Valued to be $178 Billion by 2026, Telemedicine Slated for Robust Growth Worldwide
SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Telemedicine - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Global Telemedicine Market to Reach US$178 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Telemedicine estimated at US$36.5 Billion in the year 2020, is projected to reach a revised size of US$178 Billion by 2026, growing at a CAGR of 30.1% over the analysis period. Software & Services, one of the segments analyzed in the report, is projected to grow at a 29.4% CAGR to reach US$162.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 32% CAGR for the next 7-year period. This segment currently accounts for a 26.8% share of the global Telemedicine market. Telemedicine software and electronic communications enables healthcare providers treat patients through video conferencing using a smart phone, thus eliminating the need for patient's in-person physical consultation.
The U.S. Market is Estimated at $15.1 Billion in 2021, While China is Forecast to Reach $15.5 Billion by 2026
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SOURCE Global Industry Analysts, Inc.
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