Telehealth/Telemedicine Market Poised to Skyrocket, Projected to Hit $451.4 Billion by 2032 with 18.3% CAGR

Allied Market Research recently said in the early days, telemedicine was used mostly to connect doctors working with a patient in one location to specialists somewhere else. The global telemedicine market size was valued at $84.3 billion in 2022, and is projected to reach $451.4 billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032. Telemedicine is a modern healthcare system that allows healthcare professionals to evaluate, diagnose, and treat patients from a distance using telecommunications technologies.

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COVID-19 Impact Analysis (Pre & Post) -

• The Covid-19 pandemic positively affected the telemedicine market due to postponement and cancellation of elective surgeries and appointments.
• The decreased patient volume in hospitals and clinics posed an urgent need for physicians to adopt telehealth to connect with their patients.

Telemedicine can be conducted in various forms such as video conferencing, phone calls, text messaging, email, and other digital communication tools. It enables healthcare professionals to remotely diagnose, treat, and monitor patients, making healthcare more accessible and convenient for both patients and healthcare providers.

Telemedicine is especially useful for people who live in remote areas where access to healthcare may be limited or for patients who have mobility issues or other conditions that make it difficult for them to travel to a medical facility. Additionally, it has become increasingly important during the COVID-19 pandemic as a way to provide healthcare services while minimizing the risk of spreading the virus.

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Important Key Market Players Are -

• Koninklijke Philips N.V.
• GE Healthcare
• Medtronic
• Siemens Healthineers
• Cerner Corporation
• Teladoc Health Inc.
• Cisco Systems, Inc.
• AMC Health
• American Well
• MDLive

In the years ahead, the market is anticipated to expand as a result of patient adoption of home care, rising demand for mobile technologies, and a decline in hospital visits. The emergence of telemedicine applications, which support Americans in taking an active role in managing their personal health, particularly during the current COVID-19 pandemic, is another beneficial development in American healthcare. Mobile technology and smartphones make it possible to use clinical and lifestyle apps to support, inform, and alter health-related behaviors.

Key Findings of The Study -

• By application, the teledermatology segment was the highest contributor to the market in 2020.
• By component, the software segment was the highest contributor to the market in 2020.
• By end user, the healthcare providers segment is projected to grow at a significant CAGR of 26.60% from 2021 to 2030.

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Geographic Segments Covered in the Report -

The Telemedicine Market report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.

• North America (USA and Canada)

• Europe (UK, Germany, France and the rest of Europe)

• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)

• Latin America (Brazil, Mexico, and the rest of Latin America)

• Middle East and Africa (GCC and rest of the Middle East and Africa)

Frequently Asked Questions?

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