WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- The Global Telehealth Market is valued at USD 40.52 Billion in 2021 and is projected to reach a value of USD 200.53 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 38.9% over the forecast period 2022-2028.
Market Overview
The telehealth market is expected to grow at a compound annual growth rate (CAGR) of 38.9% from 2021 to 2028, reaching USD 200.53 Billion by 2028. The growth of the market is attributed to the rising adoption of telehealth services by patients and providers, the increasing prevalence of chronic diseases, the growing demand for convenient and affordable healthcare, and the technological advancements in telehealth.
The telehealth market can be segmented on the basis of component, service, mode of delivery, end user, and region. Based on component, the market can be segmented into hardware, software, and services. The hardware segment is expected to account for the largest share of the market during the forecast period. This can be attributed to the increasing demand for telehealth devices such as webcams, microphones, and headsets. The software segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing demand for telehealth software applications such as electronic health records (EHRs), patient portals, and video conferencing applications.
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Market Dynamics
The key driving factors for the growth of the telehealth market are:
- Rising adoption of telehealth services by patients and providers
- Increasing prevalence of chronic diseases
- Growing demand for convenient and affordable healthcare
- Technological advancements in telehealth
The key challenges for the growth of the telehealth market are:
- Lack of reimbursement for telehealth services
- Security and privacy concerns
- Lack of standardization of telehealth services
- Regulatory challenges
The telehealth market is expected to grow at a significant rate during the forecast period. The growth of the market is attributed to the rising adoption of telehealth services by patients and providers, the increasing prevalence of chronic diseases, the growing demand for convenient and affordable healthcare, and the technological advancements in telehealth.
Top Players in the Global Telehealth Market
- Koninklijke Philips N.V. (Netherlands)
- Medtronic (Ireland)
- GE Healthcare (US).
- 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)
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Top Report Findings
- Based on service, the market can be segmented into asynchronous telehealth, synchronous telehealth, and remote patient monitoring (RPM). The synchronous telehealth segment is expected to account for the largest share of the market during the forecast period. This can be attributed to the increasing demand for real-time interaction between patients and providers. The asynchronous telehealth segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing demand for self-service healthcare options.
- Based on mode of delivery, the market can be segmented into video conferencing, telephone, and messaging. The video conferencing segment is expected to account for the largest share of the market during the forecast period. This can be attributed to the increasing demand for real-time interaction between patients and providers. The telephone segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing demand for affordable and convenient healthcare options.
- Based on end user, the market can be segmented into hospitals, clinics, payers, and patients. The hospitals segment is expected to account for the largest share of the market during the forecast period. This can be attributed to the increasing adoption of telehealth by hospitals to reduce costs and improve patient care. The clinics segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing adoption of telehealth by clinics to improve patient care and reach a wider patient base.
- Based on region, the market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market during the forecast period. This can be attributed to the early adoption of telehealth in the region. Europe is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing demand for affordable and convenient healthcare options in the region.
Top Trends in Global Telehealth Market
Rising adoption of telehealth by patients and providers
The COVID-19 pandemic has accelerated the adoption of telehealth by patients and providers. Patients are increasingly looking for convenient and affordable healthcare options, and telehealth offers a way to meet these needs. Providers are also looking for ways to reduce costs and improve patient care, and telehealth can help them achieve these goals.
Increasing prevalence of chronic diseases
The increasing prevalence of chronic diseases, such as diabetes, heart disease, and cancer, is driving the demand for telehealth services. Telehealth can help patients manage their chronic conditions by providing them with access to care when and where they need it.
Growing demand for convenient and affordable healthcare
Patients are increasingly looking for convenient and affordable healthcare options. Telehealth can offer a more convenient and affordable way to access care than traditional in-person visits.
Technological advancements in telehealth
Technological advancements are making telehealth more accessible and affordable. New technologies, such as video conferencing and remote patient monitoring, are making it possible to provide high-quality care to patients in remote locations.
Government initiatives
Government initiatives are also driving the growth of the telehealth market. Many governments are supporting the adoption of telehealth as a way to improve access to care and reduce costs.
M&A activity
The telehealth market is also being driven by M&A activity. Large healthcare companies are acquiring telehealth companies in order to expand their reach and offer a more comprehensive range of services.
Investment from venture capitalists
Venture capitalists are also investing heavily in the telehealth market. This investment is helping to fuel the development of new technologies and services.
The telehealth market is expected to continue to grow in the coming years. The factors driving the growth of the market are expected to continue to be in place, and new factors, such as the aging population, are expected to emerge. The telehealth market is expected to become a major part of the healthcare system in the future.
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The global telehealth market is segmented by region into North America, Europe, Asia Pacific, and the Rest of the World.
North America is expected to account for the largest share of the market during the forecast period. This can be attributed to the early adoption of telehealth in the region. The United States is the largest market for telehealth in North America. The growth of the market in the region is attributed to the rising prevalence of chronic diseases, the growing demand for convenient and affordable healthcare, and the technological advancements in telehealth.
Europe is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing demand for affordable and convenient healthcare options in the region. Germany, France, and the United Kingdom are the major markets for telehealth in Europe. The growth of the market in the region is attributed to the rising prevalence of chronic diseases, the increasing demand for convenient and affordable healthcare, and the technological advancements in telehealth.
Asia Pacific is expected to be the fastest growing market during the forecast period. This can be attributed to the increasing population, the rising prevalence of chronic diseases, the growing demand for convenient and affordable healthcare, and the technological advancements in telehealth. China, India, and Japan are the major markets for telehealth in Asia Pacific. The growth of the market in the region is attributed to the rising population, the rising prevalence of chronic diseases, the growing demand for convenient and affordable healthcare, and the technological advancements in telehealth.
The Rest of the World is expected to grow at a moderate CAGR during the forecast period. This can be attributed to the increasing population, the rising prevalence of chronic diseases, the growing demand for convenient and affordable healthcare, and the technological advancements in telehealth. Brazil, Mexico, and South Africa are the major markets for telehealth in the Rest of the World. The growth of the market in the region is attributed to the increasing population, the rising prevalence of chronic diseases, the growing demand for convenient and affordable healthcare, and the technological advancements in telehealth.
Browse market data Tables and Figures spread through 167 Pages and in-depth TOC on Telehealth Market Forecast Report (2022-2028).
Global Telehealth Market Segmentation
Component
- Software & services
- Hardware
Mode of Delivery
- Cloud-based
- On-Premise
Application
- Teleradiology
- Tele-consultation
- Tele-ICU
- Tele-stroke
- Tele-psychiatry
- Tele-dermatology
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 40.52 Billion |
| Revenue Forecast by 2028 | USD 200.53 Billion |
| CAGR | 38.9% from 2023 to 2028 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland),GE Healthcare (US). Other prominent players in this market include Cerner Corporation (US), Cisco Systems, Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Siemens Healthineers (Germany), 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). |
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Key Questions Answered in the Telehealth Market Report are:
- What is the size of the global telehealth market?
- What are the key drivers of the global telehealth market?
- What are the key restraints of the global telehealth market?
- What are the key opportunities in the global telehealth market?
- What are the key trends in the global telehealth market?
- Who are the key players in the global telehealth market?
- What are the strategies adopted by the key players in the global telehealth market?
- What is the impact of COVID-19 on the global telehealth market?
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