Telemedicine Market Size to Record 17.2% CAGR Over 2023-2030; Adoption of Advanced Technologies in Healthcare to Boost Market Expansion

The global telemedicine market size touched USD 87.41 billion in 2022 and is predicted to reach USD 94.44 billion in 2023. The market is anticipated to touch USD 286.22 billion by 2030, recording a CAGR of 17.2% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Telemedicine Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), and Others), By Application (Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, and Others), By End-User (Healthcare Facilities, Homecare, and Others), and Regional Forecast, 2023-2030”.

Telemedicine uses advanced technologies to make healthcare services easily accessible to patients living in the urban as well as rural areas. The demand for these solutions has increased tremendously in recent years as they offer higher convenience and ease to patients as well as healthcare professionals. Telemedicine has also played a vital role in decreasing the burden of healthcare costs. These advantages are anticipated to fuel the telemedicine market growth.

COVID-19 Pandemic Increased Number of Virtual Consultations, Strengthened Market Forecast

The COVID-19 pandemic had a positive impact on the healthcare sector as hospitals across the world saw tremendous growth in the admission rate of patients infected by COVID-19. However, the burden on medical professionals increased tremendously during this period. This factor supported the adoption of telehealth solutions, wherein patients could connect with their physicians on online platforms and discuss their treatment plans through virtual consultations. These developments fueled the market progress.

Adoption of Advanced Technologies in Healthcare to Boost Market Expansion

Advanced technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT), are being increasingly adopted by end-users in the healthcare sector. Using these technologies has led to the launch of virtual hospitals and telehealth applications to make it easier for patients to access a wide range of medical services. Apps that have been developed using machine learning algorithms can help medical professionals diagnose several chronic diseases such as rare ailments, cancer, COVID-19, and others. These aspects are predicted to augment the use of telemedicine in the healthcare industry.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/telemedicine-market-101067

Competitive Landscape

Teladoc to Lead Market Growth by Partnering with Other Market Players

While the market has a notable presence of some of the most well-known companies, it is Teladoc that has held a dominant position in this industry. Various factors that have helped this company lead the market include a large customer pool, strategic collaborations with leading market players, and a strong network of general practitioners and specialists. Other firms, such as Ping An Good Doctor, American Well, and GlobalMed, have also captured a major share of the global market.

Notable Industry Development:

• March 2023 – Italtel and Med58 signed a collaboration agreement to develop an effective and long-term solution for telemedicine.

List of the Companies Profiled in the Report:

• 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.)

Further Report Findings

• North America is leading the global market and is predicted to maintain this position in the coming years as well. Factors, such as presence of leading market players and strong support from governments through favorable reimbursement policies and programs, will support the dominance of this region.


• Asia Pacific is anticipated to hold a major telemedicine market share as the usage of smartphones and cameras has increased tremendously in the region’s healthcare sector in recent years. Moreover, the number of healthcare startups is rising across the region. These factor have opened several growth avenues for the market.


• The healthcare facility segment is predicted to hold the largest share of the market during the forecast period. Governments are increasing their funding for a wide range of pilot programs for telehealth solutions to support their growth and adoption in the healthcare sector. Many hospitals are now using advanced telecommunications tools to train doctors in medical colleges. Moreover, the network of service providers offering virtual consultations is increasing at a commendable rate. These factors are set to boost the segment’s growth.

Table of Segmentation