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Acknowledging the remarkable growth in recent years, the telemedicine services market size is projected to amplify from $131.75 billion in 2023 to $168.39 billion in 2024. The significant compound annual growth rate CAGR of 27.8% that the market is set to experience, is attributed to various elements including emerging markets growth, government initiatives, surge in home care monitoring demand, efforts to alleviate healthcare expenditure and scarcity of skilled human resources. Additionally, the rapid advancements in technology coupled with the fast-growing global elderly population also contribute to this progression.
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What Is the Projected Market Size of the Global Telemedicine Services Market and Its Growth Rate?
Looking ahead, the telemedicine services market size will continue its rapid growth in the ensuing years, anticipated to skyrocket to $290.59 billion in 2028 at a compound annual growth rate CAGR of 14.6%. Factors such as an aging population, increased access to healthcare, and the rising prevalence of chronic diseases have been instrumental in propelling market growth. Moreover, the demands triggered by the Covid-19 pandemic have driven up the need for telemedicine services. Key trends expected to shape the market during the forecast period include the introduction of 5G, IoT, artificial intelligence, virtual and augmented reality in telemedicine services.
What are the Key Drivers Fueling Growth in the Telemedicine Services Market?
Smartphones and their ubiquitous presence around the globe is another key aspect driving the growth of the telemedicine services market. The World Bank data as of 2022, reported over 8.59 billion mobile phones globally, outnumbering the global population. The surge in mobile phone usage has facilitated easier access to telemedicine services, enabling convenient remote consultations and healthcare support, and resulting in the growth of the Telemedicine services market.
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Who Are the Key Players Driving Growth in the Telemedicine Services Market?
Major players operating in the telemedicine services market are Teladoc Health Inc., Doctolib, Doctor on Demand, Amwell American Well, MDLIVE Inc., Zocdoc Inc., Alina TeleHealth, HealthTap, Inc., 2nd.MD, PlushCare Inc.AMD Global Telemedicine, CISCO Systems Inc., Medtronic Inc., GE Healthcare, Honeywell Lifesciences, Philip Healthcare, Aerotel Medical Systems, CardioComm, Cerner Corporation, Apollo Hospitals, Neosoft, Allscripts Healthcare Solutions Inc., Biotelemetry, Resideo Technologies Inc., InTouch Technologies Inc., SHL Telemedicine, NovioSys BV, KSYOS Telemedicine Centre, Karify, Medgate, Medi24, Immedicare LLP, Babylon Health UK, Medio.link, Push Doctor, Tele Medicine Clinic, Doctor Care Anywhere Limited, Philips Healthcare, Cisco Systems UK, McKesson Corporation, GE Healthcare Ltd., Cerner Corporation, Teladoc Health Inc., DOC+, BestDoctor, TeleMD, mediSensum, Apteki Inc., American Well, Care Innovations LLC, BioTelemetry, Specialist Telemed, SOC Telemed, Eagle Telemedicine, Blue Sky Telehealth, NextGen Healthcare, VSee, OKADOC, Doxy.me, GetBEE, Mind Mina Telemedicine, Abu Dhabi Telemedicine Centre.
What Are The Emerging Trends Shaping The Growth Of The Telemedicine Services Market?
One noteworthy trend in the telemedicine sector is the acceptance of telemedicine by insurance companies and government-regulated healthcare programs, which are now increasingly including telemedicine services in their plans. Around the globe, governments are urging companies to modify their policies to cover telemedicine services. A perfect example is the Medical Board of Australia's revised telehealth guidelines in September 2023, which expanded insurance coverage for telemedicine. This means that patients can consult a doctor using telehealth for the first time, without a prior in-person consultation.
The telemedicine services market's segmentation is as follows:
1 By Type: Web-based, Cloud-based, On-premises
2 By Technology outlook: Real-Time Telemedicine Services, Store-And-Forward Telemedicine Services
3 By Application: Teleradiology, Telepsychiatry, Telepathology, Teledermatalogy, Telecardiology, Other Applications
North America: The Leading Region in the Telemedicine Services Market
Regional Insights: In 2023, North America held the largest market share in the telemedicine services market. Asia-Pacific was the second largest region in the global telemedicine services market. The regions analyzed in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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