Telemedicine Market Size Worth $298.9 Billion By 2028 | CAGR: 22.4%: Grand View Research, Inc.
SAN FRANCISCO, March 9, 2021 /PRNewswire/ -- The global telemedicine market size is expected to reach USD 298.9 billion by 2028, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 22.4% from 2021 to 2028. Key drivers of the market include increasing incidences of chronic conditions and rising demand for self-care. Furthermore, enhancing internet application, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing to market growth.
Key suggestions from the report:
Read 150 page research report with ToC on "Telemedicine Market Size, Share & Trends Analysis Report By Component, By Technology, By Application (Teleradiology, Telepsychiatry), By Delivery Mode, By Type, By End-use, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/telemedicine-industry
In the U.S. both state and federal laws have evolved to fcilitate the widespread use of telemedicine to cope up with the COVID-19 pandemic. For instance, in March 6, 2020 the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It includes USD 8.0 billion emergency funding for the federal agencies and to expand reimbursement coverage for telehealth services. Various U.S. states also waived of the licensure for better utilization of the service. This positively impacted the market growth during the pandemic.
Rapid advancements in technology is further expected to boost the demand for online consultation, thereby contributing to the market growth of telemedicine solutions and services over the forecast period. For instance, in April 2020, American Well launched Amwell Private Practice that is a secure, simple and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID19 patients. There has been a significant rise in telemental health visits over the past decade in the U.S. and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.
Grand View Research has segmented the global telemedicine market by component, technology, application, delivery mode, type, end-use, and region:
List of Key Players of Telemedicine Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.