Global Telemedicine Market to Hit $144.2 Billion Revenue by 2030
The rising incidence of lifestyle-associated and chronic diseases will propel the global telemedicine market to $144.2 billion by 2030 from $27.8 billion in 2019, at a 15.8% compound annual growth rate (CAGR) during 2020–2030, according to P&S Intelligence.
This is because for people suffering from such diseases, regularly monitoring the blood pressure and glucose levels, heart rate, body temperature, oxygen saturation (SpO2), and other basic health parameters is essential. As connected devices and other remote patient monitoring solutions can help achieve this, without the patients having to frequently visit a doctor, the telemedicine market is growing primality because it offers convenience and brings down the healthcare spending.
The telemedicine market has been positively impacted by the COVID-19 pandemic because people have been advised not to step out of the house, except when absolutely important. Moreover, to contain the spread of the disease, most of the outpatient departments (OPDs) and clinics have been shut down. As a result, the volume of online consultation and need for sharing patient data over the internet have increased.
In the near future, the fastest telemedicine market growth will be witnessed by the tele home bifurcation, on the basis of type. Tele home services offer numerous advantages, such as a shorter stay at the hospital, easy communication with doctors, and faster and more-frequent checkups. Tele-homecare is dispensed with the help of telephone reminder systems, wireless personal emergency response systems, web-based systems, video conferences, and medication reminders.
The telemonitoring category is expected to witness the highest CAGR in the telemedicine market, based on service, of 17.0%, in the years to come. Due to the rising incidence of chronic diseases and number of elderly people, the demand for remote patient monitoring services is increasing around the world. Telemonitoring involves the usage of a number of connected devices that track various health parameters of patients, such as their heart rate, blood glucose level, blood pressure, and body temperature, and send the data to the doctor over the internet.
Historically, the telemedicine market was dominated by the dermatology category, under segmentation by specialty. With the increasing appearance consciousness, people are taking to the online route to seek consultation for rashes, skin cancer, moles, acne, and psoriasis.
North America is projected to keep holding the largest share in the telemedicine market in the near future. The government support for telemedicine, in the form of grants, has been continuously increasing in the continent. For instance, the Health Resources and Services Administration (HRSA) and U.S. Department of Health and Human Services (HHS) provided 159 firms with a combined funding of $15 million in May 2020, for them to improve their telemedicine services in the face of the COVID-19 pandemic.
Data provided by P&S Intelligence. Browse detailed report at https://www.psmarketresearch.com/market-analysis/telemedicine-market
