According to a recent study by Growth Plus Reports, the Global Telehealth Market was valued at US$ 89.12 billion in 2021 and is expected to register a revenue CAGR of 33% to reach US$ 1160 billion by 2030 during the forecast period from 2022 to 2030. The study discusses the most effective tactics, market trends, major drivers and opportunities, the competitive landscape, market size, statistical statistics, and revenue.
Key Takeaways:
- The rising use of advanced technology and smartphones is increasing market revenue.
- Government initiatives to support the adoption of telehealth services are driving revenue growth.
- The increasing R&D activities in this field are creating more applications in the pipeline.
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Telehealth Market Scope
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 89.12 billion |
|
Revenue forecast in 2030 |
US$ 1160 billion |
|
Growth Rate |
CAGR of 33% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Type, Mode of delivery, Application, End-user, and Region. |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Market Drivers:
The global telehealth market revenue is affected by increased internet network coverage as well as the improvement and availability of smartphones. The key players launching novel health platforms to deliver virtual healthcare and technological advancements like IoT and healthcare analytics are propelling the market revenue growth.
Market Segmentation:
Growth plus reports have analyzed the global telehealth market from perspectives such as type, mode of delivery, application, end-user, and region.
Type Segmentation:
Based on type, the global telehealth market is segmented into products and services.
The service segment dominates the global telehealth market with the largest revenue share. This high revenue share is due to rising internet penetration, hardware and software development, advancements in digital healthcare infrastructure, and expanding investments in digital healthcare.
The product segment is expected to grow during the forecast period due to the growing adoption of devices for teleconsultation.
Mode Of Delivery Segmentation:
Based on the mode of delivery, the global telehealth market is segmented into web-based and cloud-based.
The web-based delivery segment dominates the telehealth market because of the direct access to healthcare provided by the web-based platform. The rising adoption of web-based delivery is because of the cost-effectiveness of web-based platforms. Internet penetration in niche regions and innovation in smart technologies is also driving the revenue share.
The cloud-based delivery segment is expected to grow during the forecast period.
Application Segmentation:
Based on application, the global telehealth market is segmented into patient monitoring, telemedicine, continuous medical education, and others.
The telemedicine segment dominates the global telehealth market with the largest revenue share. With the rising acceptance of telemedicine technology by medical practitioners, allowing them to consult through video, the telemedicine sector leads the telehealth industry.
End-User Segmentation:
Based on end-user, the global telehealth market is segmented into home care, hospital, and others.
The hospital segment dominates the global telehealth market with the largest revenue share. This rise in revenue share is attributed to the increasing disposition of telemedicine in hospitals to reduce the burden of work on healthcare providers, and government-funded projects are driving the market revenue.
Regional Growth Dynamics:
Based on region, the global telehealth market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global telehealth market with the largest revenue share. This significant revenue share is attributed to a large number of smartphone users, increased spending on healthcare IT, better internet connectivity, advanced digital infrastructure, the prevalence of chronic disorders, and awareness amongst end users regarding the presence of digital healthcare platforms.
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Competitive Landscape:
The prominent players operating in the global telehealth market are:
- Teladoc Health Inc.
- Koninklijke Philips N.V.
- Siemens Healthineers
- GlobalMed
- Doctor on Demand
- Grand Rounds Inc.
- American Well
- Open TeleHealth
Partnerships, acquisitions, and other forms of collaboration are acknowledged by the market as strong growth strategies, enhancing the chance of future revenue growth. Expansion efforts, appealing pipeline items, and product approvals can provide the organization with opportunities for future revenue growth.
Recent Developments:
- In April 2022, Sanford Health announced the opening of Virtual Care facilities equipped with telemedicine technology that provides primary and secondary health care.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL TELEHEALTH MARKET – ANALYSIS & FORECAST, BY TYPE
- Products
- Services
- GLOBAL TELEHEALTH MARKET – ANALYSIS & FORECAST, BY MODE OF DELIVERY
- Web-based
- Cloud-based
- GLOBAL TELEHEALTH MARKET – ANALYSIS & FORECAST, BY APPLICATION
- Patient Monitoring
- Telemedicine
- Continuous Medical Education
- Others
- GLOBAL TELEHEALTH MARKET – ANALYSIS & FORECAST, BY END USER
- Homecare
- Hospital
- Others
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VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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