Telehealth Market Size to Surpass Around USD 224.8 Bn By 2030

Ottawa, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The telehealth market size will reach at USD 57.1 billion in 2023. Telehealth refers to the process of delivering healthcare services remotely by telecommunications technology. It provides health care, health education, and health information services to remote locations through remote technologies. It facilitates health and health-related services. Examples include remote patient monitoring, live video conferencing, and mobile health apps. Telehealth and telemedicine words are often used interchangeably.

Get the Sample Copy of This Report@ https://www.precedenceresearch.com/sample/1363

Telehealth covers an array of digital healthcare activities and services. It involves the remote diagnosis and treatment of patients. It utilizes telecommunications technology. It provides medical services to people who are geographically separated from healthcare providers. For example, a physician may conduct an online video consultation for non-life-threatening diseases. It encompasses all components and activities of healthcare. Various technologies are used to provide telehealth services.

Growth Factors

Factors such as the increasing prevalence of chronic conditions, the rising geriatric population, and the growing penetration of smartphones significantly contribute to the telehealth market growth. In line with this, increasing the preference for virtual care methods positively influences market growth. The Covid 19 pandemic has positively impacted the telehealth market growth.

Due to the nationwide lockdown, people could not visit hospitals, especially those in remote locations. So, they preferred telehealth services for doctor consultations and other healthcare services. The market witnessed tremendous growth due to the pandemic. Furthermore, the rising requirement to monitor health to manage chronic diseases virtually catalyzes market growth. Apart from this, the emergence of web-based and cloud-based platforms to provide virtual healthcare services to patients creates a positive outlook for the market.

The virtual medical services are remotely provided to the patients through video and telephonic consultations. It helped reduce the patients' dependency on in-person doctor consultations and hospital visits. The rising Prevalence of cancer is another growth-inducing factor. The widespread integration of artificial intelligence in treating and diagnosing patients is propelling market growth across the globe. Telehealth helps provide patient-centric care at remote locations, thereby reducing the hospitalization rate. The main focus of telehealth is on expanding the accessibility of healthcare services with enhanced safety and quality.

Telehealth applications help in delivering appropriate care to patients. Rapid innovations in digital healthcare are strengthening market growth. Integrating artificial intelligence and machine learning improves the personalization of healthcare services. The shortage of healthcare professionals is favoring the market growth. This is leading to the adoption of telehealth services to improve the accessibility of healthcare services. Increasing initiatives undertaken by governments globally are significantly contributing to market growth worldwide. Additionally, the market players are strongly focusing on collaborations and, mergers & acquisitions to gain a competitive edge in the market.

Report Highlights:

• Based on product, the services dominated the market and accounted for the largest revenue share in 2022. The increasing need for real-time monitoring and chronic disease management significantly contributes to segment growth. Rapid technological advancements and the rising penetration of smartphones are positively influencing market growth. The emergence of platforms and applications to diagnose, monitor, and prevent the disease catalyzes the segment's growth.
• The software segment is expected to witness a promising CAGR in the coming years. This is due to the increasing demand for affordable healthcare services. The need for improved quality healthcare is boosting the segment's growth. The growing requirement to monitor population health in real-time is leading to the adoption of the software. Furthermore, several initiatives taken by the market players are propelling market growth.
• Based on delivery mode, web-based dominated the market and accounted for the largest revenue share in 2022. Launching various telehealth platforms and applications significantly contributes to the segment's growth. The increasing demand for web-based delivery creates a positive outlook for the market. The rising penetration of smartphones is driving the segment's growth. The cost-effectiveness offered by the web-based delivery mode is catalyzing the segment's growth.
• The cloud-based delivery is expected to witness a promising CAGR in the coming years. The emergence of cloud-based applications and the launch of technologically advanced solutions drive the segment's growth. These applications offer excellent data storage and recovery, accessibility, high bandwidth, and improved security.
• Based on end-user, the provider dominated the market and accounted for the largest revenue share in 2022. This is due to the rapid adoption of telehealth by healthcare professionals. The increased convenience offered by telehealth is driving the segment's growth. It leads to proper workflow management, access to patient health records, and quality health monitoring.
• The patient is expected to witness a promising CAGR in the coming years. This is due to the increasing penetration of smartphones, the availability of the internet, and rising awareness. The service helps to provide quality care to patients. All these factors are driving the segment's growth.

Ask Here for Customization@ https://www.precedenceresearch.com/customization/1363

Telehealth Market Report Scope

What is the regional impact in the telehealth market?

• Based on region, North America dominated the market and accounted for the largest revenue share in 2022. This is due to the increasing penetration of Smartphones, high healthcare infrastructure, and the rising prevalence of chronic conditions. The growing awareness of digital health and virtual care significantly contributes to the region's market growth. The presence of leading players and the launch of various telehealth applications catalyze the region's market growth.
• Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to the improving healthcare infrastructure, increasing Prevalence of chronic conditions, and rising geriatric population. Favorable government initiatives are driving market growth across the region. The shortage of healthcare professionals and growing awareness about telehealth favor market growth.

Market Dynamics:

Driver: Increasing government initiatives

Increasing government initiatives to promote the adoption of telehealth is significantly contributing to market growth. Telehealth provides easy access to healthcare services for patients at remote locations. People need help to travel to get better health consultations. That's why government across various countries is taking initiatives to provide healthcare services to patients at their convenience. Telehealth helps overcome the distance barrier and ensures quality care delivery in remote locations. People in underdeveloped countries mostly live in rural areas. They don't have access to quality healthcare. Therefore, governments focus on providing quality care in rural areas through telehealth. The governments are launching electronic intensive care units (e-ICU), creating a positive outlook for the market. Thus, favorable government policies to boost telehealth solutions are strengthening market growth.

opportunity: Rising healthcare costs

Rising healthcare costs are offering numerous opportunities for market growth. Healthcare costs increase owing to the growing prevalence of cancer, chronic conditions, and the increasing senior population. This drives the demand for technology-driven platforms to deliver quality healthcare to patients remotely and reduce the cost burden. Telehealth is rapidly employed in all healthcare organizations, thus offering lucrative opportunities to the market players.

Restraint: Technological Barrier

Technological Barrier acts as a market restraint. Technological and infrastructure barriers are the main factors hampering the telehealth market growth. The use of digital healthcare platforms requires telecommunication devices and high-speed internet. These are absent in underdeveloped countries. Furthermore, the costs of installing these technologies are very high, impeding the market growth. Moreover, the shortage of expertise to operate advanced technologies further hamper market growth.

challenges: Concerns regarding cybersecurity, data privacy

The rising concerns regarding cybersecurity and data security challenge the telehealth market growth. Although the technologies are advanced, they are still prone to data breaches and cyber-attacks. This lack of data protection is hampering the market growth.

Related Reports

Key Development:

• In August 2021, Philips launched Philips Acute Care Telehealth to offer a flexible and configurable solution to assist healthcare systems in providing virtual care.
• In January 2020, Teladoc Health acquired InTouch Health. This acquisition will provide the company with a network of more than 450 hospitals and healthcare facilities.

Major Key Players

• MDLive , Inc.
• Teladoc Health, Inc.
• American Well
• Doctor on Demand
• OpenTeleHealth
• Grand Rounds, Inc.
• Dictum Health, Inc.
• AirStrip Technologies
• INTeleICU
• Masimo

Market Segmentation

By Component

• Software
• Hardware
• Services
  
  

By End User

• Hospitals
• Homecare
• Others
  
  

By Application

• Telemedicine
• Patient Monitoring
• Medical Education
• Others

By Mode of Delivery

• Web Based
• Cloud Based
• On Premises
  
  

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
  
  

Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1363

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com  | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R