Telemedicine Market Rising at 12.3% CAGR to Top US$ 57 Billion by 2034: Fact.MR Report
Rapid Advancements of Healthcare Facilities Setting Bright Prospects for Telemedicine Service Providers
Rockville , Nov. 20, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published research report, reveals that the global Telemedicine Market is estimated at US$ 17.83 billion in 2024. Demand for telemedicine services is forecasted to increase at a stellar 12.3% CAGR from 2024 to 2034.
Growing inclination toward telemedicine is attributed to its assistance in providing remote connectivity to patients with physicians and reducing the economic burden of healthcare. In recent years, several government bodies have implemented reimbursement policies and regulations to encourage the adoption of advanced telehealth facilities. Constant advancements in remote healthcare services, including expansion in behavioral health, cardiology, radiology, and acute care are forecasted to result in the development of new healthcare models surrounding telehealth.
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Key Segments of Telemedicine Industry Research Report
| By Product Type | By Mode of Delivery | By End User | By Region |
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Rising out-of-pocket expenditures and rising prevalence of chronic diseases are predicted to lead to increased healthcare costs.
- As per the data provided by the Centers for Medicare and Medicaid Services, healthcare expenditures in the United States reached US$ 4.31 trillion, which increased by 2.7% in comparison to 2021.
Teleconsultations provide economical services along with reduced work burden on healthcare professionals, which is projected to result in the deployment of digital health technologies.
Key Takeaway from Market Study
- Worldwide revenue from telemedicine is calculated at US$ 17.83 billion in 2024.
- The global market is forecasted to reach US$ 57 billion by the end of 2034.
- The market for telemedicine is predicted to advance at a prolific CAGR of 12.3% through 2034.
- Sales of telemedicine solutions in North America are forecasted to reach US$ 14.88 billion by 2034.
- Demand for telehealth solutions in South Korea is estimated at a market value of US$ 1.98 billion in 2024.
“Increased investments in technological advancements in healthcare, enhanced remote patient monitoring, and rising burden of chronic diseases is predicted to generate demand for telemedicine services,” says a Fact.MR analyst.
Rising Government Initiatives Stimulating Adoption of Telemedicine in Healthcare Facilities
Healthcare facilities are predicted to contribute to a significant increase in the demand for telemedicine facilities owing to the rising number of pilot programs funded by government bodies. In addition, telecommunication tools also play a pivotal role in training doctors across medical colleges that are poised to contribute to their surging use.
Competition Landscape
In the competitive landscape, companies are employing a variety of strategies to achieve diverse objectives, including the management of supply chain systems, quality control of products, and fostering new developments. Market players are utilizing both organic and inorganic approaches such as new product launches, collaborations, and more to extend their presence across different regions.
For example:
- In May 2021, MediTelecare introduced MediTely, a mobile health technology directly accessible to consumers, with a specific focus on geriatric individuals residing outside of care facilities for an extended period.
- Teladoc Health, in May 2021, formed a partnership with Vivo to enhance access to quality healthcare in Brazil, particularly through the adoption of telemedicine.
- AMD Global, in March 2021, collaborated with PointClickCare Technologies to provide more efficient healthcare services.
Key Market Players
The market is becoming highly competitive with the entry of new players and the launch of several platforms.
For instance:
- OpenLoop, in March 2023, raised US$ 15 million of funding for advanced virtual care delivery. This company came up with a new insurance payer network to provide reimbursement services to clients.
Key players in the global market are Babylon, Tele-Med International, CareClix, AMD Global Telemedicine, Global Telehealth Services, American Well, MD International AB, Encounter Telehealth, Doctor on Demand, and MDLIVE Inc.
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| Report Attribute | Details |
| Value Projection (2034) | USD 57 Billion |
| Growth Rate (2024-2034) | 12.3 % CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the telemedicine market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (real-time telemedicine, remote patient monitoring), mode of delivery (cloud-based, premise-based), and end user (hospitals & clinics, homecare settings), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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