The report "Telehealth Market boasts a total value of $87.8 billion in 2022 and is projected to register a growth rate of 26.6% to reach a value of $285.7 billion by 2027.
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The rising demand to expand healthcare access, the growing incidence and prevalence of chronic diseases, shortage of physicians and healthcare workforce, developments associated with telecommunications, and cost-benefits of telehealth solutions are some of the key factors attributed towards growth of the telehealth and telemedicine market. However, factors such as concerns of fraud and variations in regulations with regions are likely to negatively impact the market growth during the forecast period.
By component, the software and services segment took the largest share of the telehealth market
On the basis of segmentation of component, the telehealth market is bifurcated into software & services, and hardware segments. The software & services segment captured the lions share of the telehealth market. The large share of this segment is owed to the rising adoption of telehealth and telemedicine services across the globe. The hardware segment is projected to register the highest CAGR of 27.8% during the forecast period.
Among the application segment, teleradiology segment commanded the largest share of the telehealth market.
Based on the segmentation of application, the telehealth market has been divided into teleradiology, teleconsultation, teleICU, telestroke, telepsychiatry, tele dermatology, and other applications. Among the application segment, the teleradiology segment accounted for the lion’s share of the market. Aspects such as increase the demand for in imaging practices, rise in teleradiology workflow adoption by healthcare providers, and the streamlining of the regulatory procedure of teleradiology practices are bolstering the growth of this segment.
Providers segment garnered the larges revenue among different end user segment of the telehealth market.
Based on end users, the telehealth market is segmented into providers, payers, patients and other end users. Among end-users, the providers segment captured the largest market share of the global telehealth market. Factors supporting the growth includes the increase in adoption of remote monitoring in chronically ill and old aged patients, advancements in telehealth monitoring devices, and the increased number of tele-specialty services offered by the providers.
North America is expected to dominate the telehealth market during the forecast period.
North America held the leading share of the telehealth market, followed by Europe. Growing prevalence of chronic conditions in the region, increasing overall geriatric population, the need to curtail healthcare expenditure, as well as the availability of funding and support for telehealth are primarily factors responsible for the growing market value of the telehealth in the region. On the other hand, the Asia Pacific region is anticipated to witness the highest growth rate during the forecast period.
The key players operating in the telehealth market are Koninklijke Philips (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Teladoc Health (US), American Well (US), AMC Health (US), MDLIVE (US), Doctor on Demand (US), Medvivo (UK), Iron Bow Technologies (US), TeleSpecialists (US), GlobalMed (US), Medweb (US), IMEDIPLUS (Taiwan), VSee (US), Chiron Health (US), Zipnosis (US), ALTEN Calsoft Labs (US), iCliniq (India), Preventice Solutions (US), and Resideo Life Care Solutions (US).
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