PUBLISHER: Grand View Research | PRODUCT CODE: 1405782
PUBLISHER: Grand View Research | PRODUCT CODE: 1405782
The global telemedicine market size is expected to reach USD 380.3 billion by 2030, registering a CAGR of around 18.0% from 2024 to 2030, based on a new report by Grand View Research, Inc. Rising prevalence of chronic illnesses, increased traditional healthcare costs, evolution of mhealth services in healthcare institutions, and a growing number of digital health users attribute to market growth. Favorable government initiatives led to introduction of advanced healthcare IT infrastructure and facilities that fuels growth of the market. For instance, the Research and Innovation Enterprise Plan in Singapore supports digital innovation that focuses on healthcare .
COVID-19 positively impacted the market growth as it increased awareness and adoption rates among patients and healthcare providers, leading to increased investment activities. In response to the pandemic, both state and federal laws in U.S. have been modified to facilitate the widespread use of telemedicine. The Coronavirus Preparedness and Response Supplemental Appropriations Act of March 2020, expanded the reimbursement coverage for telehealth services and provided emergency funding of USD 8.0 billion for federal agencies. Many U.S. states also waived licensure requirements, enabling better utilization of the services. These factors collectively contributed to the market growth during pandemic.
Rapid technological improvements have also increased the demand for online consultation, adding to market growth. In March 2022, Plantronics Inc., renamed as Poly, announced its partnership with Raydiant for making advancements in telemedicine services. The purpose was to optimize remote, hybrid, and in-office team communication for facilitating health communication. The market growth of telehealth products is also expected to be driven by presence of established companies, emerging start-ups and various other initiatives such as mergers, partnerships, and acquisitions. In January 2021, Teladoc, Inc. announced the acquisition of Consultant Connect Limited. Consultant Connect is a UK-based telemedicine provider that facilitates connections and information sharing between healthcare professionals.