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Telemedicine Market To Expand At 19.5% CAGR By The End Of 2030 Due To Increasing Prevalence Of Chronic Conditions And Rising Aging Population | Grand View Research, Inc.

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Telemedicine Market To Expand At 19.5% CAGR By The End Of 2030 Due To Increasing Prevalence Of Chronic Conditions And Rising Aging Population | Grand View Research, Inc.

May 10
06:40 2022
Telemedicine Market To Expand At 19.5% CAGR By The End Of 2030 Due To Increasing Prevalence Of Chronic Conditions And Rising Aging Population | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the growing need to reduce the cost of care, consolidation across the industry, and other strategic initiatives by key companies are some of the main drivers of telemedicine market.

Telemedicine Industry Overview

The telemedicine market size was valued at USD 70.4 billion in 2021 and is anticipated to reach USD 380.3 billion by 2030, at a CAGR of 19.5% from 2022 to 2030.

The growing need to reduce the cost of care, consolidation across the industry, and other strategic initiatives by key companies are some of the main drivers of this market. The market holds many growth opportunities owing to the rising adoption of telemedicine, rising consumer demand & patient acceptance, and enhanced quality of care. In May 2021, Walmart Inc. acquired MeMD-a telehealth provider. This would enable Walmart to offer virtual care access for urgent, behavioral, and primary care across the U.S.

Gather more insights about the market drivers, restrains and growth of the Global Telemedicine Market

Telemedicine was extensively used during the COVID-19 pandemic as it aids in decreasing the contact with healthcare facilities, healthcare staff, and patients, to minimize the risk of COVID-19. In China, online mental health surveys along with communication programs, such as Weibo, TikTok, and WeChat, among others, assisted health authorities and mental health professionals to render mental health services safely and online during the pandemic. Such factors have assisted in market growth during the COVID-19 pandemic. SOC Telemed, a U.S.-based company dealing in telemedicine technology and services, stated in March 2020, that it experienced a surge in demand for on-demand acute care via telemedicine.

                                  North America Telemedicine Market size, by application, 2020 - 2030 (USD Billion)

Companies in the market have experienced exponential growth during the COVID-19 pandemic as compared to the previous year. For instance, Teladoc Health, Inc. experienced a 109% year-on-year growth from Quarter 3 of 2019 to Quarter 3 of 2020. American Well Corp., another key player in the market, reported that its clients comprising health system and health plan providers deployed tens of thousands of their own care providers onto their platforms during 2020. Around 68,000 active providers had used the Amwell Platform to provide primary care, chronic care management, and specialist visits by December 2020.

American Well Corporation attributed around 76.5 million increase in revenue during 2020 due to the pandemic-induced growth in online visit volume. The pandemic has thus positively affected the overall market. Increasing access to basic healthcare along with improved healthcare quality and patient safety is the major aim of telemedicine solutions. According to a report published by the Agency for Healthcare Research and Quality (AHRQ), the implementation of telehealth or telemedicine solutions improves care delivery to patients. Applications, such as e-ICU and eCare, help in providing apt care and reduce adverse effects or symptoms from going unnoticed. 

By providing higher safety and quality standards to patients, the demand for such systems is expected to increase over the forecast period and boost the market growth. Moreover, telemedicine is considered the most versatile technology available to deliver health education, health information, and health care at a distance. Through the technologies, advanced patient-centered care and increased access to remote locations are possible. It also helps in reducing emergency room visits and hospitalization rates, thereby augmenting the market growth. Continued investment in new technologies to expand the capabilities of telemedicine products and services is another key factor anticipated to propel market growth in the near future.

The industry is also witnessing an increased flow of investments, mergers & acquisitions, and entry of new and large-scale companies. This is expected to intensify the competition in the coming years. For instance, in March 2021, Amazon.com, Inc. expanded the access to its virtual visits and telehealth platform- Amazon Care, to serve other Washington-based companies. Until then, Amazon Care was available only to the company’s employees and their families in Washington State. The company further plans to expand its virtual care product and services to its employees and other companies in all 50 states across the U.S. Technological advancements in robotic surgery, Virtual Reality (VR), and Artificial Intelligence (AI) are anticipated to boost the application scope of telemedicine in areas, such as telesurgery.

Telemedicine Market Segmentation

Based on the Component Insights, the market is segmented into Product and Services.

  • By component, the product segment dominated the market in 2021 while the services segment is expected to grow at the fastest CAGR of over 20% from 2022 to 2030. 
  • In terms of services, the telemonitoring segment is expected to grow at the fastest CAGR over the forecast period owing to the expanding field of remote patient monitoring.

Based on the Modality Insights, the market is segmented into Store & Forward, Real-time and Others.

  • The real-time segment accounted for the largest revenue share of more than 38.00% in 2021. This is owing to the rising uptake of on-demand medical consultations, usage of mHealth and virtual video visits, and service offerings by key market players.
  • The others segment consisting of patient monitoring (e.g. health tracking and vital signs monitoring) from a distant location (such as home or hospital) is also expected to grow at a significant CAGR over the forecast years.

Based on Application Insights, the market is segmented into Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology and Others.

  • The teleradiology segment dominated the market and accounted for the largest revenue share of more than 24.05% in 2021.
  • Telepsychiatry, on the other hand, is projected to grow at the fastest CAGR from 2022 to 2030.

Based on Delivery Mode Insights, the market is segmented into Web/Mobile and Call Centers.

  • The web/mobile segment dominated the market in 2021 and accounted for the largest share of more than 78.05% of the global revenue.
  • The call centers segment is also expected to grow at a considerable CAGR over the estimated period.

Based on Facility Insights, the market is segmented into Tele-hospital and Tele-home.

  • The tele-hospitals facility segment dominated the global market in 2021. The segment accounted for the maximum share of more than 50.5% of the global revenue in the same year.
  • The tele-home care facility segment is projected to register the fastest growth rate during the forecast period. This growth can be attributed to the increasing adoption of remote patient monitoring devices.

Based on End-user Insights, the market is segmented into Providers, Payers, Patients and Others.

  • The patients segment dominated the market with a share of more than 37.5% in 2021.
  • The providers segment is estimated to register the fastest growth rate over the forecast period. 

Based on the Telemedicine Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • North America dominated the global market in 2021 and accounted for the largest share of more than 33.8% of the overall revenue.
  • Asia Pacific, on the other hand, is anticipated to be the fastest-growing regional market during the forecast period.

Market Share Insights:

  • July 2020: Teladoc Health, Inc. acquired InTouch Health, a U.S.-based company. With this, the company integrated InTouch Health’s portfolio with its existing products and enhanced health care across in-patient, outpatient, and home care settings.
  • August 2020: AMD partnered with iTelemed, an Ontario-based company providing virtual healthcare solutions. This partnership was formed to cater to the unmet healthcare needs of the marginalized population within Canada during the COVID-19 pandemic.

Key Companies Profile:

The market is highly fragmented and competitive. Market players are involved in implementing strategic initiatives, such as product upgrades, regional expansions, portfolio diversification, and mergers & acquisition. The market is expected to have intense competition as many startups are seeking opportunities in this sector as well as large-scale, established companies are entering the market to increase their portfolio.

Some prominent players in the global Telemedicine market include

  • MDlive, Inc. (Evernorth)
  • American Well Corp.
  • Twilio, Inc.
  • Teladoc Health, Inc.
  • Doctor On Demand, Inc. (Included Health)
  • Zoom Video Communications, Inc.
  • SOC Telemed, Inc.
  • NXGN Management, LLC
  • Plantronics, Inc.
  • Practo
  • VSee

Order a sample PDF (free) of the Telemedicine Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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