Telehealth Market Exceed valuation of USD 513.85 Billion by 2030 at a Potential Growth rate of 25.5%
‘Telehealth Market’ research report is designed with a nice combination of industry insight, smart solutions, practical solutions, and newest technology to give better user experience. Under market segmentation, research and analysis is done based on several market and industry segments such as application, vertical, deployment model, end user, and geography. To execute this market research study, competent and advanced tools and techniques have been utilized that include SWOT analysis and Porter’s Five Forces Analysis. Businesses can surely foresee reduced risk and failure with the Telehealth Market report
With the increasing adoption of smartphones and the huge availability of technologically advanced devices, the market is witnessing huge growth. As per WHO, healthcare facilities are expected to witness a shortage of 15 million healthcare professionals by 2030; this is anticipated to increase the adoption of AI for the treatment and diagnosis of patients and enhance the accessibility of healthcare services in remote locations and minimize healthcare expenses. The increasing number of COVID-19 cases in Asia-Pacific increased the adoption of digital health platforms for remote healthcare services.
Data Bridge Market Research analyses a growth rate in the telehealth market in the forecast period 2023-2030. The expected CAGR of the telehealth market tends to be around 25.5% in the mentioned forecast period. The market was valued at USD 83.5 billion in 2022 and will grow to USD 513.85 billion by 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Telehealth means using communication technologies and digital information to access health care services remotely and manage health care. Telehealth enables caregivers and nurses to constantly connect while providing physicians with real-time patient health information. Telehealth facilities utilize technology to deliver long-distance health education to enhance customer outcomes.
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Competitive Landscape and Global Telehealth Market Share Analysis
The telehealth market competitive landscape provides details by competitor. 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, application dominance. The above data points provided are only related to the companies’ focus related to telehealth market
Key players operating in the telehealth market include:
Teladoc Health, Inc. (U.S.)
Siemens (Germany)
Cisco Systems, Inc. (U.S.)
Koninklijke Philips N.V. (Netherlands)
IBM (U.S.)
Oracle (U.S.)
Medtronic (Ireland)
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.)
Global Telehealth Market Dynamics
Drivers
Increase in Healthcare Digitalization Activities and Government Initiatives
Growing healthcare digitalization activities and increasing government initiatives in remote patient monitoring are expected to increase the market’s growth over the upcoming years. For instance, the Indian Government launched National Telemedicine Service or eSanjeevaniOPD, which will complete about 1.2 crore teleconsultations by 2021. In addition, increasing campaigns by the Government and non-governmental organizations for the high use of telehealth and remote patient monitoring services for long-term care services is also expected to increase the global market growth. Thus, this factor increases the growth of the market.
Growing Use of Web-and Cloud-Based Platforms
The launch of the web- and cloud-based platforms, which provide virtual care to users, are anticipated to increase the industry growth. For instance, CVS partnered with Teladoc to launch CVS Health’s Aetna Virtual Primary Care in 2021. The partnership was done so that CVS Health will use Teladoc’s physician network to deliver virtual care services to patients remotely through video consultations, decreasing the patient’s dependency on in-person consultations and visits. Thus, this factor boosts market growth.
Opportunities
Increasing Use of AI and ML Algorithms
The wide application of AI and ML algorithms is increasing the customization of healthcare services. For instance, Haldoc’s telehealth platform, combined with AI, offers its physicians feedback from the patients on their consultations and provides training programs that help in performance improvement. Numerous insurance companies and healthcare providers have teamed up to develop new strategies to surge the adoption of telehealth services and applications. Thus, this factor boosts market growth.
Growing Strategic Collaborations and Acquisitions by Market Players
The increasing rate of collaboration and acquisitions by major market players and the increasing number of startups in the market is expected to increase the market growth. For instance, in 2021, doctor Anywhere, a Singapore-based company, acquired one of the largest telemedicine platforms in Thailand, Doctor Raksa. This platform served over a million customers with e-prescriptions, electronic medical summaries, online doctor and pharmacist consultations, and prescription refills. Therefore, these kinds of acquisitions will surge the market growth.
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Global Telehealth Market Scope
The telehealth market is segmented on the basis of type, delivery mode, application, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
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
Telehealth Market Regional Analysis/Insights
The telehealth market is analyzed and market size insights and trends are provided by type, delivery mode, application and end user as referenced above.
The major countries covered in the telehealth market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Global in Global, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the telehealth market because of increased healthcare awareness. Additionally, the growing adoption of cloud-based technologies is also increasing the market growth during the forecast period. The presence of major market players in the region and the development of startups will also lead to the adoption of telehealth platforms in the region.
Asia-Pacific is expected to have the highest growth rate in the forecast period due to the increasing elderly population and growing integration of digital healthcare facilities. Furthermore, the increase in virtual healthcare delivery platforms for electronic health records and patient therapy systems is also increasing the market growth.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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Research Methodology:
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
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. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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