountering a lot of issues, which reduces the provision of essential services.

Telemedicine emerges as the top solution in these uncertain times, helping professionals provide medical services to take care of the rapidly mounting number of new cases. Telemedicine solutions enable smart healthcare systems to effectively communicate and connect with each other, allowing new ways to track and respond to emergencies.

Telemedicine Market Segment Overview

By Application

Telemedicine’s top applications are ophthalmology, psychiatry, radiology, dermatology, cardiology, and others.

By Component

Key components of telemedicine are hardware along with software. The software types listed in the study are standalone software as well as integrated software while the hardware types include monitors, and medical peripheral devices.

By Service

With respect to service, the market has been considered for teleradiology, telepharmacy, telenursing, Tele oncology, teledermatology, and more.

By Deployment

Deployment-based segments can be cloud-based coupled with on-premises.

By End-User

Major industry end-users are telemedicine hospitals, home care, clinics, and more. The telemedicine hospital category is leading the worldwide market, thanks to the mounting usage of telemedicine services within hospital settings for consulting specialists by medical professionals. This results in cost savings for the hospitals as well as for the patients.

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Telemedicine Market Regional Analysis

North America will most likely be clinching the top spot in the worldwide market and continue to dominate from 2022 and 2030. The region’s significant position in the global market can be accredited to the rising inclination towards online consultations as well as e-visits. On top of this, the supportive insurance scenario as well as the mounting use of modern technologies that include robots, chatbots, and AI in healthcare, for the management of the burgeoning patient base will further favor the market in the near future.

Europe will be securing the second position in the global industry, on account of the surging deployment of cutting-edge technologies by the healthcare industry. A huge burden of numerous chronic ailments in conjunction with the blossoming patient pool in the region will also ensure a strong market growth all through the review period.

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The Asia Pacific market can make rapid progress in subsequent years, thanks to the mushrooming geriatric patient base, mounting instances of chronic illnesses, and the dearth in the number of skilled healthcare personnel. The rise in the unmet medical requirements, particularly among the rural population gives way to a series of growth avenues. Overcrowding in medical facilities in the region in line with the shortage of innovative medical devices as well as hospital beds enhances the need for telemedicine as well.

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