Telemedicine Market Overview
The telemedicine market was valued at approximately USD 38,289 million in 2020, and it is expected to witness a revenue of USD 168,396 million in 2026, with a CAGR of 28% over the forecast period, 2021-2026. The COVID-19 pandemic had a significant positive impact on the growth of the telemedicine market globally. The major factors for the growth of the telemedicine market include the rising healthcare costs, technological innovations, increasing remote patient monitoring, and the growing burden of chronic diseases. Telehealth solutions have demonstrated the ability to enhance health outcomes and reduce costs.
Geographical Overview
North America accounted for the largest share in the telemedicine market
Telemedicine is a rapidly growing component of healthcare in the United States owing to the growing burden of chronic diseases and the high adoption of advanced healthcare technologies in the country. Healthcare in the United States is experiencing positive trends, with the emergence of telemedicine applications that help Americans to be active in personal health management, especially during the current COVID-19 pandemic. For instance, in November 2020, Morneau Shepell introduced its first unified telemedicine solution in the United States. Under this service, regional employees and their families will get access to digital health care support for all their crucial and immediate wellbeing needs.
Key Highlights of the Market
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List of Key Players in the Telemedicine Market*
*List Not Exhaustive
Mordor Intelligence has segmented the global telemedicine market on the basis of Type, Component, Mode of Delivery, and Geography:
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