Telehealth Market is Projected to Register a CAGR of 22.74% in the Forecast Period
Research Reports
Feb 10, 2022
The Global Telehealth Market is anticipated to reach a market value of USD 16.17 billion while thriving at CAGR of 22.74% by 2024.Furthermore, the increased use of mobile phones and reliance on various applications to obtain healthcare services is likely to provide profitable prospects that will help to boost the market during the assessment period. Because of the increased demand for telehealth services, the market is expected to grow significantly throughout the assessment period. Furthermore, in the COVID-19 age, the growing need for technologies like this is expected to support trade expansion in the near future.
Some of the primary variables that can boost the telehealth market share are the rising frequency of chronic illnesses and the scarcity of physicians. During the review period, however, security concerns and the enforcement of stringent rules for telehealth services are expected to stifle industry growth. During the projected period, ongoing technology advancements in the healthcare industry are expected to drive demand for telehealth services. The ease of access, expanding collaboration among key players, favourable government efforts implemented by various nations, and rising need to lower healthcare costs are some of the major factors that are expected to boost the telehealth market over the forecast period.
During the review period, the lack of a regulatory framework and a lack of favourable supportive policies in underdeveloped countries are likely to stymie telehealth expansion. Telehealth necessitates the deployment of high-speed internet, large storage capacity, and cutting-edge telecommunication devices, all of which might be costly for developing countries. Furthermore, hefty installation costs and a lack of competence may stymie industry expansion.
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Market Segmentation
The telehealth market is divided into three categories: software, services, and hardware. Because of the increasing beneficial efforts implemented by various key competitors, the services segment is expected to capture the greatest market share. The software market, on the other hand, is expected to develop at the quickest rate due to increased awareness of the use of telehealth software.
The telehealth market is divided into two categories based on delivery: on-premise and web/cloud-based. Because of its greater appeal, the web/cloud-based category is likely to gain a larger part of the market. On the other hand, due to increased knowledge among hospital executives, the on-premise market is expected to develop at the fastest rate.
The telehealth market is divided into neurophysiology, cardiology, radiology, primary care, and others, depending on the application. Due to the increasing acceptance of telehealth technology in the radiology industry, the radiology segment is likely to gain a higher market share, whilst the cardiology segment is expected to develop at the fastest rate.
The global telehealth market is divided into hospitals and clinics, home care, diagnostic clinics, and others, depending on the end-user. Due to the growing number of hospitals employing telehealth software, the hospitals and clinics category is expected to gain a greater market share. The diagnostic clinics market is predicted to grow at the fastest rate. Telehealth
Regional Overview
Due to the fast adoption of telehealth services, the Americas are expected to lead the global market throughout the forecast period, according to MRFR’s telehealth market analysis. Furthermore, an increase in the number of patients, a shift toward home healthcare services, and an increase in acquisitions among key competitors are expected to move the regional market forward throughout the projection period.
The European telehealth market is predicted to be the second-largest. During the review period, a prominent aspect that might enhance the market is expected to be the growing shift toward more efficient and continuous healthcare monitoring.
Because of the increased need for healthcare services due to the growing geriatric population, APAC is expected to be the fastest-growing market throughout the study period. Other important variables driving the regional market throughout the evaluation period include an increase in the prevalence of chronic diseases and rising healthcare spending.
Due to a lack of understanding and poor economies, the Middle East and Africa are expected to expand slowly and garner a steady market value.
Competitive Dynamics
Allscripts Healthcare Solutions (US), American Well (US), Honeywell International Inc. (US), Right Health (Canada), Boston Scientific Corporation (US), Medtronic PLC (Ireland), Care Innovations LLC (US), GlobalMed (US), Siemens (Germany), AMD Global Telemedicine Inc. (US), and Cisco Systems Inc. (US) are some of the notable players (US).
Due to the ease of access, rising coordination among key actors, and favourable government efforts, telehealth has witnessed significant demand over the years. Companies operating in the global telehealth sector face additional challenges due to a lack of supporting infrastructure and a scarcity of competent human resources. During the projection period, telehealth market mergers and acquisitions are expected to benefit the industry.
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