As per the report published by Allied Market Research, the global Telemedicine Market generated $40.20 billion in 2020, and is projected to reach $431.82 billion by 2030, registering a CAGR of 25.9% from 2021 to 2030.
♦ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐎𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
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Telemedicine involves the use of electronic communications and software to provide health care services to patients without an in-person visit. Telemedicine technology is often used for follow-up visits, chronic disease management, medication management, specialist consultations, and many other clinical services that can be delivered online through secure video and audio links.
Covid-19 scenario:
- The Covid-19 pandemic favored the adoption of telemedicine. The cancellation and postponement of elective surgeries and clinical appointments along with the threat of infection reduced the patient visits in clinics and hospitals. However, this increased adoption of telehealth to connect patients with doctors.
- However, the lack of necessary infrastructure hindered the global adoption of telemedicine. The lack of a skilled workforce and investments from market players hampered the market.
Based on application, the global telemedicine market is segmented into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology and other applications. The teledermatology segment is a major contributor to revenue in 2020 and is expected to remain so during the forecast period. This is due to the increase in skin diseases which also contributes to the growth of the teledermatology market.
♦ 𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭:
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By infrastructure, the global telemedicine market is segmented into software, hardware and services. The software segment dominated the market in 2020 and is expected to continue this trend during the forecast period. This stems from the growing acceptance of telehealth, telemedicine, and telemedicine consultations during the COVID-19 era.
The global telemedicine market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding nearly half of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 29.0% during the forecast period.
The global telemedicine market includes an in-depth analysis of the prime market players such as Medtronic, Koninklijke Philips N.V., Cerner Corporation, GE Healthcare, Cisco Systems, Inc., Siemens Healthineers, American Well, Teladoc Health Inc., MDLive, and AMC Health.
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