Telemedicine Market Size, Trends and Growth Analysis By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care) – Global Industry Size, Trends, Growth, Analysis, Share, Forecast till 2030
The telemedicine market was valued USD 67.3 Billion in 2021 and is expected to surpass the value of over USD 423 Billion by the year 2030 while registering a CAGR of 22.1% during the forecast period 2022-2030. Telemedicine services and health care operations through online services and digital ways while enhancing the monitoring of the condition digitally and helps in enhancing the coordination of the mechanisms that ensure the appropriate usage of the facilities.
The increasing penetration of the internet and innovation in smartphones is enabling to address the gaps in the delivery and availing of telehealth services accessibly. Moreover, the demand for telehealth services witnessed tremendous growth over the historical year owing to the COVID-19 pandemic and the limits imposed to curb the infection. COVID-19 delayed the delivery of healthcare services which enabled most healthcare facilities to shift from traditional to virtual care methods. Further, the rising need to monitor health and wellness to manage chronic diseases virtually is pouring market growth.
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The Global Telemedicine Market has been segmented into the Type, Modality, Application, and end-use
Based on type, The Global Telemedicine Market has been segmented into products and services. The services segment is projected to account for the extreme portion of the important market. Telemedicine substantially decreases the waiting time for consultations and referrals. This is one of the prominent reasons for the growing number of hospitals providing or deploying e-consultation services, which, in turn, is preferring the services segment.
Based on the modality, The Global Telemedicine Market has been segmented into real-time, store-and-forward (S&F), and others. The real-time segment is anticipated to witness lucrative growth due to the drastic increase in the number of e-visits. This is likely to propel the substantial growth of the real-time segment.
Based on application, The Global Telemedicine Market has been segmented into teleradiology, telepathology, telecardiology, telepsychiatry, tele dermatology, and others. The teleradiology segment is anticipated to dominate the market throughout the forecast period. Factors attributable to the increase in the segment are advancements in S&F technologies and the scarcity of radiologists in rural areas.
Based on the end-user, The Global Telemedicine Market has been segmented into healthcare facilities and homecare. The growing number of government-funded pilot programs for telemedicine, the usage of telecommunications tools to train doctors in medical colleges, and the increasing number of service providers for virtual consultations are the primary factors poised to rush the healthcare facilities segment during 2022-2030.
North America is dominating the market during the forecast period. The existence of major players such as Teladoc, MDLive, and others, as well as the robust government support and growing teleconsultations, are driving the market in this region.
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Europe is expected to be the second-most leading region in terms of share, which can be attributed to the refining government guidelines for the use of digital health and the growing prevalence of chronic diseases. This is expected to surge the market in the region.
Some of the key market players are CardioNet, Cisco, TeleVital, Aerotel Medical Systems, Cardiocom, Aerotel Medical Systems Ltd., CareClix, Koninklijke Philips N.V., SHL Telemedicine, and Medtronic
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