Telemedicine Market is Expected to Achieve $627.5 Billion by 2030, Globally, at 40.4% CAGR - Teladoc, Doctor On Demand, Amwell, HealthTap, MDlive, Virtuwell

Market Insights

Telemedicine has become one of the fastest-growing healthcare technologies owing to its ability to overcome routine health management challenges.
Telemedicine adoption is accelerated majorly during COVID-19 due to critical chronic disease management, its ability to reduce health management costs, rising mental health concerns, substantial government support from developing and developed nations, and coverage of telemedicine consultations under health insurance. Owing to these drivers' telemedicine sales are expected to grow at a CAGR of 40.4% from 2022 to reach $627.5 billion in 2030.

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Telemedicine Market's Major Drivers

Accelerated Telemedicine Adoption During and Post COVID-19 Especially in Chronic Disease Management

The healthcare system is evolving and it starts the healthcare industry's transition from in-person care to virtual delivery. Technology and adoption have clashed, and no less in the midst of a pandemic. Even though telemedicine services were generally available before the pandemic, the COVID-19 crisis was the first time that they were actually utilized.

The fact that the COVID-19 crisis witnessed fewer in-person meetings and travel limitations, prompted clinicians to modify telemedicine-based consultations even more during the pandemic. As a result, it is projected that the COVID-19 pandemic will have a substantial positive impact on the growth of the global telemedicine market. These circumstances have highlighted the several important advantages of telemedicine for both patients and doctors, as well as shown a huge opportunity in previously untapped revenue streams.

During the global COVID-19 pandemic, telemedicine offered a safe, practical, and dependable technology, especially for the long-term treatment and self-management of chronic disease with advantages including reducing the danger of patient-to-patient infection. Additionally, hospitals and clinics also recommend telemedicine to maintain social distancing and reduce their chances of coming into contact with infected patients. Owing to this there had been a significant rise in the adoption of virtual care services by patients.

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Further, management of chronic diseases such as cancer, diabetes, and hypertension, causes of 41 million (approximately 71%) fatalities across the globe, was a challenge during the COVID-19 pandemic period. Patients with chronic diseases such as cancer, diabetes, and hypertension require regular appointments with multiple hospital visits in order to avoid any serious complications.

Due to this, there had been significant adoption of Telemedicine as it has simplified this process by eliminating obstacles that patients may have due to transportation, the weather, or mobility concerns. As per the report of Science Soft (2020) many telemedicine providers have already reported growth in demand for their solutions such as:

• Teladoc Health video appointments surged by 50% in 2020
• PlushCare appointments were up by 70% in 2020
• One Medical reported a 51% increase in engagement with its digital platform in 2020

According to a population-based repeated cross-sectional study by PLOS ONE (Canada 2022), the use of virtual care (such as telemedicine) increased across Chronic Obstructive Pulmonary (COPD), Congestive Heart Failure (CHF), Angina, Diabetes, Asthama, and Hypertension patient populations.

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Upcoming Opportunities in Telemedicine Market

The Integration of Telemedicine into Medical Tourism

Positive growth in medical tourism activity has been observed in 2021. Due to quarantine and immigration limitations brought on by COVID, people were unable to migrate between countries, which resulted in a massive pent-up demand for health tourism.

For instance, the six million Britons on the National Health Service (NHS) watch list travel to high-quality, less expensive nations where they can get hip replacements the day after arrival (Dubai, Malaysia, Thailand, Costa Rica). More, Turkish parents who have children with spinal muscular atrophy (SMA) go to Dubai to obtain Novartis' gene therapy, which is not offered in their nation. Also, Americans visit a wide range of foreign nations to avoid both expensive healthcare and lengthy wait times for routine treatments. An increasing number of these scenarios involve patients communicating with their hospital representatives and doctors before and after care via telemedicine systems.

Telemedicine has also made its way into the mainstream of pre-, mid-, and post-treatment episodes of medical tourists due to the growing backlogs of surgical and medical patients in both developed and developing countries. Telemedicine enables the doctor to thoroughly examine the data and develop a diagnostic and treatment strategy that is then electronically transmitted back to the patient. Further, it also supports patients financially by reducing the required number of travels turns for physical visits. Such, telemedicine services are already being made available to patients in Uzbekistan, Dubai, and Myanmar by Indian medical tourism companies.

Thus, the integration of telemedicine into medical tourism can be a huge opportunity for telemedicine market expansion.

Major Market Players Covered in The Telemedicine Market Are:

A few of the major competitors currently working in the global Telemedicine market are Teladoc, Doctor On Demand, Amwell, HealthTap, MDlive, Virtuwell, PlushCare, iCliniq, Doctolib, MeMD, MeMD, LiveHealth Online, and Other Companies.

Global Telemedicine Market Scope and Segments

Telemedicine Market, by Type
• Urgent Care
• Psychiatry and Mental Health
• Women's Health
• Virtual Primary Care
• Other Counselling and Therapies
• Other Services (e.g. Lab Test)

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Based on regions, the Telemedicine Market is classified into North America, Europe, Asia- Pacific, Middle East & Africa, and Latin America
Middle East and Africa (GCC Countries and Egypt)
North America (United States, Mexico, and Canada)
South America (Brazil, Argentina, etc.)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)

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This release was published on openPR.