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(EMAILWIRE.COM, November 25, 2022 )
The report Telehealth & Telemedicine Market is projected to reach USD 285.7 billion by 2027 from an estimated USD 87.8 billion in 2022, at a CAGR of 26.6%.
Major Growth Driving Factors:
The rising demand to expand healthcare access, the growing incidence and prevalence of chronic diseases, shortage of physicians and healthcare workforce, developments associated with telecommunications, rising public and private support for COVID-19 management, and cost-benefits of telehealth solutions are some of the key factors attributed towards growth of the telehealth and telemedicine market. However, factors such as concerns of fraud and variations in regulations with regions are likely to negatively impact the market growth during the forecast period.
The COVID-19 outbreak has led to devastating global implications with regards to the health of the people combined with an enormous economic impact globally. However, on the brigher side it provided immense opportunities for growth of telehealth and telemedicine solutions. In this regard, telemedicine presented an appealing, affordable and effective solution. Additionally, this technology is of vital significance in maintaining the safety of healthcare providers. Telemedicine services are becoming a crucial asset, owing to its increasing implications across the care continuum. Since, telemedicine and telehealth solutions nullifies the in-person provider-patient interaction, it intern reduces resource use, minimizes the risk of person-to-person transmission of the infectious agent, and improves access to patient care. Additionally, telemedicine solution providers can remotely identify patients who may require further care using customized approaches. Thus, telemedicine can be a powerful mechanism to engage patients and provide efficient virtual care .
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By component, the software and services segment took the largest share of the telehealth and telemedicine market in 2021.
On the basis of segmentation of component, the telehealth and telemedicine market is bifurcated into software & services, and hardware segments. In 2021, the software & services segment captured the lions share of the telehealth and telemedicine market. The large share of this segment is owed to the rising adoption of telehealth and telemedicine services across the globe. Telehealth software and services have witnessed tremendous growth due to the outbreak of COVID-19 pandemic, had caused hospitals a shortage of patient beds. However, the hardware segment is projected to register the highest CAGR of 27.8% during the forecast period.
Among the application segment, teleradiology segment commanded the largest share of the telehealth and telemedicine market in 2021.
Based on the segmentation of application, the telehealth and telemedicine market has been divided into teleradiology, teleconsultation, teleICU, telestroke, telepsychiatry, teledermatology, and other applications. Among the application segment, the teleradiology segment accounted for the lions share of the market in 2021. Aspects such as increase the demand for in imaging practices, rise in teleradiology workflow adoption by healthcare providers, and the streamlining of the regulatory procedure of teleradiology practices are bolstering the growth of this segment. Furthermore, the COVID-19 pandemic has encouraged the use of teleradiology among radiologists to seek the reduction in patient exposure while still ensuring sufficient clinical output.
Providers segment garnered the larges revenue among different end user segment of the telehealth and telemedicine market.
Based on end users, the telehealth and telemedicine market is segmented into providers, payers, patients and other end users. In 2021, mong end-users, the providers segment captured the largest market share of the global telehealth and telemedicine market. Factors supporting the growth of the include the increase in adoption of remote monitoring in chronically ill and old aged patients, advancements in telehealth monitoring devices, the increased number of tele-specialty services offered by the providers, and the significant impact of COVID-19 pandemic, which has led to hospitals facing an acute shortage of beds and resources.
Geographical Growth Dynamics:
North America is expected to dominate the telehealth and telemedicine market during the forecast period.
In 2021, North America held the leading share of the telehealth and telemedicine market, followed by Europe. Growing prevalence of chronic conditions in the region, increasing overall geriatric population, the need to curtail healthcare expenditure, as well as the availability of funding and support for telehealth are primarily factors responsible for the growing market value of the telehealth and telemedicine in the region. On the other hand, the Asia Pacific region is anticipated to witness the highest growth rate during the forecast period.
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Key Players:
The key players operating in the telehealth & telemedicine market are Koninklijke Philips (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Teladoc Health (US), American Well (US), AMC Health (US), MDLIVE (US), Doctor on Demand (US), Medvivo (UK), Iron Bow Technologies (US), TeleSpecialists (US), GlobalMed (US), Medweb (US), IMEDIPLUS (Taiwan), VSee (US), Chiron Health (US), Zipnosis (US), ALTEN Calsoft Labs (US), iCliniq (India), Preventice Solutions (US), and Resideo Life Care Solutions (US).
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