Telehealth Market Size, Opportunities, Key Growth Factors, Revenue Analysis Till 2030

According to Industry Research Future, the telehealth industry would reach USD 60,327.39 million by 2030, with a CAGR of 23.20 percent (MRFR). Throughout the projection period, technological advancements in healthcare are expected to enhance the Telehealth market.

The industry is now being driven by several factors, including an aging population, a rise in the number of chronic diseases, as well as a physician shortage in the United States. Nevertheless, the market’s expansion is hampered by a poor success rate in reducing outpatient visits and worries about the security of medical information. The North American area, on the other hand, is thought to dominate the global telehealth business.

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Telehealth is the delivery of health-related solutions and data via telecommunications technologies. While conducting robotic surgery between healthcare centers spread around the world, the word refers to two healthcare specialists discussing a particular instance over the phone. Patients benefit from telehealth because they have faster access to a specialist who can examine them using proven healthcare standards tied to their clinical order. Moreover, it enables clinical personnel to connect with a network of healthcare specialists, allowing them to provide superior care to both their patients and the community.

Market Segmentation

The Telehealth Market study is divided into four sections: delivery mode, application, component, as well as end-user.

By Component

The telehealth market is divided into three categories: services, software, plus hardware. Because of the increasing beneficial efforts supported by different key competitors, the services segment is expected to capture the greatest market share. However, due to increased awareness of the use of telehealth software, the software category is expected to develop at the quickest rate.

By Mode of Delivery

The telehealth market is divided into two types of delivery: on-premise as well as web/cloud-based. Because of the broader demand, the web/cloud-based segment is likely to gain a higher market share. On the other hand, due to increased knowledge amongst hospital executives, the on-premise market is expected to develop at the fastest rate.

By Application

The telehealth market is divided into primary care, neurophysiology, radiology, cardiology, and many others, depending on the application. Due to the increasing acceptance of telehealth technology within the radiology industry, the radiology segment is likely to gain a higher market share, whilst the cardiology segment is anticipated to develop at the fastest rate.

By End-User

The worldwide telehealth market is divided into hospitals and clinics, diagnostic clinics, home care, and many others, depending on the end-user.

Classification by Region

Because of the increased adoption of telehealth services, North America is expected to dominate the market.

Because of the fast adoption of telehealth operations, the Americas are expected to lead the international market throughout the forecast period, according to MRFR’s telehealth market research.

The European telehealth market is predicted to be the second-largest.

Because of the increased need for healthcare services because of the growing geriatric population, APAC is expected to be the fastest-growing industry throughout the study period.

Telehealth Market Key Players

• 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)
• Cisco Systems Inc. (US)

Industry News

In the same month, leading IT companies are offering big data as a service market solution as well as producing clients. To preserve their competitive edge, prominent market giants have been spotted purchasing new companies or regional telehealth market participants. Companies also emphasize joint ventures, ongoing upgradation, as well as collaborations as business strategies.

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