Telemedicine Market Is At A CAGR Of 4.5% During The Forecast 2022-2032 | Cisco Systems , Asahi Kasei Corporation , Teladoc Health

The global telemedicine market was valued at USD 60.8 billion in 2022 and it is anticipated to grow up to USD 94.5 billion by 2032, at a CAGR of 4.5% during the forecast period.

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Telemedicine, also known as telehealth or e-medicine, is the remote delivery of healthcare services via telecommunications infrastructure, such as exams and consultations. According to recent research, 90% of organisations have already started or implemented telemedicine programmes. Even small, independent medical practises are beginning to embrace telemedicine in order to compete with local retail clinics and stop losing patients.

Market Trends and Drivers

Surging prevalence of chronic diseases and cost-benefits of telemedicine will propel the market expansion. For instance, according to the US CDC, chronic diseases are major causes of death and disability globally and are strong contributors to the rise in annual healthcare expenditures. The management of chronic diseases requires constant monitoring and therapy to slow their progress. Telehealth and telemedicine, especially remote patient monitoring (RPM)/tele-homecare, are capable of improving patient self-management, medication compliance, clinical outcomes, and patient & provider satisfaction while reducing emergency room visits, hospital admissions, primary care utilization, long-term care, home admissions, and patient travel costs. These advantages are driving the demand for telehealth among end-users.

Market Restraints and Challenges

Healthcare fraud is an important factor to consider in telehealth and telemedicine practises. A patient or a physician can be victimised in a variety of ways, such as when the physician's name and accounts are used to receive payments from the insurance company, or when non-eligible or non-listed institutional providers practise improper coding and billing for false claims. Such fraudulent activities can erode trust and credibility in telehealth and telemedicine services. Victimized patients also have a tendency to share their negative experiences in the media, which affects many new entrants, limiting market growth.

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Major Players in the Global Telemedicine Market

The key players in the market are Koninklijke Philips (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Teladoc Health (US), American Well (US), and AMC Health (US), among other.

COVID-19 Impact

The COVID-19 pandemic had a significant impact on the global telemedicine market. It can be expected that the pandemic will expedite the adoption of telemedicine. Companies are already witnessing a surge in the number of telemedicine visits with some companies reporting a significant spike in the demand for video consultations since the COVID-19 pandemic. Moreover, doctors are adopting telemedicine to ensure social distancing and limit their risk of exposure to the infected patients. This has led to a growing number of patients using telemedicine for consultations

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Global Telemedicine Market Segmentation

Service

Tele-consulting
Tele-monitoring
Tele-education/training
Others

Type

Tele-hospital
Tele-home

Specialty

Cardiology
Gynaecology
Neurology
Orthopaedics
Dermatology
Mental health
Others

Delivery Mode

Web/Mobile
Call centers

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This release was published on openPR.