According to the new market research report “Telehealth & 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″, 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 prevailing shortage of physicians, upsurge in geriatric population, rise in rural and medically underserved population, rise in chronic conditions, telecom advancements & cost-saving nature of telehealth and telemedicine services, government initiatives increased funding & conferences on telehealth and telemedicine practices, and rising technology adoption in the wake of COVID-19. However, regulatory barriers across regions, fraudulence and informal telehealth and telemedicine practices on social media are restraining this market. Also, the behavioral barriers, healthcare affordability & awareness are silently restricting this market.
The telehealth market has been segmented based on component, mode of delivery, application, end user, and region. The component segment is further divided into software & services and hardware. The software & services segment accounted for the largest share of the global telehealth market in 2021. The large share of this segment is mainly due to the increasing adoption of telehealth worldwide.
Based on the mode of delivery, the global telehealth market is segmented into cloud-based and on-premise segments. The cloud-based segment accounted for the largest share of the worldwide telehealth market in 2021. The on-demand nature of the services, their easy scalability, and the costs-curtailing nature of cloud-based solutions are all driving the growth of this market.
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Based on application, the global telehealth market is segmented into teleradiology, teleconsultation, teleICU, telestroke, telepsychiatry, teledermatology, and other applications. The teleradiology segment accounted for the largest share of the market owing to the factors such as the increase in imaging practices, increase in teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices. Moreover, the COVID-19 pandemic has supported the use of teleradiology, as radiologists seek to reduce patient exposure while still ensuring sufficient output
Geographical Growth Scenario:
North America accounted for the largest share of the telehealth market in 2021. Asia Pacific is expected to register the highest CAGR during the forecast period. The large regional share can be attributed to factors such as the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, increasing overall and geriatric population. Moreover, the COVID-19 pandemic has supported the use of teleradiology, as radiologists seek to reduce patient exposure while still ensuring sufficient output.
Key Players:
The key players operating in the telehealth & telemedicine 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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