The increasing incidence of lifestyle-associated and chronic diseases is fueling the surging popularity of telemedicine all over the world. As per the World Health Organization (WHO), chronic diseases are one of the major causes of mortality across the globe. They are responsible for as much as 60% of the total deaths across the world. Out of the various types of chronic diseases and health problems, cardiovascular diseases (CVD) are the primary cause of deaths around the world.
Besides the aforementioned factor, the soaring healthcare cost in many countries is also propelling the adoption of telemedicine. In recent times, there has been a sharp rise in healthcare costs in nursing homes, clinics, and hospitals and this will rise even further in the coming years. Due to the surging costs of medical care, healthcare services and goods, administrative care, and various healthcare technologies, healthcare is rapidly becoming inaccessible to a major part of the global population.
The valuation of the market is predicted to grow from $27.8 billion to $144.2 billion from 2019 to 2030. Furthermore, the market is predicted to progress at a CAGR of 15.8% between 2020 and 2030. Depending on type, the telemedicine market is categorized into tele home and tele hospitals and clinics. Between these, the tele hospitals and clinics category is predicted to exhibit higher growth in the market in the forthcoming years.
Geographically, the telemedicine market recorded the highest growth in North America during the past few years and this trend will continue in the upcoming years as well, as per the forecast of P&S Intelligence, a market research company based in India. The factors driving the progress of the market in this region are the growing incidence of lifestyle-associated and chronic diseases, the surging population of geriatric people, and the soaring government grants and funding being provided for telemedicine.
