Telehealth Market Size to Reach USD 41.5 Billion, Globally, by 2027 at 22.2% CAGR

According to IMARC Group's latest report, titled "Telehealth Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," Offers a comprehensive analysis of the industry, which comprises insights on global telehealth market

The global telehealth market reached a value of US$ 12.5 Billion in 2021. Telehealth refers to the delivery of health-related services and information via digital communication technologies. It encompasses several medical disciplines, including dentistry, psychological counseling, physical and occupational therapy, and chronic disease monitoring and management. It facilitates two-way interaction between the provider and patient through telephone, e-mail, video chats or conferences, and various mobile health (mHealth) applications. It supports remote patient monitoring (RPM) by mobile communication devices, such as cell phones, tablets, personal computers (PCs), and laptops. In addition, it helps in keeping track of personal health information, calculating and tracking calories, scheduling reminders for medicines, and recording the physical activity of the patient. Telehealth also reduces strain on the healthcare system as it allows easy and online downloading of imaging and medical reports, such as X-rays, magnetic resonance imaging (MRI), and ultrasound scans.

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Market Trends

At present, the growing geriatric population and the increasing prevalence of various chronic diseases across the globe are among the primary factors positively influencing the market. Additionally, shifting preferences towards convenient healthcare services and the escalating demand for home monitoring services are strengthening the growth of the market worldwide. Besides this, the incorporation of artificial intelligence (AI) based language processing, chatbots, and voice recognition in mHealth applications to provide a personalized experience to patients is creating a favorable market outlook. AI and machine learning (ML) algorithms are used to analyze patient symptoms, evaluate medical records of the patient, and predict future health risks, which further assists in providing real-time insights to doctors during consultations. This, in confluence with the rising penetration of the high-speed internet connectivity and increasing sales of mobile devices, is fueling the growth of the market. Additionally, the development of user-friendly monitoring devices, such as smartwatches and fitness bands, to keep a regular check on various health parameters, including blood pressure, blood glucose levels, sleep patterns, weight fluctuations, and chronic pain in the body, is strengthening the market growth. In addition, continuous financing in research and development (R&D) activities for improving data security and management of telehealth systems and strengthening patient and provider privacy and trust are bolstering the market growth. Moreover, the increasing adoption of telehealth systems in the field of radiology and cardiology for the treatment of numerous health problems that require continual supervision is contributing to the market growth. Other factors, such as the shortage of healthcare professionals and the growing awareness about the benefits of telehealth, are driving the market. Looking forward, IMARC Group expects the market to reach US$ 41.5 Billion by 2027, exhibiting at a CAGR of 22.2% during 2022-2027.

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List of Key Companies Covered in this Market Report:

Aerotel Medical Systems
Allscripts Healthcare LLC
AMD Global Telemedicine Inc.
American Well Corporation
Biotelemetry Inc.
Cerner Corporation
Cisco Systems Inc.
GE Healthcare Inc. (General Electric),
Honeywell Life Care Solutions
Medtronic Inc.
Philips Healthcare
Teladoc Health Inc.

The report has segmented on the basis of component, communication technology, hosting type, application, end-user and geography

Breakup by Component:

Software
Hardware
Services

Breakup by Communication Technology:

Video Conferencing
mHealth Solutions
Others

Breakup by Hosting Type:

Cloud-Based and Web-based
On-Premises

Breakup by Application:

Teleconsultation and Telementoring
Medical Education and Training
Teleradiology
Telecardiology
Tele-ICU
Tele-Psychiatry
Tele-Dermatology
Others

Breakup by End-User:

Providers
Patients
Payers
Others

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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