Telemedicine Market Size and Trends
Updated: Mar 23
Global Telemedicine market was estimated to be US$ 41 billion in 2021, and is estimated to reach US$ 430 billion by 2030. Below graph shows the trends in Telemedicine market in past few years.
Though it is a small sector in the healthcare market presently, it is one of the fastest growing sectors in the overall healthcare market. The recent healthcare reforms have transformed the telemedicine market and have been influential in expanding the reach of such applications.
The overall healthcare cost is rising due to the increase in the number of elderly patients who need maximum healthcare; Telemedicine helps in improving individual health with the assistance of electronic media. With healthcare experts spread across the world, the teleconsultation–referrals–second opinion chain has increased significantly to various parts of the globe. Obstacles such as distance barriers and a shortage of healthcare professionals can be bypassed with the use of tele medicine.
Telemedicine Market Size Europe
Europe telemedicine market is estimated to grow from USD 9.93 billion in 2018 to USD 19.2 billion in 2023, with a compound annual growth rate (CAGR) of 14.1% over the next five years.
Increasing population, growing number of chronic diseases and rising cost of healthcare services are some of the crucial drivers for the growth of the Europe telemedicine market. In addition, increased use of technology in healthcare conveyance and a shortage of physicians in rural areas is foreseen to offer new prospect for growth of telemedicine market. On the other hand, limited reimbursement facilities and a lack of consumer awareness are the main constraints hindering the growth of the Europe telemedicine market.
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