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Telemedicine Market size is to grow by USD 92.07 billion from 2022 to 2027, North America to account for 41% of market growth - Technavio
NEW YORK, Oct. 1, 2023 /PRNewswire/ -- The telemedicine market size is expected to grow by USD 92.07 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 15.64% during the forecast period, according to Technavio Research. The market is segmented by product (services and solutions), application (telehospital, teleclinic, and telephone), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technological advances, a change in patient preferences, and the need for accessible healthcare services are factors leading to this growth in the region. Telemedicine has become an essential component of the region's healthcare landscape, which includes virtual consultations, remote monitoring, and digital health platforms. In addition, North America's highly advanced technical infrastructure as well as the widespread availability of broadband have earned it a reputation in the world. This has made it possible for patients to access healthcare services from their homes to avail themselves of easy video consultations and online monitoring as well as the use of digital health platforms. Furthermore, substantial disparities exist between access to health care in the region due to a mix of population centers and remote regions. Telemedicine helps close this gap by bringing medical expertise to underserved rural communities, improving equity in health care. Hence, these factors are expected to drive segment growth during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read Free PDF Sample Report
Access TeleCare LLC, Aerotel Medical Systems Ltd., AMD Global Telemedicine Inc., American Well Corp., AMN Healthcare Services Inc., CareCloud Inc., Cisco Systems Inc., Doctor On Demand Inc., ENCOUNTER TELEHEALTH LLC, Evernorth Health Inc., General Electric Co., GlobalMedia Group LLC, Koninklijke Philips N.V., MeMD, Oracle Corp., Sesame Inc., SHL Telemedicine Ltd., Teladoc Health Inc., Veradigm LLC, and Medtronic Plc
- Access TeleCare LLC- The company offers telemedicine services for Cardiology, Hospitalist, Infectious Disease, Neurology, and Psychiatry.
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Telemedicine Market: Segmentation Analysis
The market share growth by the services segment will be significant during the forecast period. A wide range of services that facilitate remote healthcare consultation, diagnosis, monitoring, and treatment are included in the Services section of the global telemedicine market.
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"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio
Telemedicine Market: Market Dynamics
- Increasing healthcare cost
- The growing burden of chronic diseases
- Increasing focus on patient engagement
The increasing healthcare cost is a key factor driving the growth of the telemedicine market. Chronic diseases are becoming more common and widespread, such as diabetes, COPD, and heart disease, placing an undue burden on healthcare systems worldwide. Healthcare providers are also able to reduce the cost of treatment suffered by patients due to advances in telecommunications technology. However, there was also a reduction in costs associated with telemedicine adoption, with an increase in the efficiency of care for patients. In addition, it has been able to help health professionals make informed decisions based on primary healthcare for common illnesses instead of a growing number of hospital patients. Hence, these factors are expected to drive market growth during the forecast period.
The decentralization of patient care with blockchain is a major trend in the telemedicine market.
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The smart healthcare market size is estimated to grow by USD 115.39 billion at a CAGR of 9.26% between 2022 and 2027.
The eClinical solutions market size is estimated to grow by USD 9,654.33 million at a CAGR of 13.47% between 2022 and 2027.
What are the key data covered in this telemedicine market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the telemedicine market between 2022 and 2027.
- Precise estimation of the telemedicine market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the telemedicine market in North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of the telemedicine market companies.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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