Telemedicine Market to Reach Around USD 565.81 Billion by End of 2030, Growing at 26.3% CAGR – Reports and Data

According to a new report from Reports and Data, the global telemedicine market is expected to reach USD 565.81 billion by 2030.

NEW YORK CITY, NY, USA, June 20, 2022 /EINPresswire.com/ — According to a new report from Reports and Data, the global telemedicine market is expected to reach USD 565.81 billion by 2030. Telemedicine is experiencing potential opportunities in the field such as the growing adoption of informatics in healthcare, increasing geriatric population, increasing prevalence of target diseases and most importantly the advantage of maximum reach in case of different medical crisis such as COVID-19 pandemic outbreak or untapped population target (rural areas or Related Patients). The geriatric population is growing rapidly across the world, and Europe and North America have the highest share of the population aged over sixty-five and older. Telemedicine is becoming a crucial part of the world affected by the pandemic, to remotely treat many common medical conditions that are reflected among the elderly population such as Parkinson’s disease, diabetes, cardiovascular diseases, hypertension high blood pressure and hypercholesterolemia, arthritis and many more. According to the United Nations, in 2050, the geriatric population is expected to represent 35% of the population in Europe, 28% in North America, 25% in Latin America and the Caribbean, 24% in Asia, 23% in Oceania and 9% in Africa. Traveling to hospitals for visits and the unfamiliar environment of hospitals results in patients not complying with follow-ups. Thus, tele-visits and telemedicine help to provide remote services in their familiar environment.

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In 2018, Europe had a total of around 3 million dependent or bedridden patients. In such cases, the movement of patients is difficult as telemedicine or televisiting does not need to move critically ill patients, resulting in an increasing growth of the telemedicine market. Additionally, favorable reimbursement policies for telehealth are one of the major factors driving the growth of the market. Insurance companies such as Medicare, Medicaid cover telehealth reimbursement. Medicare Part B reimburses clinicians for electronic visits, communication, or virtual check-ins. Recently, the Center for Medicare & Medicaid Services released coverage for COVID-19 telehealth, which has led to a growing adoption of telemedicine. To address the untapped market players is to develop a telemedicine solution, which results in an improvement in the market demand. For example, Texas A&M Health recently launched a telemedicine station for rural patients. Additionally, huge ongoing research on the platform solution pipelines is expected to fuel the market growth in the future. For example, the Regional Plastic Surgery and Burns Unit in Canniesburn, UK, is committed to the development of 3D telemedicine to practice effectively in the COVID-19 pandemic.

Other key findings from the report suggest:

To avoid blockage due to the lack of knowledge of the uses of doctors or healthcare providers, market players are developing benchmarks to boost the adoption of technology. For example, the American Medical Association (AMA) launched the AMA Telemedicine Quick Reference Guide, intended to help clinicians determine best practices for implementing technology. The guidelines cover everything from policy and coding to implementation

In April 2020, DrChrono launched a fully integrated telemedicine app and marketplace for patients. Over 10,000 medical providers on the DrChrono platform have access to more telehealth options and are receiving more inbound requests to provide virtual patient care visits, especially during COVID-19

Towards the expansion of the customer base, the field actors are committed to developing a telemedicine solution for different users with personalized plans. For example, in January 2020, Cigna, an American insurer, in partnership with MDLive, launched a telehealth platform that gives its 12 million members of employee-sponsored health plans access to primary care services.

North America led home ovulation testing with revenue of $17.63 billion in 2019. In North America, the increasing prevalence of target diseases, increasing adoption of advanced technologies , high investments in IT solutions for healthcare are the major factors driving the growth of the market.

Software type segment accounted for the highest market share in 2019. Widespread adoption of telemedicine and digital platform in healthcare and several software developments by key players are major factors that are exploding the growth of telemedicine software market.

Based on end use, diagnostic centers are expected to grow at a CAGR of 15.5%. Imaging being the main procedure in the overall healthcare management and the significant growth of teleradiology are the major factors promoting the growth of the telemedicine in diagnostic centers market

The report also focuses on the details of each market player including their global position, financial position, revenue generation, company overview, product and service portfolio. The telemedicine market is extremely competitive and consists of several regionally and globally key players. The major players are focusing on adopting various strategies such as new product launches, mergers and acquisitions, R&D investments, partnerships, joint ventures and collaborations to strengthen their market position and enhance their product portfolio. products.

Major companies operating in the market are:

MDLIVE, Teladoc, SteadyMD, Doctor on Demand, Maven Clinic, AMD Telemedicine, Aerotel Medical Systems Ltd., iCliniq, Polycom, HealthTap, Cardio Net Inc., Amwell, CVS Health, Synapse Medicine, Practo.

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The report also offers detailed information on market segmentation based on type, application and regional bifurcation:

Segmentation of the telemedicine market:

End-Use Outlook (Revenue, USD Billion; 2019-2030)

Hospitals and health facilities
Home Care
m-health
Others

Application Outlook (Revenue, USD Billion; 2019-2030)

Teleradiology
Telepathology
Teledermatology
Telecardiology
Remote precision
Others

Regional outlook:

North America
WE
Canada
Mexico
Europe
Germany
UK
Italy
France
BENELUX
The rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of Latam
Middle East and Africa
Saudi Arabia
EA
South Africa
Rest of MEA

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