The global telehealth market was valued at USD 83.52 billion in 2022 and it is predicted to surpass around USD 719.54 billion by 2032 with a CAGR of 24.03% from 2023 to 2032.
|Market Size in 2022||USD 83.52 billion|
|Revenue Forecast by 2032||USD 719.54 billion|
|Growth rate||CAGR of 24.03%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Koninklijke Philips N.V; Siemens Healthineers; Cerner Corp.; GE Healthcare; Medtronic PLC; Teladoc Health Inc; American Well; Doctor on Demand; GlobalMed; MDLive|
The rising penetration of the internet and innovation in smartphones is enabling to address the gaps in the delivery and availing of telehealth services conveniently. Moreover, the demand for telehealth services witnessed tremendous growth over the past year due to the COVID-19 pandemic and the restrictions imposed in order to curb the infection. COVID-19 hindered the delivery of healthcare services which enabled most healthcare facilities to shift from traditional to virtual care methods. Further, the growing need to monitor health and wellness in order to manage chronic diseases virtually is driving the market growth.
Introduction of web-based and cloud-based platforms which deliver virtual care to users are expected to boost the market growth. For instance, in August 2021, CVS and Teladoc partnered to launch CVS Health’s Aetna Virtual Primary Care. Through this partnership, CVS Health will utilize Teladoc’s physician network and providers to deliver virtual care services to patients remotely through video and telephonic consultations, which will reduce the dependency of the patients on in-person consultations and visits.
Increasing prevalence of cancer globally is expected to be a key contributor to the growth of the market. This increasing prevalence is anticipated to strain the healthcare systems, most of which are witnessing a shortage of healthcare professionals such as doctors and nurses; this is anticipated to drive the adoption of the services globally. According to WHO, healthcare facilities are projected to witness a shortage of 15 million healthcare professionals by 2030, this shortage of healthcare professionals is expected to drive the adoption of AI for the treatment and diagnosis of patients. Telehealth helps to deliver healthcare services digitally and virtually to patients at remote locations. The technology helps to deliver patient-centric care remotely to the patients thereby reducing the need for emergency department visits and reducing the rate of hospitalizations. Despite the advantages, concerns regarding cybersecurity, data privacy, and the high cost of implementation of the services are expected to restrain the growth of the market. Moreover, telehealth focuses on increasing the accessibility of basic healthcare services to patients with enhanced safety and quality.
Telehealth applications have been successful in delivering appropriate care to patients while reducing adverse events and preventing the symptoms to go unnoticed. Innovation in digital healthcare such as smart wearables, the internet of things, advanced healthcare analytics, better internet connectivity, and the rising penetration of smartphones globally are significantly shaping the growth of the industry.
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