According to report, the telehealth market size is expected to reach USD 485 billion by 2030 from at USD 63 billion in 2021, poised to grow at a compound annual growth rate (CAGR) of 27% during the forecast period 2021 to 2030.
Telehealth Market (By Type: Hardware, Software, & Services; By Application: Telemedicine, Patient Monitoring, Continuous Medical Education, & Others; By Modality: Store-and-Forward, Real-Time, & Remote Patient Monitoring; By Mode of Delivery: Cloud-Based & On-Premises; By End-Users: Healthcare Facilities, Homecare, & Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030
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Telehealth is a technological form of delivering healthcare services over a range of communicative technologies such as mobile devices and computers from a remote location. Telehealth services are often considered as the primary source of providing healthcare services to people living in rural areas and consumers with sources presiding with limited mobility, time, and transportation capabilities. The driving factors behind the significant growth of the telehealth market can be contributed to an increased adoption rate of telehealth technology in the field of radiology, cardiology, and behavioral health among others.
Furthermore, a rising trend of online consultation services will further propel the growth of the global telehealth market towards a positive outlook. Additional factors include the increasing rate of elective surgeries and reduced hospital visits for regular checkups will further increase the footprint of the market during the forecast. The advent of COVID-10 has tightened social distancing norms which increases the value of telehealth products and solutions during the forecast. The rise in population, increased demand for expanding healthcare access, growing prevalence of chronic diseases and conditions among others will further nudge the market toward a ballooned state.
Cost-effectiveness of teleconsultations, reduced outpatient department waiting times, and easy access. Furthermore, factors such as the rising population, the need to expand healthcare access, a shortage of physicians, advancements in telecommunications, government support, increasing awareness, and increasing technology adoption.
The global telehealth market can be divided into telemedicine, patient monitoring, continuous medical education, and others on the basis of type. The telemedicine segment can be further broken down into teleradiology, teleconsultation, tele-ICU, telestroke, telepsychiatry, and teledermatology. The segment of telemedicine is expected to witness the largest market share during the forecast owing to a surge of physicians joining telehealth platforms coupled with increased adoption of software and growing emphasis on continuous patient care.
The global telehealth market can be divided into healthcare facilities, home care, and others on the basis of end-users. The healthcare facilities segment will account for the largest market share during the forecast in terms of global revenue contribution. Factors contributing to the dominant position of the market are increasing telehealth solutions in order to lessen the burden on medical specialists and a rise in government expenditure for similar applications.
Virtual Medical Centers to Boost the Growth of the Telehealth Market
Numerous healthcare players are trying to embrace change at a rapid pace. As physical visits and consultation become risky, the need for virtual meetings and consultations has increased. In tandem with the trend, many companies are focusing on virtual medical centers. These centers provide consultation online and offer great convenience to the users, which will help in structuring a robust growth trajectory for the telehealth market.
General Motors launched virtual health care for its employees recently. The Henry Ford Virtual Care Center will be open for the 20000+ employees at General Motors. Such developments bring good growth prospects for the telehealth market.
Strengthened Regulatory Provisions to Help in Speedy Adoption of Telehealth
The government bodies of numerous countries are promoting telehealth extensively. The growing prominence of telehealth technologies has led many countries to adopt or amend regulations. The Health Insurance Portability and Accountability Act (HIPAA) is a classic instance. It has guidelines that enable the protection of patient health information from being disclosed without the patients’ knowledge. Such acts and regulations help increase the growth rate of the telehealth market.
On the basis of type, the global telehealth market can be divided into hardware, software, & services. The service segment is expected to witness the largest market share during the forecast due to contributing factors such as increased virtual consultations, teleconsultation reimbursements by government policies, and increased funding for the technology to name a few.
On the basis of application, the global telehealth market can be fragmented into telemedicine, patient monitoring, continuous medical education, and others. The telemedicine segment can be further broken down into teleradiology, teleconsultation, tele-ICU, telestroke, telepsychiatry, and teledermatology, among others. The telemedicine segment is expected to witness the largest market share during the forecast owing to increased adoption of software, an increasing number of physicians joining virtual consultation applications, and a growing emphasis on continuous patient monitoring solutions.
On the basis of modality, the global telehealth market can be fragmented into store-and-forward, real-time, and remote patient monitoring. The real-time segment is expected to witness the largest market share during the forecast owing to rising demands of e-visits and less cost compared to face-to-face consultation.
North America is expected to witness the largest market share during the advent of the forecast in terms of market share. Factors contributing to the dominant position of the region can be due to the presence of key players in the region, increased prevalence of healthcare facilities, improving technological advancements, and increased government facilities for the same will further boost the market footprint during the forecast.
Asia-Pacific is expected to witness the fastest growing CAGR during the forecast period.
The key participants in the global telehealth market are American Well, MDLIVE, Inc., Teladoc Health, Inc., Doctor on Demand, Inc., Dictum Health, Inc., Grand Rounds, Inc., OpenTelehealth, Medtronic, GE Healthcare, Cerner Corporation, Teladoc Health, Inc., Asahi Kasie Corporation, Iron Bow Technologies, Telespecialists, LLC, and GlobalMed among others.
Report Scope of the Telehealth Market
|Market Size||US$ 485 Billion by 2030|
|Growth Rate||CAGR of 27% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Companies Mentioned||American Well, MDLIVE, Inc., Teladoc Health, Inc., Doctor on Demand, Inc., Dictum Health, Inc., Grand Rounds, Inc., OpenTelehealth, Medtronic, GE Healthcare, Cerner Corporation, Teladoc Health, Inc., Asahi Kasie Corporation, Iron Bow Technologies, Telespecialists, LLC, and GlobalMed|
By Type Segment Analysis
By Application Segment Analysis
- Patient Monitoring
- Continuous Medical Education
By Modality Segment Analysis
- Remote Patient monitoring
By Mode of Delivery Segment Analysis
- Cloud-Based Delivery
- On-Premises Delivery
By End-Users Segment Analysis
- Healthcare Facilities
By Regional Segment Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2021) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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