The market for distance health technologies is expected to grow at a 27% CAGR from 2022 to 2032, surpassing USD 945 billion from USD 88 billion.
The advent of high-tech technologies has resulted in a slew of advances in medical science, with the emergence of distance health technologies being one of the most significant achievements of medical science when combined with global networking technologies.
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Distance health technologies, also known as telehealth, allow medical professionals to reach patients all over the world, removing geographical barriers. According to the American Hospital Association, 65% of hospitals in the United States use distance health technologies to connect with their patients and provide the right care at the right time.
Furthermore, approximately 90% of healthcare executives reported using distance health technologies in 2018, a 19-fold increase from 2013. Approximately 7 million Americans use patient distance health technologies.
The primary platform for distance health technologies is internet and connectivity technologies. Exponential increasing utilization of internet for communication through widespread presence of smartphones, personal computers and internet service are the main contributors to the development of distance health technologies.
Distance health technologies plays a vital for the disabled, physically challenged and infectious patients to connect with the healthcare provider.
Distance Health Technologies Market: Drivers and Restraints
The rapid availability of the internet and the integration of smartphone technologies into users’ daily lives drive distance health technologies. According to reports, roughly three-quarters of the American population has broadband service, and 80% of Americans own and use smartphones.
As more people use distance health technologies for proper medical care, they are finding applications for the physically challenged and potential infection carriers. Furthermore, the market for distance health technologies is expected to grow as a result of continuous access, easy communication from home, and high-quality care at the patients’ and healthcare providers’ fingertips.
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Telehealth’s lower healthcare costs are expected to drive the distance health technologies market as well. Distance health technologies allow for medical consultations at a lower cost than an in-person visit and also save on travel expenses.
Another advantage of using distance health technologies is that it saves time. However, consultation via distance health technologies may be deemed clinically inappropriate, causing a market restraint. Tricky policies and reimbursement rules impede the growth of the global market for distance health technologies.
Potential viruses and cyber threats pose a risk for privacy and security, restricting the expansion of distance health technologies market to an extent.
Distance Health Technologies Market: Overview
The global market for distance health technologies is expected to grow at an exponential rate as communication technology improves and end-user adoption grows. Because of the added benefits of security, privacy, and cost-effectiveness, the hybrid cloud approach is expected to grow at the fastest CAGR among end users in the distance health technologies market over the forecast period.
Due to the increasing adoption of distance health technologies during the forecast years, the hospital segment in end users is expected to generate the most revenue. Distance health technologies are expected to be the fastest growing market from 2018 to 2028, owing to improved networking technologies and increased adoption by end users.
Distance Health Technologies Market: Regional Wise Outlook
Geographically, global distance health technologies market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). North America is expected to be the leader in global distance health technologies market due to better availability of resources and presence of advance networking technology.
The Asia Pacific excluding Japan distance health technologies market is expected to expand at moderate CAGR due to slow adoption of the technology. Europe is expected to take second largest share in the global distance health technologies market throughout the forecast period owing to increasing utilization of internet services for healthcare reasons.
MEA distance health technologies market is expected to witness below average growth due to lack of technological reach.
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Distance Health Technologies Market: Key Players
Some of the major players identified in the global distance health technologies market are Cisco Systems, Accenture, PwC, Walgreens Boots Alliance, Inc. (TytoCare Ltd.), Koninklijke Philips N.V., Medtronic plc, InTouch Health, Care Innovations, GlobalMedia Group, LLC and Aerotel Ltd among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on
- Distance Health Technologies Market Segments
- Distance Health Technologies Market Dynamics
- Distance Health Technologies Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
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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