Telehealth Market Size, Trends and Growth Analysis By Component (Hardware, Software and Services), By Mode of Delivery (Web/Cloud-Based and On-Premise), By Application (Radiology, Cardiology, Primary Care, Neurophysiology and others), By End User (Hospitals and Clinics, Diagnostic Centers, Home Care and others) – Global Forecast till 2030
The telehealth market size was valued USD 64.2 billion in 2021 and is expected to reach USD 867.3 billion by 2030 at CAGR of 34.2% during the forecast period 2022-2030, says Market Research Future (MRFR). Technological improvements in healthcare are predicted to cause an increase in demand for telehealth services throughout the forecast period. The ease of access, government schemes implemented by various countries, improving collaboration between key players, and the favorable and growing need to reduce healthcare costs are all projected to drive the telehealth market forward.
Throughout the projection period, there is expected to be a rise in demand for telehealth services due to technological advancements in the healthcare industry. The telehealth market is anticipated to increase as a result of the ease of access, government initiatives carried out by different nations, improved cooperation between key players, and the favourable and growing need to lower healthcare costs. During the assessment period, it is anticipated that the increasing use of smartphones and reliance on different applications to access healthcare services would present lucrative opportunities that will support market growth.
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During the projection period, it is anticipated that the ongoing technological advancement in the healthcare industry will fuel demand for telehealth services. Some of the important factors that can boost the telehealth sector over the projected timeframe are the ease of access, increased collaboration among key players, positive measures implemented by governments of different nations, and growing need to lower healthcare costs.
Market Segmentation
The report on the global telehealth market is divided into sections on delivery method, component, application, and end-user.
The telehealth market is divided into software, services, and hardware depending on the component. A substantial portion of the market share is predicted to go to the services sector as a result of the increasing positive initiatives taken by various major players. However, due to increased awareness of the use of telehealth software, the software category is anticipated to develop at the highest rate.
The telehealth market is divided into on-premise and web/cloud-based segments based on the method of delivery. Due to its wider appeal, the web/cloud-based segment is anticipated to gain a greater market share. The on-premise category, however, is anticipated to develop at the highest rate due to an increasing level of awareness among hospital administration.
The telehealth market is divided into neurophysiology, cardiology, radiology, primary care, and others depending on the application. Due to the increasing use of telehealth technology in the radiology industry, the radiology segment is anticipated to gain a greater market share; nevertheless, the cardiology segment is anticipated to develop at the fastest rate.
Regional Analysis
Due to the quick uptake of telehealth services, the Americas are predicted to dominate the global market during the projection period. Another important factor that is anticipated to drive the regional market during the projection period is the growing patient population, growing interest in home healthcare services, and expanding player acquisitions.
The second-largest market for telehealth is anticipated to be in Europe. The market is expected to benefit significantly from the growing trend toward continuous and more effective healthcare monitoring throughout the review period.
Due to the rising demand for healthcare services brought on by the growing elderly population, APAC is anticipated to see the fastest market growth during the study period. Other significant drivers driving the regional market throughout the evaluation period are the rising incidences of chronic illness prevalence and more spending on healthcare services. Due to a lack of awareness and underdeveloped economies, the Middle East and Africa are expected to experience slow growth. According to the telehealth business, Evernorth’s MDLive is enhancing support for patients with chronic conditions as part of its virtual primary care platform.
Millions of customers who use MDLive’s services as part of their health benefits will have access to additional chronic illness management capabilities starting next year, according to a news statement from Cigna, the parent company of Evernorth. When the initiative launches in 2023, patients with hypertension will be the primary target audience. Members will work with their MDLive primary care physician to create a customised treatment plan to manage their illness. Lab testing, medication management, lifestyle goals, and, if required, referrals to additional healthcare providers are all part of this strategy.
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Key Players
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), Cisco Systems Inc. (US) are the major players in the global market.
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