Industry Analysis Medical & Healthcare

Telemedicine market to Surge at 37.80% CAGR, which is anticipated to reach USD 930.31 billion by 2030

CRI Report has released a report titled Telemedicine market – Analysis of Market Size, Share & Trends for 2020 – 2030 and Forecasts to 2030” which is anticipated to reach USD 930.31 billion by 2030. According to this Report, the market is anticipated to portray a CAGR of 37.80% between 2020 and 2030. According to the report, factors such as the growing population, the need to expand healthcare access, the rising prevalence of chronic diseases and conditions, a physician shortage, advancements in telecommunications, government support, increasing awareness, and increasing technology adoption are all driving growth in the telehealth and telemedicine market.

The market report on Telemedicine market includes in-depth insights as:

  • The estimated value of the market was USD 37.69 billion in the year 2020.
  • Region-wise, the market in North America which held the largest market share in the year 2019, emerged as a key market for Telemedicine market.
  • Based on Application, Teleradiology emerged as a key segment in the Telemedicine market.
  • Based on End-User, Patients segment emerged as a key segment in the Telemedicine market.
  • Key players are likely to focus on product innovations and expansion through merger to retain their positions in developed markets.

“In the wake of the pandemic, demand for healthcare services and technologies reached an all-time high. Telemedicine, chatbots, and robots are all being used to assist gather information, reassure the public, treat patients, make diagnoses, and even create future vaccinations. Given the global lack of hospital beds and healthcare personnel, the potential of telemedicine has been stressed. Players in the telehealth industry are concentrating on developing COVID-19-based solutions to help hospitals and healthcare providers.”, according to this report

Telemedicine is a method of diagnosing and treating medical conditions through the use of telecommunications networks. Information can be delivered to consultant doctors via satellite connection in the form of digital data packs using a telemedicine system that includes the required communications for medical imaging. Telemedicine physicians can use this information to evaluate patient data and prescribe medications in real-time. Telemedicine has the potential to benefit those living in distant villages and rural locations while also lowering healthcare costs. It improves efficiency by allowing shared health professional personnel to better supervise illnesses.

Telemedicine market is segmented by Application into Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, and Other Applications. Among these, the Teleradiology category dominated the market in 2020. Due to reasons such as a rise in imaging procedures, teleradiology workflow adoption by healthcare providers, and the simplification and regulation of teleradiology operations, the teleradiology sector led the telemedicine market and accounted for the highest revenue share in 2020.

Key Players in the Market

Some of the key players operating in the Telemedicine market are MDlive Inc, SteadyMD Inc, Maven Inc, iCliniq, HealthTap Inc., BioTelemetry Inc, American Well, CVS Health, Synapse Medicine, Practo.

Get Valuable Insights into Telemedicine market

In the new report, CRI Report thrives to present an unbiased analysis of the Telemedicine market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Component into Software & services, Hardware. By Mode of delivery into Cloud-based, On-Premise. By Application into Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, Other Applications. By End-User into Providers, Payers, Patients, Other End Users. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.

Global Telemedicine Market Research Report – Global Forecast Till 2023

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