Telehealth Global Market Report 2022: Sector to Reach $539.73 Billion by 2029 at a 21.6% CAGR

DUBLIN, Jan. 3, 2023 /PRNewswire/ -- The "Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology), End User (Provider, Payer, Patient) - Global Forecast to 2029" report has been added to  ResearchAndMarkets.com's offering.

The global telehealth market is expected to grow at a CAGR of 21.6% from 2022 to 2029 to reach $539.73 billion by 2029.

Following a comprehensive secondary and primary study and an in-depth analysis of the market scenario, the report provides the key drivers, constraints, challenges, and opportunities of the industry.

The major factors driving the growth of this market include the rising prevalence of chronic diseases coupled with the increasing geriatric population; favorable government efforts, reforms, and regulations promoting the use of telehealth; a shortage of healthcare professionals; and growing awareness of the benefits of telehealth. Furthermore, the utilization of artificial intelligence & virtual assistants, as well as the development of technologies such as telerobots, are likely to present the industry with significant potential prospects in the near future.

However, a lack of adequate standards compared to conventional health systems and patient privacy and confidentiality concerns may limit the market's growth. Moreover, reluctance to migrate from conventional systems & occurrences of misdiagnosis, and technological barriers in developing countries may prove challenging to the players operating in this market.

In 2022, based on component, the services segment is poised to command the largest share due to increased use of teleconsultations and telemonitoring services in remote/rural areas, advancements in telecommunication and mobile technology, and increased adoption of telehealth services, especially due to outbreak of COVID-19 pandemic.

In 2022, based on application, the telehealth market is segmented into psychiatry, radiology, cardiology, primary care, dermatology, remote ICU, and other applications. The growing penetration of telehealth in the psychiatry segment can be attributed to the growing number of patients with mental health issues and increased user adoption attributed to increasing awareness of the benefits of telepsychiatry services in mental health treatment.

In 2022, based on end user, the healthcare providers segment is poised to command the largest share due to the shortage of healthcare professionals, the increasing need to reduce healthcare costs, the high adoption of digital health technology, and the increased need to better manage patients with chronic conditions.

An in-depth analysis of the geographical scenario of the global telehealth market provides detailed qualitative and quantitative insights for the five major geographies (North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America), along with the coverage of major countries in each region. In 2022, North America is poised to command the largest share of the global telehealth market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The key players operating in the global telehealth market are Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic Public Limited Company (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine, Inc. (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.).

Market Dynamics

Drivers

• Increasing Geriatric Population, Coupled with the Rising Prevalence of Chronic Diseases
• Favorable Government Initiatives & Policies
• Shortage of Healthcare Professionals
• Increasing Digitalization & the Rising Awareness About the Benefits of Telehealth

Restraints

• Limitations of Telehealth
• Patient Privacy & Confidentiality Issues

Opportunities

• Use of Artificial Intelligence & Virtual Assistants
• Development of Telerobots

Challenges

• Reluctance to Migrate from Conventional Systems & the Possibility of Misdiagnosis
• Technological Barriers in Developing Countries

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Insights

5. Next-generation Technologies

6. Global Telehealth Market, by Component

7. Global Telehealth Market, by Application

8. Global Telehealth Market, by End User

9. Telehealth Market, by Geography

10. Competitive Landscape

11. Company Profiles

12. Appendix

Companies Mentioned

• Aerotel Medical Systems (1998) Ltd. (Israel)
• Cerner Corporation (U.S.)
• Medtronic Public Limited Company (Ireland)
• Koninklijke Philips N.V. (Netherlands)
• AMD Global Telemedicine Inc. (U.S.)
• American Well Corporation (U.S.)
• Cisco Systems Inc. (U.S.)
• Doctor On Demand Inc. (U.S.)
• MDlive Inc. (U.S.)
• Siemens Healthineers AG (Germany)
• Teladoc Health Inc. (U.S.)
• Zipnosis Inc. (U.S.).

For more information about this report visit https://www.researchandmarkets.com/r/r244qi

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