The telemedicine marketwill power at a rate of CAGR 15.8% by the end of this decade to reach a value of USD 144.2 billion by 2030.The increasing elderly populace, growing incidence of chronic and lifestyle-related diseases, growing healthcare cost, snowballing government grants and fundings for telemedicine, mounting requirement for remote patient monitoring services in emerging countries, growing medical tourism actions, and growing number of patients in remote locations are the factors powering the industry.
The pandemic had a positive impact on the industry. Telemedicine is a valued tool, particularly during social distancing, as with the help of it, patients have more than a few options for connecting with a physician. Because of the pandemic, the industry outlook has changed significantly, with the requirement for telemedicine solutions will increase at a global level.
Tele consulting industry led the industry, on the basis of service. Tele consulting permits patients to access to specialists any time, without any wait. These services likewise let people to get info on selecting a professional, depending on their condition. Also, patients get info on the seriousness of their illness and obtain regular follow-ups. Consequently, the category will dominate the industry in the years to come.
The dermatology category was the leader of the industry in the past, and the same trend will continue in the years to come as well. As a result of the aesthetic roots of the dermatological specialty, tele consulting and monitoring are turning out to be a key tool in dermatological consultation. North America led the telemedicine market in the past, and it will continue like this in the years to come as well. This is mostly because of the increasing incidence of lifestyle-associated and chronic diseases, increasing elderly population, and growing government grants and fundings for telemedicine.
The incidence of cancer and further chronic ailments is considerably high in the people of the region, which also boosts the requirement for advanced healthcare systems. The region is observing a fast increase in its elderly populace, which has created a positive influence on the industry. As per the UN publication World Population Aging 2019, about 59.9 million people were aged 65 or above in 2019, which will reach to 96.9 million by the year 2050. The tele home category will grow at a higher rate in the years to come, based on type, due to more than a few advantages of tele home, for example shorter hospital stays, easy access to healthcare specialists, and more-frequent and faster check.
The growing medical tourism all over the world has a lot to do with the increasing demand for telemedicine. This will continue to grow in the years to come also.
