Dublin, April 13, 2022 (GLOBE NEWSWIRE) -- The "Global Telehealth & Telemedicine Market by Component (Software & Services (RPM, Real-Time), Hardware (Monitors)), Delivery (On-Premise, Cloud-Based), Application (Teleradiology, Telestroke, TeleICU), End User (Provider, Payer) & Region - Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.
The global telehealth & telemedicine market is expected to grow at a CAGR of 26.6% during the forecast period, to reach USD 285.7 billion by 2027 from an estimated USD 87.8 billion in 2022.
The key factors driving the growth of this market include the need to expand healthcare access, the growing prevalence of chronic diseases and conditions, a shortage of physicians, advancements in telecommunications, government support and raising awareness, and rising technology adoption in the wake of COVID-19.
However, regional variations in regulations, fraud, and the use of social media for care providers will restrict the market growth during the forecast period.
The software & services segment will grow at the highest rate during the forecast period
Based on components, the telehealth market is segmented into software & services and hardware segment. The software & segment accounted for the largest share of the telehealth market in 2021.
The large share of this segment is mainly due to the increasing adoption of telehealth and telemedicine across the globe. The hardware segment is projected to register the highest CAGR of 27.8% during the forecast period.
By delivery mode, the cloud-based segment accounted for the largest share of the telehealth market in 2021
Based on the mode of delivery, the global telehealth market is segmented into cloud-based and on-premise segments. The human pathology segment accounted for the largest share of the telehealth market in 2021.
The major factors driving the market for cloud-based delivery mode segments are the on-demand nature of the services, their easy scalability, and the costs-curtailing nature of cloud-based solutions.
The market in Asia Pacific is projected to witness the highest growth during the forecast period
Asia Pacific is projected to register the highest growth during the forecast period. This large share can be attributed to factors such as the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, increasing overall and geriatric population.
Competitive landscape
Prominent players in the telehealth and telemedicine market include Koninklijke Philips N.V. (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), and Iron Bow Technologies (US) among others.
Premium Insights
- Shortage of Physicians, Rising Prevalence of Chronic Conditions, and Increase in Aging Population Drive Market Growth
- Software & Services Segment Accounted for the Largest Share of the North American Telehealth and Telemedicine Market in 2021
- Teleradiology to Dominate the Application Segment in 2022
- Asia-Pacific to Witness the Highest Growth in the Telehealth and Telemedicine Market from 2022 to 2027
Market Dynamics
Drivers
- Growing Geriatric Population and Need to Expand Healthcare Access
- Rising Prevalence of Chronic Conditions and Cost-Benefits of Telehealth and Telemedicine
- Shortage of Physicians
- Advancements in Telecommunications
- Government Support and Rising Awareness
- Technology Adoption in the Wake of the COVID-19 Pandemic
- Private and Public Support for COVID-19 Management
Restraints
- Regulatory Variations Across Regions
- Fraud in Telemedicine and Telehealth
- Use of Social Media
Opportunities
- High Utility in Combating Infectious Diseases and Epidemics
- Use of Blockchain
- Ai and Analytics
- Virtual Assistants
Challenges
- Inability to Ascertain Hygiene and Cleanliness
- Behavioral Barriers, Healthcare Affordability, and Lack of Awareness
Technology Analysis
- Machine Learning
- Artificial Intelligence
- Internet of Things
- Blockchain
- Cloud Computing
- Data Analytics
- Extended Reality
Company Profiles
- Alten Calsoft Labs (A Subsidiary of Alten Group)
- Amc Health
- American Well
- Asahi Kasei Corporation
- Cerner Corporation
- Chiron Health
- Cisco Systems
- Doctor on Demand, Inc.
- GE Healthcare
- Globalmed
- Icliniq
- Imediplus
- Iron Bow Technologies
- Koninklijke Philips
- Mdlive
- Medtronic
- Medvivo Group Ltd.
- Medweb
- Preventice Solutions
- Resideo Life Care Solutions
- Siemens Healthineers Ag
- Teladoc Health
- Telespecialists
- Vsee
- Zipnosis
For more information about this report visit https://www.researchandmarkets.com/r/9mhxyh
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