Telehealth Telemedicine Market Expected to Reach USD 82,051.62 Million by 2028

Vantage Market Research

Apr 06, 2022

The Telehealth/Telemedicine Market is expected to reach USD 82,051.62 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.5% between 2022 to 2028. Demand for the technologies and health care services has reached on hiked after the pandemic. Technologies like telemedicine, robots, and catboats, are being used for gathering information, treating patients, reassuring the population, making diagnoses, and for the preparation of future vaccines. These are key factors driving the global telemedicine market growth.

Key Findings:

  • The cloud-based segment is projected to expand at a significant CAGR over the forecast period due to the enhanced on-demand nature of the services, cloud-based solutions have cost-curtailing nature and easy scalability.
  • The software & services segment held a considerable market share in 2021. This is due to the increasing awareness regarding several health problems coupled with various services of telehealth and telemedicine across the globe.
  • Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2028. The growth in the Asia Pacific is driven by increasing demand for telehealth services and high investments by companies in emerging economies such as India and China.

Some of the key players in the Telehealth/Telemedicine Market include - [object Object]

The market has a high degree of competition because of the presence of various big players. Players in the market are focusing on innovative solutions and services for gaining a higher market share.

Big data analytics is able to process data that is collected from telehealth modalities, including objective, subjective as well as historical data which help in risk prediction and management in the health care sector. Additionally, public payers, federal agencies, and large commercial insurers are focusing on expanded telehealth access amid the regards to this; the market is expected to have significant growth.

North America is projected to hold a significant share in 2021. The growth in the region is driven by rising cases of chronic diseases, the requirement for reducing healthcare expenditure as well as increasing geriatric population. The demand for telehealth services is increasing in countries, such as Canada, the U.S., and Mexico.

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Telemedicine Technologies Market Size, Share & Trends Analysis Report by Component (Software & services, Hardware), by Delivery Mode (Cloud-based, On-Premise), by Application (Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke), by End-User (Providers, Payers, Patients, Other End Users), by Region (North America, Asia Pacific, Europe, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)