Telemedicine Market Growth & Trends
The global telemedicine market size is expected to reach USD 298.9 billion by 2028, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 22.4% from 2021 to 2028. Key drivers of the market include increasing incidences of chronic conditions and rising demand for self-care. Furthermore, enhancing internet application, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing to market growth.
In the U.S. both state and federal laws have evolved to facilitate the widespread use of telemedicine to cope up with the COVID-19 pandemic. For instance, in March 6, 2020 the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It includes USD 8.0 billion emergency funding for the federal agencies and to expand reimbursement coverage for telehealth services. Various U.S. states also waived of the licensure for better utilization of the service. This positively impacted the market growth during the pandemic.
In April 2020, American Well launched Amwell Private Practice that is a secure, simple and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID19 patients. There has been a significant rise in telemental health visits over the past decade in the U.S. and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.
Telemedicine Market Report Highlights
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Telemedicine Market Segmentation
Grand View Research has segmented the global telemedicine market by component, technology, application, delivery mode, type, end-use, and region:
Telemedicine Component Outlook (Revenue, USD Million, 2016 – 2028)
Telemedicine Technology Outlook (Revenue, USD Million, 2016 – 2028)
Telemedicine Application Outlook (Revenue, USD Million, 2016 – 2028)
Telemedicine Delivery Mode Outlook (Revenue, USD Million, 2016 – 2028)
Telemedicine Type Outlook (Revenue, USD Million, 2016 – 2028)
Telemedicine End-use Outlook (Revenue, USD Million, 2016 – 2028)
Telemedicine Regional Outlook (Revenue, USD Million, 2016 – 2028)
List of Key Players of Telemedicine Market
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