The increasing prevalence of chronic diseases and illnesses, the shortage of doctors, and government support are the factors driving the global telemedicine market. The Global Telemedicine Market was valued at USD 56.5 billion in 2020, and it is expected to reach USD 246.7 billion by 2027, with a CAGR of 23.6%, during the forecast period.
The increasing prevalence of chronic diseases is the major driving factor for the growth of the telemedicine market. For instance, in 2020, according to the statistic of (International Diabetics Foundation) IDF, about 463 million adult population was suffering from the diabetics (Chronic Disease) in 2019, and by the 2045 it is anticipated to reach to 700 million diabetics population globally. Increasing adoption of telemedicine by the patients suffering from the chronic diseases such as asthma and diabetes as the patient can virtually communicate with the healthcare professionals is the major driving factor for the growth of the global telemedicine market.
Growing awareness about new software and app launched by number of international and regional players makes the adaption of telemedicine easier which is the fueling factor for the growth of the telemedicine market. For instances, in July 2018, the US FDA approved, an app-based handheld mobile ultrasound system designed for effective health diagnosis. Moreover, increasing adoption of digital technologies and tele-consultations among the population is the driving factor for the growth of the telemedicine market.
However, the lack of skilled healthcare professionals and technological & infrastructural barrier may act as major restraining factors for the telemedicine market. Due to outbreak of COVID 19, the awareness about telemedicine increased at rapid pace that create a great opportunity for the overall growth of the telemedicine market. Telemedicine has been widely used during the COVID-19 pandemic because it helps in reducing contact with medical institutions, medical staff, and patients to minimize the risk of COVID-19.
Regionally, North America region captured a significant portion of the global telemedicine market in 2020 and is expected to dominate the global telemedicine market during the forecast period. This can be due to the constant research and development initiatives, greater adoption of technology, and local presence of major market players. The market players are investing significantly in research and development activities to carry new and dependable therapies to the telemedicine market.
The Global Telemedicine Market Segmentation:
Global Telemedicine Market, by Type Outlook (Revenue, USD Billion, 2021-2027)
Global Telemedicine Market, by Service Outlook (Revenue, USD Billion, 2021-2027)
Global Telemedicine Market, by Delivery Mode Outlook (Revenue, USD Billion, 2021-2027)
Global Telemedicine Market, by Application Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the telemedicine market are: