Pune, March 14, 2023 (GLOBE NEWSWIRE) -- SNS Insider reports that the Telehealth and Telemedicine Market had a value of USD 87.16 billion in 2022 and is projected to attain USD 578.86 billion by 2030, with a compound annual growth rate (CAGR) of 26.7% from 2023 to 2030.
Market Overview:
Telehealth and telemedicine are two important healthcare practices that have gained immense popularity in recent years. The advent of telehealth and telemedicine has revolutionized the way healthcare services are provided, making it more convenient, cost-effective, and accessible to patients. With telehealth and telemedicine, patients can receive medical care and consultations from the comfort of their own homes, reducing the need for in-person visits to healthcare facilities.
Market Analysis:
Telehealth and telemedicine have witnessed significant growth in recent years due to the increasing demand for advanced technology, mental health services, and management of chronic diseases. These factors have resulted in the expansion of the telehealth and telemedicine market, as more people are adopting these innovative services for better healthcare and low-cost solutions. One of the key drivers of this market growth is the rising adoption of telehealth and telemedicine, which allows patients to access medical services remotely, eliminating the need for physical visits to the hospital. Additionally, the aging population has also contributed to the growing demand for telehealth and telemedicine, as older adults may have difficulty accessing traditional medical services.
Key Company Profiles Listed in this Report Are:
- Asahi Kasei Corporation
- Medtronic
- Koninklijke Philips N.V.
- Siemens Healthineers
- Cerner Corporation
- Cisco Systems
- GE Healthcare
- Teladoc Health
- American Well
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Impact of Recession on Telehealth and Telemedicine Market Growth
The recession, which is a period of economic decline, can have both positive and negative impacts on various industries, including telehealth and telemedicine market. During a recession, there is usually a decrease in overall healthcare spending due to financial constraints. However, the use of telehealth and telemedicine can help to reduce healthcare costs by enabling patients to receive care remotely, without the need for in-person visits that can be more expensive. This can make telehealth and telemedicine more attractive to individuals and organizations looking to save money on healthcare.
Key Regional Developments
Telehealth and telemedicine have become increasingly popular in recent years, and North America is leading the way in terms of revenue generation. The combination of digitization, modernization, and widespread adoption of telemedicine solutions has made North America a leader in the telehealth and telemedicine market. As the demand for these services continues to grow, we can expect North America to maintain its position as the dominant player in the industry.
Telehealth and Telemedicine Market Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 87.16 Billion |
| Market Size by 2030 | US$ 578.86 Billion |
| CAGR | CAGR of 26.7% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Component (Software & services, Hardware) • By Mode of Delivery (Cloud-based, On-premise) • By Application (Teleconsultation, TeleICU, Telestroke, Teleradiology, Telepsychiatry, Teledermatology, Other) • By End User (Providers, Payers, Patients, Other) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Takeaway from Telehealth and Telemedicine Market Study
- Telehealth and telemedicine have been experiencing significant growth in recent years, and the software and services segment has emerged as the largest contributor to this trend. This trend has been driven by a range of factors, including the need to improve access to healthcare services, reduce costs, and improve patient outcomes.
- Teleradiology has emerged as the largest segment in the rapidly growing markets. With the help of teleradiology, healthcare providers can now quickly and efficiently access medical images from anywhere in the world, making it easier to diagnose and treat patients.
Recent Developments Related to Telehealth and Telemedicine Market
- A new startup has been launched by former fintech engineers with the aim of addressing the issue of insurance verification for virtual care. They have identified a gap in the market for a platform that can seamlessly integrate with existing virtual care solutions, and provide a reliable and efficient way to verify insurance coverage for patients.
- Estshara, a healthcare company, has made a significant investment of US$ 5, 00,000 to expand their services and provide telepharmacy services and online consultations to patients. This move is aimed at improving the accessibility and convenience of healthcare services for patients, especially those living in remote or underserved areas.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Telehealth And Telemedicine Market Segmentation, By Component
9. Telehealth And Telemedicine Market Segmentation, By Mode Of Delivery
10. Telehealth And Telemedicine Market Segmentation, By Application
11. Telehealth And Telemedicine Market Segmentation, By End User
12. Regional Analysis
13 Company Profiles
14 Competitive Landscape
15 Conclusion
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