Report ID: SQMIG35G2214
Report ID:
SQMIG35G2214 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|
Tables:
118 |
Figures:
77
Global Telemedicine Market was valued at USD 97.48 Billion in 2022 and is poised to grow from USD 114.98 Billion in 2023 to USD 430.72 Billion by 2031, growing at a CAGR of 17.95% in the forecast period (2024-2031).
Telemedicine is one of the areas which in the past few years has grown greatly. This may help reduce expenditure on healthcare and help in distant communication between patients and physicians. Therefore, it's very attractive to healthcare institutions and medical experts who seek to integrate digital health technologies into their operations. This has encouraged the government to create policies and payment plans about telehealth. Progress in this field has made healthcare affordable and accessible to all. The increasing distance delivery of healthcare services, including acute care and expansion in radiology, cardiology, mental health, and other sectors, has given rise to new business and healthcare models centered around telehealth. With numerous platforms being introduced and new competitors entering the market with substantial funding, the sector is rapidly becoming highly competitive.
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REQUEST FREE CUSTOMIZATIONGlobal Telemedicine Market size was valued at USD 97.48 Billion in 2022 and is expected to grow from USD 114.98 Billion in 2023 to reach USD 430.72 Billion by 2031, at a CAGR of 17.95% during the forecast period (2024-2031).
The global telemedicine market is on the rise and characterized by steady growth and active development due to various factors, including the development of technologies, growth in overall healthcare costs, and the need for remote care. It also faces competition from a wide range of entities – traditional healthcare service providers, IT companies and many new entrants in innovative start-ups. Incumbents rely on their strong portfolio of healthcare products and services and experience while new entrants offer disruptive technologies through means like Internet of Things, artificial intelligence, and remote monitoring. Independent ventures are young companies that drive the innovative process with their specialization and peculiar services and strategies most likely to target specific segments of the population or diseases. Geographical competition is also understood to be highly divergent, with North America hence Europe recognized to be in the forefront regarding market share based on better infrastructure and conducive legal frameworks in the healthcare industry. At the same time, the Asia-Pacific region is gradually shifting to a growth perspective due to higher Internet connectivity and governmental support. 'AMC Health (USA) ', 'Siemens AG (Germany) ', 'General Electric Company (USA) ', 'Teladoc Health Inc. (USA) ', 'Medtronic plc (Ireland) ', 'Koninklijke Philips N.V. (Netherlands) ', 'The Cigna Group (USA) ', 'Oracle Corporation (USA) ', 'American Well Corporation (USA) ', 'MDlive, Inc. (USA) ', 'Twilio Inc. (USA) ', 'Doctor on Demand, Inc. (Included Health) (USA) ', 'Zoom Video Communications, Inc. (USA) ', 'SOC Telemed, Inc. (USA) ', 'Plantronics, Inc. (USA) ', 'Vsee (USA) ', 'ACL Digital (USA) ', 'iCliniq (India)'
Viral illnesses are on the rise, which poses a threat to humanity, such as diabetes, cardiovascular illnesses, and respiratory issues, requiring constant monitoring, which telemedicine can offer. This indicates that there is always a need to seek healthcare services, hence implementing the use of telemedicine since they provide patients who need constant care with convenient and accessible solutions.
Integration of Artificial Intelligence and Machine Learning: These changes underscore how the incorporation of AI and machine learning into telemedicine is revolutionizing the business by allowing for the forecasting of future disease trends, compounded treatment strategies, and higher diagnostic insight. AI could help healthcare delivery systems reduce diagnostic error rates and assist in more precise indications for treatment, which may result in better clinical outcomes and enhance efficiency.
North America is the dominating region in this market, largely due to its advanced healthcare infrastructure, high adoption rate of telemedicine technologies, and favorable government initiatives. The presence of major telemedicine service providers and extensive research and development activities also contribute to the region's dominance. The United States plays a crucial role in driving the market, supported by substantial investments and a high prevalence of chronic diseases requiring continuous medical attention.
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Report ID: SQMIG35G2214