Telehealth Market to Expand at CAGR of 7% during Forecast Period, Observes TMR Study
– In order to prevent any possible data theft, healthcare institutions and professionals are spending on digital technologies, such as secure software technology, which is expected to boost sales opportunities
– The market in Asia Pacific is predicted to develop significantly as a result of increasing government investments on the healthcare industry throughout the region
ALBANY, N.Y., Feb. 14, 2022 /PRNewswire/ — The global telehealth market was valued at US$ 7.8 Bn in 2020. The global market is estimated to rise at a CAGR of 7% during the forecast period, from 2021 to 2028.The global telehealth market is anticipated to reach the mark of US$ 15 Bn by 2028. Long-term disease prevalence is on the rise, posing a serious clinical and public-health problem. Telehealth has sparked a lot of attention as a way to provide treatment to those who have long-term illnesses. The global market is likely to be propelled by rising demand for self-care devices/solutions such as remote monitoring and mHealth during the forecast period. Telehealth has evolved as a tool for promoting and facilitating self-management. However, it has been observed that rather than encouraging self-management, telehealth could also occasionally increase reliance on healthcare experts. The extent to which telehealth encourages self-management and the elements of telehealth treatments that contribute to this objective are still undetermined.
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The current economic downturn provides a chance for the telehealth industry to expand rapidly. During this tumultuous COVID-19 outbreak, telehealth services have emerged as a savior. Due to the lockdowns enforced by various governments to level the curve of the SARS-CoV-2 epidemic, telemedicine solutions play a significant role in routine clinical follow-ups as well as treatment for a wide population base.
In order to adapt to these exceptional times, major players in the global telehealth market are developing innovative products and technologies that are critical in discovering new methods to interact with a variety of patients. Developments in smartphone technology and improved Internet connectivity are likely to have a favorable impact on the global telehealth market.
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Key Findings of Market Report
- For the global telehealth market, the cardiology segment is proven to be a strong growth driver. This can be attributable to both the increasing frequency of cardiovascular diseases and the telehealth market’s cutting-edge technological breakthroughs. In addition, the sensor-based technology is gaining traction in the telemedicine as well as cardiology fields, where healthcare professionals can watch patients with cardiovascular disease remotely.
- In order to allow risk management and prediction, Big Data analytics assess data acquired from telehealth modalities, comprising both subjective data (symptoms, patient behavior) and objective (vital signs, ambient environment), as well as historical data. As care delivery adjusts to the widespread use of telemedicine, artificial intelligence, analytics, and machine learning seems to have a lot of promise. As a result, data-driven analytics is an important part in ensuring effectiveness and efficiency of telehealth services.
- Telehealth services are becoming more popular globally as a result of their capacity to deliver high-definition and high-quality medical services in distant places, which is expected to create sales potential in the global market. In addition, the services segment is likely to be driven by an increase in the usage of remote monitoring solutions by patients in faraway rural locations during the forecast period.
- Government efforts and reimbursements by health insurers for telehealth services are expected to boost the global market during the forecast period, since the cost of telehealth solutions is less than the cost of physical visits
- The Europe telehealth market is expected to develop steadily, as governments relax rules to encourage the adoption of telehealth technology in response to the mounting danger of COVID-19. Furthermore, the growing usage of wearable medical equipment is demonstrating to be a growth multiplier for the Europe telehealth market.
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Global Telehealth Market: Growth Drivers
- The cardiology segment is predicted to increase rapidly during the forecast period. This is due to an increase in the occurrence of cardiovascular disorders, and also technological advancements in the telehealth market.
- North America is expected to lead the global telehealth market during the forecast period. The telehealth technology is important for the region, as the need for home healthcare is growing. Furthermore, leading companies’ mergers and acquisitions to improve their foothold in the region are expected to support the growth of the regional telehealth market.
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Global Telehealth Market: Key Players
Some of the key market players are
- Honeywell International, Inc.
- Aerotel Medical Systems Ltd.
- Koninklijke Philips N.V
- AMD Global Telemedicine, Inc.
- BioTelemetry, Inc.
- Teladoc, Inc.
Global Telehealth Market: Segmentation
- Urgent Care
- Remote ICU
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