Telemedicine market to be worth more than $590.9 billion by 2032
Covid-19 pandemic started the growth, with higher standards of telemedicine and versatility key factors in its success
The global telemedicine market accounted for $63.5 billion in 2022 and is projected to reach $590.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.7 per cent in the forecast period (2023-2032), according to a report by Market.us.
- By component, the products segment dominated the market in 2022 with a 45.7 per cent market share, and is also expected to have a CAGR of over 21 per cent
- By application, the teleradiology segment dominated the market with a 26.9 per cent market share
- By modality, the real-time segment had the largest revenue in 2022
- By delivery mode, the web/mobile segment dominated in 2022, with more than half of the market share
- In 2022, North America dominated the market with the highest revenue share of 36 per cent
- Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
During the Covid-19 pandemic, the use of telemedicine increased, as physical segregation was used to reduce the spread of the virus. As in-person visits were limited and travel restrictions were imposed, doctors used telemedicine-based consultations.
Continued market growth is due to several factors:
- Higher standards: Many players in the industry are offering patients higher safety and quality standards, which is positively affecting the market
- Versatility: Telemedicine is considered one of the most versatile technologies for providing healthcare education
- Patient-centred care: Technology provides advanced, patient-centred care and improved access to remote locations
- Rising investments: The market is boosted by investments in technologies to enhance the capabilities of telemedicine products and services.