U.S. Telemedicine Market | Why Significant Increase in Government Expenditure on Healthcare Information (HCIT) Sector?

According to a new report published by Allied Market Research, titled, "Telemedicine market by Application, Component, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global telemedicine market was valued at $40.20 billion in 2020, and is estimated to reach $431.82 billion by 2030, growing at a CAGR of 25.90% from 2021 to 2030.

Telehealth has become an important part of healthcare during the COVID-19 pandemic. According to a research report published in JCO Global Oncology-An American Society of Clinical Oncology Journal, 2020, during the SARS-CoV-2 epidemic, tissue removal was applied to reduce the spread of the coronavirus. This has led to the adoption of telemedicine by many oncology clinics. Thus, telemedicine services have been implemented in many health systems even before the onset of the disease, those services are only used during the COVID-19 crisis, which is often said to be without in-person visits and travel restrictions and prevention, of. Hospitals have been urged to be more flexible with telemedicine consultations during the COVID-19 pandemic. Thus, the COVID-19 crisis is expected to have a positive impact on the growth of the telemedicine market across the globe.

♦ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞:
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Covid-19 scenario -
• The Covid-19 pandemic positively affected the telemedicine market due to postponement and cancellation of elective surgeries and appointments.
• The decreased patient volume in hospitals and clinics posed an urgent need for physicians to adopt telehealth to connect with their patients.

Major Key Market Players Are -

Koninklijke Philips N.V.
GE Healthcare
Medtronic
Siemens Healthineers
Cerner Corporation
Teladoc Health Inc.
Cisco Systems, Inc.
AMC Health
American Well
MDLive

Demand for health and technology jobs has reached an all-time high due to the pandemic. In addition, technologies such as telemedicine, and chatbots, robots, are applied to help gather information, reassure people, treat patients, conduct research, or even prepare vaccines in the future. The power of telehealth was demonstrated, due to the global shortage of hospitals and medical personnel. For example, in March 2020, the UAE Ministry of Health began working with telecom operators to build its first hospital. Thus, growing investment in virtual hospitals will increase the growth of the telemedicine market.

♦ 𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲:
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North America dominated the market in terms of revenue.

By region, the global telemedicine market across North America held the largest share in 2020, contributing to nearly half of the market, due to rise in government support and high infrastructural capability of telehealth services. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 29.0% during the forecast period, owing to rise in investment and campaigning about telemedicine services in developing countries.

Based on the application, the global Telemedicine market is divided into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology and other applications. The teledermatology segment was the largest contributor to revenue in 2020 and is expected to remain dominant during the forecast period. This is attributed to the growing incidence of skin diseases which also contribute to the growth of the teledermatology market.

♦ 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
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By component, the global telemedicine market is classified into software, hardware and services. The software segment dominated the market in 2020 and this trend is expected to continue during the forecast period. This is attributed to the growing adoption of telemedicine, telemedicine, and telemedicine-based consultations during the COVID-19 pandemic.

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