Telemedicine Technologies and Services Market Development and Future Demand Analysis Report

Telemedicine Technologies and Services Market Outlook 2031

• The global telemedicine technologies and services market was valued at US$ 144.2 Bn in 2021
• It is estimated to grow at a CAGR of 13.8% from 2022 to 2031
• The global telemedicine technologies and services market is expected to cross value of US$ 526.7 Bn by the end of 2031

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Analysts' Viewpoint on Global Telemedicine Technologies and Services Market Scenario

The rise in applications of telemedicine technologies and services in numerous specialty fields such as dermatology, gynecology, neurology, and cardiology is expected to propel the global telemedicine technologies and services market. The telemedicine technologies and services are being increasingly adopted for their ease of use, and increase in penetration of smartphones as well as 3G and 4G networks. Moreover, telemedicine technologies and services gained traction during lockdown situations as a result of the onset of the COVID-19 pandemic. Furthermore, leading companies in the global telemedicine technologies and services market are focusing on strengthening distribution network, product launches, and entering newer geographies to grow their presence.

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Overview of Global Telemedicine Technologies and Services Market

Telemedicine technologies & services is the use of telecommunications and information technologies to share information and provide clinical care, education, public health, and administrative services. Telemedicine is used to treat patients in a remote location by using the telecommunication technology. It exchanges the medical information and data from one location to another through advanced technological innovation. Telemedicine services allow people to receive healthcare services digitally, usually on a computer or a smartphone app.

Moreover, lack of effective physical treatment options has made telemedicine the safest interactive system between patients, both infected and uninfected, and clinicians.
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Increase in Incidence of Chronic Conditions to Drive Adoption of mHealth and Remote Monitoring Solutions

Chronic diseases are one of the key healthcare concerns globally. Incidence of chronic conditions such as diabetes and cardiovascular is increasing. The rise in demand for self-care devices/solutions such as mHealth and remote monitoring is expected to propel the market during the forecast period.

According to the National Cancer Institute, in 2020, around 1,806,590 new cases of cancer were diagnosed in the U.S. and 606,520 people succumbed to the disease. As per the World Health Organization, in 2019, cardiovascular diseases (CVD) accounted for around 17.9 million deaths globally. These factors are likely to drive the global telemedicine technologies and services market during the forecast period.

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Advancements in Mobile Penetration and Connectivity to Propel Global Market

Digital technologies are increasingly being used to support health systems by providing flexible options for communication and the exchange of information. These technologies can be used for medical diagnostic, monitoring, and therapeutic purposes, when participants are separated by distance or time or both, with the goal of improving the health of individuals and communities.

Mobile access is becoming ubiquitous globally. All developed markets such as South Korea, Australia, the U.S., the U.K., Germany, Sweden, and Japan already have mobile penetration greater than 100%. Furthermore, increase in penetration of smartphones as well as 3G and 4G networks is likely to boost to the use of the mobile platform for providing healthcare services.

Additionally, health ICT (Information and Communication Technologies) is based on the development of digital technologies, databases, and other applications that seek to prevent illness, treat diseases, and manage chronic illness, while improving healthcare for individuals and communities, and also provide capacity for system efficiencies and prevent medical errors. These factors drive the global telemedicine technologies and services market.

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