The telemedicine industry is expected to experience a compound annual growth rate of 21.4 percent through 2031, reaching a value of more than $435 billion, according to market analysis published May 10 in Digital Journal.
The telemedicine market was previously valued at $60.9 billion in 2021. This surge over the next decade is expected due to the increasing demand of telehealth services, fueled by its cost benefits and the growing prevalence of chronic illnesses.
The market report also considers restraints to the growing industry, including healthcare fraud. Fraudulent telehealth activities by providers could have a potential negative impact on the market's credibility, the report said.
This article originally appeared at https://www.beckersphysicianleadership.com/digital-health/telemedicine-industry-expected-to-reach-435b-by-2031.html