Northbrook, IL 60062 -- (SBWIRE) -- 01/17/2024 -- Telehealth & Telemedicine Market in terms of revenue was estimated to be worth $120.4 billion in 2023 and is poised to reach $285.7 billion by 2028, growing at a CAGR of 23.2% from 2023 to 2028 according to a new report by MarketsandMarkets. The telehealth and telemedicine market are primarily driven by several key factors that contribute to its rapid growth. Firstly, the increasing demand for remote healthcare services, especially post COVID-19 pandemic, has propelled the adoption of telemedicine. Patients seek convenient and accessible ways to consult with healthcare professionals without physical visits to healthcare facilities. Additionally, advancements in digital technology and communication infrastructure play a pivotal role, enabling seamless virtual interactions between patients and healthcare providers. The growing prevalence of chronic diseases and the need for continuous monitoring further boost the demand for telehealth solutions. Moreover, government initiatives and supportive regulations advocating telehealth services contribute to the expansion of the market. The emphasis on improving healthcare accessibility, reducing costs, and enhancing overall patient outcomes serves as a driving force for the widespread adoption of telemedicine and telehealth solutions.

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Software and services segment is expected to register the substantial share by component of Telehealth and telemedicine market

In 2022, the largest market share, accounting for 71.3%, was held by the Software and services segment. This dominance is attributed to the increasing demand for telehealth applications, particularly in real-time monitoring and chronic disease management. The segment's growth is further fueled by rapid advancements in digital infrastructure, hardware, and software components, coupled with the widespread penetration of smartphones and the internet on a global scale. Additionally, the development of a diverse array of platforms and applications focused on diagnostics, fitness monitoring, wellness tracking, and disease prevention contributes significantly to the expansion of this segment. The dynamic nature of the digital space is anticipated to further bolster the positive trajectory of growth for these services.

Cloud cloud-based delivery segment holds a substantial share by mode of delivery in Telehealth and telemedicine market

In 2022, the web-based delivery mode segment dominated the telehealth landscape, capturing a substantial 78.2% of the total revenue. This prominence can be attributed to the rise of virtual care and web-based telehealth applications, providing patients with direct access to healthcare services. Factors such as growing internet penetration and innovations in smartphones further fueled the adoption of web-based delivery, emphasizing its cost-effectiveness and seamless user interface.
Looking ahead, the cloud-based delivery segment is poised for rapid growth during the forecast period. Healthcare providers and patients are increasingly embracing cloud-based applications due to their advanced technological solutions. The key drivers include seamless data storage and recovery, easy accessibility, high bandwidth, and enhanced security. The surge in data breaches on web-based and on-premise telehealth platforms is steering the demand toward cloud-based solutions, which not only ensure secure data management but also facilitate patient monitoring and teleconsultation, especially in rural and remote locations requiring immediate medical assistance.

North America holds a substantial share of telehealth and telemedicine market during the forecast period.

In 2022, North America asserted its dominance in the telehealth industry, capturing a substantial market share of 18.0% of the total revenue. The region's leadership can be attributed to its significant healthcare IT expenditure and the widespread use of the internet and smartphones, creating a conducive environment for telehealth market growth. The escalating burden of chronic conditions and heightened awareness of digital health and virtual care platforms among both healthcare providers and patients position North America for continued growth in the foreseeable future. The synergy between established key players and the burgeoning presence of innovative start-ups is set to further amplify the adoption of telehealth platforms across the region. North America stands as a cornerstone in the evolving landscape of telehealth, shaping the industry's trajectory with its strategic advancements and technological prowess.

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Telehealth & Telemedicine Market Dynamics:

Drivers:
1. Increasing Adoption of Digital Health and Telehealth to drive the market
2. Shortage of medical professionals and increasing demand for healthcare services to drive the market

Restraints:

1. Variations in Regulations Across Regions

Opportunities:

1. High utility in combating infectious diseases and use of technologies such as blockchain and AI

Challenge:

1. Issues related to hygiene and cleanliness, behavioral barriers, healthcare affordability, and lack of awareness

Key Market Players of Telehealth & Telemedicine Industry:

Prominent players in the telehealth and telemedicine market include Koninklijke Philips, N.V (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Oracle (US), Siemens Healthcare GmbH (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Iron Bow Technologies (US), American Well (US), Teladoc Health, Inc. (US), AMC Health (US), TeleSpecialists(US), Doctor On Demand by Included Health, Inc. (US), MDLIVE (US), GlobalMedia Group, LLC (US), Medvivo Group Ltd. (UK), Medweb(US), VSee (US), Imedi Plus (China), Zipnosis (US), ACL Digital (US), iCliniq (US), Boston Scientific Cardiac Diagnostics Inc. (US), Resideo Technologies Inc.(US).

The break-down of primary participants is as mentioned below:

- By Company Type - Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
- By Designation - C-level: 42%, Director-level: 31%, and Others: 27%
- By Region - North America: 32%, Europe: 32%, Asia Pacific: 26%, ROW-10%

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Telehealth & Telemedicine Industry Recent Developments:

- In 2021, Medtronic forged a partnership with Statis Lab Inc., aiming to introduce a patient monitoring system in India.

- Koninklijke Philips unveiled new products, such as Patch, Maternal Pod, and Avalon CL Fetalin 2020 for remote patient monitoring across New Zealand, Europe, Singapore, the United States, and Australia.

- In 2020, BioTelemetry completed the acquisition of various healthcare services and products from Envolve, encompassing a coaching platform and remote patient monitoring. The strategic move concentrated on addressing healthcare needs in hypertension, mental health, diabetes, and chronic heart failure.

Telehealth & Telemedicine Market Size - Key Benefits of Buying the Report:

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.

This report provides insights on:

- Analysis of key drivers (Growing geriatric population and need to expand healthcare access, Rising prevalence of chronic conditions and cost-benefits of telehealth and telemedicine, Shortage of physicians, Advancements in telecommunications, and Government support and rising awareness), restraints (regulatory variations across regions, fraud in telemedicine and telehealth), opportunities (High utility in combating infectious diseases and epidemics, use of innovative technologies like blockchain, AI and virtual assistants), and challenges (Inability to ascertain hygiene and cleanlinessinfluencing the growth of the Telehealth and Telemedicine market.

- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the Telehealth and Telemedicine market.

- Market Development: Comprehensive information on the lucrative emerging markets, component, demographics, end-user, and region.

- Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the Telehealth and Telemedicine market

- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the Telehealth and Telemedicine market like Koninklijke Philips, N.V (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Oracle (US), Siemens Healthcare GmbH (Germany), Cisco Systems (US) etc.

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