Telehealth Market
Number of pages: 100 | Report Format: PDF | Published date: October 11, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
|
Market size value in 2021 |
US$ 89.12 billion |
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Revenue forecast in 2030 |
US$ 1160 billion |
|
Growth Rate |
CAGR of 33% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Type, Mode of delivery, Application, End-user, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global telehealth market was pegged at US$ 89.12 billion in 2021 and is expected to witness a CAGR of 33% during the forecast period.
Market Fundamentals
Telehealth is a part of health information technology in which health-related services are delivered via telecommunication. This allows patients and clinicians sitting at different locations to benefit and provide, respectively, healthcare services like consultation, advice, monitoring, and remote admissions. This bridges the gap in cases of lack of mobility, pandemic, lack of staff, etc. it also enables the practitioners to manage the health data or even perform surgery remotely. It can be applied in various fields like telenursing, tele dentistry, telenursing, telerehabilitation, telepsychiatry, etc.
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Market Dynamics
Increased internet network penetration and advancement and availability of smartphones have influenced the global telehealth market over the years. The rising prevalence of chronic diseases led to their monitoring through smartphones and tablets is also driving the telehealth market. As a result, their dependency on the in-person visit has dramatically reduced. Additionally, many key players are launching many innovative platforms to deliver virtual healthcare. This development of advanced technology involving the care of remotely located patients has reduced the hospitalization rate, which has propelled the market growth. Innovation in health IT, like IoT and healthcare analytics, smartphone connectivity, and fitness trackers are significantly bringing a revolution in the global telehealth market. Furthermore, government initiatives to support the adoption of telehealth services are also driving the global telehealth market.
Market Ecosystem
The global telehealth market has been analyzed from five perspectives: type, mode of delivery, application, end-user, and region.
Telehealth Market by Type
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The global telehealth market has been bifurcated into, products and services. The services type segment dominates the telehealth market. The increased internet penetration, development in hardware and software, improvements in digital healthcare infrastructure, and growing investments in digital healthcare are all responsible for the dominance of this segment. The product segment is anticipated to grow in the forecast period, due to the growing adoption of devices for teleconsultation.
Telehealth Market by Mode of Delivery
The global telehealth market has been divided into two distinct categories based on the mode of delivery, namely 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, hence its growing adoption. This adoption is also because of the cost-effectiveness of web-based platforms. Internet penetration in niche regions and innovation in smart technologies is also driving the telehealth market. Whereas the cloud-based delivery segment is expected to grow in the forecast period.
Telehealth Market by Application
Based on application, the global telehealth market has been divided into patient monitoring, telemedicine, continuous medical education, and others. The telemedicine segment dominated the telehealth market, owing to the increased adoption of telemedicine technologies by medical practitioners, enabling them to consult via video.
Telehealth Market by End-User
The global telehealth market has been divided into home care, hospital, and others. The healthcare facilities like the hospital segment dominate the global telehealth market. Increasing the disposition of telemedicine to reduce the burden of work on healthcare providers is leading to the growth of this segment. Also, government-funded projects is also driving the market. Whereas, as the homecare segment is growing, this itself is responsible for the dominance of this segment in the market during the forecast period.
Telehealth Market by Region
The global telehealth market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World, based on region. North America dominates the global telehealth market. This is owing to many smartphone users, increased spending on healthcare IT, better internet connectivity, the presence of advanced digital infrastructure, the prevalence of chronic disorders leading to an increased burden on the economy, and awareness amongst end users regarding the presence of digital healthcare platforms. The growing trend of home healthcare has greatly influenced the telehealth market. In the coming years, many start-ups would emerge with the idea of developing and delivering advanced healthcare solutions.
Competitive Landscape
Some of the prominent players operating in the global telehealth market are:-
Strategic Developments
The global telehealth market is going to observe a growth rate of 33% in the forecast period.
The increased internet availability and technological advancements in healthcare services are the key governing trends.
Cerner, Philips etc. are a few key players in the telehealth market.
Web delivery segment in the telehealth market holds most of the share.
Asia Pacific region is expected to witness a high growth rate in the forecast period.
*Insights on financial permanence is subject to availability of information in public domain