Telemedicine Market is to grow at an 18.2 % CAGR, with the United States leading the market through 2030

Telemedicine Market to Hit USD 317.77 Bn by 2030

The Telemedicine Market was USD 98.58 Bn in 2023 and is expected to expand at a CAGR of 18.2 % from 2023 to 2030, reaching USD 317.77 Bn by 2030. Through telemedicine, individuals in underserved, rural, and distant locations can get healthcare services without having to make lengthy travels. Telemedicine is now more practical because of advancements in internet connectivity, such as 4G/5G networks and broadband expansion, which enable real-time contact between patients and healthcare professionals as well as high-quality video consultations. Governments have begun to inspire telemedicine services by changing policies and increasing compensation for virtual consultations, especially in the United States (via CMS and Medicare). The United States telemedicine industry grew from $45 billion in 2019 to almost $175 billion during the pandemic.

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Telemedicine Market Segmentation

By Component: Telemedicine Market by Product includes Hardware, Software, and Communication Technologies. Telemedicine Market by Services includes Teleconsultation, Remote Patient Monitoring, Teleradiology Services, Tele pharmacy Services, and Telehealth Support Services.

By Delivery Mode: Telemedicine solutions that are housed on the local servers or infrastructure of the healthcare provider are referred to as on-premise delivery. Cloud-Based Delivery is that third-party cloud service providers are used by healthcare providers to host, store, and operate the telemedicine platform, which they access online.

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Telemedicine Market Regional Analysis

In the United States, the telemedicine industry was estimated to be worth over $45 billion in 2023. To cover a wider range of services, the Centers for Medicare & Medicaid Services (CMS) extended coverage for telehealth visits. Teladoc Health, Inc., Amwell, and Doctor on Demand are the major players of the US market.

The Spanish telemedicine market was estimated to be worth €600 million in 2023. The Spanish Ministry of Health launched a number of programs to promote telehealth and telemedicine. Mediktor, Docline, and SaludOnNet are the major key players of the Spanish market.

The Malaysian telemedicine industry was estimated to be worth USD 350 million from 2023 to 2030, the market is anticipated to expand at a CAGR of around 15-18%, reaching a valuation of over USD 700 million. DoctorOnCall, MediCall, and HealthTap are the major key players dominating the Malaysian market.

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Telemedicine Market Competitive Landscape

Teladoc Health: One of Teladoc's biggest acquisitions was the merger with Livongo Health for approximately USD 18.5 billion. The virtual care technology company InTouch Health was acquired by Teladoc.

Amwell: Amwell acquired SilverCloud Health in October 2021. Amwell acquired Avizia, a supplier of telemedicine solutions based on video. Amwell also acquired Convido, which offers services related to patient involvement and care management.

Doctor on Demand: In 2021, Grand Rounds combined with Doctor on Demand. Doctor on Demand merged with Livongo Health. Doctor on Demand acquired A telemedicine platform called HealthiestYou, linked patients with medical professionals.

Conclusion

Telemedicine will be essential to giving people all around the world access to high-quality, reasonably priced healthcare as the world adopts digital health solutions more and more.
In order to fully utilize telehealth in the years to come, it will be imperative to solve issues with data security, legal restrictions, and digital access.

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