The report "Telehealth & Telemedicine Market by Function (Teleconsultation, RPM, Diagnostics & Treatment, Analytics, Administrative), Application (TelelCU, Teleradiology, Telecardiology, Diabetes), End User (Hospital, ASC, Payer), & Region - Global Forecast to 2030 ", is projected to reach USD 180.86 billion by 2030 from USD 94.14 billion in 2024, at a CAGR of 11.5 % from 2024 to 2030.
Browse 350 market data Tables and 50 Figures spread through 400 Pages and in-depth TOC on "Telehealth & Telemedicine Market by Function (Teleconsultation, RPM, Diagnostics & Treatment, Analytics, Administrative), Application (TelelCU, Teleradiology, Telecardiology, Diabetes), End User (Hospital, ASC, Payer), & Region - Global Forecast to 2030 "
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The telemedicine and telehealth market is currently expanding at a rapid growth due to various factors. The increasing number of geriatric people and the increased prevalence of chronic diseases (e.g., diabetes, cardiovascular diseases) has led to the need for easy and continuous medical care. Telehealth meets those needs in many ways by providing evidence of cost savings in both money and time as well as demonstrating the convenience of patients gaining access to healthcare and showing the reduction of the overall cost of healthcare. Progress in telecommunication technologies such as 5G and enhanced mobile communications has in turn also increased the trustworthiness and coverage of telehealth services especially in remote or underprovided regions. Moreover, the lack of skilled medical personnel has resulted in an increased use of telehealth solutions to fill the gaps in care delivery. Governmental funding and regulations, including reimbursement changes and telehealth-related laws and the adoption of remote patient monitoring (RPM) systems, established a strong framework for virtual healthcare inclusion into more traditional systems, which in turn helped drive market expansion.
Healthcare providers segment accounted for the largest share of the telehealth & telemedicine market, by end user.
Healthcare providers accounted for the largest share of the telehealth and telemedicine market by end user, primarily because of several factors, including increased adoption of telehealth solutions in hospitals, clinics, and other care settings to improve patient care and operational efficiency. Telemedicine platforms are being used by health professionals in response to the increasing need for remote consultations, chronic disease management and post-surgical rehabilitation, especially due to the lack of qualified healthcare staff. The use of advanced technologies, such as Remote Patient Monitoring (RPM) and artificial intelligence, enables the provider to better enhance diagnostic accuracy and provide personalized care. Moreover, supportive government regulations, reimbursement premiums, and a willingness to reduce healthcare costs have motivated providers to embrace telehealth technology, making them leading adopters that will accelerate the market growth.
Remote Patient Monitoring segment to account for the fastest growing segment of telehealth & telemedicine market, by function.
Remote Patient Monitoring (RPM) segment is expected to be the fastest-growing segment of telehealth telemedicine market by function, because of the increasing number of chronic diseases that need to be continuously monitored and managed e.g., diabetes, hypertension, cardiovascular diseases. RPM systems allow the continuous monitoring of the health data of patients, eliminating the need for many hospital visits, and thereby improve the outcomes of patients. The integration of advanced wearable devices, IoT-sensored devices, and data analytics has contributed greatly to the efficiency and acceptance of RPM technologies. Moreover, supportive regulation (including CMS, who increased Medicare reimbursement for RPM services) and cost savings in the prevention of hospital readmissions contribute to accelerate this growth. The COVID-19 pandemic accelerated the penetration of RPM, as health care providers looked for methods to track patients remotely, achieving continuity of care without the hazards of infection.
North America accounted for the largest share of the telehealth & telemedicine market.
The North America accounted for the largest share of telehealth & telemedicine market due to several reasons, such as the region's modern healthcare infrastructure, widespread use of advanced technologies, and extensive governmental support. The United States, especially, has adopted favorable reimbursement policy and regulatory mandates including those from the Centers for Medicare Medicaid Services (CMS), which have increased telehealth access and Remote Patient Monitoring (RPM) technology. High prevalence of chronic diseases and an aging population have led to an even higher demand for telehealth services. Moreover, the abundant investments in telecommunications infrastructure (5G included) in the region, along with the existence of important market players, have improved the availability and quality of telemedicine services, which have boosted the market share of telemedicine in the region.
Prominent players in the telehealth & telemedicine market include are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Epic Systems Corporation (US), Oracle (US), Doximity, Inc. (US), Teladoc Health, Inc. (US), American Well (US), Siemens Healthineers AG (Germany), Cisco Systems Inc. (US).
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