Telemedicine Market 2023 Size, Share, Revenue Trends and Growth Drivers
The Telemedicine Market 2023 Size Forecast to 2030 research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
The global telemedicine market size was USD 41.63 billion in 2019. The global impact of COVID-19 has been unprecedented and staggering, with telemedicine witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market will exhibit a stellar growth of 91.7% in 2020. The market is projected to grow from USD 79.79 billion in 2020 to USD 396.76 billion in 2027 at a CAGR of 25.8% in the 2020-2027 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. Telemedicine Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), and Others), By Application (Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, and Others), By End User (Healthcare Facilities and Homecare), and Regional Forecast, 2020-2027
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Market Growth Drivers:
The increasing prevalence of chronic diseases and out-of-pocket expenditure has led to a significant rise in healthcare cost. According to CMS, the U.S. health care spending increased by 4.6% in 2018, reaching USD 3.6 trillion or USD 11,172 per person. Furthermore, according to Eurostat, healthcare cost was a financial burden for 34% of the population in 2017, while 11% perceived such costs as a heavy financial burden on the household budget.
The adoption of digital technologies and teleconsultations can be a useful tool for addressing this issue. Teleconsultations offer cheaper services and also reduce the work burden on healthcare professionals. This is the primary reason for the increasing emphasis by government organizations on deploying digital health technologies, favoring the market’s growth rate.
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Statistical Analysis :
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Who are the Major Telemedicine Market Vendors?
- American Well (Boston, U.S.)
- MDLIVE Inc. (Sunrise, U.S)
- Teladoc Health Inc. (Purchase, U.S.)
- Doctor on Demand Inc. (San Francisco, U.S.)
- MeMD (Arizona, U.S.)
- Encounter Telehealth (Nebraska, U.S.)
- Global Med (Arizona, U.S.)
- SnapMD (California, U.S.)
- Other prominent players
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favourable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period [2022 – 2029].
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