The Telehealth/Telemedicine Market is projected to reach a valuation of USD 814.26 Bn by 2032 at a CAGR of 25.7%, from USD 41.63 Bn in 2021.
Growing demand for Telehealth/Telemedicine Market
Following the pandemic, demand for healthcare services was at an all-time level. Technology like chatbots and telemedicine has been used to gather data, comfort people, treat patients, and make diagnoses. A few countries have also invested in cutting-edge digital and telecom solutions to allow remote physicians to be connected. It is anticipated that this will improve the forecast period.
Factors Driving
According to the US CDC, chronic diseases are the most prevalent causes of disability and death across the world and are significant causes of rising health costs. To stop the progression of chronic illnesses it is crucial to track them and provide treatments. Telemedicine and telehealth, particularly remote monitoring of patients (RPM/tele-homecare), can improve patient self-management, medication compliance, and clinical outcomes. They also reduce emergency room visits, hospitalizations, primary care utilization home admissions, and the costs of patient travel. Patients are eager to use telehealth because of these benefits.
Telehealth/Telemedicine Market Restraints Factors
Telemedicine and Telehealth should be considered in the context of healthcare fraud. There are many ways either a doctor or a patient could be harmed. For instance, the doctor's name and bank account could be used to collect payments from insurance companies. Incorrect billing and coding could also occur by unlisted or ineligible institution providers. These frauds could result in the loss of trust in telehealth services and in telemedicine. Victimized patients tend to speak about their experiences on social media, which can affect other participants and limit the market's expansion.
Telehealth/Telemedicine Market Trends
In the last few years, kiosks powered by artificial intelligence have been installed in malls. The system also has an intelligent medicine cabinet that can give more than 100 medications. In November 2018, Ping An Good Doctor announced the opening of an unstaffed clinic using artificial intelligence. Patients in need of immediate consultations may visit the 3-meter-long booth in size and consult with an AI-powered doctor.
The AI machine will gather medical history and give the diagnosis strategy. This plan will be forwarded to a specialist in clinical. Mini-clinics also referred to as "One Minute Clinics" can be utilized to link patients with the physician on Ping An Excellent Doctor's team of medical professionals in-house. These AI-based clinics can be easily set up in virtually any place, including pharmacies, shopping malls, as well as highway service stations. Digital health technology has the potential to generate a positive trend in the market's growth over the next few years.
Recent Changes
Medtronic is the market leader and has partnered with Statis Labs in 2021 to expand its product range. They also added the bedside monitoring system with multiple parameters for India.
Philips is a market leader, introduced Avalon CL Fetal and a patch to monitor remotely pregnant women by 2020. This wireless device can minimize exposure to COVID for pregnant women. It is fitted with a visualization program, as well as an electronic battery-operated monitor that can be used to monitor fetal development and can be used to avoid contact with those who have contracted the disease.
Market Key Players:
Koninklijke Philips N.V., GE Healthcare, Cerner Corporation, Medvivo Group Ltd., Siemens Healthineers, Teladoc Health Inc., Koninklijke Philips, Doctor on Demand, Koninklijke Philips N.V, AMC Health, Teladoc Health Inc., American Well, MDLive, Asahi Kasei Corporation, Iron Bow Technologies, and Other Key Players engaged in the Telehealth/Telemedicine Market.
Telehealth/Telemedicine Market Segmentation
Segmentation of the telemedicine market is possible based on application, component, region, and end-user. Telepsychiatry and teleradiology are sub-categories of the market. Other areas of application include teledermatology and telepathology. You can divide the market into software, components, and hardware. It is classified by health providers into patients, payers, as well as healthcare consumers. The market is studied by the region. It covers North America (the U.S., Canada, Europe, Germany, France, Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, India, and Australia) as well as LAMEA (Brazil, South Africa, Saudi Arabia and the rest of LAMEA).
Frequently asked questions
What is the size of the Telehealth/Telemedicine Market?
The Global Telehealth/Telemedicine Market was valued at USD15.61 million in 2021. It is projected to grow to $10,079.04 Billion by 2032.
What is Telehealth/Telemedicine Market growth?
The Telehealth/Telemedicine Market is expected to expand at a compound annual rate of 3.1 % between 2021 and 2032, reaching $10,079.04 Billion in 2032.
What segment had the largest share of the Telehealth/Telemedicine Market?
Due to the construction of numerous massive power plants, Power & Utility accounted 2019 for 89.68%.
What factors are driving the Telehealth/Telemedicine Market?
The rapid growth of the market is due in large part to the rising number of patients with chronic elderly, rural, or geriatric ailments. Telemedicine and Telehealth are growing in popularity due to the dearth of medical professionals and health care personnel as well as advancements in the field of telecommunications.
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