PORTLAND, Ore., Jan. 13, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, " by Application (Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology and Other Applications), Component (Software, Hardware and Services), and End User (Healthcare Providers, Payers, Healthcare Consumers and Other End Users): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global telemedicine/telehealth industry was pegged at $40.20 billion in 2020, and is estimated to generate $431.82 billion by 2030, growing at a CAGR of 25.9% from 2021 to 2030.
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Major determinants of the market growth
Technological advancements, surged adoption during the Covid-19 pandemic, and reduction in healthcare cost burden drive the growth of the global telemedicine market. However, poor infrastructure hinders the market growth. On the contrary, growth potential in developing countries and advent of AI-based clinics would open new opportunities for the market players in the future.
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.
The telepsychiatry segment to portray the highest CAGR through 2030
By application, the telepsychiatry segment would register the highest CAGR of 27.9% during the forecast period, due to increase in the patient pool of anxiety, stress, and mental illnesses. However, the teledermatology segment held the largest share of the global telemedicine market in 2020, accounting for nearly one-third of the market, owing to rise in the incidence of skin diseases across the globe.
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The healthcare providers segment held the lion's share
By end user, the healthcare providers segment dominated the market in terms of revenue in 2020, contributing to nearly three-fifths of the global telemedicine market, as telemedicine offers less waiting time for patients to consult the doctor. However, the healthcare consumers segment is projected to register the highest CAGR of 28.0% from 2021 to 2030, due to rise in demand for mobile technologies, increase in adoption of home care by patients, and reduction in hospital visits.
North America dominated the market in terms of revenue
By region, the global telemedicine market across North America held the largest share in 2020, contributing to nearly half of the market, due to rise in government support and high infrastructural capability of telehealth services. However, the market across Asia-Pacific is anticipated to portray the during the forecast period, owing to rise in investment and campaigning about telemedicine services in developing countries.
Key market players
Koninklijke Philips N.V.
Teladoc Health Inc.
Cisco Systems, Inc.
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