The global Distance Health Technologies Market is predicted to reach a valuation of US$ 945 Bn by 2032 with the market expanding at a CAGR of 27% from 2022 to 2032. Valued at US$ 65 Bn in 2021, the target market will scale up to an estimated US$ 88 Bn in 2022. The rapidly expanding use and penetration of the internet coupled with the mass usage of smartphones and other such devices will fuel the market growth for distance health technologies during the forecast period.
The increasingly easy access to the internet and the commonality of smartphone technologies are expected to supplement the growth of distance health technologies. As per reports, approximately three-quarters of the American population has broadband service, and 80% of Americans own and use smartphones. All of these statistics indicate the deep penetration of the internet and smart devices which, in turn, stimulate the market for distance health technologies.
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Distance health technologies also find opportunities generated by the physically challenged and potential infection carriers as medical care becomes more accessible to these groups via distance health technologies. Again, constant and easy access to medical care, better communication from home, and quality care at the fingertips are advantages that contribute to the growth of the distance health technologies market.
With improving communication technology and surging adoption by various end-user, the market for distance health technologies is also expected to grow at a rapid rate. Additionally, enhanced networking technologies, greater adoption by end-users, and cost-effectiveness will fuel the growth of the distance health technologies market during the forecast period.
“Improving communication technologies and increasing adoption by various end-users will likely spur the global growth of the distance health technologies market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Problematic policies and reimbursement rules along with the risk of the consultation being deemed clinically inappropriate may hinder the growth of the distance health technologies market.
- Increasing usage of telehealth and telemedicine services strengthen market prospects during 2022-2032.
- With a revenue of US$ 16.1 Bn in 2020, the North American distance health technologies market is expected to continue to dominate the global marketplace during the assessment period.
- Europe’s distance health technologies market will grow at a CAGR of 9% during 2022-2032.
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Competitive Landscape
Leading market players are focusing on introducing and developing new products. Product innovation and upgradation as well as execution of programs and initiatives to raise awareness and promote the scope of distance health technologies are some of the other measures adopted by these market participants to strengthen their market position.
Cisco Systems, Accenture, PwC, Walgreens Boots Alliance, Inc. (TytoCare Ltd.), Koninklijke Philips N.V., Medtronic plc, and InTouch Health among others are some of the major players in the distance health technologies market profiled in the full version of the report.
More Insights into Distance Health Technologies Market
In its latest report, FMI offers an unbiased analysis of the global distance health technologies market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of technology, end-user, and region.
According to the latest FMI reports, based on segmentation, hybrid cloud technology will dominate the global marketplace. Owing to the added advantages of security, privacy, and affordability, this segment is anticipated to grow at the fastest CAGR. The surging adoption of distance health technologies in numerous hospitals across the globe will result in the hospital segment of end users generating the most revenue.
Based on region, the distance health technologies market in Europe will exhibit impressive growth over the next few years. The target market in this region will expand at a CAGR of 9% and reach a value of US$ 6400 Mn by 2032. Escalating demand for digital healthcare, better access to consultations, and improved analysis of health conditions are certain factors that positively influence the growth of Europe’s distance health technologies market. The technological advancements in telecommunications technologies, increasing support for startups, and the strong presence of key market players also propel the target market towards growth in Europe. A generally increasing usage of the internet, widespread access to smartphones and personal computers, and rising demand for access to better healthcare are factors that drive the global distance health technologies market during the forecast period.
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Distance Health Technologies Market: Segmentation
Tentatively, the global distance health technologies market has been segmented on the basis of deployment mode, end user, and geography.
Based on deployment mode, global distance health technologies market is divided into following:
- Web-Based
- On-Premises
- Off-Premises
- Hybrid Cloud
Based on end users, global distance health technologies market is divided into following:
- Hospitals
- Clinics
- Clinical Management Systems
- Others
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