![]() Continued investment in new technologies to expand the capabilities of telemedicine products and services is another key factor anticipated to propel market growth in the near future. It also helps in reducing emergency room visits and hospitalization rates, thereby augmenting the market growth. Through the technologies, advanced patient-centered care and increased access to remote locations are possible. Moreover, telemedicine is considered the most versatile technology available to deliver health education, health information, and health care at a distance. Applications, such as e-ICU and eCare, help in providing apt care and reduce adverse effects or symptoms from going unnoticed.īy providing higher safety and quality standards to patients, the demand for such systems is expected to increase over the forecast period and boost the market growth. According to a report published by the Agency for Healthcare Research and Quality (AHRQ), the implementation of telehealth or telemedicine solutions improves care delivery to patients. Increasing access to basic healthcare along with improved healthcare quality and patient safety is the major aim of telemedicine solutions. The pandemic has thus positively affected the overall market. ![]() launched an investment plan of USD 5 billion to offer high-speed broadband connections to lower-density rural communities for telemedicine, work, remote learning, among other services.Īmerican Well Corporation attributed around 76.5 million increase in revenue during 2020 due to the pandemic-induced growth in online visit volume. In February 2021, Charter Communications, Inc. In March 2020, The Japanese Ministry of Economy, Trade, and Industry (METI) launched free remote consultation services in collaboration with Line and Medpeer The government initiatives such as revising the guidelines and waiving many restrictions to cope up with the global pandemic will boost the market growthĪli Health, JD Health, and WeDoctor in China launched online telemedicine services specifically for covid-19 in December 2019. Amwell also reported about 158% hike in traffic volume between March and April 2020 Teladoc reported a 50% up in the call volume within one week in March 2020. In 2021 the market will witness a slight decline in YoY growth of nearly 10% as compared to 2020, before resuming its growth trajectory by mid-2022 The market experienced exponential growth of 35% from 2019 to 2020 as compared to only 18% growth from 2018 to 2019 COVID19 telemedicine market impact: exponential growth of 35% from 2019 to 2020 Around 68,000 active providers had used the Amwell Platform to provide primary care, chronic care management, and specialist visits by December 2020. American Well Corp., another key player in the market, reported that its clients comprising health system and health plan providers deployed tens of thousands of their own care providers onto their platforms during 2020. experienced a 109% year-on-year growth from Quarter 3 of 2019 to Quarter 3 of 2020. 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.Ĭompanies in the market have experienced exponential growth during the COVID-19 pandemic as compared to the previous year. Such factors have assisted in market growth during the COVID-19 pandemic. 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. 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. This would enable Walmart to offer virtual care access for urgent, behavioral, and primary care across the U.S. The market holds many growth opportunities owing to the rising adoption of telemedicine, rising consumer demand & patient acceptance, and enhanced quality of care. 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 telemedicine market size was valued at USD 70.4 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 19.5% from 2022 to 2030.
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