Press release
Key Telehealth Market Trend 2024-2033: Focusing on Developing Advanced Solutions
Telehealth Market
The Telehealth Global Market is anticipated to skyrocket to $175.3 billion in 2024 from $135.59 billion in 2023, with an impressive compound annual growth rate CAGR of 29.3%. This exponential growth, buoyed by powerful emerging markets, increased pet expenditure, favorable government initiatives, and an expanding penetration of pet insurance, is a clear reflection of the sector's vibrancy.
What Factors Contributed to the Immense Growth of the Telehealth Market?
The historical telehealth market growth can be traced to robust emerging markets development, amplified pet expenditure, supportive governmental initiatives, and increased uptake of pet insurance. As the telehealth market trajectory maintains its steep incline, it is expected to soar further to $445.8 billion in 2028, registering a CAGR of 26.3%. This anticipated growth will owe much of its momentum to increased pet ownership, a rise in the consumption of animal-derived products, and growing urbanization. The foreseeable future will also witness the industry's focus shift towards advancements in technologies such as artificial intelligence, new facility expansions, collaborations, partnerships, and the introduction of novel veterinary telehealth services to bolster financial strength and diversify product portfolios.
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What are the Prospective Key Drivers of the Telehealth Market Future Growth?
Projected major drivers for the telehealth market include the escalating prevalence of chronic illnesses like cancer, diabetes, and hypertension. Extended working hours, limited physical activity, and unhealthy eating and drinking habits are contributing factors to the prevalence of these chronic diseases, hence spurring the demand for telehealth services platforms. The World Health Organization recorded that in September 2023, 74% of annual global deaths, totaling 41 million, resulted from non-communicable diseases NCDs or chronic illnesses. This figure included 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Therefore, the mounting prevalence of chronic diseases is poised to thrust the telehealth market growth.
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Who are the Major Players Influencing Market Activity?
Major contributors to the telehealth market include FirstVet, Whiskers Worldwide LLC, Airvet, BondVet, Fuzzy Pet Health, Petzam, PetDesk, WellHaven Pet Health, VetCT, TeleVet, Practo, VetFamily, Vettr, The Vet Connection, Homevet, China Animal Healthcare Ltd, Ceva Sant Animale, Merck/MSD Animal Health, Boehringer Ingelheim, VetPlanet, VetNOW, Vetster, Pawzy, PocketPills for Pets, VIC Animal Health, AVZ animal health, Provet Group, VitOMEK LCC, Micro-plus, Biowet, Bioveta, VELELEK, Delos Medica, Vetro Solutions, Belfarmacom, Pawp, GuardianVets, PetLove, Doctor Vet, Teleconsulta Veterinaria, Vetwork, Aster DM Healthcare, Sesneber International, GE Healthcare, Medtronic Saudi Arabia, Cisco Saudi Arabia Limited Company, Altibbi, Global Vet Ltd, Multivet Ghana Ltd.
What are the Emerging Trends in the Telehealth Pathway?
One of the more prominent trends dominating the sector is that healthcare service providers are now partnering and collaborating with startups and other technology companies to widen their services and offerings. An illustration of this is the planned merger of virtual care provider Doctor On Demand and leader in healthcare quality and navigation Grand Rounds, which took place in March 2021. The integrated virtual care enterprise resulting from this union is positioned to offer a powerful new service to patients and provides a complete suite of digital and interactive solutions.
How does the telehealth market break down?
The telehealth market is segmented by:
1 Component: Software, Services, Hardware
2 Mode Of Delivery: Cloud-based, On-Premise
3 Application: Teleradiology, Telepathology, Teledermatology, Telecardiology, Others
4 End-User: Healthcare Providers, Patients, Payers, Other End-Users.
Which regions dominate the Telehealth market?
North America held the distinction of being the largest region in the telehealth market in 2023. The regions analyzed in the telehealth market report incorporate Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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