Telehealth Market Expected to A CAGR of 36.1%by 2030 Profiling...

Telehealth Market Expected to A CAGR of 36.1%by 2030 Profiling Companies and Growth Strategies

Posted 2024-01-22 07:33:30

Summary: The global Telehealth Market reached a size of USD 62.22 Billion in 2021 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 36.1% during the forecast period. Key drivers for this growth include the rising incidence of chronic diseases, especially among the elderly, a growing need for early disease detection through remote health monitoring, increased smartphone usage, and rapid technological advancements in Telehealth services. Telehealth, leveraging technology and telecommunication networks, facilitates healthcare delivery to geographically distant patients.

The demand for Telemedicine has surged due to the desire for convenient healthcare, coupled with a shortage of medical professionals, particularly primary care practitioners. The Philips Future Health Index reports that 61% of younger doctors prefer telehealth technology over Artificial Intelligence (AI). The adoption of telehealth has increased significantly, with a 154% rise in telehealth visits in 2020 compared to 2019, according to the Centers for Disease Control and Prevention (CDC).

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Telehealth encompasses various technologies, including eHealth, mHealth, and telemedicine, catering to different aspects of healthcare delivery. The market has witnessed advancements in communication networks, Augmented or Virtual reality-based wearable devices, Remote Patient Monitoring systems, and the integration of 5G & Edge cloud. Telehealth services have become more accessible, benefiting disadvantaged communities, individuals facing long travel times, and those with multiple chronic conditions.

The Telehealth industry has seen rapid technological advancements, including upgraded healthcare monitoring apps and wearable technology. Wearables such as fitness trackers and smartwatches allow individuals to monitor their health parameters, providing easier access to data for sharing with healthcare professionals.

However, Telehealth faces challenges such as technical issues, poor broadband connectivity, cybersecurity concerns, and time-consuming regulatory procedures. Despite these challenges, the COVID-19 pandemic has accelerated the adoption of Telehealth as an effective alternative for precaution, treatment, and patient healthcare management.

The global market is moderately consolidated, with key players such as Teladoc Health, MDLIVE, and American Well Corporation driving innovation and expanding their portfolios. The market is segmented based on components (products and services), applications (Telepsychiatry, Teleradiology, etc.), delivery modes (cloud-based/web and call centers), end-users (healthcare providers, hospitals, and clinics), and regions (North America, Europe, Asia, etc.).

North America led the market in 2021, with the U.S. experiencing significant growth driven by government support and regulatory initiatives. Asia is expected to witness steady growth due to an increasing incidence of chronic diseases and demand for sophisticated telehealth services, while Europe is anticipated to experience moderate growth with support from health reimbursement plans and government initiatives. The global Telehealth Market is forecasted to reach USD 984.23 Billion by 2030.

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