Telehealth is the way of delivering healthcare at a distance, with the help of telecommunications and information technology. This involves use of smartphones, emails, two-way video conference calls and other wireless devices, such as wearable and Wi-Fi-connected bio sensors or medical peripheral devices. Telehealth has rapidly evolved in recent years. Technological advancements including high speed communication networks, improved storage medium, security, application development, mobile technology, cloud computing and digitization has led to the transformation in uptake of telehealth. Telehealth is promptly becoming a critical part of the healthcare industry as it enables hospitals, physicians, payers, employer groups to reduce costs while improving quality of care.
According to Meticulous Research®, the global telehealth market is expected to grow at a CAGR of 21.6% from 2022 to reach $539.73 billion by 2029.
Growth of this market is primarily attributed to factors such as the increasing geriatric population coupled with the growing prevalence of chronic diseases, favorable government initiatives & reforms/policies, shortage of healthcare professionals, and increasing awareness about the benefits of telehealth are driving the growth of the market. In addition, the use of artificial intelligence & virtual assistants and the development of telerobots are expected to provide great growth opportunities for the market in the coming years. However, the lack of health standards compared to the traditional health system and patient privacy & confidentiality issues may restrain the growth of this market to some extent. Similarly, reluctance to migrate from conventional systems & occurrences of misdiagnosis and technological barriers in developing countries may prove challenging to the players operating in this market.
To provide efficient analysis, Meticulous Research® has segmented this market on the basis of component, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, in 2022, the services segment is estimated to account for the largest share of the market. This is majorly accounted to the high utilization of telehealth services, including teleconsultation and telemonitoring, due to factors such as an increase in geriatric population, an increase in the prevalence of chronic diseases, and rise in the adoption and awareness about telehealth solutions.
Based on application, in 2022, the radiology and psychiatry segments have high penetration in the market. This is majorly accounted to the sudden outbreak of COVID-19 significantly increased the demand for these telehealth services. The rising number of imaging procedures and shortage of radiologists is contributing to the high penetration of radiology in the telehealth market.
Based on end user, in 2022, the healthcare providers segment is estimated to account for the largest market share due to factors such as a rise in demand for convenient care, along with the unavailability of medical professionals.
Geographicaly the market is segmented in to North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2022, North America dominated the telehealth market majorly due to the presence of a robust healthcare system in the region, and the presence of key market players in the region.
The key players operating in the telehealth market are Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic Public Limited Company (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine, Inc. (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.), among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/telehealth-market-4174
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