Telehealth Market Size and Porters Five Forces Analysis 2022

The global telehealth market size was valued at USD 64.5 billion in 2021 and is poised to grow at a significant CAGR of 24.1% during the forecast period 2022-28. The provision of clinical and non-clinical services remotely using tele- and digital communication technology is known as telehealth. Also, it is utilised by doctors for administrative meetings, educating medical staff, and a variety of telemedicine services (consultation, mentorship, and monitoring). Video conferencing, mobile health (mHealth) software, electronic data transmission, and remote patient monitoring are typically used to deliver these services (RPM). These solutions make it possible for healthcare professionals to use information and communication technologies (ICT) to deliver consultation, care management, diagnostic, and self-management services while also making it easier for patients to receive the right medical care without having to travel.

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Telehealth Market:
The prevalence of chronic illnesses is rising, the geriatric population is rising, and smartphone penetration is increasing, all of which have a substantial impact on the growth of the telehealth industry. Hence, a rise in the popularity of virtual care approaches has a beneficial impact on market expansion. The Covid 19 epidemic has aided in the expansion of the telehealth sector.Many were unable to access hospitals, particularly those in distant areas, due to the statewide lockdown. So, for medical consultations and other healthcare services, they selected telehealth services. The pandemic caused a huge increase in the market. Also, the growing need for health monitoring to manage chronic diseases serves as a virtual catalyst for market expansion. In addition, the introduction of web-based and cloud-based systems to supply patients with virtual healthcare services creates a bright outlook for the market.

The global telehealth market segmentation:
1) By Component: Software & Services, Hardware, Cloud-based, On-Premise
2) By Application: Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, Other Applications
3) By End User: Providers, Payers, Patients, Other End Users

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Telehealth Market:
Due to growing healthcare awareness and the acceptance of cloud-based technologies during the forecast years, North America accounted for a significant portion of the telemedicine market in 2020 and is anticipated to maintain its dominance during the forecast period. Also, due to ongoing R&D investments, a developed region like North America has contributed the largest revenue share to the worldwide business. Major players operating in the area are another factor that supports the market's expansion. Nonetheless, due to a rapid increase in the demand for healthcare support, particularly in rural areas, Asia-Pacific is predicted to see the highest CAGR from 2021 to 2030. Additionally, it is projected that in the near future, advancements in telecommunication will further fuel this region's prosperity.

The global telehealth market key players are Cerner Corporation (US), Siemens Healthineers (Germany), Cisco SystemsInc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), GlobalMed (US), MedWeb (US)

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This release was published on openPR.