The telehealth market size was valued at USD 64.2 billion in 2021 and is predicted to reach USD 867.3 billion by 2030 at a CAGR of 34.2% during the forecast period 2022-2030. (MRFR). During the forecast period, technological advancements in healthcare are anticipated to enhance the demand for telehealth services. The telehealth market is anticipated to be propelled forward by the convenience of access, government programs established by various nations, strengthening collaboration between key players, and the positive and growing need to cut healthcare costs. During the assessment period, it is anticipated that the expanding use of smartphones and reliance on a variety of applications to acquire healthcare services would create lucrative opportunities that will propel the market forward.
The abrupt increase in CAGR is a result of market demand and expansion, which will return to pre-epidemic levels after the pandemic has ended. Telemedicine is gaining popularity, especially in cardiology, radiology, mental health, and online consultation.
During the projected period, demand for telehealth services is anticipated to increase due to the continued technological advancements in the healthcare industry. During the projected timeframe, the telehealth business will be bolstered by several significant factors, including ease of access, expanding collaboration among major stakeholders, favorable measures taken by the governments of various nations, and a growing drive to cut healthcare costs.
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North America will dominate the market due to the increasing use of telehealth services.
The Americas will lead the global market during the forecast period due to the high adoption of telehealth services. In addition, the rising number of patients, the escalating trend toward home healthcare services, and the escalating rate of mergers and acquisitions among key competitors are anticipated to propel the regional market throughout the forecast period.
The European telehealth market is anticipated to be the second largest in the world. During the period under review, the growing trend toward more efficient and continuous healthcare monitoring is likely to be a prominent factor driving market growth.
APAC is anticipated to be the fastest-growing market during the period under review due to the increasing need for healthcare services resulting from an aging population. During the evaluation period, the regional market will also be propelled by the rising prevalence of chronic diseases and increased spending on healthcare services.
The study on the Telehealth Market is split by Mode of Delivery, Component, Application, and End-User.
The telehealth market is categorized by component into software, services, and hardware. The services category is predicted to have the biggest market share as a result of the increasing number of beneficial initiatives launched by major market participants.
By Mode of Transport
The telehealth market is categorized based on the mode of delivery into on-premise and web/cloud. Due to its greater popularity, the web/cloud-based category is anticipated to capture a higher market share.
The telehealth market is categorized by application into neurophysiology, cardiology, radiology, primary care, and others. T
The worldwide telehealth market is categorized by end-user into hospitals and clinics, home care, diagnostic clinics, and others. The number of hospitals utilizing telehealth software is predicted to increase, resulting in a bigger market share for the hospitals and clinics sector.
American Good (US), Allscripts Healthcare Answers (US), Medtronic PLC (Ireland), AMD Global Telemedicine Inc. (US), GlobalMed (US) (Germany), Boston Scientific Corporation (US),
Care Innovations LLC (US) and Honeywell International Inc. (US), and Right Health (Canada).
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