Overview
The global telemedicine market is witnessing rapid growth and is projected to reach $431.82 billion by 2030, expanding at a CAGR of 25.9%, according to Allied Market Research. The surge is driven by rising demand for remote healthcare, technological advancements, and increased adoption during the COVID-19 pandemic. Applications such as teledermatology and telepsychiatry are gaining strong traction, while North America currently leads the market and Asia-Pacific is expected to grow at the fastest rate.
Telemedicine Market Booming Worldwide by 2030: Report Focusing on Opportunities and Growth
Allied Market Research recently published a report, titled, "Telemedicine market by Application (Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology and Other Applications), Component (Software, Hardware and Services), and End User (Healthcare Providers, Payers, Healthcare Consumers and Other End Users): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global telemedicine/telehealth industry was pegged at $40.20 billion in 2020, and is estimated to generate $431.82 billion by 2030, growing at a CAGR of 25.9% from 2021 to 2030.
What is telemedicine?
Telemedicine involves the use of electronic communications and software to provide clinical services to patients without an in-person visit.
What are the application used for telemedicine?
teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology & other applications.
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Value Propositions Related to The Report:
Covid-19 Situation -
- The Covid-19 pandemic positively affected the telemedicine market due to postponement and cancellation of elective surgeries and appointments.
- The decreased patient volume in hospitals and clinics posed an urgent need for physicians to adopt telehealth to connect with their patients.
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North America dominated the market in terms of revenue
By region, the global telemedicine market in North America has the largest share in 2020, accounting for almost half of the market, due to increasing government support and advanced infrastructure capabilities of telehealth services. However, the Asia-Pacific market is expected to exhibit the highest CAGR of 29.0% during the forecast period, owing to the increase in investment in campaigns and telemedicine services in developing countries.
The telepsychiatry segment to portray the highest CAGR through 2030
By application, the telepsychiatry segment will register the highest CAGR of 27.9% during the forecast period, due to the increase in patients suffering from stress, anxiety and mental disorders. However, the teledermatology sector has the largest share of the global telemedicine market in 2020, accounting for almost a third of the market, due to the increase in skin diseases worldwide.
Major Key Market Players in the Industry -
Koninklijke Philips N.V.
GE Healthcare
Medtronic
Siemens Healthineers
Cerner Corporation
Teladoc Health Inc.
Cisco Systems, Inc.
AMC Health
American Well
MDLive
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Market: By Region Outlook
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, Rest of LAMEA)
Important Questions Being Answered by This Market Report Are -
Q1. What is the total market value of telemedicine market report?
Q2. What would be forecast period in the market report?
Q3. What is the market value of telemedicine market in 2030?
Q4. Which is base year calculated in the telemedicine market report?
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Key findings of the study -
- By application, the teledermatology segment was the highest contributor to the market in 2020.
- By component, the software segment was the highest contributor to the market in 2020.
- By end user, the healthcare providers segment is projected to grow at a significant CAGR of 26.60% from 2021 to 2030.
- By region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.
About Us:
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 domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various research data tables and confirms utmost accuracy in our market forecasting. Each and every us companies and this helps us in digging out market data that helps us generate accurate y 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.
Conclusion
Telemedicine is becoming an integral part of modern healthcare delivery worldwide. With strong investment, expanding digital infrastructure, and growing acceptance among providers and patients, the market offers significant growth opportunities and is set to play a key role in the future of global healthcare systems.
