At 23.3% CAGR, Telehealth and Telemedicine Market Share Will be Worth USD 813.7 Billion by 2034

Covina, July 04, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights updated latest report, the global telehealth and telemedicine market size and share, worth USD 120.5 Billion in 2024, is anticipated to expand to USD 813.7 Billion by 2034, reflecting a CAGR of 23.3%.

Telehealth And Telemedicine Market Report

Telecommunications technology is what makes it possible for doctors to provide a wide range of medical, diagnostic, and treatment-related services. For instance, this entails carrying out diagnostic procedures, keeping track of a patient's development following therapy or treatment, and facilitating the patient's access to specialists who are not in the same location as them. While there are many parallels between telemedicine and telehealth, telehealth is a broader category of remote health care that goes beyond the doctor-patient interaction. This frequently involves services from healthcare professionals including nurses, pharmacists, and social workers that help patients learn about their health, offer social support and help with medication adherence, and troubleshoot health issues with the patient and caregivers.

The applications of telemedicine and telehealth are quite diverse. The danger of infection is decreased when doctors and patients have direct touch. Among the techniques is telehealth care, which is further divided into teleconsultation and tele-follow-up. Telehealth care is a preventative and promotional health care approach that utilizes information and communications technologies, or ICTs. A CTI or computer telephone integrated, system is used in tele-home health care to continuously monitor patients' vital signs from a distance. Tele-ophthalmology, tele-psychiatry, tele-cardiology, and tele-surgery are a few examples of specialty services. Tele-endoscopy and teleradiology are two examples of diagnostic services.

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Our Free Sample Report includes:

• Overview & introduction of market study
• Revenue and CAGR of the market 
• Drivers & Restrains factors of the market 
• Major key players in the market 
• Regional analysis of the market with a detailed graph
• Detailed segmentation in tabular form of market 
• Recent developments/news of the market 
• Opportunities & Challenges of the Market

Competitive Landscape:

The Telehealth and Telemedicine Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.

Some of the Key Market Players:

• Zoom
• Cisco Systems
• American Well
• Doxy.me
• Teladoc Health
• MeMD
• HealthTap
• Amwell
• MDLive

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Analyst View:

Doctors can offer medical, diagnostic, and treatment-related services remotely thanks to telemedicine and telehealth. They include facilitating access to professionals who are not in the same location, following patient development, and performing diagnostic tests. Information and communications technologies (ICTs) are used in telehealth care, a preventative and promotional strategy, to continuously monitor patients' vital signs from a distance. Applications include specialty services including tele-ophthalmology, tele-psychiatry, tele-cardiology, and tele-surgery, as well as teleconsultation and tele-follow-up. The effectiveness, efficiency, and accessibility of telehealth and telemedicine have increased due to technological improvements. With more than half of all Americans having at least one diagnosis, the market is expanding in areas with a high prevalence of chronic illnesses. For seamless data sharing between patients and clinicians, future connected health features will be powered by more connected devices, more bandwidth, and lower latency.

Telehealth And Telemedicine Market Report Scope

Market Dynamics:

Drivers:

Developments in technology

• Data analysis has been partially automated, treatment recommendations have become more tailored, and diagnosis accuracy has increased thanks to Artificial Intelligence and Machine Learning algorithms. Of course, there is also the Internet of Medical Things (IoMT), which permits ongoing data collection and transfer, enabling remote tracking of health state. Augmented and virtual reality (AR) are being used with telemedicine platforms to provide immersive experiences. Blockchain technology is improving electronic health record data security and interoperability, facilitating the easy exchange of patient data between platforms. Clinical decision-making and population health management are made possible by big data analytics. Data is now transferred even more quickly and reliably thanks to the introduction of 5G networks, which may be necessary for applications like high-quality video consultations and remote monitoring. Technological improvements have made telehealth and telemedicine more effective, efficient, and accessible.

Increasing rates of chronic illness

• The telehealth and telemedicine market in the region is growing along with the frequency of chronic diseases. The primary cause of death and disability in this area is believed to be chronic health conditions, with over half of all Americans having at least one diagnosis. Through remote patient monitoring, telehealth has been found to enhance the management of several chronic diseases, with prompt interventions lowering the number of readmissions to hospitals. When compared to other patient categories, chronic patients are more likely to use telehealth; yet, there are discrepancies in this use, primarily among low-income and minority populations.

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Market Trends:

Improved internet and 5G

• High-quality video consultation and remote monitoring applications will be supported by quicker, more dependable data transmission. Future connected health functionality, such as virtual exams and remote patient monitoring, will be powered by lower latency, more bandwidth, and more connected devices. These features will allow for smooth data sharing between patients and clinicians.

Segmentation:

Telehealth and Telemedicine Market is segmented based on Type, Application, and Region.

Type Insights

• Synchronous telehealth involves the communication of the patient and provider in real-time over the phone or over video with the purpose of identification of diagnosis, course of treatment, or prescription of medication. Store-and-forward telemedicine electronically gathers clinical data and sends it to another location for review. It includes demographic data, past medical history, test reports, and pictures, video, or audio files. One subset of homecare telehealth is remote patient monitoring, which enables people to collect patient-generated health data on mobile devices and transmit it to medical providers. While telehealth refers to the use of technology for health-related services, including telemedicine, the latter refers to the clinical services provided by licensed medical professionals.

Application Insights

• With telemedicine, patients can receive live medical care, diagnosis, and treatment from a distance without needing to attend the facility; they can communicate from the comfort of their own homes or other locations as long as they have internet access. The term "mobile telehealth" describes healthcare practices that are facilitated by mobile devices, including consultations, remote clinical services, patient-doctor communication, and perhaps even public health initiatives like the distribution of alerts about potentially dangerous outbreaks. It can lower patient and healthcare worker risks, stop the spread of infectious diseases, and track the health of patients in remote locations. It provides the capacity to plan, prepare, and respond logically in the event of calamities or mass casualty occurrences, making disaster management in hospitals simple. However, it can be challenging to use telemedicine or e-health during or after a disaster for a variety of reasons, including limited resources and telecommunications infrastructure.

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Recent Development:

• In May 2024, S’pore vets get new telehealth guidelines to better ensure the welfare, and safety of pets. As veterinary telehealth becomes more common, a set of professional guidelines for vets here has been launched to better safeguard animal welfare, health, and safety.
• In March 2024, New rules enable telemedicine treatment for opioid-use disorder. COVID-19 emergency-era flexibilities that enabled physicians to prescribe medications for opioid-use disorder via telehealth will remain in place permanently thanks to a final rule published by the Substance Abuse and Mental Health Services Administration (SAMHSA).

Regional Insights

• North America: The prevalence of chronic diseases, government investments in healthcare IT, technological innovation, and the rapidly increasing demand for healthcare services are some of the reasons driving the North American telemedicine and telehealth market. But there are significant obstacles when it comes to data privacy and security. When it comes to the uptake of telemedicine and telehealth technology, the area continues to lead the world.
• Asia Pacific: An Asia-Pacific assessment noted that even when patients resumed in-person interactions with physicians, telemedicine continued to spread rapidly, albeit at a slower pace than during the pandemic's height.

Browse Detail Report on "Telehealth and Telemedicine Market, By Type (Real-time or Synchronous, Store-and-Forward or Asynchronous, Remote Monitoring, Health Professional to Health Professional, Health Professional to Patient, and Other), By Application (Educational, Healthcare Delivery, Healthcare Management, Screening of Diseases, Disaster Management, and Other), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Telehealth-and-Telemedicine-Market-1132

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