Meticulous Research– a leading global market research company, published a research report titled “Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer, Patient) - Global Forecast to 2029”.
According to this latest publication from Meticulous Research, the global telehealth market is expected to grow at a CAGR of 21.6% from 2022 to reach $539.73 billion by 2029. Factors such as the increasing geriatric population coupled with the growing prevalence of chronic diseases, favorable government initiatives & reforms/policies, shortage of healthcare professionals, and increasing awareness about the benefits of telehealth are driving the growth of the market. In addition, the use of artificial intelligence & virtual assistants and the development of telerobots are expected to provide great growth opportunities for the market in the coming years.
However, the lack of health standards compared to the traditional health system and patient privacy & confidentiality issues may restrain the growth of this market to some extent. Similarly, reluctance to migrate from conventional systems & occurrences of misdiagnosis and technological barriers in developing countries may prove challenging to the players operating in this market.
Telehealth Market: Future Outlook
The global telehealth market is mainly segmented based on component, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
In 2022, based on component, the services segment is estimated to account for the largest share of the market due to the high utilization of telehealth services, including teleconsultation and telemonitoring, due to factors such as an increase in geriatric population, an increase in the prevalence of chronic diseases, and rise in the adoption and awareness about telehealth solutions. Some of the other factors driving the growth of this segment include increased access to specialist care, reduced expenses & healthcare costs, improved health outcomes, increased healthcare efficiencies, and increased doctor & patient satisfaction.
In 2022, based on application, the psychiatry segment is estimated to account for the largest share of the market. The acceptance of telepsychiatry is rising rapidly as an efficient and effective tool for improving access, quality, and efficiency in mental health treatment. The shortage of primary psychiatric care and the outbreak of the COVID-19 pandemic has led to greater adoption of telepsychiatry services. Psychiatrists can use telemedicine to provide many of the same services they would normally provide, including psychiatric evaluations, individual therapy, group therapy, family therapy, patient education, and medication management.
In 2022, based on end user, the healthcare providers segment is estimated to account for the largest market share due to factors such as a rise in demand for convenient care, along with the unavailability of medical professionals.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa.
In 2022, North America dominated the telehealth market, followed by Europe and Asia-Pacific. Factors such as the rising trend of adoption of telehealth services, the presence of a robust healthcare system in the region, and the presence of key market players are responsible for the largest share of the region.
The key players operating in the telehealth market are Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic Public Limited Company (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine, Inc. (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.), among others.
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