It is anticipated that the global distance health technologies market will grow at a compound annual growth rate (CAGR) of 27% from 2022 to 2032, when it is valued at US$ 945 billion. The target market, estimated at US$ 69.5 billion in 2021, is expected to grow to US$ 88 billion in 2022. Throughout the forecast period, the widespread use of smartphones and other similar devices along with the internet’s rapid expansion will drive the market growth for distance health technologies.
The increasingly easy access to the internet and the commonality of smartphone technologies are expected to supplement the growth of distance health technologies. As per reports, approximately three-quarters of the American population has broadband service, and 80% of Americans own and use smartphones. All of these statistics indicate the deep penetration of the internet and smart devices which, in turn, stimulate the market for distance health technologies.
Distance health technologies also find opportunities generated by the physically challenged and potential infection carriers as medical care becomes more accessible to these groups via distance health technologies. Again, constant and easy access to medical care, better communication from home, and quality care at the fingertips are advantages that contribute to the growth of the distance health technologies market.
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With improving communication technology and surging adoption by various end-user, the market for distance health technologies is also expected to grow at a rapid rate. Additionally, enhanced networking technologies, greater adoption by end-users, and cost-effectiveness will fuel the growth of the distance health technologies market during the forecast period.
“Improving communication technologies and increasing adoption by various end-users will likely spur the global growth of the distance health technologies market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Problematic policies and reimbursement rules along with the risk of the consultation being deemed clinically inappropriate may hinder the growth of the distance health technologies market.
- Increasing usage of telehealth and telemedicine services strengthen market prospects during 2022 to 2032.
- With a revenue of US$ 16.1 Billion in 2020, the North American distance health technologies market is expected to continue to dominate the global marketplace during the assessment period.
- Europe’s distance health technologies market will grow at a CAGR of 9% during 2022 to 2032.
Competitive Landscape
Leading market players are focusing on introducing and developing new products. Product innovation and upgradation as well as execution of programs and initiatives to raise awareness and promote the scope of distance health technologies are some of the other measures adopted by these market participants to strengthen their market position.
Cisco Systems, Accenture, PwC, Walgreens Boots Alliance, Inc. (TytoCare Ltd.), Koninklijke Philips N.V., Medtronic plc, and InTouch Health among others are some of the major players in the distance health technologies market profiled in the full version of the report.
Distance Health Technologies Market: Segmentation
Tentatively, the global distance health technologies market has been segmented on the basis of deployment mode, end user, and geography.
Based on deployment mode, global distance health technologies market is divided into following:
- Web-Based
- On-Premises
- Off-Premises
- Hybrid Cloud
Based on end users, global distance health technologies market is divided into following:
- Hospitals
- Clinics
- Clinical Management Systems
- Others
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