Telehealth Market Size 2022-2028- Increasing Need for Cost-effective Healthcare Assistance

Increasing prevalence of various chronic diseases and rising demand for remote patient monitoring due to high elderly population are key factors driving global market revenue growth 

The global telehealth market size was USD 37.63 Billion in 2020 and is expected to register a robust revenue CAGR of 35.30% during the forecast period. Key factors driving global market revenue growth are increasing incidence of chronic diseases, rapid advancements in telecommunication, favorable government initiatives, and higher adoption of telehealth amid the ongoing COVID-19 pandemic. 

Telehealth is the use of communication technologies and digital information to provide clinical healthcare, public health, patient and professional health education, and overall health administration to providers and patients. Some of the commonly used technologies include videoconferencing, store and forward imaging, wireless and terrestrial communications, and streaming media. Telehealth is rapidly gaining traction and is widely used by medical practitioners for remote patient monitoring and consulting, mentoring, training healthcare staff, and imparting medical education. It allows the patient to connect to a doctor or a nurse for immediate assistance virtually. This service is best suited for elderly people, patients with limited mobility, and those living in remote areas who find it difficult to travel to their medical experts due to lack of transport or mobility. Access to telehealth has become easy due to availability of advanced technology for communication, increasing usage of smartphones across the globe, and high-speed internet services. One of the key factors driving market revenue growth is increasing prevalence of various chronic diseases such as diabetes, cardiovascular diseases, high blood pressure, and cancer across the globe. In addition, high hospital and treatment costs and increasing demand for cost-effective, home monitoring systems are factors driving demand for

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Some key highlights from the report:

• Based on mode of delivery, cloud segment is expected to account for a robust revenue CAGR between 2021 and 2028, owing to factors such as increasing concerns regarding large data storage, higher preference for cloud-based services due to scalability, cost-effectiveness, and easy accessibility to medical records for patient and healthcare providers at any given time. 
• Based on technology, real-time segment is expected to account for a larger revenue share over the forecast period. Factors such as increasing demand for e-visits and live communication with healthcare experts, high penetration of electronic devices such as smartphones, as well as tablets, and availability of high-speed internet are expected to drive revenue growth of this segment during the forecast period. 
• Based on application, tele-consultation segment is expected to register a robust revenue CAGR over the forecast period, owing to increasing geriatric population, rising demand for remote monitoring services, increasing cases of chronic diseases, and higher focus on improving disease management.
• Europe is expected to account for a significant revenue share during the forecast period, owing to high patient pool, rapid developments in telecommunication, rising demand for remote patient monitoring, and increasing investments for developing more enhanced telehealth services. 
• Asia Pacific market is expected to register a robust revenue CAGR between 2021 and 2028, owing to increasing prevalence of chronic diseases such as asthma, cancer, and diabetes, high awareness about telehealth services, and rising demand for remote patient monitoring services. In addition, increasing healthcare expenditure, rising per capita income, and investments in R&D activities to develop new products and services and modify existing ones are expected to fuel Asia Pacific market growth going ahead. 

• Some major companies profiled in the market report are Medtronic, GE Healthcare, Cerner Corporation, Cisco Systems, Siemens Healthineers AG, American Well, Asahi Kasei Corporation, Iron Bow Technologies, Teladoc Health Inc., SnapMD, Dictum Health, Inc., American Well, InTouch Health, Inc., MDLive, Inc., Koninklijke Philips N.V. AMC Health, Doctor on Demand, Inc., Medvivo Group Ltd., Telespecialists LLC., GlobalMed, MedWeb, iMediplus Inc., Vsee, Chiron Health, Zipnosis, Inc.

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For the purpose of this study, Reports and Data has segmented the global telehealth market based on component, mode of delivery, technology, application, and region:

Component Outlook (Revenue, USD Billion, 2018-2028)

• Software
• Services
• Hardware

Mode of Delivery Outlook (Revenue, USD Billion, 2018-2028)

• Cloud-based
• On-Premise

Technology Outlook (Revenue, USD Billion, 2018-2028)

• Store and Forward
• Real Time
• Remote Patient Monitoring

Application Outlook (Revenue, USD Billion, 2018-2028)

• Teleradiology
• Tele-consultation
• Tele-ICU
• Tele-stroke
• Tele-psychiatry
• Tele-dermatology
• Others

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Regional Outlook (Revenue, USD Billion, 2018-2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Benelux
  • Rest of Europe
• Asia Pacific
  • China 
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Rest of MEA

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Some points on how the report benefits stakeholders:

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028. 
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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