Global Telehealth Market

Telehealth Market Size, Share, Growth Analysis, By Product Type (Hardware, Software), By Disease Area (General Medicine, Psychiatry), By Delivery Mode (On-premises, Cloud-based), By End Use (Payers, Patients), By Region - Industry Forecast 2025-2032


Report ID: SQMIG35G2283 | Region: Global | Published Date: November, 2024
Pages: 207 | Tables: 117 | Figures: 70

Telehealth Market Dynamics

Drivers

Increasing Prevalence of Chronic Diseases and Conditions

  • Chronic diseases like cardiovascular diseases, diabetes, and respiratory illnesses need constant management and monitoring. This increases the need for visiting healthcare providers. But telehealth provides an ideal and cost-efficient process of managing these conditions remotely. This enables patients to get care without the necessity for visiting the medical facilities. The telehealth platform allows patients to monitor their vital signs, track symptoms, and interaction with medical providers from their homes.

High Adoption of mHealth Applications

  • Mobile health applications are frequently available on smartphones and tablets. This helps patients to access medical services and information remotely. They also allow different telehealth services like virtual consultations with doctors, remote monitoring of symptoms and reminders for taking medicines on time. The rapid adoption of smartphones and tablets globally has made it easier for patients to get access to mHealth applications, irrespective of their location.

Restraints

High Expenses of Healthcare IT Tools

  • The high expenses related to healthcare IT devices are proving to be a substantial restraint for the telehealth market. Incorporating telehealth services needs significant investment in systems, software, and hardware, which can create obstruction for several medical providers. This is particularly true for small medical facilities or the ones with restricted financial resources. The expense of acquiring, incorporating, and maintaining the systems, software, hardware can be excess, restricting some medical facilities from acquiring telehealth solutions.

Software Incompatibility Issues

  • In the developing settings of telehealth market, the incorporation and exchange of data among various software systems like EHR, remote monitoring platforms, and healthcare provider systems can be difficult. The absence of standard data formats and protocols are also leading to interoperability problems, restricting efficient interaction and data sharing. This problem related to software systems can provide incomplete information, disrupting the smooth flow of data vital for monitoring.
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FAQs

Global Telehealth Market size was valued at USD 76.57 billion in 2022 and is poised to grow from USD 101.17 billion in 2023 to USD 577.27 billion by 2031, growing at a CAGR of 24.32% during the forecast period (2024-2031).

The market is significantly dynamic with the presence of many local companies. The companies in the market are trying to gain more market share by implementing strategies like investments, collaborations, and acquisitions & mergers. They are also investing on improving the quality of products to provide patients' better experience. Furthermore, new product launches and these innovations are increasing market growth and providing immense opportunities for the market players. 'Koninklijke Philips N.V. ', 'General Electric ', 'Oracle  ', 'Siemens AG ', 'Medtronic ', 'Evernorth ', 'Included Health ', 'Global Med ', 'Aerotel Ltd. ', 'Allscripts Healthcare Solutions Inc. ', 'AMD Global Telemedicine Inc. ', 'American Well Corporation ', 'Cigna Corporation ', 'Cisco Systems Inc. ', 'Doxy.me Inc. ', 'HealthTap Inc. ', 'Accolade Inc. ', 'SHL Telemedicine ', 'Patient Square Capital ', 'Teladoc Health Inc.    ', 'Twilio Inc'

Chronic diseases like cardiovascular diseases, diabetes, and respiratory illnesses need constant management and monitoring. This increases the need for visiting healthcare providers. But telehealth provides an ideal and cost-efficient process of managing these conditions remotely. This enables patients to get care without the necessity for visiting the medical facilities. The telehealth platform allows patients to monitor their vital signs, track symptoms, and interaction with medical providers from their homes.

Rising Government Initiatives for Telehealth Solutions: Telehealth has successfully reduced the distance and ensured that medical care is provided even in the remotest part. A massive part of the population, especially in underdeveloped nations, stays in rural areas that do not have proper quality medical care. Therefore, governments in several countries are now focusing on providing adequate medical services to the rural areas with the help of virtual care platforms.

North America is dominating the telehealth market with the largest market share. The market in this region is seeing an exponential growth owing to factors like increasing prevalence of chronic health illnesses among people along with better access to treatment for different acute diseases. Furthermore, the robust presence of major telehealth market players is also contributing towards this high growth of the market in North America. The increase in patient pool with several illnesses is also fueling the market growth. The need to treat such diseases with innovative treatment options like the usage of digital technologies, is also driving the market growth of the region.

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Global Telehealth Market

Report ID: SQMIG35G2283

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