The telehealth market size is expected to hit USD 144.9 billion by 2028 from USD 41 billion in 2021 and growing at a CAGR of 18.8% over the forecast period 2021 to 2030.
The telehealth market size is expected to hit USD 144.9 billion by 2028 from USD 41 billion in 2021 and growing at a CAGR of 18.8% over the forecast period 2021 to 2030.
Growth Factors:
Telehealth are the services offered via electronic information and telecommunication technologies. This services are the health-related services and information It established contacts between the long-distance patient and clinician, care, advice, reminders, education, intervention, monitoring. Due to which its market is gaining popularity significantly.
It allows easy access for the patient to the best healthcare services. It saves the time; it also offers diagnosis for the multiple diseases at a single destination. The current scenario of busy lifestyle in the telehealth is getting more demand. Patients who are ill, travelling for them causes a risk of more infection with the telehealth services they do not have to take the risk of travelling for a consultation with a medical professional.
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Telehealth eliminates the step of arranging the appointment first, and then taking the day off from work and then going to the clinic for an initial consultation. Such access turns out to be valuable during crises where time is really very important. In such cases patient can have consultation from specialist that is only a video call away, you can transfer data rapidly and effectively. Due to this easy accessibly the market of telehealth is growing.
The overall obesity rate has increased significantly its almost more than doubled in 2016. As per WHO records more than about 2 billion adults were overweight in 2016. And out of this about 650 million were obese. And this problem is growing rapidly. Obesity needs regular monitoring even for obese person it is not possible visit regularly to the doctors. In such event the telehealth services play the major role. And due to which it is gaining popularity.
The future of telehealth remains positive, patients don’t need visit physical location and communication can be achieved with mediums such as video chat via apps or webcams, phones, or video conference software. Due to which it is expected to have stronger growth of telehealth services in the future.
Report highlights:
- Based on the application, the telemedicine segment holds the highest market share owing to rising the telehealth software. Also the engagement of doctors on telehealth platform is increasing significantly. The numbers of apps like "Practo" in telehealth is increasing.
- Based on region, North America held the highest share in the market owing to high e-literacy, high penetration of the software and technology. In addition, patient in North America have good knowledge about the technology this factors are driving the market in North America.
- The Asia Pacific region is expected to grow faster as many developing economies in Asia-pacific are adopting the newly launched technology. Also the internet penetration is increasing significantly. Also increasing literacy is one of the major factors driving the market in Asia-pacific.
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Covid-19 Impact Analysis:
- Telehealth has come out as an essential component of healthcare during the COVID-19. Telehealth utilization has increased at more than 35% higher than before the pandemic.
- During first and second wave of corona virus the hospital was fully packed and those are little ill, it was bigger problem for them to visit the hospital due to which the telehealth market has increased significantly during covid pandemic.
Key developments in the marketplace:
May 2021-Veradigm one of the leading provider of data and technology solutions and a business unit of Allscripts Healthcare Solutions signed collaboration agreement with Lash Group, a patient support services business. This relationship will enable specialty medications, supported by Lash Group, to be available for management within the Veradigm AccelRx platform.
January 2020-Teladoc Health, Inc. signed an acquisition agreement to acquire InTouch Health. InTouch health is engaged in offering telehealth solution to the hospitals and health system. With this acquisition Teladoc Health planning for a single solution for their entire virtual care strategy, by establishing the company as the only virtual care provider.
Segments Covered in the Report
By Component
- Software
- Hardware
- Services
By End User
- Hospitals
- Homecare
- Others
By Application
- Telemedicine
- Patient Monitoring
- Medical Education
- Others
By Mode of Delivery
- Cloud Based
- On Premises
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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