Technological advancements, surged adoption during the Covid-19 pandemic, and reduction in healthcare cost burden drive the growth of the global telemedicine market. North America contributed to the highest share in terms of revenue in 2020. The outbreak of the COVID-19 pandemic positively affected the telemedicine market due to the postponement and cancellation of elective surgeries and appointments.
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According to the report published by Allied Market Research, the global telehealth market generated $40.20 billion in 2020 and is projected to reach $431.82 billion by 2030, witnessing a CAGR of 25.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chains, key investment pockets, regional scenarios, and competitive landscape.
COVID-19 scenario:
- The outbreak of the COVID-19 pandemic positively affected the telemedicine market due to the 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 report offers detailed segmentation of the global telehealth market based on application, end user, and region.
Based on application, the telepsychiatry segment would register the highest CAGR of 27.9% during the forecast period. However, the teledermatology segment held the largest share of the global telemedicine market in 2020, accounting for nearly one-third of the market.
Based on end users, the healthcare providers segment dominated the market in terms of revenue in 2020, contributing to nearly three-fifths of the global telemedicine market. However, the healthcare consumers segment is projected to register the highest CAGR of 28.0% from 2021 to 2030.
Based on region, the global telemedicine market across North America held the largest share in 2020, contributing to nearly half of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 29.0% during the forecast period.
Leading market players
- 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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