Telehealth Market Overview
The Telehealth Market size is anticipated to reach USD 60,327.39 Million while thriving at CAGR of 23.20% by 2030. During the projected period, ongoing technology advancements in the healthcare industry are expected to drive demand for telehealth services. The ease of access, rising collaboration among major players, favorable government initiatives in many countries, and growing demand to lower healthcare costs are some of the significant factors that would boost the telehealth market throughout the forecast period.
Telehealth use is accelerating, particularly in radiology, cardiology, mental health, and online consultation. The telehealth market is experiencing tremendous growth as a result of increased start-up financing and product launches, particularly for virtual consultations. The increasing adoption of mobile phones and the increasing reliance on various apps to access healthcare services are likely to create attractive prospects that will help the telehealth market grow throughout the assessment period.
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COVID-19 has had an unprecedented and astounding worldwide impact, with the market seeing a positive demand shock across all areas during the epidemic. With the growth of video telehealth in the aftermath of COVID-19, virtual care is now accessible to all user types in all healthcare settings. Care delivery is no longer limited to the conventional healthcare setting. Online video or voice consultations with physicians are rapidly gaining popularity. Teleconsultations’ cost-effectiveness, reduced outpatient department (OPD) wait times, and convenience of access are the primary reasons for the dramatic growth in preference for e-visits. This has also attracted a large number of start-up businesses, and a major increase in equity company investment is encouraging telehealth market growth.
The absence of a regulatory framework and a scarcity of supportive policies in underdeveloped countries are projected to impede the growth of telehealth over the review period.
Telehealth Market Segmental Analysis
Telehealth market is categorized by component into software, services, and hardware.
Telehealth is segmented into on-premise and web/cloud-based delivery modes.
Telehealth market is categorized by application into neurophysiology, cardiology, radiology, primary care, and others.
The global telehealth market is categorized by end user into hospitals and clinics, home care, diagnostic clinics, and others.
Telehealth Market Regional Overview
According to MRFR’s research of the global telehealth market, the Americas is expected to dominate the worldwide market during the forecast period due to the growing adoption of telehealth services. Additionally, the growing patient population, a more favorable attitude toward home healthcare services, and an increase in acquisitions among key competitors are predicted to be some other significant factors propelling the regional market throughout the projection period.
Europe is predicted to be the second largest telehealth market. The growing trend toward more efficient and continuous healthcare monitoring is expected to be a major factor driving the market during the review period.
APAC is expected to develop at the fastest rate during the study period, owing to rising demand for healthcare services as a result of the growing geriatric population. Increased prevalence of chronic diseases and increased expenditure on healthcare services are additional significant drivers fueling the regional market over the assessment period.
The Middle East and Africa are expected to grow slowly as a result of a lack of awareness and weak economies.
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Telehealth Market Competitive Dynamics
Numerous startups are launching solutions and software for virtual consultations and remote monitoring. Even established players aim to combine distinct expertise into their services, such as mental health, dermatology, cardiology, and general medicine.
The notable players of the telehealth market are Allscripts Healthcare Solutions (US), American Well (US), Honeywell International Inc. (US), Right Health (Canada), Boston Scientific Corporation (US), Medtronic PLC (Ireland), Care Innovations LLC (US), GlobalMed (US), Siemens (Germany), AMD Global Telemedicine Inc. (US), and Cisco Systems Inc. (US).
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