According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting, the global telemedicine market was worth USD 51.0 Billion in 2020 and is further projected to reach USD 152.3 Billion by 2027, at a CAGR of 16.1%during 2021-2027 (forecast period).
Global Telemedicine Market
According to a study conducted recently by the strategic consulting and
market research firm, BlueWeave Consulting, the global
telemedicine market was worth USD 51.0 Billion in 2020 and is further
projected to reach USD 152.3 Billion by 2027, at a CAGR of 16.1%during
2021-2027 (forecast period). Growing consumer demand, a dearth of
healthcare professionals, increasing patient acceptance, escalating
healthcare expenses, government assistance, developments in
telecommunications, and rising demand for improved health outcomes
have all contributed to the growth of the global telemedicine market.
Furthermore, the ongoing pandemic has fueled the increased use of
telehealth, indicating that there is still plenty of room for growth in the
coming years.
Government InitiativesAccelerating the Growth of the Global
Telemedicine Market
Government initiatives and policies have been playing an essential role in
driving the growth of the global telemedicine market. The governments of
several countries across the world are implementing new policies and
reimbursement standards to support telehealth.
Technological Advancements Encouraging the Global Telemedicine
Market
Telehealth technology is getting a lot of attention for coronavirus
treatment. Technological innovations in telemedicine has enabled
healthcare providers to diagnose, treat and monitor a patient’s progress
remotely with greater efficiency, thereby propelling the growth of the
global telemedicine market.
Telemedicine is no longer restricted to wireless devices or other
telecommunications methods. Robotics, Machine Learning (ML),
Blockchain Technology, IoMT (Internet of Medical Things), and AI (Artificial
Intelligence)-enabled chatbots are increasingly being used by telemedicine
businesses around the world for gathering patient information, reviewing
patient records, treating patients, making diagnoses, and even creating
vaccines. For example, IoMT involves the connected smart ambulance, in
which real-time streaming