In 2023, the size of the Global Telemedicine Market size was evaluated at around USD 79 billion, and is anticipated to grow at a CAGR of around 18% from 2024 to 2030. The factors contributing in the expansion of market size are – the rising geriatric and medically underserved population, the expansion of the healthcare sector, the cost-effective nature of telemedicine, the increasing commonness of chronic disease, etc.
In addition, telemedicine enables continuous monitoring of chronic conditions through the usage of remote patient monitoring devices and digital health platforms. It permits healthcare providers to track the vital signs, medication adherence, and lifestyle behaviors of the patient. Furthermore, the convenience and accessibility of telemedicine facilitate better patient engagement in their care. Due to this, the demand for telecomedicine among patients with chronic conditions has been rising in the industry.
AI Integration in Telemedicine Catalyst Helping Global Telemedicine Market to Expand
The amalgamation of AI into telemedicine services is a prominent and growing trend in the Telemedicine Market. This trend is mainly driven by the desire for more efficient & accurate patient access, diagnostics, allocation, claims processing, risk coding, and predictive modeling. On the side of a patient, AI has the potential to enhance individual’s access, and management of their healthcare treatment.
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As a result, there has been a significant surge in demand for telemedicine consultations in the industry. In response to this increasing demand for AI integration in telemedicine, various companies are investing in partnerships and collaborations with technology firms to incorporate AI into their services.
Tele-monitoring Occupies the Largest Share in the Global Telemedicine Industry
On the basis of service, the Global Telemedicine Market is divided into four main categories including:
- Tele-training
- Tele-consultation
- Tele-monitoring
- Tele-surgery
Out of these, Tele-monitoring acquired the largest share in the Global Telemedicine Market in the past few years due to the rising commonness of chronic diseases and the rising geriatric population requiring home assistance.
Moreover, the use of Tele-monitoring by healthcare providers to manage the health of a patient leads to a reduction in the readmission rate. Hence, it contributes to thrive the overall growth of the telemedicine market.
Top Players of the Global Telemedicine Market
According to the latest report by MarkNtel Advisors on the Global Telemedicine Market, the leading telemedicine companies are:
- GE Healthcare
- AMD
- Aerotel
- Philips
- McKesson Corp
- SHL
- Polycom
- Medtronic Plc
- In Touch
- Hicuity Health
Significant Development of the Global Telemedicine Market
In 2023, GE Healthcare, declared a partnership with Medanta Group of Hospitals, to offer a 24/7 remote and virtual service for patients in the ICU.
North America Dominates the Telemedicine Market by Holding Maximum Share of the Industry
Geographically, the Global Telemedicine Market extends across:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Among these, North America leads the telemedicine industry and is likely to retain its dominance in the upcoming years due to the rising awareness among consumers regarding developments in the healthcare sectors, and the acceptance of cloud-based technologies.
Also, the rapid adoption of the latest technologies, the rising prevalence of chronic diseases among individuals, and mounting R&D initiatives are a few other factors contributing to the expansion of North America Telemedicine Market.
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