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Telehealth and Telemedicine Market

Telehealth and Telemedicine Market Size, Share & Segment by Component (Software & services, Hardware), By Mode of Delivery (Cloud-based, On-premise), By Application (Teleconsultation, TeleICU, Telestroke, Teleradiology, Telepsychiatry, Teledermatology, Other), By End User (Providers, Payers, Patients, Other), and by Regions | Global Market Forecast 2022-2028

Report Id: SNS/HC/1792 | June 2022 | Region: Global | 125 Pages

Telehealth and Telemedicine Market Overview:

The Telehealth and Telemedicine Market Size was valued at USD 68.8 billion in 2021, and expected to reach USD 360.5 billion by 2028, and grow at a CAGR of 26.7% over the forecast period 2022-2028.

Telehealth is at the cusp of breaking into the standard driven by combination of administrative and innovative change at the background of a quick developing medical services scene. The terms telehealth and telemedicine are frequently utilized reciprocally, however both portray the utilization of clinical data traded starting with one site then onto the next by means of electronic correspondences to further develop the patient's wellbeing status. It is additionally depicted in not many medical services circles as Virtual Medicine or VirtMed.

Telehealth and Telemedicine Market

Telemedicine has been around for decades to finally overcome the challenges of technology, law and restitution. Recent regulatory and technological breakthroughs are driving change that leads to: 1. health reforms, representing a good foundation as millions of new lives are added creating the need for less expensive services in a much smaller environment 2. the latest telephone laws. a better option for providers with compliant laws and to improve licensing and reimbursement standards and 3. technologies that have evolved until smartphones become ubiquitous, making services such as health care more quickly delivered to consumers.

MARKET DYNAMICS

DRIVERS

  • The rising elderly and medically disadvantaged populations (particularly in rural areas)

  • The Growing Cases of Chronic Diseases and Telehealth & Telemedicine's Cost-Benefits

  • Lack Physicians are few.

  • Telecommunications has progressed.

  • Growing Public Awareness and Government Support

  • Technology Adoption

RESTRAINTS

  • Region-by-Region Regulatory Differences

  • In the field of telemedicine and telehealth, there is a lot of fraud going on.

  • Social Media Applicability

OPPORTUNITIES

  • High Value in the Fight Against Infectious Diseases and Epidemics

  • Implementation of Blockchain

  • Artificial Intelligence and Analytics

  • Assistive technology

CHALLENGES

  • Unable to Ensure Hygiene and Cleanliness

  • Healthcare Affordability and Behavioral Barriers

  • Unawareness

IMPACT OF COVID-19

The COVID-19 epidemic has had a devastating global impact on human health and a major economic impact in many lands.

The COVID-19 epidemic, on the other hand, presents significant opportunities in the telehealth and telemedicine markets, given that community reduction is the only available solution that can reduce exposure.

The epidemic, however, offers a host of opportunities for telehealth solutions, given its potential to reduce exposure. Telemedicine also helps keep healthcare providers safe. Telemedicine technology, with its growing effects throughout the continuity of health care delivery, serves as an important asset in the industry. Because of its few advantages, especially in general care and situations where services do not require direct contact with the patient, telemedicine can be a powerful way to monitor and communicate to ensure the proper use of provider services. In addition, the corresponding decline in resource use due to the low demand for personal protective equipment may result in significant savings when considered on a national, continental, or global scale. However, with the rapid increase in usage, mobile companies may face baggage management challenges and may face technical problems and IT crashes, which may require complex mobility solutions. Therefore, telephone companies also have a good opportunity to understand and evaluate these challenges and to deal with such situations.

By Component:
The telehealth market and telemedicine are divided into software and services, as well as hardware components. By 2021, the software and services segment had the largest share in the telehealth and telemedicine markets. A large part of this phase is due to the increasing adoption of telehealth and telemedicine worldwide. Telehealth software and services have experienced significant growth due to the COVID-19 epidemic, which has resulted in hospitals facing severe shortages of beds and facilities, as well as social isolation practices.

By Application:
The telehealth and telemedicine markets are divided into teleradiology, teleconsultation telelCU, telestroke, telepsychiatry, teledermatology, and other applications. In practice, the teleradiology component had the largest share in the telehealth and telemedicine markets by 2021. Factors such as the proliferation of thought processes, the increase in the acquisition of teleradiology work by health care providers, and the simplification and control of teleradiology processes are some of the major factors. factors that drive the growth of this phase. In addition, the COVID-19 epidemic has supported the use of teleradiology, as radiologists seek to reduce patient exposure while ensuring adequate mobility.

By End User:
The telehealth and telemedicine market is divided into providers, payers, patients and other end users. The supplier segment had the largest share in the global telehealth and telemedicine market, by end users, by 2021. Factors contributing to much of this phase include increased acceptance of remote monitoring in chronically ill and elderly patients, health improvements. monitoring items, an increase in the number of tele-specialty services provided by providers, and the significant impact of the COVID-19 epidemic, which has resulted in hospitals facing severe shortages of beds and equipment.

COMPETITIVE LANDSCAPE
Some of the major key players are as follows: Asahi Kasei Corporation, Medtronic, Koninklijke Philips N.V., Siemens Healthineers, Cerner Corporation, Cisco Systems, GE Healthcare, Teladoc Health, American Well, and other players.

MARKET SEGMENTATION:

By Component

  • Software & services

  • Hardware

By Mode of Delivery

  • Cloud-based

  • On-premise

By Application

  • Teleconsultation

  • TeleICU

  • Telestroke

  • Teleradiology

  • Telepsychiatry

  • Teledermatology

  • Other

By End User

  • Providers

  • Payers

  • Patients

  • Other

Telehealth and Telemedicine Market

REGIONAL ANALYSIS

North America had the largest share of the health market in 2021. The region's major allocation can be attributed to factors such as the growing need to reduce COVID-19 cases, the government's mandate to expand health facilities, and the growing focus on quality improvement. of care provided to COVID-19 patients. Increased burden on hospitals to manage patient data due to the growing burden of patients makes it necessary for hospitals and physicians to adopt a variety of telephone solutions. However, the Asia Pacific market is expected to grow at a much higher rate during the forecast period, due to the spread of chronic diseases and overcrowding.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Telehealth and Telemedicine Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 68.8 Billion
Market Size by 2028 US$ 360.5 Billion
CAGR CAGR of 26.7% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component (Software & services, Hardware)
• By Mode of Delivery (Cloud-based, On-premise)
• By Application (Teleconsultation, TeleICU, Telestroke, Teleradiology, Telepsychiatry, Teledermatology, Other)
• By End User (Providers, Payers, Patients, Other)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles  Asahi Kasei Corporation, Medtronic, Koninklijke Philips N.V., Siemens Healthineers, Cerner Corporation, Cisco Systems, GE Healthcare, Teladoc Health, American Well, and other players.
DRIVERS • The rising elderly and medically disadvantaged populations (particularly in rural areas)
• The Growing Cases of Chronic Diseases and Telehealth & Telemedicine's Cost-Benefits
• Lack Physicians are few.
RESTRAINTS • Region-by-Region Regulatory Differences
• In the field of telemedicine and telehealth, there is a lot of fraud going on.
• Social Media Applicability


Frequently Asked Questions (FAQ) :

Software and services segment had the largest share in the telehealth and telemedicine markets.

North America had the largest share of the health market.

Telehealth and Telemedicine Market is divided into four segments and they are By Component, By Mode of Delivery, By Application, By End User

Region-by-Region Regulatory Differences, In the field of telemedicine and telehealth, there is a lot of fraud going on are the restraints of Telehealth and Telemedicine Market

Telehealth and Telemedicine market is expected grow at a CAGR of 26.7% over the forecast period 2022-2028.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine ware

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

  

8. Telehealth and Telemedicine Market Segmentation, By Component

8.1 Software & services

8.2 Hardware

 

9. Telehealth and Telemedicine Market Segmentation, By Mode of Delivery

9.1 Cloud-based

9.2 On-premise

 

10. Telehealth and Telemedicine Market Segmentation, By Application

10.1 Teleconsultation

10.2 TeleICU

10.3 Telestroke

10.4 Teleradiology

10.5 Telepsychiatry

10.6 Teledermatology

10.7 Other

 

11. Telehealth and Telemedicine Market Segmentation, By End User

11.1 Providers

11.2 Payers

11.3 Patients

11.4 Other

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

 

13 Company Profiles

13.1 Asahi Kasei Corporation

                13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Medtronic

13.3 Koninklijke Philips N.V.

13.4 Siemens Healthineers

13.5 Cerner Corporation

13.6 Cisco Systems

13.7 GE Healthcare

13.8 Teladoc Health

13.9 American Well

 

14 Competitive Landscape

14.1 Competitive Benchmark

14.2 Market Share analysis

14.3 Recent Developments

 

15 Conclusion

 

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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