Global Telehealth Market Size | Forecasted to Grow at 31.5% CAGR, Reaching US$ 8.10 Bn by 2029
Global Telehealth Market Expected to Reach US$ 8.10 Billion by 2029, with a CAGR of 31.5%
Market Overview:
The global telehealth market, valued at US$ 1.19 billion in 2022, is projected to reach US$ 8.10 billion by 2029, growing at a CAGR of 31.5% during the forecast period. Telehealth involves the delivery of health and health-related services using telecommunications and digital communication technology, including live video conferencing, mobile health apps, electronic transmission, and remote patient monitoring.
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Market Introduction:
The rise of telemedicine has been driven by advancements in telecommunication technology, providing access to care for underserved communities and offering flexibility and convenience to patients. Government support and financing to promote telehealth, coupled with the increasing elderly population requiring ongoing monitoring, have further fueled market growth.
Market Dynamics:
- Drivers: Rising advancements in telecommunication, increasing government support, and the growing need for remote monitoring due to the physician shortage.
- Restraints: Strict regulations and increasing cases of healthcare fraud are hindering market growth.
- Opportunities: Growing awareness among people and technological advancements in AI and analytics are creating new opportunities in the market.
Market Segmentation:
The market is segmented based on product type into software, services, and hardware. The services segment dominated the market in 2022, driven by increasing demand for telehealth applications in chronic disease management and real-time monitoring. Based on delivery mode, the market is segmented into web-based, cloud-based, and on-premises, with the web-based segment holding the largest market share in 2022.
Market Players:
1. Koninklijke Philips (Netherlands)
2. MDLIVE (US)
3. Medtronic (Ireland)
4. GE Healthcare (US)
5. Cerner Corporation (US)
6. Siemens Healthineers (Germany)
7. Cisco Systems (US)
8. Asahi Kasei Corporation (Japan)
9. Teladoc Health (US)
10. American Well (US)
11. AMC Health (US)
12. Doctor on Demand (US)
13. Medvivo (UK)
14. Iron Bow Technologies (US)
15. TeleSpecialists (US)
16. GlobalMed (US)
17. Medweb (US)
18. IMEDIPLUS (Taiwan)
19. VSee (US)
Regional Insights:
- North America: Dominated the market in 2022 with a 52% share and is expected to witness significant growth at a CAGR of 28% through the forecast period, driven by high healthcare IT spending and advancements in digital infrastructure.
- Asia Pacific: Expected to experience high growth during the forecast period due to increasing smartphone usage and better internet access, along with supportive government policies and funding to improve internet connectivity in rural areas.
In conclusion, the global telehealth market is poised for significant growth, driven by technological advancements, government support, and increasing awareness among people. With the rise of telemedicine and the growing need for remote monitoring, the market is expected to continue its upward trajectory in the coming years.
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