Telehealth Market to Reach Valuation of USD 36.5 Bn at CAGR of 17.3% by 2032
Market.Us
Updated 13 min read
Market.Us
According to Market.us, The Telehealth Market Is Encouraged to Reach USD 36.5 billion by 2032, Revenue to Index 17.3% CAGR Over the Next 10 Years (between 2023 and 2032).
New York, March 30, 2023 (GLOBE NEWSWIRE) -- The Telehealth market was valued at around USD 7.7 billion in 2022 and is estimated to be worth approximately USD 36.5 billion in 2032, growing at a CAGR of slightly above 17.3% between 2023 and 2032. Telehealth refers to the delivery of medical services by all medical professionals using information and communications technology to exchange accurate information for diagnosing, treating, and preventing illnesses and injuries. With a focus on supporting the health of individuals and their communities, its applications also include monitoring, assessment, and continuing education for healthcare professionals. In addition to telemedicine, telehealth encompasses technologies like robotics, artificial intelligence, and mobile health (m-health), including connected devices and smartphone apps.
Individuals with chronic illnesses (caused, for example, by asthma, diabetes, hypertension, etc.) can improve their quality of life, state of health, and ability to deal with their symptoms with the aid of linked technology. So, these technologies would aid patients in becoming more involved in their care, maintaining good lifestyle habits, and gaining therapeutic benefits. Without medical professionals' actual presence or direct involvement, patients can collect and monitor a range of real-time health and disease-related data through telehealth. Telehealth technologies also allow patients to communicate with their doctors online and receive advice or health-related information. Patients are more likely to take an active role in maintaining their health and have a higher standard of living if they are aware of their condition, therapies, and disease.
By type, in 2022, the software segment was the most lucrative in the global telehealth market during the forecast period.
By application, the patient monitoring segment is predicted to be the fastest-growing segment from 2023 to 2032.
By end-user, the hospital’s sector controls the worldwide telehealth market in revenue and is estimated to tolerate its governance during the forecast period.
In 2022, North America dominated the market with a most significant share of 47%.
One of the main factors fueling the market's growth is the rising prevalence of chronic diseases worldwide. Furthermore, the growing old population and the increased need for home monitoring devices are also boosting the market. In addition, telehealth systems are widely used in the fields of radiology, cardiology, and online consultation to treat a variety of illnesses like diabetes, cancer, and cardiovascular diseases (CVDs) that call for ongoing medical care. Another element spurring expansion is a variety of technology developments, such as creating user-friendly systems and smartphone applications for health monitoring.
Factors affecting the growth of the Telehealth industry
Several factors can affect the growth of the Telehealth industry. Some of these factors include:
Increasing penetration of mobile phones: The increase in the penetration of mobile devices and internet users is driving the growth of the telehealth market.
Increasing patient-centric emphasis and healthcare delivery: Patient-centric healthcare raises patient satisfaction levels, which creates benefits for healthcare providers and practices.
Rise in the adoption of health apps: The rising adoption of digital health tools that aid in remote care is propelling the growth of the telehealth market.
Government support and funding: Government support for digital health platforms has increased, resulting in new policies and reimbursement standards. In the forthcoming years, these factors are anticipated to support the market's expansion.
The delivery of healthcare is no longer limited to the conventional hospital setting. The doctor-patient consultation through online video or audio has become the new trend. The main reasons for e-visits becoming increasingly popular are their affordability, shorter wait times at outpatient departments (OPDs), and convenience of access. This has drawn numerous start-up companies, and a notable increase in equity company investment spurs market expansion.
Several new businesses are developing a remote monitoring and virtual consultation solutions and software. Even established businesses make an effort to include distinctive specializations in their offerings, such as dermatology, cardiology, general medicine, and mental health.
Market Growth
The increasing need for digital and practical healthcare goods and services among hospitals and consumers worldwide fuels the global telehealth market. Due to the ease with which customers can get healthcare professional services like consultations, telehealth platforms are quickly gaining popularity. In addition, the telehealth business is expanding owing to increased investments in the creation of IT infrastructure as well as rising smartphone and internet penetration among the world's population.
Regional Analysis
North America dominated the market with a most significant proportion of 47% in 2022. The market's growth is aided by increased investment in healthcare IT and a more excellent saturation of internet and smartphone providers. As a result, the market share for universal telehealth is anticipated to shift in North America drastically. In addition, the increased desire for teleconsultation and the positive health effects are anticipated to accelerate market expansion. The main reason for its significant market share is its large population with various chronic health issues and greater access to treatment for different acute and chronic diseases.
The region with the fastest growth is predicted to be Asia Pacific. The rise in the old population in countries such as Japan and India and advancements in the medical and scientific fields. Due to the region's largest population, growing urbanization, and expanding healthcare initiatives by important regional players, which are expected to fuel market expansion, Asia Pacific is predicted to expand.
Have Queries? Speak to an expert, or To Download/Request a Sample, Click here.
Scope of the Report
Report Attribute
Details
Market Value (2022)
USD 7.7 Billion
Market Size (2032)
USD 36.5 Billion
CAGR (from 2023 to 2032)
17.3%
North America Revenue Share
47%
Historic Period
2016 to 2022
Base Year
2022
Forecast Year
2023 to 2032
Market Drivers
Modern mobile solutions are one of the main factors propelling the growth of the telehealth industry. In addition, the market is growing due to a better understanding of related procedures and telehealth apps for treating chronic and communicable diseases. Among the most important factors influencing the telehealth market are the rise in chronic diseases and the aging population. Moreover, telehealth demands are anticipated to increase in the next years due to the growing number of hospitals and private clinics in developed and emerging economies.
Market Restraints
Technology and infrastructure barriers are key reasons the industry isn't growing faster in underdeveloped countries, despite the huge potential of teleconsultation. Modern telecommunications equipment and high-speed internet with a high speed and large bandwidth are needed to introduce digital health platforms. Also, ample storage space for integrating and storing medical data must be provided. Numerous emerging nations face difficulties with this. In addition, the market is constrained by high installation costs for required systems and equipment, and tools for real-time monitoring of healthcare indicators. High information and communication technology (ICT) expenditures and the incapacity to employ advanced technologies are restraining the growth of the telehealth market.
Market Opportunities
The expanding healthcare sectors in several emerging economies, including Brazil, India, South Africa, and China, are also boosting the global telehealth market. The need to improve these countries' healthcare businesses is driven by the fast-growing geriatric population, rising per capita incomes, high patient volumes, and increased public awareness. Therefore, these countries governments are boosting their investments in bettering healthcare infrastructure and services.
In addition, the affordability of smartphones, fast internet, and increased use of Telehealth by medical professionals all contribute to the growth of the mobile health sector. Putting more emphasis on patient-centered healthcare delivery and focusing on charge control in the healthcare industry would directly increase the opportunities for market development. Owing to the high number of applications of the telehealth market in healthcare industries, the rising investment in this industry is slated to offer growth opportunities in the market.
Based on the type, the telehealth industry is divided into hardware, software, and service segments. The software category in the global telehealth market is expected to be the most profitable over the projected period due to the growing demand for appropriate, transparent medical care organizations and skilled work process management. The hardware comprises several products used in clinics, hospitals, and telemedicine at-home care. Mobile edges, communication lines, computer systems, medical equipment, video searches, and many other types of hardware are all used by various hardware. The segment's growth is exponentially accelerated by the rapid development and changes in the software system to enhance the effectiveness and efficiency of telehealth equipment. Several category technologies, such as streaming media, teleconferencing, the Web, store-and-forward imagery, and native and wireless communications, generated significant income due to their widespread usage and high hardware costs.
The primary categories of telehealth outcomes include hardware, software, and services assumed to be transmitted over the cloud. Due to expanding positive activities by several key competitors, the services category is predicted to gain the most significant market share. Throughout the projected period, the increased demand for high-quality care, effective workflow management, and reasonably priced healthcare services is anticipated to propel the software market's growth. The need to precisely and continually monitor a population's health due to rising healthcare expenditures has led to an increase in the use of the software. Likewise, many healthcare facilities in wealthy countries have shifted to value-based care models in order to enhance patient outcomes. Also, the major companies on a global scale have started several efforts that are accelerating the segment's growth.
Application Insight
The rapid distribution and evolution of telemedicine throughout the past year have improved customer acceptance. The patient monitoring segment is predicted to be the fastest-growing segment during the forecast period. It is attributable to the amplified demand for the constant monitoring of patients, mainly old patients. Further, the rapid adoption of smart medical wearable devices supplements the segmented growth, which constantly affects the user's health. According to the American Telemedicine Suggestion, about one million people are using cardiac observing procedures, which is predictable to increase supplementary. It is a central dynamic force behind the patient monitoring segment.
The demand for telehealth applications for real-time monitoring and the management of chronic diseases contributed to the segment's expansion. In addition, the segment's expansion was further aided by rapid advancements in digital infrastructure, hardware and software components, smartphone penetration, and global internet access. The development of numerous platforms and applications that can diagnose, monitor, track health and wellness, and prevent disease also contributes to the market's growth. Additionally, it is projected that the constantly changing digital environment would foster the growth of these services.
End-User Insight
The hospital sector dominates the global telehealth market regarding revenue based on end-users and is predicted to accept its governance during the projected period. That can be attributed to telemedicine's expanding use in the healthcare industry. The need for technologically sophisticated equipment is growing across the entire global healthcare sector in order to enhance operational effectiveness, cut costs, boost profitability, and benefit healthcare personnel. In addition, the availability of telehealth platforms, like telemedicine, can lessen the workload of medical staff members in hospitals.
On the other hand, the homecare segment is regarded as being the most adaptable during the projected period. It may be seen in the growing concern over hospital-acquired infections, the rise in the number of older adults, and the rise in disposable income. The majority of senior citizens respect receiving care in their homes. Thus it is anticipated that the homecare area will spark the development of the telehealth request. Also, the growing awareness of hospital-acquired contaminations restricts and discourages people from visiting hospitals, allowing them to receive care from the comfort of their homes.
The competitive landscape of the market has also been examined in this report. Some of the major players include-
Teladoc Health, Inc.
American Well
MDLive, Inc.
OpenTeleHealth
Grand Rounds, Inc.
Dictum Health, Inc.
AirStrip Technologies
INTeleICU
Masimo
Other Key players
Recent Development of the Telehealth Market
In February 2021, Philips purchased BioTelemetry Inc., a major US remote cardiac diagnosis and monitoring service supplier.
In May 2020, The Dedalus Group announced that it had agreed to buy the healthcare software solutions segment of DXC Technologies.
Browse More Related Reports:
Wearable Technology Market size is expected to be worth around USD 231 Billion by 2032 from USD 61.3 Billion in 2022, growing at a CAGR of 14.60% during the forecast period from 2023 to 2032.
Healthcare Cyber Security Market was worth USD 15.2 Bn in 2022. It is projected to grow at a CAGR of 17.1% and is expected to reach USD 73.7 Bn from 2023 to 2032.
Telemedicine market size was estimated at USD 63.5 Bn in 2022 and expected to reach around USD 590.9 Bn, poised to grow at a compound annual growth rate (CAGR) of 25.7%.
Self-Monitoring Blood Glucose System Market size was valued at USD 4718.23 million in 2022 and is expected to expand at a CAGR of 6.16 percent during the forecast period, reaching USD 6749.8 million by 2028.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
CONTACT: Global Business Development Teams – Market.us Market.us (Powered By Prudour Pvt. Ltd.) Email: inquiry@market.us Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 718 618 4351 Website: https://market.us
