New York, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Telehealth Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Telehealth Market Information By Component, Mode of Delivery, Application, End User, and Region - Global Forecast till 2030”, the 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
Market Scope:
Telehealth refers to the utilization of electronic information and communication technology for the purposes of obtaining and managing one's health care in a remote setting. Computers and mobile gadgets like tablets and smartphones are examples of technologies. It's possible that this is similar to equipment you have at home. In remote locations, telehealth can be provided by a nurse or other medical practitioner working out of a clinic or mobile unit. Technology used by your doctor or medical facility to enhance or supplement health care is another definition of telehealth.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 867.3 Billion |
| CAGR | 34.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Mode of Delivery, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Technological Advancements to Fuel the Demand for Telehealth Services |
| High Penetration of Mobile Phones to Offer Lucrative Opportunities |
Telehealth Market Competitive Dynamics:
Several startups have recently emerged, each offering their own take on remote monitoring and virtual consultation software. Even the current market leaders are working to broaden their offerings to include mental health, dermatology, cardiology, and other subspecialties of medicine.
- 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)
Telehealth Market Dynamics:
Market Drivers
Demand for telehealth services is expected to rise over the forecast period as a result of technological advances in the healthcare industry. The telehealth market is expected to increase as a result of several factors, including the convenience of using it, government programs in various countries, rising levels of cooperation among major companies, and the positive and growing demand to cut healthcare costs. Increases in smartphone penetration and app usage point to promising business opportunities in the healthcare IT sector over the forecast horizon.
The demand and growth of the market, which caused the unexpected increase in CAGR, will return to their levels before the pandemic. The fields of cardiology, radiology, behavioral health, and online consultation are seeing the greatest growth in the use of telemedicine. The market is increasing, especially for virtual consultations, as a result of increased start-up funding and product launches. The practice of consulting a doctor through video or phone call via the internet has become commonplace. E-visits are becoming more common because of the convenience, low cost, and short wait times that they offer patients in the outpatient department. This has resulted in an influx of new businesses, and the increased investment of equity firms is fueling the expansion of the sector.
Over the projected time period, demand for telehealth services is anticipated to be driven by the continued advancement of technology in the healthcare industry. There are a number of factors that have the potential to boost the telehealth industry over the next few years, including increased accessibility, increased cooperation among the industry's major players, supportive initiatives from governments in a variety of countries, and a rising need to cut healthcare costs.
Market Restraints
During the assessment period, telehealth's expansion is projected to be hampered by the absence of an enabling regulatory environment and a shortage of supportive government policies in developing nations. A big obstacle for developing countries is the provision of high-speed internet, large amounts of storage space, and cutting-edge telecommunication devices necessary for telehealth. The market could be held back by factors such as high installation costs and a lack of competence.
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COVID-19 Analysis:
As the need for video consultation grows, the telehealth market is expected to expand significantly in COVID-19. As the COVID-19 epidemic continues to spread, telemedicine services are increasingly being used by both doctors and their patients. Governments throughout the world are taking action to expand access to online consultation by enacting new regulations and compensation guidelines. There is a growing need for and uptake of telehealth services, which is expected to propel the market's expansion throughout the forecast period. Further supporting future trade growth is the anticipated increased demand for such technology in the post-COVID-19 period.
Telehealth Market Segmentation:
By Component
As a result of the increasing number of beneficial initiatives launched by various important participants, the services sector is expected to secure the greatest market share. However, it is expected that the software sector would expand at the quickest rate as more people become familiar with telehealth solutions.
By Mode of Delivery
The web/cloud-based sector is popular and is therefore poised to grow, resulting in a higher part of the market. On the other hand, greater awareness among hospital administration is expected to propel the on-premise category to the forefront.
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By Application
As telemedicine becomes increasingly common in radiology, that subsector is likely to grow at a faster rate than cardiology, which is now the largest subsector.
By End-User
As more healthcare facilities use telehealth solutions, the hospitals and clinics sector is expected to grow as a proportion of the overall market. Rapid expansion is anticipated in diagnostic clinics, making them the fastest-growing Telehealth sector.
Telehealth Market Regional Analysis:
MRFR's analysis of the worldwide telehealth market predicts that the Americas will remain the largest regional market throughout the projection period. This is due to the region's high rate of telehealth service adoption. Additionally, the rising number of patients, the rising preference for home healthcare services, and the rising trend of mergers and acquisitions among key competitors are all factors that are expected to drive the regional market throughout the projection period.
The market for telehealth services in Europe is anticipated to be the second largest in the world. During the period under review, the market is expected to benefit from a number of factors, one of the most important being the growing trend toward more efficient and continuous healthcare monitoring.
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Due to the increasing demand for healthcare services brought on by an aging population, APAC is anticipated to be the fastest-growing market throughout the study period. Other significant variables driving the regional market in the assessment period are the rising prevalence of chronic disorders and growing spending on healthcare services.
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