The global telemedicine market size is expected to reach USD 298.9 billion by 2028, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 22.4% from 2021 to 2028. Key drivers of the market include increasing incidences of chronic conditions and rising demand for self-care. Furthermore, enhancing internet application, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing to market growth.

In the U.S. both state and federal laws have evolved to facilitate the widespread use of telemedicine to cope up with the COVID-19 pandemic. For instance, in March 6, 2020 the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It includes USD 8.0 billion emergency funding for the federal agencies and to expand reimbursement coverage for telehealth services. Various U.S. states also waived of the licensure for better utilization of the service. This positively impacted the market growth during the pandemic.

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Rapid advancements in technology is further expected to boost the demand for online consultation, thereby contributing to the market growth of telemedicine solutions and services over the forecast period. For instance, in April 2020, American Well launched Amwell Private Practice that is a secure, simple and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID19 patients. There has been a significant rise in telemental health visits over the past decade in the U.S. and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.

Key Companies & Market Share Insights

The market is highly fragmented and competitive. Market players are involved in implementing strategic initiatives, such as product upgrades, regional expansions, portfolio diversification, and mergers & acquisition. The market is expected to have intense competition as many startups are seeking opportunities in this sector as well as large-scale, established companies are entering the market to increase their portfolio.
For instance, in August 2020, AMD partnered with iTelemed, an Ontario-based company providing virtual healthcare solutions. This partnership was formed to cater to the unmet healthcare needs of the marginalized population within Canada during the COVID-19 pandemic. Furthermore, in July 2020, Teladoc Health, Inc. acquired InTouch Health, a U.S.-based company. With this, the company integrated InTouch Health’s portfolio with its existing products and enhanced health care across in-patient, outpatient, and home care settings. Some of the key players in the global telemedicine market include: MDlive, Inc. (Evernorth), American Well Corporation, Twilio Inc., Teladoc Health, Inc., Doctor On Demand, Inc. (Included Health), Zoom Video Communications, Inc., SOC Telemed, Inc. , NXGN Management, LLC, Plantronics, Inc., Practo, Vsee

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