Telemedicine Industry Overview
The telemedicine market size was valued at USD 70.4 billion in 2021 and is anticipated to reach USD 380.3 billion by 2030, at a CAGR of 19.5% from 2022 to 2030.
The growing need to reduce the cost of care, consolidation across the industry, and other strategic initiatives by key companies are some of the main drivers of this market. The market holds many growth opportunities owing to the rising adoption of telemedicine, rising consumer demand & patient acceptance, and enhanced quality of care. In May 2021, Walmart Inc. acquired MeMD-a telehealth provider. This would enable Walmart to offer virtual care access for urgent, behavioral, and primary care across the U.S.
Gather more insights about the market drivers, restrains and growth of the Global Telemedicine Market
Telemedicine was extensively used during the COVID-19 pandemic as it aids in decreasing the contact with healthcare facilities, healthcare staff, and patients, to minimize the risk of COVID-19. In China, online mental health surveys along with communication programs, such as Weibo, TikTok, and WeChat, among others, assisted health authorities and mental health professionals to render mental health services safely and online during the pandemic. Such factors have assisted in market growth during the COVID-19 pandemic. SOC Telemed, a U.S.-based company dealing in telemedicine technology and services, stated in March 2020, that it experienced a surge in demand for on-demand acute care via telemedicine.
