The telehealth and telemedicine market is projected to secure a valuation of US$ 106.0 billion in 2023, and is likely to be valued at US$ 912.0 billion by 2033. The market is anticipated to capture a CAGR of 24% during the forecast period.
Growing demand for advanced technology, mental health, and chronic diseases are the factors that drive the market growth. Rising adoption of telehealth and telemedicine for better healthcare and low-cost services are flourishing the market expansion. Increasing diabetes patients, old-age population, and chronic pain are estimated to boost the demand for telehealth and telemedicine.
Innovation of novel technologies enhances the efficiency of healthcare services through the digital platform. The rising number of radiological tests for heart-related diseases is advancing the market size. Patients’ growing demand for telehealth and telemedicine to reach physical and mental consultants or experts for a quality of life.
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The increasing number of healthcare providers, advanced laboratories, and clinics propel market growth. The government initiative programs, prominent manufacturers, and growing investment are expected to propel market opportunities.
Innovation by Healthcare Manufacturers Drives the Market Growth:
Healthcare manufacturers are growing the market with the adoption of novel technology. These manufacturers develop several healthcare application tools to help patients by providing their services through online doctors, driving market growth. These doctors consult their patients and monitor them to detect their diseases early.
The main motto behind this innovation is to reduce the patient’s cost and traveling expenses, and quick monitoring results are expanding the market growth. Various developing countries are launching telehealth and telemedicine programs to raise patient awareness. The increasing demand for telehealth and telemedicine to provide remote patient monitoring is advancing the market growth. A few programs launched for telehealth services are TELEKART and Whole System Demonstrator.
Key Takeaways:
- The telehealth and telemedicinemarket are expected to have a valuation of US$ 4.4 billion by 2033.
- With a CAGR of 3.1%, the global market is increasing from 2022 to 2033.
- The United States telehealth and telemedicine marketis anticipated to expand at a CAGR of 23.8% through 2033.
- With a CAGR of 23.0%, the United Kingdom market significantly uplifts during the forecast period.
- China market is expected to secure a CAGR of 23.3% over the forecast period.
- Japan market captured a CAGR of 22.3% from 2023 to 2033.
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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
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
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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