Telemedicine Market Trends 2023: To Witness Tremendous Growth $431.82 Billion by 2030, Claims AMR

Telemedicine refers to the use of technology and telecommunication to provide remote medical services and consultations. It allows patients to connect with healthcare professionals virtually, eliminating the need for in-person visits. Through telemedicine, patients can seek medical advice, receive diagnoses, and even undergo certain treatments from the comfort of their own homes. It utilizes video calls, phone calls, messaging, and other digital communication methods to facilitate real-time interaction between patients and healthcare providers. Telemedicine offers numerous benefits, including increased accessibility to healthcare, reduced travel and wait times, and improved convenience. It has become especially valuable in situations where in-person visits are challenging or limited, such as during a pandemic or for patients in remote areas.

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.

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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, tele dermatology, telecardiology & other applications.

Value Propositions Related to The Report:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

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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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.

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.

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?

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.

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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.

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