Market Snapshot

Market Synopsis:

Global Telehealth Market is valued at USD 40.52 Billion in 2021 and is projected to attain a value of USD 200.53 Billion by 2028 at a CAGR of 38.9% during the forecast period, 2022–2028.Factors such as the growing population, the need to expand healthcare access, the rising prevalence of chronic diseases and conditions, a physician shortage, advancements in telecommunications, government support, increasing awareness, and increasing technology adoption are all driving growth in the Telehealth Market. In the aftermath of COVID-19 regional variances in regulations, fraud, and the use of social media for care provision, on the other hand, will have a negative impact on market growth during the projection period.

The COVID-19 pandemic has wreaked havoc on the world's population's health and wreaked havoc on most countries' economies. Due to the fact that social separation is the only available method capable of limiting exposure, the COVID-19 pandemic presents enormous prospects for Telehealth solutions. Telehealth, in accordance with this, is an appealing, effective, and cost-efficient solution. Furthermore, this technology is crucial in ensuring the safety of healthcare providers.

Technology Adoption in the Wake Of COVID-19

In the aftermath of the pandemic, demand for healthcare services and technologies reached an all-time high. Telemedicine, chatbots, and robots are all being used to assist gather information, reassure the public, treat patients, make diagnosis, and even prepare future vaccinations. Given the global lack of hospital beds and healthcare staff, the potential of telemedicine has been underlined. Players in the telehealth industry are working on developing COVID-19-based solutions to help hospitals and healthcare providers.

Healthcare Fraud

In the field of telehealth and telemedicine, healthcare fraud is an essential consideration. A patient or a physician can be exploited in a variety of ways. For example, the physician's identity and accounts can be used to receive money from the insurance company, or non-eligible or non-listed institutional providers can employ inaccurate coding and billing to submit bogus claims.

Market Segmentation:

The Global Telehealth Market can be segmented by Type, into Software & services

and Hardware, Based on Mode of Delivery, Telehealth Market can be segmented into Cloud-based and On Premise. Based on Application, Telehealth Market can be segmented into Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology and Other Applications. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America And Middle East & Africa.

North America to Continue Dominating the Telehealth Market

In 2020, North America held the greatest proportion of the Telehealth market. Factors such as the increased prevalence of chronic illnesses, the need to cut healthcare spending, and the growing general and senior population can all be related to this region's considerable proportion of the worldwide Telehealth industry. Due to the prevalence of chronic diseases and hospital overcrowding, the Asia Pacific market is predicted to develop at the fastest rate over the forecast period. In addition, the growing need to reduce COVID-19 cases, federal mandates to expand healthcare facilities, and a growing focus on improving the quality of care delivered to COVID-19 patients are some of the key factors driving the telehealth market's growth in the United States in the aftermath of COVID-19.

Key Players:

Some of the players are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland),GE Healthcare (US). Other prominent players in this market include Cerner Corporation (US), Cisco Systems, Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Siemens Healthineers (Germany), Doctor on Demand (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), Zipnosis (US).

Telehealth Market is segmented as follows:

• Component
  • Software & services
  • Hardware

Telehealth Market is tabulated as follows: