Global Telehealth & Telemedicine Market to Surge to $342.43 Billion by 2028: Analysis of the Industry, Technologies, Pricing, and Competitors
Global Telehealth & Telemedicine Market
Dublin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The "Global Telehealth & Telemedicine Market by Component (Software & Services (RPM, Real-Time), Hardware (Monitors)), Delivery (On-Premise, Cloud-based), Application (Teleradiology, Telestroke, TelelCU), End-user (Provider, Payer) & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Telehealth and Telemedicine market is projected to reach USD 342.43 billion by 2028 from USD 120.4 billion in 2023, at a CAGR of 23.2% during the forecast period. The growth of telemedicine and telehealth is propelled by increased accessibility to healthcare services, especially in remote areas, and continuous technological advancements, such as improved connectivity and enhanced platforms, fostering better patient engagement and outcomes.
The report analyzes the Telehealth and Telemedicine Market and aims to estimate the market size and future growth potential of various market segments, based on components, mode of delivery, application, end-user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Cloud-based delivery mode segment accounted for a substantial share of the Telehealth and Telemedicine market, by delivery mode in 2022
The cloud-based delivery mode is expected to account for the largest share of 78.2% of the global telehealth and telemedicine market in 2022. It is projected to grow at the highest CAGR of 28.6 % during the forecast period. Cloud-based delivery dominates the telehealth and telemedicine market due to its inherent advantages. The accessibility and scalability offered by cloud solutions enable healthcare services from virtually anywhere, bridging gaps in remote or underserved areas.
Cost efficiency is heightened through subscription-based models, making these platforms attractive for organizations with budget constraints. Robust security measures, compliance standards, and seamless interoperability make cloud environments secure repositories for sensitive patient data. Real-time collaboration, remote monitoring capabilities, and rapid deployment further enhance the effectiveness of telehealth services. Additionally, cloud platforms ensure quick updates, disaster recovery, and business continuity, collectively driving their widespread adoption in the evolving landscape of healthcare delivery.
Software and service segment accounted for a substantial share of the Telehealth and Telemedicine market, by component in 2022
Based on components, the software & services segment is expected to account for the largest share of 71.3% of the global telehealth and telemedicine market in 2022. The software and services segment holds a significant share as a component in the telehealth and telemedicine market. This prominence is driven by the crucial role that software applications and associated services play in facilitating remote healthcare delivery. Telehealth platforms rely heavily on advanced software solutions to enable virtual consultations, patient monitoring, and seamless data exchange.
Additionally, the provision of supportive services such as telemedicine consultation support, data analytics, and integration services further solidifies the importance of the software and services component. As the telehealth and telemedicine landscape continues to evolve, the software and services segment remains a cornerstone, contributing substantially to the market's growth and efficacy.
Providers segment accounted for a considerable share in the Telehealth and Telemedicine market, by end-user in 2022
In 2022, the provider segment played a significant role in the telehealth and telemedicine market, contributing to a substantial share. This prominence is attributed to This is attributed to the increased adoption of remote monitoring for chronically ill and old aged patients, advancements in telehealth monitoring devices, and the increased number of telespecialty services offered by providers.
Teleradiology segment accounted for the largest share in Telehealth and Telemedicine market by Application in 2022
In 2022, teleradiology segment emerged as the leading contributor to the Telehealth and Telemedicine market, holding the largest share. Factors such as an increase in imaging practices, an increase in teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices are driving the market growth. The teleradiology segment is expected to account for the largest share of 22.2% of the global telehealth and telemedicine market in 2022.
North America to witness the substantial growth rate during the forecast period
The global market is led by the United States, experiencing a noteworthy CAGR of 24.3% and reaching a valuation of US$ 289.7 billion in the forecast period. The surge is propelled by factors such as the prevalence of chronic diseases, an aging population, and cost-effective healthcare services, contributing to the growth of telehealth and telemedicine in the United States.
The market sees continuous expansion due to increased healthcare infrastructure, expenditures, and innovative technologies. Government initiatives and the active involvement of key vendors further amplify market size, marking a substantial increase from the historical CAGR of 24.3% between 2023 and 2028.
Key Attributes
Report Attribute | Details |
No. of Pages | 232 |
Forecast Period | 2023-2028 |
Estimated Market Value (USD) in 2023 | $120.4 Billion |
Forecasted Market Value (USD) by 2028 | $342.43 Billion |
Compound Annual Growth Rate | 23.2% |
Regions Covered | Global |
Market Dynamics
Drivers
Growing Geriatric Population and Increasing Need to Expand Healthcare Access
Rising Prevalence of Chronic Conditions and Cost-Benefits of Telehealth & Telemedicine Services
Shortage of Skilled Healthcare Professionals
Advancements in Telecommunication Technologies
Increased Government Support and Favorable Reimbursement Policies
Restraints
Regulatory Variations Across Regions
Increase in Fraud in Telehealth Practices
Violation of Medical Ethics
Opportunities
Increased Utility of Telemedicine Against Infectious Diseases and Epidemics
Use of Blockchain Technology in Healthcare Industry
Increased Use of Artificial Intelligence and Big Data Analytics
Growing Demand for Virtual Care
Challenges
Inability to Maintain Hygiene and Cleanliness Standards
Behavioral Barriers, Healthcare Affordability, and Lack of Awareness
Technology Analysis
Machine Learning
Artificial Intelligence
Internet of Things
Blockchain Technology
Cloud Computing
Data Analytics
Extended Reality
Pricing Analysis
Costs Involved in Telemedicine Devices
Average Selling Price for Telehealth & Telemedicine Devices, by Key Player
Indicative Pricing Analysis of Telehealth & Telemedicine Devices, by Region
Pricing Models
Companies Mentioned
ACL Digital
AMC Health
American Well
Asahi Kasei Corporation
Boston Scientific Cardiac Diagnostics Inc.
Cisco Systems, Inc.
Doctor on Demand, Inc.
Evernorth Health, Inc.
GE Healthcare
Global Media Group LLC
iCliniQ
iMedi Plus
Iron Bow Technologies
Koninklijke Philips N.V.
Medtronic
Medvivo Group Ltd.
Medweb
Oracle
Resideo Life Care Solutions
Siemens Healthineers AG
Teladoc Health, Inc.
Telespecialists
VSee
Zipnosis
For more information about this report visit https://www.researchandmarkets.com/r/lmwmvv
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