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Telemedicine Services Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
Telemedicine Services Market Size
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According to The Business Research Company's, The telemedicine services market size has grown exponentially in recent years. It will grow from $131.75 billion in 2023 to $168.39 billion in 2024 at a compound annual growth rate (CAGR) of 27.8%. The growth in the historic period can be attributed to emerging markets growth, government initiatives, home care monitoring demand, growing demand to reduce healthcare expenditure, shortage of skilled human resources, rapid technological advances and rapid growth in elderly population.
The telemedicine services market size is expected to see rapid growth in the next few years. It will grow to $290.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to aging population, increase in healthcare access, rising prevalence of chronic diseases and rising demand for telemedicine services due to covid-19. Major trends in the forecast period include implementation of 5g, iot, artificial intelligence, virtual reality and augmented reality.
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Market Drivers and Trends:
Rising use of mobile phones across the globe is driving the telemedicine service market. According to World Bank, as of 2022 there are 8.59 billion mobile phones in the world which is more than the world population. Increased mobile phone usage facilitates greater access to telemedicine services, enabling convenient remote consultations and healthcare support, leading to the growth of telemedicine. Growing number of smartphone users across the globe is expected to boost the demand for the telemedicine services market.
Telemedicine is increasingly being accepted and insurance companies and government-regulated health care programs are increasingly covering telemedicine services in their plans. The governments are probing companies to make changes to the policies to cover the services under their schemes. For instance, in September 2023, the Medical Board of Australia's revised telehealth guidelines which now expands insurance to telemedicine and patients will be able to consult a doctor for the first time using telehealth, without first having an in-person consultation.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Canon Inc, Motorola Solutions, AxxonSoft, Genetec, Qognify, NEC Corporation, Honeywell International Inc., Verint Systems, March Networks, Identiv, Matrix comsec, SecurAX Tech Solutions Pvt Ltd, AMAG Technology Inc, CloudWalk Technology Co Ltd, Shenzhen IntelliFusion Technology Co Ltd, NetPosa Technologies Ltd, Haimeng, Jin Ruan, Ruitec, Goldeweb, HID Global, Gallagher Security (Europe) Ltd, Vanderbilt Industries, Assa Abloy Emea, Dahua Technology Ltd, British Security Industry Association (BSIA), Fermax Electronica SAU, Delta Scientific Corporation, Userful Corporation, Anviz Global Inc, Vicon Industries, OnSSI, Packetlabs Ltd, Cyber Unit, Vumetric Cybersecurity, Cloudkeyz, ButterflyMX, Johnson Controls, Security Enhancement Systems, Openpath, Genea, Sequr Inc, Agility Technologies Corp (ATC), Wolpac, Control iD , Avigilon Corporation, 2point0 Concepts, DSX Access Systems, Inc, Evolv Technology, Al Nahr Company for Security Solutions, AL Smari Trading, Ametrad Technology Services Co , Biosec Solutions, BIO-key, BioRugged (Pty) Ltd
Telemedicine Services Market 2024 Key Insights:
• The telemedicine services market size is expected to see rapid growth in the next few years. It will grow to $290.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Global Telemedicine Market Thrives With Rising Mobile Phone Usage Worldwide
• Telemedicine Coverage Expands With Government And Insurance Support
• North America was the largest region in the telemedicine services market in 20232
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