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Telemedicine allows patients to connect with healthcare providers virtually through video conferencing or online communication while avoiding in-person visits. This saves travel time and costs for both patients and providers. The global telemedicine market is growing exponentially due to increased demand for virtual care services amid social distancing norms imposed during the COVID-19 pandemic.
The global Telemedicine Market is estimated to be valued at US$ 94.44 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Propelled by increased demand for virtual care services, the telemedicine market is witnessing robust growth. During the pandemic, telehealth emerged as a viable alternative to in-person care, enabling healthcare providers to safely consult with patients from remote locations. This led to a rapid adoption of telemedicine technologies across various end-users like hospitals, clinics, and homecare settings. Investment in telehealth infrastructure also increased as more patients opted for virtual consultations over physical visits. With its benefits of improved connectivity, flexible scheduling, and cost savings, the demand for telemedicine is expected to remain high even in the post pandemic era, boosting the market’s trajectory over the coming years.
SWOT Analysis
Strength: Telemedicine allows remote healthcare delivery enabling better access especially in rural areas. It reduces travel time for both patients and doctors.
Weakness: Lack of in-person diagnosis may limit accurate assessments. Infrastructure challenges like poor connectivity can affect service delivery.
Opportunity: Growing geriatric population and rising need for specialized care fuel demand. Recent focus on telehealth during Covid further expands scope.
Threats: Data privacy and security concerns persist due to virtual interactions. Traditional doctors may view telemedicine as threat to their practice.
Key Takeaways
The global telemedicine market is expected to witness high growth. The global Telemedicine Market is estimated to be valued at US$ 94.44 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.
The North America region currently dominates the telemedicine market owing to high technology adoption, availability of resources and infrastructure to support telehealth. Asia Pacific is anticipated to offer lucrative growth opportunities over the forecast period driven by rising medical tourism, growing internet penetration and focus on remote healthcare delivery especially in China and India.
Key players related content comprises Key players related content (Key players operating in the telemedicine market are American Well (U.S.),MDLIVE Inc. (U.S.),Teladoc Health Inc. (U.S.),Doctor on Demand Inc. (U.S.),MeMD (U.S.),Encounter Telehealth (U.S.),Global Med (U.S.),SnapMD (U.S.). These players are focusing on new service launches and strengthening their digital platforms to consolidate their market shares.)
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
