Telehealth Market Analysis by Component (Hardware, Software, and Services); by End User (Healthcare Payers, Providers, Consumers, and Others); and by Delivery Mode (On-Premise, and Cloud Delivery Mode)-Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

Global Telehealth Market Report Scope

Global Telehealth Market Highlights Over 2023 - 2033

The global telehealth market is estimated to garner significant revenue by the end of 2033 by growing at a CAGR of ~35% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 60.0 Billion in the year 2022. The growth of the market can be attributed to the rising chronic disorders. As per the Centers for Disease Control and Prevention, there are 6 in 10 adults in the United States suffering from a chronic disease.

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Telehealth refers to the use of digital information and communication technologies to access and manage healthcare services remotely. Computers and mobile devices like tablets and smartphones are examples of technologies. In rural areas, a nurse or other health care professional may provide telehealth services from a medical office or mobile van. Moreover, this technology can also be used by the patient's healthcare provider to improve or supplement healthcare services. Hence, a rise in the population is anticipated to increase the growth of the global telehealth market. According to the World Bank, the total population has increased from 6.11 Billion in 2000 to 7.84 Billion in 2021.

Global Telehealth Market: Growth Drivers and Challenges

Growth Drivers

• Surging Adoption of Health Apps –Easy health screening is provided to patients with the help of health apps, and it is expected to rise the growth of the global telehealth market. In April month of 2020, more than 250 Million worldwide downloaded health and fitness apps.

• Increasing Geriatric Population– According to the World Health Organization, the percentage of the world’s population over 60 years between 2015 to 2030 will nearly double from 12 percent to 22 percent.

• Rising Healthcare Expenditure– As per the World Bank, the total current health expenditure accounted for 9.83 percent of the total GDP in the year 2019

• Increase in the Smartphone Users – In the year 2022, the number of smartphone users around the globe accounted for more than 6 Million.

• Rise in the Population– According to the World Bank, the total population has increased from 6.11 Billion in 2000 to 7.84 Billion in 2021.

Challenges

• Lack of Expertise Employees

• High Cost for the Technology

• Lack of Proper Regulations and Standards

The global telehealth market is segmented and analyzed for demand and supply by component into hardware, software, and services. Out of these, the services segment is anticipated to hold the largest share over the forecast period owing to the rising smartphone and internet penetration, and the growing need for telehealth applications & continuous monitoring of patient's health. For instance, the number of individuals using the internet has increased to 60 percent in 2020 from 7 percent in 2000.

Global Telehealth Market Regional Synopsis

Regionally, the global telehealth market is studied in five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of rising smartphone users, and a high prevalence of chronic diseases.

The market in the Asia Pacific region is expected to witness the fastest growth over the forecast period owing to the increasing population, and rising need for healthcare assistance. As per the World Bank, China’s and India’s populations have increased from 1.26 Billion and 1.06 Billion in 2000 to 1.41 Billion and 1.39 Billion in 2021.

Market Segmentation

Our in-depth analysis of the global telehealth market includes the following segments:

Key Companies Dominating the Global Telehealth Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global telehealth market that are included in our report are Koninklijke Philips N.V., Optum, Inc., Allscripts Healthcare, LLC, Health Catalyst, Arcadia, Cotiviti, Inc., Orion Health, Honeywell International Inc., Boston Scientific Corporation, Innovaccer, Inc., and others.

Global Telehealth Market: Latest Developments

• December, 2018: Boston Scientific Corporation announced the acquisition of Millipede Inc., to include the IRIS Transcatheter Annuloplasty Ring System for the treatment of patients

• May, 2022: Honeywell International Inc, announced the partnership in order to explore the co-creation of healthcare technologies.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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