During the projected period, the global demand for Telehealth and Telemedicine Market is predicted to develop at a CAGR of 26.6 percent, reaching US$ 285.7 billion by 2027, up from an estimated US$ 87.8 billion in 2022.
Growing geriatric and medically underserved (particularly rural) populations, rising prevalence of chronic health conditions, the benefits of telemedicine in light of the current scarcity of healthcare professionals and care staff, technological advancements, and rising user acceptance are all driving growth in the telehealth and telemedicine market share.
Telehealth technology has advanced significantly in recent years. It not only allows patients to communicate with doctors over the internet, but it can also help to lower healthcare costs. Doctors and hospitals are eager to incorporate digital health technologies and telemedicine requirements into their practises as a result of these benefits. As a result, the government has enacted telehealth regulations and reimbursement guidelines.
Telehealth and telemedicine, particularly remote patient monitoring (RPM)/tele-homecare, can improve patient self-management, medication adherence, clinical outcomes, and patient and provider satisfaction while decreasing emergency room visits, hospitalisations, primary care utilisation, long-term care, home admissions, and patient travel costs. These benefits are driving up end-user demand for telehealth technology.
A recent telehealth and telemedicine market study found that a lack of infrastructure and technological barriers are stifling the industry's growth.
Because of technological and infrastructure barriers, adoption of the service may be hampered in middle and low-income countries. Digital health methods require cutting-edge telecommunications equipment, high-speed internet with large bandwidth, and storage capacity, which is still an issue in many developing countries.
Furthermore, the high cost of installation and the scarcity of qualified healthcare professionals are two major challenges limiting the market share expansion of telehealth and telemedicine.
The Telemedicine Market key players include MDLive, GE Healthcare, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., AMC Health, Koninklijke Philips N.V., Cerner Corporation, American Well, and Medtronic.
Key Market Segments
- Software & Services
By Mode of Delivery:
- Other applications
By End Use:
- Other end uses