Market Overview:
Telemedicine involves delivery of healthcare services through telecommunication technology which enables virtual interaction between patient and healthcare provider. It allows easy access to healthcare without the need to physically visit hospitals or clinics. This is especially helpful for patients living in remote areas with lack of healthcare facilities.
The global Telemedicine Market is estimated to be valued at US$ 94.44 Bn or Billion in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the Telemedicine Market is the increasing adoption of mHealth services. mHealth refers to practice of medicine and public health supported by mobile devices such as mobile phones, tablets, personal digital assistants etc. The use of mobile technologies has improved accessibility to healthcare especially in developing countries.According to recent studies, by 2025, 50% of all healthcare interactions will take place on mobile devices with patients using their smartphones and wearables to interact with doctors through video conferencing and use of apps to monitor health remotely.
Segment Analysis
The global telemedicine market is segmented by component, application, end-user and geography. By component, the market is divided into services, software and hardware. Among these, the services segment holds the largest market share currently and is expected to remain the dominating segment over the forecast period. This is because services such as remote monitoring and online consultation are increasingly being adopted for healthcare needs.
Key Takeaways
The global telemedicine market is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing preference for remote healthcare services and convenience. The global telemedicine market size is expected to reach US$ 94.44 Bn by 2023.
Regionally, North America currently dominates the telemedicine market and is expected to continue its dominance over the forecast period. This is due to advanced healthcare infrastructure and widespread adoption of telehealth solutions in the region. Asia Pacific is expected to experience the highest growth rate owing to growing internet penetration, rising medical tourism and increasing focus of key players in emerging countries of the region.
Key players operating in the telemedicine market are American Well (U.S.),MDLIVE Inc. (U.S),Teladoc Health Inc. (U.S.),Doctor on Demand Inc. (U.S.),MeMD (U.S.),Encounter Telehealth (U.S.),Global Med (U.S.),SnapMD (U.S.). American Well and Teladoc Health capture the majority of the market share due to their early mover advantage and wider service and product portfolio.
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