Global Telehealth Market, By Type (Software, Systems, Hardware, Telecommunication) Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, On-Premise Delivery Mode) Application (General Consultation, Pathology, Cardiology, Surgery, Gynecology, Neurology, Radiology, Dermatology, Ophthalmology, Orthopedics, Others) End User (Hospital Telehealth, Physician Telehealth, Home Telehealth) – Industry Trends and Forecast to 2029.
Global Telehealth Market Analysis and Insights
Telehealth market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the global market is growing with a CAGR of 7.0% in the forecast period of 2022 to 2029 and is expected to reach USD 1,839.60 million by 2029 from USD 1,078.29 million in 2021. Growing need of digital healthcare, better analysis of health conditions and availability of expert; are the major drivers which propelled the demand of the market in the forecast period.
Advancement in healthcare infrastructure and increasing number of diagnostic telehealth platforms is helping the growth of the telehealth market. However, the lack of accessibility and high cost associated with remote monitoring devices may hamper the future growth of Telehealth market. The partnerships and acquisitions by major market players act as opportunity for the growth of Telehealth market.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Type (Software, Systems, Hardware, Telecommunication) Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, On-Premise Delivery Mode) Application (General Consultation, Pathology, Cardiology, Surgery, Gynecology, Neurology, Radiology, Dermatology, Ophthalmology, Orthopedics, Others) End User (Hospital Telehealth, Physician Telehealth, Home Telehealth)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Turkey, Russia, Netherlands, Switzerland, Belgium, Rest of Europe, China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, and Rest Of Middle East and Africa.
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Market Players Covered
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Teladoc Health, Inc. (U.S.), Siemens (Germany), Cisco Systems, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), IBM (U.S.), Cerner Corporation (U.S.),, Medtronic (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Tunstall Group (United Kingdom), American Well (U.S.), CareCloud, Inc. (U.S.), eClinicalWorks (U.S.) , AMD Global Telemedicine (U.S.)
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Global Telehealth Market Dynamics
Drivers
- Increasing Advancements in Telecommunication
Telemedicine is rapidly growing in the healthcare sector that can improve access to care for underserved populations and offer flexibility and convenience to patients and clinicians alike.
Many digital medicine codes that have had broad adoption by Medicare and commercial payers are being used by the increase in telemedicine. As telecommunication technology has advanced, the costs have declined over the past decade, and there has been a steady growth in telemedicine.
- Growing Prevalence of Chronic Diseases and Conditions
The COVID-19 pandemic has forced many providers to move quickly to telemedicine, including visits by phone and video, thus avoiding disruption inpatient care as many patients' chronic diseases are not well controlled, and only 50% of patients with chronic medical conditions actually take their medications as prescribed.
- Shortage of Physicians
The increasing shortage of physicians have increased the dependency of patients on urgent care clinics, emergency rooms, and retail clinics, which often increases the cost of care. Patients no longer assist from having one healthcare provider. Instead, they have to see multiple care providers as they move from one facility to the next. Telehealth decreases the burden by reducing the cost of care, easing administrative barriers, and helping physicians see more patients throughout the day.
Restrains/Challenges
- Stringent Regulatory
In technology-driven innovations, the legal and regulatory framework has been moving slower than the clinical adoption of this new care delivery model.
Although the government and non-government organisation is helping healthcare department in many ways to stimulate the growth of telemedicine, but there is currently no uniform legal approach to telehealth, which continues to be a major challenge to its progress.
- Increase in Healthcare Fraud
The widespread popularity of telehealth, along with mobile apps, cloud repositories, among others, is hindered due to the issues related to data privacy and fraud. Most users don't feel comfortable with an AI-based sensor that keeps a record of their every moment.
Opportunities
- Increasing Awareness Among People
Telehealth offers alternative options for receiving healthcare services globally, improving access, and reducing costs associated with traveling for services. However, the full potential of telehealth has not been realized with slow and fragmented uptake.
Recent development
In 2022, American Telemedicine Association is promoting Telehealth Awareness Week, which is an event that highlights and increase the central role that telehealth plays in the delivery of healthcare services.
- Increasing Technology Adoption and Product Launches
As companies across the world see plunging demand for telehealth services and tools and investors are finding comfort in digital health, where the transition to remote services is happening at warp speed. From telehealth to remote monitoring tools, publicly traded companies and venture-backed businesses are experiencing surging growth and launching various technological products.
Post COVID-19 Impact on Telehealth Market
The COVID-19 has a positive effect on the market. Lockdowns and isolation during pandemics has increased the market demand to avoid the virus contamination. Many new products and services has added to the market by major market players. Social isolation increases the awareness regarding the tele-healthcare market and all of which has increased the market demand during the pandemic
Global Telehealth Market Scope and Market Size
Global Telehealth Market is segmented into four notable segments which are by type, delivery mode, application and end user. The growth amongst these segments will help you analyses growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Type
- Software
- Systems,
- Hardware
- Telecommunication
On the basis of type market is segmented into software, systems, hardware and telecommunication
Application
- General Consultation
- Pathology, Cardiology
- Surgery, Gynecology
- Neurology
- Radiology
- Dermatology
- Ophthalmology
- Orthopedics
- Others.
On the basis of application the market is segmented into general consultation, pathology, cardiology, surgery, gynecology, neurology, radiology, dermatology, ophthalmology, orthopedics, and others.
Delivery Mode
- Cloud-Based Delivery Mode
- Web-Based Delivery Mode
- On Premise Delivery Mode.
On the basis of delivery mode the market is segmented into cloud-based delivery mode, web-based delivery mode and on premise delivery mode.
End User
- Hospital Telehealth
- Physician Telehealth
- Home Telehealth
On the basis of end user the market is segmented into hospital telehealth, physician telehealth and home telehealth.
Global Telehealth Regional Analysis/Insights
The global telehealth is analyzed and market size insights and trends are provided by country, type, delivery mode, application and end user as referenced above.
The countries covered in the global telehealth market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Turkey, Russia, Netherlands, Switzerland, Belgium, Rest of Europe, China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, and Rest Of Middle East and Africa.
In 2022, North America is dominating due to the presence of big market players along the largest consumer market with high GDP, due to the rise of digital healthcare platforms and launch of technologically advanced treatment support systems. U.S is expected to grow due to rise in virtual healthcare delivery platform for accurate diagnostics and patient therapy management.
North America dominates the global telehealth market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. U.S. from North America region is expected to show highest growth due to rise in virtual healthcare delivery platform for accurate diagnostics and patient therapy management.
This is due to the presence of big market players along the largest consumer market with high GDP, due to the rise of digital healthcare platforms and launch of technologically advanced treatment support systems. The rising number of market players and their facilities in the country is further enhancing the market growth.
The country section of the report also provides individual market impacting factors and changes in regulations in the market that impact the current and future trends of the market. Data points, such as new and replacement sales, country demographics, disease epidemiology, and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of global brands and their challenges faced due to high competition from local and domestic brands, and impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Telehealth Market Share Analysis
The telehealth market competitive landscape provides details by the competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on psychedelic drugs market.
Some of the major players operating in the telehealth market are are Teladoc Health, Inc., Siemens, Cisco Systems, Inc., Koninklijke Philips N.V., IBM, Cerner Corporation, Medtronic, F. Hoffmann-La Roche Ltd, Vidyo, Inc. (A SUBSIDIARY OF Enghouse Systems), Epic Systems Corporation, Tunstall Group, American Well, CareCloud, Inc., eClinicalWorks , AMD Global Telemedicine, Appello, Care Innovations, LLC, Aerotel Medical Systems, ClearArch, Inc. and others
Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In adition, market share analysis and key trend analysis are the major success factors in the market report.. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, GlobalVsRegional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
Customization Available: Global Telehealth Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.
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