A lead analyst at AMR highlighted that the telemedicine market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the telemedicine market. The findings of the report state that the global market for telemedicine generated $40.20 billion in 2020, and is estimated to reach $431.82 billion by 2030, growing at a CAGR of 25.90% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. The surge in demand for radiological services, a surge in the geriatric population across the globe, and a rise in focus on digital diagnostics are expected to drive the growth of the global telemedicine market. On the other hand, the high initial setup cost is expected to hinder growth to some extent. However, the increase in expenditure from the government in the healthcare sector is expected to create ample opportunities for the growth of the industry.
‘The growth of the global telemedicine market is attributed to increase in healthcare costs, technological innovations, increase in remote patient monitoring, rise in the burden of chronic diseases, and other factors. Moreover, rising healthcare awareness coupled with cloud-based technologies is expected to drive the market growth during the forecast years,” says Onkar Sumant Manager, of Healthcare at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the telemedicine market globally. The outbreak of COVID-19 has had a positive impact on the growth of the global telemedicine market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the postponement and cancellation of elective surgeries and appointments as healthcare professionals in the hospitals and clinics were more inclined toward treating COVID-19-infected patients. This poses an urgent need for physicians to adopt telehealth to connect to their patients and boost market growth.
The report offers a detailed segmentation of the global telemedicine market based on application, component, end-user, and region.
Based on application, the teledermatology segment held the largest share of the global telemedicine market in 2020, holding nearly one-third of the global market. The telepsychiatry segment, on the other hand, is expected to cite the fastest CAGR of 27.9% during the forecast period.
Based on end-user, the healthcare providers segment held the largest market share in 2020, holding nearly three-fifths of the global market. The healthcare consumers segment, on the other hand, is expected to cite the fastest CAGR of 28.0% during the forecast period.
Based on region, the market across North America held the lion’s share in 2020, garnering nearly half of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 29.0% during the forecast period.
The key players analyzed in the global telemedicine market report include Koninklijke Philips N.V., Medtronic, GE Healthcare, Siemens Healthineers, and Cerner Corporation.
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