Market Size of Asia-Pacific Telemedicine Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 35.46 Billion |
| Market Size (2029) | USD 70.13 Billion |
| CAGR (2024 - 2029) | 14.61 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Telemedicine Market Analysis
The Asia-Pacific Telemedicine Market size is estimated at USD 35.46 billion in 2024, and is expected to reach USD 70.13 billion by 2029, growing at a CAGR of 14.61% during the forecast period (2024-2029).
Owing to the current Pandemic Situation Asia-Pacific telemedicine is poised to grow owing to the rapid adoption of digital and smart health due to the current social distancing and lockdown protocol in this region. In October 2020, a white paper on technology-led transformation in Indian health care, released by the New Delhi-based Associated Chambers of Commerce and Industry of India stated that rapid migration to digital technologies is marked less by a strategic plan or roadmap and more by the urgency of decision-making due to the pandemic.
Factors such as a rise in healthcare costs, increasing remote patient monitoring, technological innovations, and a growing burden of chronic diseases in the Asia-Pacific region are augmenting the growth of the market.
In October 2020, The Ministry of Civil Affairs in China has predicted that the country's senior population is expected to reach 300 million in five years i.e., between the period 2021-2026, marking a demographic transition to a moderately aging society. And by around 2040, there will be more than 400 million seniors and fewer babies. This has become a serious concern for the Chinese ministry as an upcoming surge in the aging population is expected to increase the burden of various chronic diseases in the country.
With the increasing aging population and prevalence of chronic diseases in the Asia-Pacific region, there is a growing need for finding new ways that increase access to care and reduce the cost of medical care to improve patient outcomes. Using remote patient monitoring, which utilizes devices to remotely collect and direct information to a remote diagnostic testing facility for interpretation, the healthcare providers, insurance payers, and governments are looking to alter the way care is being delivered and at the same time reducing the cost of care. For instance, in November 2019, Royal Melbourne Institute of Technology (RMIT) partnered with the European Connected Health Alliance (ECHAlliance) and launched a digital health ecosystem in Australia to strengthen the connections between patients, clinicians, researchers, policymakers, technology providers, and the community. Therefore, owing to all the above-mentioned factors it is indicated that the telemedicine market will grow exponentially in the Asia-Pacific region.
