Telehealth: Global Market Prospects and Trends for 2024

"The Business Research Company recently released a comprehensive report on the Global Telehealth Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The telehealth market size has grown exponentially in recent years. It will grow from $135.59 billion in 2023 to $175.3 billion in 2024 at a compound annual growth rate (CAGR) of 29.3%. The growth in the historic period can be attributed to strong emerging markets growth, increased spending on pets, supportive government initiatives, and increased penetration of pet insurance..

The telehealth market size is expected to see exponential growth in the next few years. It will grow to $445.8 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%. The growth in the forecast period can be attributed to the increasing pet ownership, the increasing consumption of animal-derived products, and the increasing urbanization. Major trends in the forecast period include focus on advanced technologies such as artificial intelligence, new facility expansions, partnerships and collaborations, and launch of new veterinary telehealth services to improve their financial strength and product portfolio..

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Market Drivers and Trends:

The rising prevalence of chronic diseases such as cancer, diabetes and hypertension is expected to be a major driver of the telehealth market. Long working hours, limited physical activity, and unhealthy eating and drinking habits contribute to the prevalence of chronic diseases and leave people suffering from these diseases more vulnerable to chronic diseases, thus driving the need for telehealth services platforms. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the rise in the prevalence of chronic diseases is projected to propel the growth of the market.

Healthcare service providers are collaborating and partnering with start-ups and other technology companies to broaden their services and offerings. In March 2021, Doctor On Demand, a virtual care provider, planned to merge with Grand Rounds, a leader in healthcare quality and navigation. The new integrated virtual care company will offer a unique proposition. These two platforms will offer a patient and provider a full suite of digital and interactive solutions. The new company will combine Grand Rounds' data-driven clinical navigation platform and patient advocacy tools with Doctor On Demand's preeminent virtual care offering.

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Major Key Players of the Market:

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Telehealth Market 2024 Key Insights:

• The telehealth market size is expected to see exponential growth in the next few years. It will grow to $445.8 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%.
• Telehealth Market Surges Amidst The Rising Tide Of Chronic Diseases
• Doctor On Demand And Grand Rounds Forge A Transformative Partnership In Virtual Healthcare
• North America was the largest region in the telehealth market in 2023

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