The Global Telehealth and Telemedicine Market Size is expected to be valued at US$ 106.0 billion by 2023, rising to US$ 912.0 billion by 2033, at a CAGR of 24% during the forecast period.
The increased need for improved technologies, mental health, and chronic disorders is driving market expansion. The use of telehealth and telemedicine to provide more economical and superior healthcare services is propelling market growth. The growing number of patients with diabetes, chronic pain, and the ageing population are predicted to drive up demand for telehealth and telemedicine.
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The efficiency of healthcare services delivered via digital platforms is increasing as new technologies are developed. The market is also expanding due to an increase in the frequency of radiological examinations for heart-related disorders. Patients are increasingly seeking telehealth and telemedicine services in order to interact with physical and mental health consultants in order to improve their quality of life.
The market is likely to expand more as the number of healthcare providers, advanced laboratories, and clinics increases. Government initiatives, prominent manufacturers, and increasing investments are also likely to create market growth possibilities.
Innovation by Healthcare Manufacturers Drives the Market Growth
The use of new technology by healthcare firms is expanding the market. These companies create a variety of healthcare application technologies to assist patients by giving their services through online doctors, hence driving market growth. These doctors consult with their patients and watch them in order to diagnose ailments as early as possible.
The major goal of this innovation is to save patient costs and travel expenses, and timely monitoring results are increasing market growth. To enhance patient awareness, some developing countries are introducing telehealth and telemedicine programmes. The growing need for telehealth and telemedicine for remote patient monitoring is propelling market expansion. TELEKART and Whole System Demonstrator are two telehealth programmes that have been launched.
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Key Takeaways:
- The telehealth and telemedicine market is anticipated to be worth $4.4 billion by 2033.
- From 2023 to 2033, the global market will grow at a CAGR of 3.1%.
- The telehealth and telemedicine industry in the United States is expected to grow at a CAGR of 23.8% through 2033.
- The United Kingdom market is expected to grow at a CAGR of 23.0% during the forecast period.
- Over the projection period, the China market is expected to grow at a CAGR of 23.3%.
- From 2023 to 2033, the Japan market grew at a CAGR of 22.3%.
Who is winning?
The prominent players are launching innovative products in the market by acquiring maximum output. These players focus on providing better healthcare equipment to the patients as per their requirements. The prominent players invest millions of dollars in research and development activities to carry out unique products and services in the market. These players adopt several marketing tactics, which include collaborations, partnerships, mergers and agreements.
Other Key Players in the Market are:
- Medtronic
- Allscripts Healthcare Solutions Inc
- GE Healthcare
- Siemens Healthineers
- Cerner Corporation
- BioTelemetry
- Koninklijke Philips NV
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Recent Developments in the Telehealth and Telemedicine Market is:
- In July 2021, Estshara invested US$ 5,00,000 to provide telepharmacy services and online consultations to patients.
- In May 2021, Teladoc Health announced its partnership with Vivo to enhance the quality of healthcare services through telemedicine in Brazil.
- In Dec 2021, BioTelemetry announced an agreement to merge with Royal Philips to advance its portfolio.
Telehealth and Telemedicine Market segmentation by Category
By Component:
- Software & Services
- Hardware
By Mode of Delivery:
- Cloud-based
- On-premise
By Application:
- Teleconsultation
- TeleICU
- Telestroke
- Teleradiology
- Telepsychiatry
- Teledermatology
- Other Applications
By End Use:
- Providers
- Patients
- Others
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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