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Telehealth Market Research Report Information By Component (Hardware, Software, and Services), By Mode of Delivery (Web/Cloud-Based, and On-Premise), By Application (Radiology, Cardiology, Primary Care, Neurophysiology, and others), By End Users (Hospitals and Clinics, Diagnostic Centers, Home Care, and others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
Overview of the Telehealth Market
The Telehealth market, valued at USD 110.6 billion in 2022, is projected to witness substantial growth, reaching USD 867 billion by 2030, with a remarkable compound annual growth rate (CAGR) of 34.20% during the forecast period (2023 – 2030).
This surge is attributed to various factors, including the increasing adoption of telehealth services facilitated by smartphone innovations and rising internet usage. The COVID-19 pandemic and related restrictions have further accelerated the demand for telehealth solutions, prompting a shift from traditional healthcare to virtual care.
Key drivers for market growth include the rising demand for wellness and health surveillance, especially for managing chronic illnesses through virtual therapies. The shift towards online audio or video consultations between doctors and patients has become the new standard, transcending traditional healthcare boundaries. Numerous new companies are entering the market, developing remote monitoring and virtual consultation solutions and software. Established players are also enhancing their services with unique features to meet the growing demand.
Segmental Analysis
The market is segmented by application into radiology, cardiology, primary care, and neurophysiology. Individual components comprise hardware, software, and services, with distribution methods including web/cloud-based and on-premise. End users range from hospitals and clinics to diagnostic facilities and home care.
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Regional Analysis
The expansion of the telehealth market is influenced by factors such as increased medical information technology spending, higher mobile phone and internet access, and government efforts for remote patient monitoring. The market is anticipated to grow significantly in regions such as North America and Europe due to a favorable institutional environment, quick adoption of remote monitoring devices, and robust infrastructure. In the Asia-Pacific region, substantial rural populations, advanced imaging technology, and improved healthcare conditions are expected to drive significant growth. The Middle East, Latin America, and Africa are also poised for growth due to rising healthcare costs and large patient populations.
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Competitive Analysis
The telehealth market is witnessing intense competition, with numerous new entrants developing innovative solutions and established players enhancing their services. The market expansion is expected to gain momentum due to robust regulatory backing and supportive policies. Key players in the market include American Well (US), Medtronic PLC (Ireland), Honeywell International Inc. (US), Right Health (Canada), Allscripts Healthcare Solutions (US), and Boston Scientific Corporation (US).
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