Telehealth Market size was valued at USD 76.57 billion in 2022 and is poised to grow from USD 101.17 billion in 2023 to USD 577.27 billion by 2031, growing at a CAGR of 24.32% during the forecast period (2024-2031).
Greater adoption of digital health & smartphones, increased investment, improved internet connectivity and increasing technological advances.For example, in July 2022 the UK launched an annual digital maturity review across the NHS for social care and digital health. The plan provided $2.37 Billionin funding for the implementation of electronic patient records (EPRs) and the enhancement of telepatientcare services.
Moreover, smartphones have evolved from communication & entertainment devicesthat can monitorthe health and fitness. Some marketers are developing Chatbot services for basic medical queries and one-time consultations. For example, WeChat gives the Chatbot offerings in China for fundamental medical queries and different mobile health solutions along with scheduling appointments, accessing clinical statistics.
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Competitive Landscape of the Telehealth Market: A Magnified View
The telehealth market is characterized by fierce competition as different business positions, technology, healthcare, telecommunications, and startupscompete to create the future of telehealth. The fastest adopted telehealth services in the world have led tothe innovation and strategic innovation in various industries, bringing competitiveness and strength to the landscape.
Tech giants and innovation leaders like Amazon, Apple, Microsoft and Google are increasingly entering the telehealth space. These companies are leveraging their vast technology infrastructure to deliver innovative solutions such as virtual counseling. AI-driven healthcare, and healthcare data analytics Amazon Care and Apple telehealth features integrated into their wearable devices (such as the Apple Watch). Google is also strengthening its telehealth services with the cloud-based solutions aimed at integrating patient data and AI analytics into healthcare delivery.
In March 2023, Koninklijke Philips introduced a virtual care management portfolio to increase its global market share. The program aims to reduce the workload of the clinicians and reduce the cost of care. Healthcare providers, through this initiative, were offered end-to-end solutions including virtual therapy and psychotherapy training, and digital mental health services.
In March 2023, Spark Biomedical launched telehealth services for Sparrow Ascent aimed at improving patient access to opioid withdrawal treatment. Sparrow Ascent is a medication-assisted treatment (MAT) program that provides comprehensive care for individuals struggling with opioid use disorder. The program uses a combination of medication, counseling and support services to help patients achieve long-term recovery.
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This report covers the following segments:
A. Type
- Products
- Services
B. Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
C. Modality
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Remote Patient Monitoring
C. End-User
- Healthcare Facilities
- Homecare
- Other
This report covers the following players:
- Koninklijke Philips N.V
- GE Healthcare
- Cerner Corporation (Oracle)
- Siemens Healthineers
- Medtronic
- Teladoc Health Inc
- American Well
- MD Live
- Doctor On Demand
- Global Med
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Future of Telehealth Transforming Global Healthcare Delivery
The telehealth market is poised for continued growth, driven by advances in digital health technologies, increased demand for remote care, and growing patient preferences. COVID-19 pandemic has greatly accelerated the adoption of telehealth, reshaped how healthcare is delivered around the world. As regulatory frameworks and reimbursement models improve, and as technology enhances the patient experience, telehealth will play an important role in addressing health disparities, improving access, and cut costs, making it an integral part of future health care plans.
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