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Telemedicine Market size to exceed $240 Bn by 2032

  • Published Date: January 11, 2023

Telemedicine Market size will be valued at over USD 240 billion by 2032, according to a new research report by Global Market Insights Inc.

Increasing number of smartphone users coupled with growing dependency on health apps across the globe is set to drive the market growth. In December 2022, the number of smartphone users globally was estimated at more than 6.5 billion. There is also a tremendous rise in the use of smartphones by physicians in countries such as the U.S., where technology adoption trends are favorable.

Emerging nations such as India and China are attracting new healthcare companies, representing key markets for telemedicine providers. Mobile phones, wearable devices, and attachable scanners are becoming important tools for self-diagnosis, including mental conditions such as Alzheimer’s.

Easy follow-up of patients using tele-monitoring solutions to enhance technology uptake

Telemedicine market share from the tele-monitoring segment is expected to surpass USD 69 billion by end of 2032. As the landscape of healthcare continues to evolve, tele-monitoring promises to deliver advantages to both patients and providers. It reduces complications of chronic diseases and leads to better follow-up of the patient. It also minimizes the overall treatment cost by offering healthcare at the patient’s convenience. Such advantages associated with tele-monitoring solutions will spur the market trends.

Browse key industry insights spread across 210 pages with 307 market data tables & 16  figures & charts from the report, “Telemedicine Market Size By Service (Tele-consulting, Tele-monitoring, Tele-education/training), By Type (Telehospital, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health), By Delivery Mode (Web/Mobile {Telephonic, Visualized}, Call Centers), Industry Analysis Report, Regional Outlook, Type Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

Growing prevalence of mental health disorders to drive telemedicine services demand

Mental health segment accounted for more than 15% share of the global telemedicine market in 2022. Some of the most common mental health disorders include anxiety, post-traumatic stress, and depression. Increasing prevalence of mental disorders will boost application of telemedicine solutions. In low-income countries, nearly 1 billion people suffer from a mental disorder. A large segment of these patients is not able to fulfil their healthcare needs when required. This shortcoming can be overcome with implementation of telemedicine services in mental healthcare.

Increased access to internet services will augment web/mobile telemedicine delivery

Telemedicine market share from the web/mobile delivery mode was over USD 43.5 billion in 2022. Various government initiatives aimed at boosting internet access in the rural areas of developing economies will access to web/mobile-based telehealth platforms. Hospitals & homecare settings are increasingly adopting cloud-based services to improve operational and clinical efficiencies, by creating shared infrastructures.

Rising frequency of chronic illnesses to spur North America industry forecast

North America accounted for over 58% share of the global telemedicine market in 2022. As per estimates from the National Health Council, nearly 133 million American population suffers from chronic conditions.  These figures have prompted individuals to seek regular check-ups and continuous monitoring, creating a development potential for the regional telemedicine industry. Early adoption, presence of key market players in the U.S. and Canada, coupled with constant government support in the region is a major contributor to the high market share.

Key agreements to outline the competitive sphere of the global telemedicine industry

Some of the key companies offering their services in the market are Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, Oracle Corporation (Cerner), Cisco Systems, Eagle Telemedicine, Honeywell International Inc, Koninklijke Philips N.V, McKesson Corporation, OBS Medical, SOC Telemed, Specialist Telemed, and Teladoc.

Authors: Sumant Ugalmugle, Rupali Swain