Telemedicine Market Size To Hit USD 225 Billion By 2030

The global telemedicine market size was reached at USD 60.8 billion in 2022 and is projected to hit USD 225 billion by 2030 with a CAGR of 17.16% from 2023 to 2030.

The global telemedicine market growth is driven by the increasing investments on the development of IT infrastructure, development of strong telecommunication channels, rising penetration of internet, increasing adoption of smartphones, and growing popularity of the digital technology.

According to a data published by the ITU, approximately 4 billion people are internet users, by the end of 2019. Further, the telemedicine market is exponentially driven by the rising prevalence of chronic diseases and growing geriatric population. The telemedicine provides easy and convenient healthcare services to the users, at a lower cost, from the comfort of their homes. The rapid adoption of the digital technologies among the healthcare industry and the population is fueling the growth of the global telemedicine market. The increased adoption of telemedicine among the users is significantly driving the adoption of the telemedicine platform among the physicians and doctors, and hence this is contributing towards the market growth.

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The telemedicine gained immense traction among the population owing to the outbreak of the COVID-19 and the measures adopted by the government to contain the spread of the virus. The lockdown situation necessitated the use of digital technologies in majority of the industries. The telemedicine emerged an essential platform during the lockdown situation that helped to get consultation from doctors through online medium. This digital mode of healthcare became more effective with the gradual research and development activities.

Table of Contents

Report Scope of the Telemedicine Market

Report Highlights	Details
Market Size	USD 123 Billion by 2030
Growth Rate	CAGR of 17.16% From 2022 to 2030
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	Type, Component, Application, Technology, Delivery Mode, End User, Region

North America was the dominant telemedicine market in 2020. The improved healthcare infrastructure, strong IT and telecommunications sector, and increased awareness among the population regarding the telehealth is the major factor that boosted the growth of the market. Moreover, increases prevalence of diseases and growing geriatric population in the nation like US is significantly contributing towards the development of the telemedicine market.

Asia Pacific is expected to be the fastest-growing market during the forecast period. This can be attributed to the rising adoption of digital technologies in the healthcare sector, rapidly developing telecommunications and IT infrastructure in the region. Moreover, rapidly growing adoption of internet ad smartphones is positively impacting the market growth in this region.

Cyberattacks and data breach are the major threats to the telemedicine market as it operates using digital platform. The increased risks associated with the data breach and cyberattacks that may lead to huge financial losses may hamper the growth of the market during the forecast period.

The introduction of the latest technologies such as artificial intelligence and 5G are expected to provide new growth prospects to the market players in the foreseeable future. The rising investments in the development and adoption of 5G may change the face of the telemedicine market in the future.

Lack of awareness regarding the telemedicine owing to the no access to the internet and smartphones. The underdeveloped nations have poor IT infrastructure that remains the major challenge for the market players. Moreover, low disposable income results in lower adoption of internet and smartphones.

Based on the type, the tele-home segment is expected to be the fastest-growing segment during the forecast period. The rising awareness regarding the hospital acquired infections among the population may restrict the patient to opt for hospital. Moreover, many old-age patients require at-home treatment and continuous monitoring that is expected to foster the growth of the overall market.

Based on component, the products segment dominated the market in 2020.The product segment includes software and hardware. The hardware consists of wide variety of devices such as keyboards, monitors, communication lines, and various other devices. The extensive use of wide variety of costly hardware devices have significantly contributed towards the growth of this segment. Moreover, increasing investments on the acquisition of advanced hardware in the hospitals for improving the patient care services is positively impacting the segment growth.

Based on application, the telecardiology segment is expected to be the fastest-growing segment during the forecast period. This can be attributed to the rising prevalence of cardiovascular diseases among the population. Moreover, the telemedicine technology can offer continuous patient monitoring feature that may drive the demand for this segment in the upcoming years.

Based on the technology, the store & forward segment dominated the market in 2020. The store and forward technology stores the medical history of the patients and can provide useful information to the doctors at the time of treatment that can offer improve patient care. This feature solely drives the demand for this technology owing to the increasing needs for the regular monitoring of the patients’ health.