Telemedicine Market to Reach $451.4 Billion, Globally, by 2032 at 18.3% CAGR: Allied Market Research
The global telemedicine market is experiencing growth due to an increase in the number of people suffering from various chronic diseases, surge in adoption of remote healthcare, and technological advancement in telemedicine.
New Castle, Delaware, Sept. 11, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Telemedicine Market, By Component (Software, Hardware, and Services), By Application (Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology, and Other Applications) By End User (Healthcare Provider, Payer, and Healthcare Consumers): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global telemedicine industry was estimated at $84.3 billion in 2022, and is anticipated to hit $451.4 billion by 2032, registering a CAGR of 18.3% from 2023 to 2033.
Telemedicine represents a contemporary healthcare system enabling healthcare professionals to remotely assess, diagnose, and treat patients by utilizing telecommunication technologies. Over the past decade, this approach has undergone remarkable advancements and has grown into an increasingly integral component of the healthcare framework. In its early stages, telemedicine primarily served to connect physicians working with patients in one location to specialists situated in another. Telemedicine capitalizes on a variety of Information and Communication Technology (ICT) tools to deliver healthcare services from one location to another.
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Prime determinants of growth
Increase in the acceptance of telemedicine by the healthcare consumers, surge in remote patient monitoring services, and advancement in telemedicine technology, drive the growth of the global telemedicine market. However, poor infrastructure and connectivity limitations and data breach incidences are hampering the telemedicine market growth. On the contrary, an increase in government initiatives and policies to adopt telemedicine is expected to offer remunerative opportunity for expansion of the telemedicine market during the forecast period.
Report coverage & details:
|Market Size in 2022||$84.3 billion|
|Market Size in 2032||$451.4 billion|
|No. of Pages in Report||273|
|Segments covered||Component, Application, End User, and Region.|
|Drivers||Rise in demand for remote healthcare
Technological advancement in telemedicine
|Opportunities||Increase in government initiatives and policies|
|Restraints||Poor infrastructure and connectivity limitations|
- In the economic recession, the telemedicine market is driven by an increase in adoption of telemedicine services as it offers a less expensive alternative to traditional in-person consultations.
- Furthermore, during these stressful times of recession the demand for mental health support services increases, and telemedicine has proven to be an effective medium for providing such services.
- However, the decrease in the enrollment for employer-sponsored coverage as companies lay off employees in a recession reduces the provider’s revenue and impacts the telemedicine market growth.
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The services segment to maintain its leadership status throughout the forecast period
Based on component form, the service segment held the highest market share in 2022, accounting for nearly half of the global telemedicine market revenue and is estimated to retain its dominant status throughout the forecast timeframe. This is due to an increase in telemedicine services post COVID-19 pandemic. However, the software segment is projected to manifest the highest CAGR of 18.6% from 2023 to 2032, owing to, development of new software for effective telemedicine outcomes.
The telecardiology segment to maintain its lead position during the forecast period
Based on application, the telecardiology segment accounted for the largest share in 2022, contributing to more than one-fifth of the global telemedicine market revenue and is expected to rule the roost throughout the forecast timeframe. This is due to an increase in prevalence of various cardiovascular diseases and development of telecardiology solutions. However, the telepsychiatry segment is expected to witness the fastest CAGR of 19.2% from 2023 to 2032, owing to an increase in number of people using telemedicine for the consultation of mental health issues.
The healthcare provider segment to maintain its leadership status throughout the forecast period
Based on end user, the healthcare provider segment held the highest market share in 2022, accounting for nearly half of the global telemedicine market revenue and is projected to maintain its dominance during the forecast period. The growth is attributed to a surge in adoption of telemedicine in hospital settings and by physicians. However, the healthcare consumer segment is projected to manifest the highest CAGR of 18.8% from 2023 to 2032, owing to, increase in number of people using telemedicine as it saves time and is cost-effective.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global telemedicine market revenue and is expected to retain its dominant status throughout the forecast timeframe. The growth is attributed to developed healthcare infrastructure and availability advanced telemedicine technology, and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.1% from 2023 to 2032, owing to adoption of telemedicine services, high disease burden, and increase in healthcare expenditure.
Leading Market Players: -
- AMC Health
- American Well Corporation
- Cerner Corporation
- Cisco Systems, Inc.
- General Electric Company
- Koninklijke Philips N.V.
- Cigna Corporation
- Siemens AG
- Teladoc Health, Inc.
- Medtronic Plc.
The report provides a detailed analysis of these key players of the global telemedicine market. These players have adopted strategies such as partnership, acquisition, collaboration, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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