Telemedicine Market Size to Grow at CAGR of 22.1% to hit USD 423 billion by 2022-2030 | Market Research Future

The telemedicine market was estimated to be worth USD 67.3 billion in 2021 and is anticipated to reach USD 423 billion by 2030, growing at a CAGR of 22.1% from 2022 to 2030. While improving the digital monitoring of the condition and aiding in better coordination of the processes that enable proper use of the facilities, telemedicine services and health care operations on the internet and through digital means. The management of patients has become less effective as a result of the rise in chronic illnesses, medical emergencies, and other disorders, which has slowed down the entire process. If telemedicine is used, it may be possible to shorten the duration of time-consuming medical operations including patient self-management, clinical outcomes, medication compliance, admissions, and primary care utilisation. The telemedicine sector has been expanding recently because of these potential advantages and higher levels of patient and physician satisfaction.

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Drivers:

The recent introduction of cutting-edge technologies as well as favourable government regulations and reimbursement policies that make medical services more affordable and accessible than ever are thought to be the main factors driving the expansion of the telemedicine industry.

The world is moving toward telemedicine adoption due to the rise in chronic diseases and other afflictions around the world as well as the rising desire for improved medical care and personalised medical attention. Additionally, fewer hospital visits are anticipated by both patients and medical professionals. These elements have recently accelerated the telemedicine industry’s expansion.

Market Segmentation:

Telemarketing is divided based on component, delivery, application, end user, service, and speciality.

Based on the component:

Software & Services

RPM

Real-Time

Hardware

Monitors

Based on delivery:

Web or Mobile

Telephonic

Visualized

Call Centers

Based on application:

Teleradiology

Telestroke

Tele-ICU

Based on end-user:

Provider

Payer

Based on service:

Tele-consulting

Tele-monitoring

Tele-education/training

Based on speciality:

Cardiology

Gynaecology

Neurology

Orthopaedics

Dermatology

Mental Health

Regional Analysis:

Due to the region’s strong economic situation and initiatives that encourage the improvement of medical facilities, North America now has a bigger market share for telemedicine than other nations. The medical staff is being driven toward effective administration of the medical sector by the rising tide of medical emergencies and situations. Therefore, these industrialised countries use telehealth solutions to manage patient data and other paperwork.

However, the growing population in the Asia-Pacific area is also driving the medical industry to transition to telemedicine. The Asia-Pacific region’s growing geriatric population and the rise in chronic illnesses are driving medical schools to use telemedicine.

Key Players:

CardioNet, Aerotel Medical Systems Ltd.,CareClix, Koninklijke Philips N.V.,SHL Telemedicine, Medtronic, Cisco, TeleVital, Aerotel Medical Systems, Cardiocom

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