Pune India, Jan. 14, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned segmentation and regional analysis for North America, Europe, Asia, South America, Middle East and Africa. These are the main areas where telehealth market It works and is expected to expand soon. Manufacturers and suppliers involved telehealth market They are present in various countries in the above regions.
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The report gives a detailed understanding of the market segments formed by combining various possibilities such as product type, delivery mode, end user, and region. Apart from this, the key drivers, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
important players operating in the world telehealth market They are GE Healthcare, Medtronic, MDLIVE, Cerner Corporation, Siemens Healthineers, Cisco Systems, Teladoc Health, Doctor on Demand, American Well, Medvivo, AMC Health, Iron Bow Technologies, TeleSpecialists, among others. To achieve a significant market share in the worldwide telehealth market and enhance its position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, partnerships and joint ventures.
The term “telehealth” refers to the use of digital information and communication technology to remotely access healthcare services for personal health. Smartphones, computers, tablets, and laptops are useful tools for choosing telehealth services. Telehealth can also be used to supplement or enhance medical care provided by a traditional medical professional. In general, telehealth services cover a wide variety of medical specialties, diseases, and types of visits. Primary care, nutrition, dermatology, mental health, endocrinology, and cardiology are among the medical things that can be accessed via telehealth. Skin conditions such as rashes or acne, headaches, mental health problems such as depression or anxiety, back pain, chronic diseases such as diabetes, and gastrointestinal symptoms such as constipation are common symptoms treated by telehealth. The convenience of bridging the accessibility and delivery gaps in telehealth services has been made possible by the innovation of smartphones and increased use of the Internet. The introduction of web-based and cloud-based solutions that offer consumers virtual care is expected to accelerate the expansion of the industry. For example, CVS Health’s Aetna Virtual Primary Care will launch in August 2021 thanks to the partnership between Teladoc and CVS.
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Scope of the Telehealth Services market report:
|The study period||2022-2030|
|market share unit||billion US dollars|
|Covered slices||Product type, delivery mode, end user and regions|
|covered areas||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|The main players||Koninklijke Philips NV, Doctor On Demand, GE Healthcare, Siemens Healthineers, Cerner Corporation, American Well, Medtronic, Teladoc Health Inc, Global Med, MD Live, among others.|
The software sector is expected to be the fastest growing sector in 2022.
The product type segment is software, hardware, and services. The software sector is expected to witness the highest growth rate during the forecast period. Demand for telehealth applications for chronic disease management and real-time monitoring has fueled the growth of this sector. The rapid development of digital infrastructure, hardware and software components as well as the increasing use of smartphones and the Internet globally has contributed to the growth of this category. As a result of the development of multiple platforms and applications that diagnose, monitor and track fitness and well-being and prevent disease, this category is increasing. The rapidly evolving digital world is also expected to positively promote the expansion of services.
The web-based segment is expected to be the fastest growing segment in 2022.
The mode of delivery part is web-based, on-premises, and cloud-based. The web-based segment is expected to witness the highest growth rate during the forecast period. Numerous web-based virtual care and telehealth programs, as well as the expanded use of web-based delivery to give patients direct access to healthcare services, are some of the factors that have contributed to the growth of this segment. Increased use of the Internet and developments in the smartphone sector have also helped increase the acceptance of the online delivery sector. Affordability and user-friendly design of web-based applications are other factors that encourage increased usage.
The Provider segment is expected to be the fastest growing segment in 2022.
The end user segment is patients, providers, and payers. The Provider segment is expected to witness the highest growth rate during the forecast period. As telehealth, teleconsultations and telemedicine are increasingly being used by healthcare professionals to reduce some of the burden on medical facilities. Another element expected to encourage use of the services by professionals is the ease with which these solutions allow healthcare professionals to access patient health records, real-time quality reports, augmented data management, improved decision making, and eHealth solutions. These services have significantly improved workflow management in a number of healthcare facilities, enhancing their use.
Regional analysis provides a detailed visualization of major regions and countries. Some of the major countries analyzed for telehealth include the United States, Canada, Mexico, Germany, France, the United Kingdom, Italy, Spain, Russia, China, Japan, India, Brazil, Peru, the United Arab Emirates, South Africa, and Saudi Arabia.
- North America saw a significant share. Some of the reasons that have contributed to the growth of the market in the region include the increase in spending on information technology in the field of healthcare and the increase in the penetration of the Internet and smartphones in the region. The market is also expected to grow due to the increasing prevalence of chronic diseases and the higher level of familiarity of patients and healthcare professionals with digital and virtual healthcare platforms. The presence of significant players and the emergence of startups in the region contribute to the adoption of telehealth platforms there.
Germany’s telehealth market was valued at US$7.01 billion in 2022 and is expected to reach US$8.74 billion by 2030, at a CAGR of 2.8% from 2023 to 2030. The convenience of bridging the accessibility and delivery gaps in telehealth services has been made possible by the innovation of smartphones and increased use of the Internet.
China’s telehealth market was valued at US$11.10 billion in 2022 and is expected to reach US$14.61 billion by 2030, at a compound annual growth rate of 3.5% from 2023 to 2030. A number of insurance companies and healthcare providers have collaborated to develop initiatives to promote the adoption of telehealth services and applications. Moreover, travel restrictions related to COVID have increased demand for services. For example, during the Chinese epidemic, communication platforms such as TikTok and WeChat helped deliver electronic mental health services by government and healthcare providers.
India’s telehealth market size was estimated at US$9.83 billion in 2022 and is expected to reach US$12.54 billion by 2030, growing at a CAGR of 3.1% from 2023 to 2030. Telehealth applications have been successful in ensuring that patients receive appropriate care, avoiding adverse situations, and preventing symptoms from going unnoticed in the area.
The impact of Covid-19
Covid-19 has had a significant impact on almost all industries, such as electronics, semiconductors, manufacturing, automobiles, etc. However, many companies operating in the technology sector have seen an increase in revenues due to significant changes in consumer preferences towards technology services. In addition, the pandemic has led to a significant growth in technology across developing and developed countries.
Moreover, the growth of the telehealth market is mainly driven by the increasing penetration of the Internet.
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