Telehealth Market Outlook and Growth Analysis By Component, By Mode of Delivery, By Application And By End User - Global Forecast till 2030
The global telehealth market is expected to exhibit a whopping 34.2% CAGR over the forecast period from 2022 to 2030, according to a new research report released by Market Research Future (MRFR). The global telehealth market is primarily driven by two factors: the increasing prevalence of chronic diseases, which is fueling demand for practical ways to connect patients and doctors so they can discuss the state of their rehabilitation; and the accelerating pace of technological advancement in advanced telecommunications options, which makes complex, futuristic telehealth services possible.
The global telehealth industry has been significantly impacted by the increased prevalence of chronic diseases, which necessitate regular medical visits to track patients' progress and go over treatment options based on the severity of their conditions. As a result, both parties incur significant costs due to the cost of providing healthcare services and travelling to the doctor's office as needed. Telehealth solutions drastically lower the expenses of patient-physician engagement by enabling communication between the two parties from their respective locations, regardless of distance. The enhanced convenience of telehealth solutions for patients with chronic conditions is anticipated to significantly contribute to driving the global telehealth market over the course of the forecast year.
Over the course of the projection period, it's also anticipated that the quick development of sophisticated telecommunications solutions will play a significant role in driving the worldwide telehealth market. The telecommunications sector has had strong growth in recent years as a result of rising consumer demand, which has led to an increase in investment in the modernization and improvement of operations. As a result, wireless connectivity has grown over large geographic areas, making it simple to instal telehealth equipment in rural locations, where telehealth solutions are most desperately needed.
The sustained growth of the telecommunications industry is likely to be a major driver for the global telehealth market over the forecast period, as the availability of sophisticated equipment is a must for effective implementation of telehealth solutions.
Competitive Analysis:
The leading global telehealth market player includes InTouch Technologies Inc., AMD Global Telemedicine Inc., Siemens Healthcare Private Limited, GlobalMedia Group LLC, Cerner Corporation, Care Innovations LLC, McKesson Corporation, General Electric Company, Medtronic, and Koninklijke Philips N.V.
Government support in the form of regulatory initiatives and monetary support is likely to play a key role in the development of the global telehealth market over the forecast period.
Segmentation Global Telehealth Market
The global telehealth market share is segmented on the basis of components, types, end users, and region.
On the basis of component, the global telehealth market is segmented into hardware, software, and others. The hardware segment is further sub-segmented into monitors, medical devices, and others; monitors are further segmented into blood glucose monitors, blood pressure monitors, ECG monitors, and others.
On the basis of types, the market is segmented into web-based, on-premise, and cloud-based.
On the basis of end use, the telehealth market is segmented into hospitals and clinics, pharmaceutical companies, and others.
What is the Benefits For Telehealth ?
- Increased Access to Care: Telehealth makes healthcare more accessible for those who live in rural areas, have difficulty getting to a doctor’s office due to physical disabilities, or who are unable to take time off work to go to the doctor.
- Improved Patient Outcomes: Telehealth has been found to reduce emergency room visits, hospitalizations, and readmissions, leading to better patient outcomes.
- Cost Savings: Telehealth can reduce the cost of healthcare by eliminating the need for travel, reducing the time spent in the doctor’s office, and reducing the need for expensive tests and treatments.
Regional Analysis:
The global telehealth market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas is likely to remain the leading revenue generator over the forecast period due to the widespread availability of telehealth services in the region. The region accounted for 40% of the global telehealth market in 2017 and is likely to retain a similar level of dominance throughout the forecast period. The strong position of the telecommunications industry in the U.S. and Canada is likely to be a major boost to the telehealth market in the region.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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