Global Telehealth Market to Grow with a CAGR of 8.05% through 2028
Growing incidences and prevalence of chronic diseases and growing
technological advances in healthcare is expected to drive the Global Telehealth
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Global Telehealth Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Telehealth
Market stood at USD 85.57 billion in 2022 and is anticipated to grow with a
CAGR of 8.05% in the forecast period, 2024-2028. The market growth is driven
by several key factors, including the rising prevalence of chronic diseases,
growing demand for remote patient monitoring, and improved patient engagement.
However, challenges related to privacy and data security pose significant
obstacles to the market's expansion. Despite these challenges, there are ample
opportunities in the telehealth market, such as the increasing need for
technology and funding to support its growth. Moreover, the demand for
healthcare services and technologies has surged in the aftermath of the
pandemic. Innovative technologies like telemedicine, chatbots, and robots are
being deployed to gather information, provide reassurance, deliver patient
care, make diagnoses, and even aid in future vaccine development. The potential
of telehealth has become even more evident, given the global shortage of
hospital beds and healthcare professionals.
The global telehealth market is being driven
by the increasing demand for digital and convenient healthcare products and
services among hospitals and consumers worldwide. Telehealth platforms are
gaining significant traction among consumers due to the availability of
healthcare professionals at the touch of a button. The growth of the telehealth
market is further fueled by investments in IT infrastructure development and
the widespread adoption of smartphones and internet connectivity. As of the end
of 2019, approximately 4 billion people were using the internet, with
smartphones being the primary means of access. Physicians and doctors are
increasingly embracing telehealth platforms to provide consultations and other
services, making it an important distribution channel for healthcare
professionals. Consequently, the growing demand for telehealth platforms from
both consumers and healthcare providers is driving the expansion of the global
telehealth market. The telehealth market is also propelled by the rising
prevalence of chronic diseases and the growing geriatric population.
Additionally, the increasing number of hospitals and clinics worldwide is
fueling the adoption of telehealth. By monitoring patients' medical health and
providing valuable insights during treatment, telehealth facilitates effective
patient care. Furthermore, the constant monitoring required for geriatric
patients is driving the demand for telehealth platforms. The widespread
penetration of telehealth apps globally is playing a significant role in the
market's exponential growth. Moreover, key market players are contributing to
the market's expansion through various strategic initiatives such as
acquisitions, partnerships, and new product launches.
The increasing penetration of the internet and
the continuous evolution and development of smartphones have been significant
factors contributing to the growth of the market. Advancements in digital
infrastructure have empowered users to monitor their health and fitness, access
medical assistance, and schedule appointments conveniently. For example,
various applications and platforms like Doctor on Demand, Lemonaid, and MDLive
enable users to book appointments, track personal health data, and store
healthcare information securely. Insurance companies and healthcare payers are
forging collaborations with key market players to offer free consultation
services to patients. A notable example is the partnership between AIG and
Cigna with Doctor Anywhere in Singapore, where they provide complimentary
consultation services to patients across Thailand, Singapore, and Vietnam.
Furthermore, the increasing number of public-private partnerships, advancements
in digital infrastructure, government initiatives, and continuous advancements
in digital health technologies are expected to drive the demand for virtual
care applications and services. Nevertheless, the absence of robust health standards
in comparison to the traditional healthcare system and concerns regarding
patient privacy and confidentiality may somewhat limit the expansion of this
market. Similarly, the hesitancy to transition from conventional systems,
instances of misdiagnosis, and technological obstacles in developing nations
can pose challenges for the stakeholders operating in this market.
Browse over 26 market data Figures spread through 91 Pages and an in-depth TOC on "Global
Telehealth Market”
The Global Telehealth Market is segmented into
type, delivery mode, application, end user, regional distribution, and company.
Based on end user, physician telehealth
segment is expected to be the fastest growing segment in the upcoming years. The
end user segment is expected to witness significant market share growth
throughout the forecast period. Physician telehealth encompasses a wide range
of remote healthcare services, including live video conferencing, remote
patient monitoring, and mobile health (mHealth). These telehealth services
offer notable clinical benefits, empowering healthcare professionals to deliver
effective and accurate consultations remotely. Moreover, telehealth services
extend beyond clinical aspects, encompassing non-clinical services such as
administrative meetings, healthcare provider training, and health
administration. The increasing adoption of telehealth services by healthcare
providers and payers can be attributed to technological advancements and
improved internet services.
Based on region, North America segment is
expected to grow during the forecast period. North America is projected to make
the largest contribution to the growth of the global market during the forecast
period. In 2022,
North America accounted for a significant share of the global market, primarily
due to the rising incidences of chronic diseases like cancer and cardiovascular
diseases (CVDs), the adoption of advanced technologies in telehealth, increased
healthcare expenditure, and the presence of numerous prominent vendors. The
increasing prevalence of such chronic diseases has considerably burdened
healthcare providers and patients with costs. Consequently, there is a growing
demand to reduce overall healthcare costs, which has led to increased adoption
of telehealth technology by both healthcare providers and patients, thereby
driving the market's growth in North America. Universities, hospitals, and
government/non-government organizations are focusing on funding and grants to
expand telehealth programs in the US. The expansion of telehealth programs
through various initiatives will propel market growth in the US. Additionally,
the presence of global and local players such as American Well Corp. in the
region is also contributing to market growth. American Well Corp. offers a
comprehensive range of telehealth solutions for health systems, health plans,
employers and brokers, governments, and nursing facilities. Furthermore,
vendors are implementing various strategies to expand their market shares. For
example, in June 2019, American Well partnered with Cisco Systems to extend its
telehealth services from hospitals and health systems to homes. This initiative
has transformed telehealth options for elderly patients. Such initiatives are
expected to drive the market in North America during the forecast period.
Major companies operating in Global Telehealth Market are:
- Aerotel Medical
Systems Ltd.
- American Well
Corp.
- Appello
Careline Ltd.
- Cerner Corp.
- Cisco Systems
Inc.
- Dictum Health
Inc.
- Enghouse
Systems Ltd.
- Evernorth
Health Inc.
- General
Electric Co.
- Hewlett Packard
Enterprise Co.
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“The global telehealth market is anticipated
to expand due to the rapid advancement of internet technology, along with the
proliferation of associated devices and internet accessibility. The telehealth
sector experienced substantial growth when it began harnessing the benefits of
the internet. The advent of high-speed internet connections further facilitated
global market expansion, as speed is crucial in healthcare. Increased
availability of smartphones, laptops, computers, and other portable devices has
brought telehealth services to people's homes and contributed to its promotion
within the medical community. The increasing penetration of the internet and
advancements in smartphones have effectively addressed the gaps in delivering
and accessing telehealth services conveniently. The integration of artificial
intelligence (AI) and machine learning in telehealth care is expected to unlock
significant growth opportunities during the projected period. AI-driven systems
can provide doctors and medical professionals with access to data-driven
information, enabling them to make real-time decisions and enhance overall
patient care and experience. The global telehealth market is witnessing a surge
in research and innovation activities in the telehealth care segment, which
serves as a positive indicator for future growth.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Global Telehealth Market By Type (Software, Systems, Hardware,
Telecommunication), By Delivery Mode (Cloud-Based Delivery Mode, Web-Based
Delivery Mode, On-Premise Delivery Mode), By Application (General Consultation,
Cardiology, Gynecology, Ophthalmology, Orthopedics, Others), By End User
(Hospitals, Physician Telehealth, Home Telehealth), By Region, By Competition
Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Telehealth Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Telehealth Market.
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