Telehealth and Telemedicine Market worth $285.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 10, 2022 /PRNewswire/ -- According to the new market research report "Telehealth and Telemedicine Market by Component (Software & Services (RPM, Real-Time), Hardware (Monitors)), Delivery (On-Premise, Cloud-Based), Application (Teleradiology, Telestroke, TeleICU), End User (Provider, Payer) & Region - Global Forecasts to 2027", published by MarketsandMarkets™, the global Telehealth and Telemedicine Market is projected to reach USD 285.7 billion by 2027 from an estimated USD 87.8 billion in 2022, at a CAGR of 26.6%.
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The Growth in the Telehealth 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.
The COVID-19 pandemic has had a devastating global impact on the health of the population and a huge economic impact on most countries. The COVID-19 pandemic, however, provides immense opportunities for telehealth and telemedicine solutions, considering that social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe. Telemedicine services are becoming a critical asset, with important implications across the entire healthcare delivery continuum. Telemedicine offers several advantages, especially in non-urgent/routine care and situations where services do not require direct provider-patient interaction. This reduces resource use, improves access to care, and minimizes the risk of person-to-person transmission of the infectious agent. Additionally, telemedicine solution providers can remotely identify patients who may require further care using tailored approaches. Thus, telemedicine can be a powerful monitoring and coordination mechanism to ensure the appropriate use of provider facilities.
By component, the software and services segment took the largest share of the telehealth and telemedicine market in 2021.
Based on component, the telehealth market is parted into software & services, and hardware segments. In 2021, the software & services segment accounted for the largest share of the telemedicine market. The large share of this segment is attributed to the increasing adoption of telehealth and telemedicine across the globe. Telehealth software and services have experienced significant growth due to the COVID-19 pandemic, which has led to hospitals facing an acute shortage of beds and resources, as well as social distancing norms. However, the hardware segment is projected to register the highest CAGR of 27.8% during the forecast period.
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Teleradiology segment commanded the largest share of the telehealth and telemedicine market, by application, in 2021.
Based on application, the telehealth market has been segmented into teleradiology, teleconsultation, teleICU, telestroke, telepsychiatry, teledermatology, and other applications. By application, the teleradiology segment accounted for the largest share of the telemedicine market in 2021. Factors such as increase in imaging practices, increase in teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices are some of the major factors driving the growth of this segment. Moreover, the COVID-19 pandemic has supported the use of teleradiology, as radiologists seek to reduce patient exposure while still ensuring sufficient output.
Providers segment accounted for the largest end user segment of the telehealth and telemedicine market.
Based on end users, the telehealth market is segmented into providers, payers, patients and other end users. The providers segment accounted for the largest share of the global telemedicine market, by end user, in 2021. Factors contributing to the large share of this segment include the increase in adoption of remote monitoring in chronically ill and old aged patients, advancements in telehealth monitoring devices, the increased number of tele-specialty services offered by the providers, and the significant impact of COVID-19 pandemic, which has led to hospitals facing an acute shortage of beds and resources.
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North America is expected to dominate the telehealth and telemedicine market during the forecast period.
In 2021, North America accounted for the largest share of the telehealth market, followed by Europe. This large share can be attributed to factors such as the rising prevalence of chronic conditions in the region, the need to reduce healthcare expenditure, increasing overall and geriatric population. Additionally, the growing need to curtail COVID-19 cases, federal mandates to increase healthcare facilities, and a growing focus on improving the quality of care delivered to COVID-19 patients are some key factors driving the growth of the telehealth and telemedicine market in the US in the wake of COVID-19. However, the Asia Pacific region is expected to grow at the highest 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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