Rising worldwide Prevalence of Chronic Diseases Coupled with the Rise in Geriatric Population are Expected to Boost the Growth of the Global Telehealth Market at a CAGR of 34.20% During the Forecast Period of 2023 to 2030

Telehealth Market Highlights

The telehealth market is forecast to reach USD 867 billion by 2030, expanding at a CAGR of 34.20%. The convenience of bridging the accessibility and delivery gaps in telehealth services is made possible by smartphone innovation and rising internet usage. The COVID-19 pandemic and the restrictions put in place to manage the virus also contributed to the exponential rise sought after for telehealth solutions over the past year. Most healthcare facilities might migrate from conventional treatment to virtual care since COVID-19 has made it more challenging to provide healthcare services. The market is growing due to the increasing demand for wellness and health surveillance to manage chronic illnesses virtually. Medical specialists provide comprehensive treatments through virtual therapy through this program.

The elements coming together are expected to fuel the expansion of the global telehealth market. According to current trends in the global telehealth market, care delivery is no longer limited to the conventional healthcare context. The doctor-patient consultation through online audio or video recording has become the new norm. Several new businesses are developing remote monitoring and virtual consultation solutions and software. Even the established players try to offer services with distinctive characteristics. The market is anticipated to rise over the years due to government efforts for remote patient monitoring and expanding healthcare digitization activities. The governments of many countries also support incorporating electronic intensive care rooms (e-ICUs), which allow for remote patient monitoring via two-way cameras, broadband internet access, and electronic gadgets.

Segmental Analysis

The market is segmented by application into radiology, cardiology, primary care, and neurophysiology. The market contains hardware, software, and services as individual components. The market covers web/cloud-based and on-premise distribution methods. Hospitals and clinics, diagnostic facilities, and home care are examples of end users in the market.

Regional Analysis

Greater medical information technology spending and a higher percentage of mobile phones and internet access in the area are two factors that have led to the market's expansion. The increased prevalence of long-term diseases and the high knowledge of electronic health records and virtual care systems among healthcare professionals and patients are expected to propel the region's future growth. The region's telehealth market share is anticipated to grow due to consumers' growing inclination for teleconsultation, the strategically placed presence of major players, and advantageous health reimbursement. The market is anticipated to grow in Europe due to an appealing institutional environment, quick adoption of remote monitoring devices, and sufficient infrastructure. The rising older population and the expanding use of digital healthcare facilities will drive the market.

Developing electronic health records and online patient therapy systems has also helped the market expand. The Asia-Pacific market is anticipated to grow significantly over the projected period because of the region's substantial rural population, cutting-edge imaging technology, and improved healthcare conditions. The market is expected to grow due to rising healthcare costs and sizable populations of patients in the Middle East, Latin America, and Africa.

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Competitive Analysis

The doctor-patient consultation through online audio or videoconferencing has become the new norm. Several new businesses are developing remote monitoring and virtual consultation solutions and software. Even the established players try to offer services with distinctive characteristics. The market is anticipated to rise over the years due to government efforts for remote patient monitoring and expanding healthcare digitization activities. Accordingly, it is anticipated that the market expansion will pick up speed throughout the projection period due to strong regulatory backing and the introduction of supporting policies to encourage these solutions. American Well (US), Medtronic PLC (Ireland), Honeywell International Inc. (US), Right Health (Canada), Allscripts Healthcare Solutions (US), and Boston Scientific Corporation (US).