Pune India, Jan. 14, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the telehealth market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the telehealth market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, delivery mode, end-user and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global telehealth market are GE Healthcare, Medtronic, MDLIVE, Cerner Corporation, Siemens Healthineers, Cisco Systems, Teladoc Health, Doctor on Demand, American Well, Medvivo, AMC Health, Iron Bow Technologies, TeleSpecialists, among other. To achieve a substantial market share in the worldwide telehealth market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The term “Telehealth” refers to the use of digital information and communication technology to remotely access healthcare services for personal health. Smartphones, PCs, tablets, and laptops are helpful tools for choosing telehealth services. Telehealth can also be utilized to supplement or enhance the medical care provided by a traditional medical professional. In general, telehealth encompasses a wide range of medical specialties, diseases, and visits kinds. Primary care, dietetics, dermatology, mental health, endocrinology, and cardiology are among the medical things that can be accessed via telehealth. Skin illnesses like rashes or acne, headaches, mental health issues like depression or anxiety, backaches, chronic diseases like diabetes, and gastrointestinal symptoms like constipation are common symptoms that are addressed via telehealth. The convenience of bridging the accessibility and delivery gaps in telehealth services is made possible by smartphone innovation and rising internet usage. It is projected that the introduction of web- and cloud-based solutions that offer consumers virtual care will hasten industry expansion. For instance, CVS Health’s Aetna Virtual Primary Care will launch in August 2021 thanks to a partnership between Teladoc and CVS.
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Scope of Telehealth Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Product Type, Delivery Mode, End-User and Regions|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Koninklijke Philips N.V, Doctor On Demand, GE Healthcare, Siemens Healthineers, Cerner Corporation, American Well, Medtronic, Teladoc Health Inc, Global Med, MD Live, among others.|
The software segment is expected to be the fastest-growing segment in 2022.
The product type segment is software, hardware, and services. The software segment is expected to witness the highest growth rate during the forecast period. Demand for telehealth applications for managing chronic diseases and real-time monitoring aided in the segment’s growth. The rapid development of digital infrastructure, hardware, and software components as well as the increasing use of smartphones and the internet globally all contributed to the category growth. As a result of the development of multiple platforms and applications that diagnose, monitor, track fitness & well-being, and prevent disease, the category is growing. The quickly evolving digital world is also projected to positively promote the services’ expansion.
The web-based segment is expected to be the fastest-growing segment in 2022.
The delivery mode segment is web-based, on-premise, and cloud-based. The web-based segment is expected to witness the highest growth rate during the forecast period. Several virtual cares and web-based telehealth programmes, as well as the expanded usage of web-based delivery to give patients direct access to healthcare services, are some of the factors that contributed to the segment’s growth. Increasing internet usage and developments in the smartphone sector have also helped to increase the acceptance of the web-based delivery segment. The affordability and user-friendly design of web-based apps are other factors encouraging increased use.
The provider segment is expected to be the fastest-growing segment in 2022.
The end-user segment is patients, providers, and payers. The provider segment is expected to witness the highest growth rate during the forecast period. Because telehealth, teleconsultation, and telemedicine are increasingly being used by healthcare professionals to relieve some of the load on medical facilities. Another element that is projected to encourage the use of the services by professionals is the ease with which these solutions enable healthcare professionals to access patient health records, real-time quality reporting, increased data management, improved decision-making, and eHealth solutions. These services have significantly improved workflow management for a number of healthcare facilities, which is promoting its use.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the telehealth include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. Some of the causes that contributed to the growth of the market in the region include more healthcare IT spending and higher internet and smartphone penetration in the region. The market is also predicted to grow as a result of the increased prevalence of chronic illnesses and the high level of familiarity that patients and healthcare professionals have with digital health and virtual care platforms. The presence of significant players and the emergence of start-ups in the area are both contributing to the adoption of telehealth platforms there.
Germany’s telehealth market size was valued at USD 7.01 billion in 2022 and is expected to reach USD 8.74 billion by 2030, at a CAGR of 2.8% from 2023 to 2030. The convenience of bridging the accessibility and delivery gaps in telehealth services is made possible by smartphone innovation and rising internet usage.
China’s telehealth market size was valued at USD 11.10 billion in 2022 and is expected to reach USD 14.61 billion by 2030, at a CAGR of 3.5% from 2023 to 2030. A number of insurance firms and healthcare providers have collaborated to develop initiatives to promote the adoption of telehealth services and applications. Furthermore, the COVID-related travel restrictions raised the demand for the services. For instance, during the Chinese epidemic, communication platforms like TikTok and WeChat aided in the delivery of electronic mental health services by the government and healthcare providers.
India’s telehealth market size was valued at USD 9.83 billion in 2022 and is expected to reach USD 12.54 billion by 2030, at a CAGR of 3.1% from 2023 to 2030. Telehealth applications have been successful in ensuring that patients receive the proper care, averting adverse situations, and preventing symptoms from going unnoticed in the region.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the telehealth market is mainly driven owing to the rising penetration of the internet.
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