Telehealth Market size to grow at a CAGR of 29.3% between 2022 and 2027, North America is expected to contribute to 34% of the market growth, Technavio

NEW YORK, March 7, 2024 /PRNewswire/ -- The telehealth market size is estimated to grow by USD 170.82 billion during 2022-2027. The market is expected to progress at a CAGR of 29.3% during the forecast period. North America is expected to contribute to 34% of the market growth during the forecast period. Factors like the adoption of advanced telehealth technologies, and the presence of prominent vendors are driving market growth in the region. As the number of healthcare professionals adapting to the technology is increasing, regional vendors are providing a range of solutions to meet the demand. Governments in the region are also launching programs for programs involving telehealth solutions. For instance, in April 2021, New Jersey governing boards for occupational therapy, respiratory care, counseling, and dentistry planned to consider a bill to broaden reimbursement for covered services offered through telehealth and introduce new flexibilities, such as reimbursement parity, distance, and location requirements. 

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Key Company 

The market is fragmented with the presence of various international and domestic vendors.  Aerotel Medical Systems Ltd., American Well Corp., Appello Careline Ltd., Cerner Corp., Cisco Systems Inc., Dictum Health Inc., Enghouse Systems Ltd., Evernorth Health Inc., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Included Health Inc., Iris Telehealth, Koninklijke Philips NV, Medvivo Group Ltd., Resideo Technologies Inc., Siemens AG, Teladoc Health Inc., Tunstall Healthcare Group Ltd., and GlobalMed are among some of the major market participants. 

Market Segmentation 

• Product 
• Services
• Solutions
• End-user 
• Healthcare Providers
• Payers
• Patients
• Geography 
• North America
• Europe
• Asia
• Rest Of World (ROW)

The services segment is estimated to be significant for the growth of the global telehealth market. The healthcare services included in this segment include live video conferencing, remote patient monitoring, and mHealth. These services enable healthcare professionals to provide effective and accurate consultations to many patients remotely. This service also helps healthcare professionals to attend administrative meetings, training sessions, and health administration. Rapid technological advances and improved internet services are majorly contributing to the growth of the segment.

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Analyst Review

In recent years, the telehealth market has witnessed exponential growth, driven by a convergence of advanced technologies and changing healthcare delivery models. This transformation is fueled by various factors, including government initiatives aimed at improving access to healthcare, rising demand for cost-effective medical solutions, and the need for enhanced efficiency in healthcare services.

One of the key drivers propelling the telehealth market forward is the increasing adoption of novel technologies such as artificial intelligence (AI), machine learning, and data analytics. These technologies enable the development of AI algorithms that enhance patient data analysis and remote monitoring tools, paving the way for more personalized and efficient healthcare delivery.

Telehealth solutions leverage a variety of telecommunication and Internet of Things (IoT) devices, facilitating online consultations and virtual consultations between medical professionals and patients/customers. This approach not only overcomes regulatory variations and reimbursement models but also addresses healthcare affordability and lack of awareness barriers.

Infectious diseases outbreaks have further underscored the importance of telehealth, prompting collaboration among telecommunications companies, electronics manufacturers, pharmaceutical companies, and healthcare providers to develop innovative solutions. These collaborations extend to diagnostic laboratories, radiological services, and orthopedic care, ensuring comprehensive healthcare services are delivered remotely.

Moreover, blockchain technology is being integrated into telehealth platforms to ensure patient data security and privacy, addressing concerns regarding hygiene and cleanliness and behavioral barriers towards technology adoption.

Telehealth's impact is not limited to traditional healthcare settings; it extends to senior living/post-acute/hospice centers and pharmacies and health retailers, offering convenient access to mental health services and behavioral health solutions.

As the telehealth market continues to evolve, startups play a crucial role in driving innovation in the software and services segment, offering cloud-based delivery solutions that cater to the diverse needs of key stakeholders in the provider segment.

In conclusion, the telehealth market represents a paradigm shift in healthcare delivery, offering scalable, efficient, and patient-centric solutions that are poised to shape the future of healthcare delivery worldwide.

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Market Overview

In the rapidly evolving landscape of healthcare, telehealth emerges as a transformative solution, leveraging advanced technologies to deliver mental health services remotely. A recent research study delved into buying behavior patterns, revealing a growing preference for telehealth platforms. Concurrently, industry trends underscore a substantial uptick in telehealth adoption, driven by convenience and accessibility. Pricing analysis indicates competitive rates among providers, enticing both consumers and insurers. Moreover, patent analysis reveals ongoing innovation in telehealth technologies, fostering market expansion. Conference and webinar materials further disseminate insights, engaging key stakeholders across the healthcare spectrum. As demand surges, understanding consumer needs and industry dynamics remains paramount for sustainable growth in the burgeoning telehealth market.

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Related Reports:
The teleradiology market is estimated to grow at a CAGR of 15.52% between 2022 and 2027. The size of the market is forecast to increase by USD 2804.51 million. The increasing prevalence of diseases coupled with the growing geriatric population is the key factor driving the global teleradiology market growth.

The telerehabilitation systems market size is expected to increase by USD 472.72 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 21.74%. The increasing incidence of chronic diseases is a key factor driving the global telerehabilitation systems market growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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