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Increasing Incidence of Chronic Diseases Fueling Demand for Telemedicine
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.
By: P&S Intelligence
The incidence of chronic diseases such as cancer, cardiovascular diseases, stroke, diabetes, and respiratory diseases is surging all over the world, because of the lack of proper access to adequate healthcare and preventive care and the changes in dietary habits and lifestyles of people across the world. Several environmental factors, oxidative stress, and genetic disposition are the other major factors fueling the prevalence of chronic diseases and health problems throughout 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.
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As per a report published by the Centers for Medicare & Medicaid Services (CMS), in the U.S., the total healthcare cost is predicted to rise from an average of 17.7% to 19.7% from 2018 to 2028. Due to this reason, the popularity of affordable healthcare solutions and services such as telemedicine is growing rapidly all over the world, which is, in turn, driving the progress of the global telemedicine market.
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.
Hence, it is safe to say that the popularity of telemedicine will soar all over the world in the upcoming years, mainly because of the increasing incidence of lifestyle-associated and chronic diseases and the surging geriatric population in several countries around the world.