The global Telehealth market is valued at USD 120.81 billion in 2024 and is expected to reach USD 833.16 billion by 2034, registering a CAGR of 21.30% from 2024 to 2034. The base year considered for the study is 2022, and the forecast has been provided for the period, 2024 to 2034.
Telehealth is on the verge of becoming widely used, propelled by the confluence of regulatory and technical development against the backdrop of a rapidly changing healthcare sector. Both telehealth and telemedicine refer to the utilization of medical information transmitted from one location to another via electronic communications to enhance the patient's state of health, and the phrases are sometimes used interchangeably. A few healthcare circles also refer to it as Virtual Medicine or VirtMed.
The decades-old market for telemedicine is now successfully navigating its way through technical, governmental, and financial obstacles. Recent technical and legislative changes are driving the evolution, which is being led by:
(1) Recent legislation making telehealth a more feasible alternative for providers via favouring regulations and strengthening licence standards and reimbursement.
(2) Health reform, which represents a positive lever as millions of new lives are added, boosting demand for less expensive services in an environment where cost is increasingly constricted.
(3) technology that has advanced to the point where cell phones are commonplace, allowing for the immediate delivery of services like healthcare to customers.
For the first time in decades, telehealth is a customer engagement, care management, and cost reduction solution that is transforming the way healthcare is delivered. Cost, access, convenience, and quality are the four main needs that telehealth fulfils in the health care sector. A few of the early promises telehealth has for the healthcare industry include bending the cost curve, enhancing results, and fostering a more patient-friendly environment.
Telehealth and telemedicine technologies are anticipated to experience a significant uptake by clinicians, payers, employers, and consumers as the American health system switches from a fee-for-service to a fee-for-outcomes model. The new push into telehealth by stakeholders is also a part of broader digital initiatives that include clinical analytics, Big Data, consumer interaction technology, wearable devices, biosensing technologies, and population health management.
Market Dynamic:
Drivers:
Some of the major reasons propelling the growth of the worldwide telehealth and telemedicine market include a growing demand to integrate digital healthcare systems and a growing need to extend the reach of better medical care facilities.
Other reasons driving up demand for telehealth and telemedicine solutions in the global market include the rise in government financial support, the ageing of the population, the incidence of chronic diseases, the phenomenal growth of the telecommunications sector, and the increased use of associated healthcare IT solutions.
Restraints:
There are other obstacles, such the fact that healthcare providers can oppose innovation in telehealth and telemedicine since it generates competition. A dearth of qualified telehealth and telemedicine specialists, high maintenance and service expenses, and the high cost of telehealth devices are some of the key factors that are expected to hinder the growth of the worldwide telehealth and telemedicine market during the forecast period.
Market Segmentation:
By Component:
The hardware and software segments of the telehealth industry are divided based on component types. In 2023, the software & category held the biggest market share in telehealth.
The significant market share of this sector is mostly attributable to the widespread usage of telehealth and telemedicine. During the forecast period, the hardware segment is anticipated to have the greatest CAGR of XX.XX percent.
By Application:
Due to factors such the expansion of imaging practises, the acceptance of teleradiology workflow by healthcare providers, and the simplification and regulation of teleradiology activities, the teleradiology segment led the telemedicine market and accounted for the largest sales share of over XX.XX percent in 2023. Key growth drivers for the projection period include the application of Picture Archiving and Communication System (PACS), the incorporation of Artificial Intelligence (AI) into teleradiology, and the development of eHealth-related R&D activities.
By Hardware:
The Global telehealth market has segmented on based on hardware in glucose meters sector. Whare it showing largest market share comparatively other segment.
By Delivery:
The global telehealth market is divided into divisions for on-premise and cloud-based delivery, depending on the method. In terms of market share for telehealth in 2021, the human pathology category led the way. The on-demand nature of the services, their simple scalability, and the ability of cloud-based solutions to reduce costs are the main reasons driving the market for cloud-based delivery mode segments.
By End Users:
In 2023, the patients' sector commanded the biggest revenue share of XX.XX percent in the telemedicine market. This is due to the wide range of reasons consumers use telemedicine, from minor to major health difficulties to urgent crises. The insurance companies paying the telemedicine providers on account of the patients make up the payer’s section. Not every telemedicine service is currently covered by insurance. Although Medicare only pays for a small number of telehealth services in a few rural areas, consumers must visit clinics to complete a session. In the upcoming years, this market segment should continue to expand steadily.
Healthcare practitioners can quickly access patient records, receive improved decision support, clinical alerts, and real-time quality reporting thanks to telehealth systems, which also improve healthcare quality. In considerations of patient workflow and data administration, eHealth solutions are very convenient for healthcare professionals. As a result, over the projected period, more providers are predicted to use telemedicine.
By Region:
Due to a high level of demand in the recent past, North America held a monopoly on the telemedicine industry and generated the greatest revenue share of XX.XX percent in 2023. Europe came in second. Due to the increased acceptance of cloud-based technologies and rising healthcare awareness over the projected period, these regional markets are anticipated to exhibit a similar trend. Due to ongoing research and development efforts, a developed region like North America has accounted for the largest revenue share in the worldwide market.
Due to the rising demand for healthcare support, particularly in rural areas, developing regions like the Asia Pacific, Middle East, and Africa are anticipated to have favourable growth in the business.
Over the next Future years, growth is anticipated in emerging economies like China and India. In the near future, it is projected that advancements in technology will improve this region's economic prosperity. Healthcare providers have been able to efficiently expand their offerings to rural areas because to technology. Additionally, this technology is being used significantly for the elderly population as well as for people who are unable to access healthcare practitioners due to a chronic illness or being unable to move.
Recent Development:
- 18 June 2022, Mayo Clinic, announced that some clinics may use telemedicine to offer remote care, they may offer virtual visits.
- 25 oct 2021, online consultation has augmented manifold during the pandemic announced by Teladoc Health Inc.
Competitive Landscape:
The following are some of the leading companies in the Telehealth/Telemedicine Market: Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland),GE Healthcare (US). Other prominent players in this market include Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems, Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Doctor on Demand (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), Zipnosis (US).
Market Segmentation:
By Component
- Software & Services
- RPM, Real-Time
By Application
- Teleradiology
- Telestroke
- TeleICU)
By Hardware
- Glucose Meters
By End-User
- Provider
- Payer
- patient
By Delivery
- On-Premise
- Cloud
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Russia
- UK
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
What Does This Report Provide?
This report provides a detailed understanding of Escalator market from qualitative and quantitative perspectives during the forecast period. The major market drivers, challenges, and opportunities for Telehealth/Telemedicine Market have been covered in the report.
Objectives of this report:
- To estimate market size on regional and global basis.
- To identify major segments in the market and evaluate their market shares and demand.
- To provide a competitive scenario for the market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of the market with their potential gravity during the forecast period.
Customization:
This study is customized to meet your specific requirements:
- By Segment
- By Sub-segment.
- By Region/Country
- Product Specific Competitive Analysis.
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