A new report by San Francisco-based Grand View Research says that the global telemedicine market size is expected to reach $298.9 billion by 2028 and the market is expected to expand at a compound annual growth rate (CAGR) of 22.4% from 2021 to 2028. Key drivers of the market, according to the organization, 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.
- The report said the market holds many opportunities to grow during the forecast period (2021-2028) owing to the lack of access to care and rising provider adoption of telemedicine, rising consumer demand and patient acceptance, and enhanced quality of care.
- The product segment registered largest revenue share in 2020 due to increasing adoption of remote monitoring devices, the report said, adding that increasing demand of automation and synchronization across the system is anticipated to be the key driving factor for the real time technology segment
- Telemedicine found wide applications in dermatology, psychiatry, intensive care units, emergency care, ophthalmology and radiology. The teleradiology segment accounted for the largest revenue share in 2020. According to the report, the web/mobile based delivery model is expected to witness significant growth in coming years due to high adoption of smartphones and penetration of the internet.
- The report predicted that the tele-homecare segment would witness a lucrative CAGR in coming years due to increasing awareness pertinent to benefits of remote healthcare amongst patients and introduction of advanced technologies to monitor patient’s health from remote locations.
- According to the report, the patients segment held the largest revenue share in 2020, and that government-initiated healthcare programs across the world are anticipated to propel segment growth in coming years.