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Telemedicine involves healthcare delivery using technology and telecommunications. It enables consultation between patients and doctors using videoconferencing and other digital methods that bridge distances between parties. Telemedicine provides convenient access to healthcare in remote areas where medical facilities are inaccessible. It also benefits those unable to easily visit doctors due to disability or illness. With growing adoption of telehealth technologies, telemedicine services allow efficient monitoring and management of chronic diseases from the comfort of homes.
The global Telemedicine Market is estimated to be valued at US$ 94.44 Bn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Telemedicine delivers a wide range of medical services through digital channels including primary consultation, remote monitoring, assistive care in emergencies, and e-prescriptions. It integrates healthcare with technologies like web-based and mobile health apps, online second opinions and cloud computing. This provides an alternative mode of treatment to overcome barriers of distance, traffic, and wait times. Telemedicine improves access, lowers costs, and makes healthcare delivery more personalized through technologies that enable better doctor-patient relationships.
Market key trends:
Growing digital healthcare infrastructure: Governments worldwide are actively working to expand broadband connectivity and developing digital healthcare frameworks to advance telemedicine services. This includes initiatives to build telehealth networks, setting up virtual care centers, and enabling policy/reimbursement support.
Rising demand amid pandemic: The COVID-19 pandemic highlighted the importance of telehealth in helping maintain access to non-emergency healthcare while reducing hospital visits. This accelerated industry growth by rapid adoption of telemedicine models across various medical specialties.
Increase in virtual care funding: Private investments are increasing to support innovative virtual care startups as investors recognize the huge market potential. Companies are using funds to develop advanced telehealth platforms, deploy care provider networks and expand into new overseas markets. This boosts accessibility of telemedicine worldwide.
Porter’s Analysis
Threat of new entrants: Low capital requirement and growing awareness about Telemedicine is attracting new players in the market. However, already established players have significant brand recognition and resources.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives and undifferentiated services. They can switch between providers based on cost and services.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and less differentiation in services. Market is dominated by technology companies and healthcare providers with large scale of operations.
Threat of new substitutes: Threat of substitution is low as Telemedicine provides convenience, affordability and accessibility of care. It is becoming an essential part of healthcare delivery.
Competitive rivalry: Fierce competition exists among key players to gain higher market share through innovation, partnerships and service expansions to cater growing needs of customers.
Key Takeaways
The global Telemedicine market is expected to witness high growth, exhibiting CAGR of 17.% over the forecast period, due to increasing investments by hospitals and pharmaceutical companies. The market size for 2023 is estimated to be US$ 94.44 Bn.
Regional analysis – North America dominates the telemedicine market and is expected to continue its dominance during the forecast period. Growing awareness about telehealth and supportive government regulations are major factors contributing to the growth. Asia Pacific is expected to grow at the fastest pace owing to rising healthcare infrastructure and increasing smartphone penetration in the region.
Key players operating in the telemedicine market are American Well (U.S.), MDLIVE Inc. (U.S), Teladoc Health Inc. (U.S.), Doctor on Demand Inc. (U.S.), MeMD (U.S.), Encounter Telehealth (U.S.), Global Med (U.S.), SnapMD (U.S.). These players are focusing on expanding their service offerings and collaborating with hospitals, insurers and retail clinics to provide personalized telehealth services to more number of patients.
