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High usage of telemedicine services post-COVID-19 outbreak is a key factor expected to drive global market growth during the forecast period

Pune, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global telemedicine market size was USD 70 billion in 2022 and is expected to register a robust revenue CAGR of 12.7% over the forecast period. Key factors such as rapid advancements in digital and health technology, rising healthcare costs, and high focus on expanding rural healthcare access are expected to drive global market growth during the forecast period.

Telemedicine refers to the practice of offering medical care remotely through telecommunication technology. It allows healthcare professionals to evaluate, diagnose, and treat patients from a distance, overcoming geographical constraints, mobility issues, and other obstacles.

Telemedicine uses various communication tools such as video conferencing, mobile apps, and other digital platforms to connect patients with healthcare providers without the need for in-person visits. Telemedicine services and tools are widely used in healthcare centers for remote monitoring and consultations, specialist consultations, chronic disease management, follow-up visits, and emergency consultations. These services are also used to access easy health care in rural and underserved areas.

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Factors such as rising elderly population, favorable support from governments and regulatory bodies across the globe, and increasing investments in R&D activities to develop advanced software and services for telemedicine are expected to boost global market growth between 2023 and 2032.

However, technological barriers such as limited internet connectivity and lack of advanced devices in remote areas, rising concerns about data privacy and cybersecurity threats, limited physical examination, and challenges with licensing and credentialing are expected to hamper overall market growth going ahead.

Key Highlights in the Report:

• Based on end users, the providers segment is expected to account for a significantly larger revenue share during the forecast period. This growth can be attributed to rising number of hospitals, clinics, and healthcare professionals using telemedicine for virtual inspection and monitoring and growing digitalization among healthcare providers to cater to rising prevalence of various diseases and chronic conditions.

• Asia Pacific market is expected to register robust revenue CAGR over the forecast period owing to presence of a large patient pool, rising geriatric population, improving healthcare infrastructure and services, favorable government support, and high adoption of telemedicine post-COVID-19 pandemic.

• Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLIVE, Doctor on Demand, Zoom Video Communications, Inc., Practo, and VSee are some of the leading companies in the telemedicine market.

• In July 2023, Travel insurance company Faye partnered with Air Doctor to launch telemedicine services for those traveling to 75 countries across the globe with Faye. The services include instant and easy access to near-instant voice and video consultations with doctors.

• In March 2023, Royal Philips announced the launch of Philips Virtual Care Management for easy access to telehealth to patients, payers, and healthcare providers.