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The Telehealth Market size was USD 126.97 billion in 2022. Covid-19's pandemic created an urgent need for remote healthcare services to minimize in-person contact and reduce the risk of virus transmission. As a result, there has been a tremendous surge in demand for telehealth services, including teleconsultations, telemonitoring, and teletherapy.
According to a new report by IMIR Market Research on Global Telehealth Market is projected to grow at a CAGR of 95.7%, from USD 159.47 billion in 2023 to USD 987.13 billion in 2031 during the forecast period (2024-2032). The sudden rise in CAGR is attributed to this market growth returning to the pre-pandemic level once the pandemic is over.
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Telehealth Market. On the basis of historic growth analysis and current scenario of Telehealth market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Telehealth market. This further helps users with their developmental strategy.
This report examines all the key factors influencing growth of global Telehealth market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Telehealth market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.
The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The telehealth market refers to the provision of healthcare services and information remotely using telecommunication technologies and digital platforms. It involves the use of various communication tools, such as video conferencing, secure messaging, mobile apps, and remote monitoring devices, to facilitate virtual consultations, remote diagnosis, treatment, monitoring, and patient education. The telehealth market is driven by factors such as increasing demand for convenient and accessible healthcare, advancements in communication technology, cost savings potential, and the need for remote healthcare delivery in underserved areas.
The scope of the telehealth market encompasses various aspects related to the provision of remote healthcare services and the technologies supporting. The telehealth market involves various technologies and platforms that facilitate remote healthcare delivery. This includes video conferencing software, secure messaging platforms, mobile health applications, electronic health record (EHR) systems. Several key players in the market are adopting strategies such as mergers, acquisition, partnerships, and collaboration for the expansion their product portfolio. For instance,
Patients are seeking more convenient and accessible healthcare options. Telehealth allows individuals to access medical services remotely, eliminating the need for in-person visits, long wait times, and travel. It offers convenience, especially for patients with limited mobility, those in rural or underserved areas, and those seeking specialist consultations. Telehealth eliminates the need for patients to travel to healthcare facilities, wait in crowded waiting rooms, or take time off work for appointments. Virtual consultations allow patients to schedule appointments at their convenience, reducing the time and effort required for in-person visits.
For instance, in August 2021, Biden-Harris Administration announced an investment of approximately 19 million to improve healthcare delivery and address gaps in care faced in rural areas that have poor access to critical services.
Rapid advancements in communication technology, including high-speed internet, mobile devices, and video conferencing tools, have made telehealth more feasible and accessible. The availability of reliable and secure communication infrastructure enables seamless virtual consultations and remote monitoring of patients' health.
The proliferation of mobile devices, particularly smartphones, has expanded access to telehealth services. Patients can easily connect with healthcare providers through mobile apps, receive notifications, and access their medical information on the go. Mobile devices also support the use of remote monitoring devices and health-tracking applications.
The telehealth market has experienced significant growth and adoption, particularly accelerated by the COVID-19 pandemic. Telehealth services have become more widely accepted and integrated into healthcare systems, and the trend is expected to continue as patients and providers recognize the benefits and convenience of virtual care.
The need for social distancing and minimizing in-person contact during the pandemic has led to a surge in demand for telehealth services. Patients have embraced virtual care as a safe and convenient alternative to traditional in-person visits, avoiding the risk of exposure to infectious diseases.
Some patients may have a strong preference for in-person care due to the longstanding traditional healthcare model. They may be accustomed to face-to-face interactions with healthcare providers and may be hesitant to switch to virtual consultations. Educating patients about the convenience, accessibility, and quality of care offered through telehealth can help overcome this resistance.
Many individuals, both patients, and providers, may have limited awareness of telehealth and its capabilities. Lack of knowledge about how telehealth works, its benefits, and the range of services it can provide may contribute to resistance. Increasing awareness through educational campaigns, informational materials, and targeted marketing efforts can help address this limitation.
Telehealth Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2023-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
The report will cover the qualitative and quantitative data on the global telehealth market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2020-31 |
Base Year | 2022 |
Estimated Forecast Year | 2023-31 |
Growth Rate | CAGR of 95.7% from 2023 to 2031 |
Segmentation | By Component, By Delivery Mode, By Application, By End User, By Region |
Unit | USD Billion |
By Component |
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By Delivery Mode |
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By Application |
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By End User |
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By Region |
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The market scope is segmented on the basis of By Component, By Delivery Mode, By Application, By End User And By Region.
Based on the component the market is segmented into hardware, software, and services.
Software: While software is a critical component in the telehealth market, it often works in conjunction with hardware devices, communication infrastructure, and healthcare services to create a comprehensive telehealth ecosystem.
Services: In the telehealth market, services play a significant role in enabling and supporting the delivery of remote healthcare. These services encompass a wide range of activities and expertise required for the successful implementation and operation of telehealth solutions.
Based on the delivery mode of the market is segmented into Delivery, Cloud-based and On-premises
Cloud Based: Cloud-based solutions have become a cornerstone of the telehealth industry, enabling healthcare providers to deliver scalable, accessible, and secure remote care services. The adoption of cloud technology in telehealth is expected to continue growing as healthcare organizations recognize the benefits and potential it offers for transforming healthcare delivery.
On-premises: Healthcare organizations may choose to deploy telehealth solutions on-premises to maintain full control over security and compliance. By hosting data and applications locally, they can ensure compliance with industry regulations and have direct control over security measures.
Based on application the market is segmented into Teleradiology, Telepsychiatry, Teledermatology, Teleconsultation, TeleICU, Telestroke, and Others.
Telemedicine: Telemedicine services have gained significant traction due to their ability to provide convenient, accessible, and cost-effective healthcare, especially for non-emergency conditions. The COVID-19 pandemic further accelerated the adoption of telemedicine as healthcare systems worldwide sought to minimize in-person visits and maintain patient care continuity.
Teledermatology: Teledermatology holds a prominent share in the telehealth market, specifically in the field of remote dermatological care and consultations. Teledermatology involves the use of telecommunication technology to facilitate virtual dermatology consultations, diagnosis, and treatment planning.
North America: North America holds the largest share in the global telehealth market. The region's advanced healthcare infrastructure, technological advancements, and favourable reimbursement policies have contributed to the widespread adoption of telehealth services.
Europe: Europe has a well-established healthcare infrastructure with advanced hospitals, medical facilities, and healthcare systems. This infrastructure provides a solid foundation for the integration of telehealth solutions and services.
Asia-Pacific: Asia-Pacific is experiencing significant growth in the telehealth market and is expected to have the highest Compound Annual Growth Rate (CAGR). The Asia-Pacific region has a substantial population, with a growing demand for accessible and affordable healthcare services.
Middle East and Africa: The Middle East and Africa (MEA) region is experiencing steady growth in the telehealth market, although it may have a slightly smaller market share compared to regions like North America, Europe, and Asia-Pacific.
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14 Jun 2022
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