The telemedicine services market consists of sale of telemedicine services and related products. Telemedicine services are health care services provided via video chat, phone calls, text messages. Patients can use telemedicine for physical examination as well as to ask questions regarding health concerns.
The global telemedicine services market is expected grow from $39.3 billion in 2019 to $48.3 billion in 2020 at a compound annual growth rate (CAGR) of 23.0%. The growth is mainly due to the lockdown across countries owing to the COVID-19 outbreak and the preference for contactless medical services. The market is then expected to stabilize and reach $78.3 billion in 2023 at CAGR of 17.4%.