Telehealth Market is Poised to Register CAGR of 17.2% by 2031 | SkyQuest Technology

Global Telehealth Market size was valued at USD 102.44 Billion in 2023 to USD 364.68 Billion by 2031 in the forecast period (2024-2031).

Westford, USA, Oct. 08, 2024 (GLOBE NEWSWIRE) — Global Telehealth Market size was valued at USD 102.44 Billion in 2023 to USD 364.68 Billion by 2031, growing at a CAGR of 17.2% in the forecast period (2024-2031).

The Global Telehealth Market is growing significantly owing to rise in the adoption of digital health & smartphones, increase in investments, surge in internet connectivity, and expansion of technology innovations. For instance, in July 2022, the UK initiated annual digital maturity checks across the NHS for social care and digital health. This plan secured funding of about USD 2.37 billion to implement EPRs and enhance remote patient monitoring services. Moreover, the increasing usage of telehealth facilities by patients, physicians, and government authorities is one of the major factors contributing to market growth. The availability of healthcare through dedicated apps and video consulting platforms makes it easier for patients living in distant regions to communicate with physicians without visiting hospitals or clinics. Companies such as Apple, Google, and IBM work towards enhancing mobile health experience by offering a range of solutions through different subscription packages and ensuring data security. These factors are predicted to drive the market during the forecast period. 

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Telehealth Market Overview: 

Telehealth Market Segmental Analysis

The Global Telehealth Market is segmented into Type, Application, Modality, End Use, and Region.

Based on Type, the market is segmented into Products and Services. Based on Application, the market is segmented into Telemedicine, Patient Monitoring, Continuous Medical Education, and Other.

Based on Modality, the market is divided into Real Time, Store Foward, and Remote Patient Monitoring.

Based on End Use, the market is divided into Hospital Facilities, Homecare, Diagnostics Center, and Others.

By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. 

Driving Forces Behind the Dominance of Telehealth Services 

The services segment contributed a maximum share of 47.1% in 2023, driven by increasing demand for telehealth applications in chronic disease management and real-time monitoring, advancement in digital infrastructure, growth in internet and smartphone penetration that contributes to segment growth, along with the advancement in hardware and software components. For instance, in April 2023, providence partnered with Cadence and introduced a virtual care platform responsive to remote patient monitoring of chronic care across all clinics of Providence. In addition, the ever-changing digital space is foreseen to cater to the growing demand for the same services. 

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Why Homecare Is Outpacing Healthcare Facilities in Telehealth Expansion 

Homecare is currently the fastest-growing segment in the telehealth market, helped by many main drivers. Increasingly, patients prefer comfort and convenience for their homes, driven by developments in remote monitoring technologies and telehealth platforms. This trend goes with the aging population and surely the development in chronic diseases, as more people ask for continued and personalized care that can be efficiently managed outside traditional healthcare settings. In addition, care taken at home tends to be less expensive compared to in-facility care and is proving to be a workable alternative from the perspective of both the patient and provider. This trend is very well-positioned for further growth with increasing technological advancement and demand for accessible, patient-centered care. 

North America’s Telehealth Market Dominance and Key Factors 

The North American telehealth market dominated the global market with a share of 46.3% revenue in 2023. This is attributed to surge in the cost of healthcare IT, rapid uptake of smartphones, severe lack of primary caregivers, development of coverage networks, aging population, rise in the prevalence of chronic diseases, increase in cost of healthcare, and rise in demand for improved chronic condition prevention and management. For instance, an article by What’sthebigdata.org estimates that 276.14 million people will be using a smartphone in the US alone by the year 2023. 

Telehealth Market Insights 

Drivers 

• Rise in Geriatric Population 

• Increase in the Prevalence of Chronic Diseases 

• Need for Cost-Effective Healthcare Solutions 

Restraints 

• Concerns Over Data Security and Privacy 

• Limited Access to High-Speed Internet 

• Resistance from Traditional Healthcare Providers 

Top Player’s Company Profile

• Aerotel Medical Systems (1998) Ltd.

• Allscripts Healthcare Solutions Inc.

• AMD Global Telemedicine Inc.

• American Well Corporation

• Cigna Corporation

• Cisco Systems Inc.

• Doxy.me Inc.

• HealthTap Inc.

• PlushCare Inc. (Accolade Inc.)

• SHL Telemedicine

• SOC Telemed Inc. (Patient Square Capital)

• Teladoc Health Inc.

• Twilio Inc

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Key Questions Covered in the Global Telehealth Market Report 

• What are the factors restricting the growth of the global telehealth market? 

• What strategic approaches do the key players are adopting to remain in the competitive era? 

• Which region is the largest shareholder of the market? 

This report provides the following insights: 

Analysis of key drivers (cost efficiency and rise in geriatric), restraints (limited access to high-speed internet and concerns over security and privacy) opportunities (personalized medicine and remote monitoring innovations), and challenges (regulatory compliance and changes in government policies) influencing the growth of the telehealth market 

• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the telehealth market 

• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the telehealth market 

• Market Development: Comprehensive information on lucrative emerging regions 

• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market 

• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players. 

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Telemedicine Market is growing at a CAGR of 17.95% in the forecast period (2024-2031)

Remote Patient Monitoring Devices Market is growing at a CAGR of 18.5% in the forecast period (2024-2031)

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