During the projected period, the global demand for telehealth and telemedicine market is predicted to develop at a CAGR of 26.6 percent, reaching US$ 285.7 billion by 2027, up from an estimated US$ 87.8 billion in 2022.
The growing geriatric and medically underserved (especially rural) populations, the rising prevalence of chronic health conditions, the benefits of telemedicine considering the prevailing scarcity of healthcare professionals and care staff, and progressions in telecommunications, as well as rising user acceptance, are all driving growth in the telehealth and telemedicine market share.
In the aftermath of COVID-19 During the projected period, however, regional variances in rules, the likelihood of fraud, and the usage of social media for care provision will have a detrimental impact on market growth.
In recent years, telehealth technology has experienced enormous expansion. It not only allows patients to communicate with doctors over the internet, but it can also help to save healthcare costs. Because of these benefits, physicians and hospitals are eager to incorporate digital health technologies and telemedicine requirements into their practices. This has prompted the government to adopt telehealth-related rules and reimbursement standards.
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While lowering emergency room visits, hospitalization, primary care utilization, long-term care, home admissions, and patient travel costs, telehealth and telemedicine, particularly remote patient monitoring (RPM)/tele-homecare, can improve patient self-management, medication compliance, clinical outcomes, and patient & provider satisfaction. End-user demand for telehealth technology is being fueled by these benefits.
As per the recent telehealth and telemedicine market study, growth of the industry is hampered by a lack of infrastructure and technological barriers.
Adoption of the service may be hampered by technological and infrastructure hurdles in medium and low-income countries. For the integration and transmission of medical data, digital health methods involve the latest telecommunication gear, high-speed internet with high bandwidth, and storage capacity, which is still a challenge in many developing nations.
Furthermore, the high cost of installation and the scarcity of qualified healthcare professionals are two main challenges limiting the telehealth and telemedicine market share expansion.
As medical delivery adjusts to the widespread use of telehealth, there appears to be considerable potential in analytics, AI, and machine learning. As a result, data-driven analytics is a crucial part of assuring telehealth’s efficacy and efficiency and for the evolution of telehealth.
Telemedicine saves money for the users as compared to traditional approaches. The benefits of telemedicine include lowered healthcare costs while boosting efficiency, thanks to better chronic illness management, shorter travel times, pooled health professional staffing, and fewer and shorter hospital stays.
As a result of all of the identified components, the market is predicted to grow rapidly over the projected timeline.
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Key Takeaways
- The market for teleconsultations and digital health services is at an all-time high, thanks to the new normal of social disconnection and isolation.
- Due to the increased use of telemedicine services and telehealth technology in hospital settings to consult various specialists by doctors, the tele hospital segment income is estimated to reach US$ 121.6 billion by 2027. Both the hospitals and the patients will save money as a result of this.
- In 2021, North America held the greatest proportion of the telehealth market. Issues such as the rising prevalence of chronic illnesses, the need to cut healthcare spending, and the growing general and senior population are all contributing to the substantial S telehealth market share.
- As per the telemedicine market segmentation, from 2021 to 2030, the Asia-Pacific area is predicted to have the highest CAGR of 29 percent.
- Europe is expected to be the second-largest market in terms of proportion, owing to improved government rules for the usage of digital health and the increased prevalence of chronic diseases.
Competitive Landscape
In the coming years, rising investment and distinctive business models of start-up enterprises are expected to alter the competitive landscape and the telehealth and telemedicine market outlook. These businesses are getting a lot of money from private equity firms to expand.
The telemedicine market size as per key players include MDLive, GE Healthcare, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., AMC Health, Koninklijke Philips N.V., Cerner Corporation, American Well, and Medtronic.
- Estshara, a Cairo-based firm that provides an online platform for health consultations and tele pharmacy services, received USD 500,000 in seed funding from Egypt Venture in July 2021. The company presently has over 2 million users and has completed over 200,000 consultations.
- MediTelecare launched “MediTely” on the market in May 2021. It’s a direct-to-consumer mobile health technology aimed at the elderly population who don’t live in long-term care facilities.
- Teladoc Health and Vivo collaborated in May 2021 to expand access to high-quality healthcare in Brazil, specifically through telemedicine.
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Explore FMI’s Extensive ongoing Coverage on Healthcare Domain
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Telemedicine Carts Market – Telemedicine carts has the potential to help facilitate the delivery of health services to area which lack hospitals for the treatment of major diseases. Modern advancement in information communications technologies have seen developments in different mechanisms for conducting telemedicine.
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