The telehealth and telemedicine market is projected to reach a valuation of USD 120.4 billion in 2023, with an anticipated surge to USD 285.7 billion by 2028, exhibiting a CAGR of 23.2% throughout the forecast period. Growth in the telehealth and telemedicine market is mainly driven by factors such as the rising population, the increasing need to expand healthcare access, the growing prevalence of chronic diseases and conditions, a shortage of physicians, advancements in telecommunications, the rising level of government support, and increasing awareness. However, regional variations in regulations, fraud, and the use of social media for care provision will affect market growth negatively during the forecast period.
Prominent players in the telehealth and telemedicine market include Koninklijke Philips, N.V (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Oracle (US), Siemens Healthcare GmbH (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Iron Bow Technologies (US), American Well (US), Teladoc Health, Inc. (US), AMC Health (US), TeleSpecialists(US), Doctor On Demand by Included Health, Inc. (US), MDLIVE (US), GlobalMedia Group, LLC (US), Medvivo Group Ltd. (UK), Medweb(US), VSee (US), Imedi Plus (China), Zipnosis (US), ACL Digital (US), iCliniq (US), Boston Scientific Cardiac Diagnostics Inc. (US), Resideo Technologies Inc.(US).
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These companies adopted strategies such as product launches, partnerships, collaborations, and acquisitions to strengthen their market presence in Telehealth and telemedicine market.
Koninklijke Philips N.V. has established a prominent position in the telehealth and telemedicine market, driven by its strong global presence and dedication to advancing product development. Since 2018, the company has introduced a range of telehealth platforms and devices in sectors such as teleradiology, telepsychology, and digital health solutions. In 2020, Philips unveiled data-driven personalized connected care solutions for oral health (Sonicare oral healthcare ecosystem), mother and childcare (Avent mother and childcare ecosystem), and sleep care (SmartSleep ecosystem).
Medtronic plc holds the second position in the global telehealth and telemedicine market. The company boasts an extensive international footprint, operating in over 150 countries with more than 350 locations and subsidiaries in Ireland, Israel, and the US. Medtronic markets a diverse range of products and care management services, including remote monitoring platforms and patient-centered software. The company strategically focuses on long-term growth through initiatives such as therapy innovation, globalization, and creating economic value to enhance its market share. Furthermore, Medtronic demonstrates a commitment to inorganic growth by actively engaging in partnerships, agreements, and collaborations.
GE Healthcare is a significant participant in the global telehealth and telemedicine market, serving customers in over 140 countries globally. The company's prominent standing is a result of its emphasis on acquisitions and partnerships with both government and private institutions. GE Healthcare prioritizes innovation by developing advanced solutions and enhancing existing products as part of its organic growth strategy. Its development of numerous innovative products provides a competitive advantage over other industry players. Additionally, GE adopts various inorganic strategies, such as partnerships, collaborations, and acquisitions, to further strengthen its presence in the telehealth and telemedicine market.
Telehealth & Telemedicine Market by Component (Software & Services (RPM, Real-Time), Hardware (Monitors)), Delivery (On-Premise, Cloud-Based), Application (Teleradiology, Telestroke, TelelCU), End User (Provider, Payer) & Region - Global Forecast to 2028
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