By 2023, the Global Telehealth and Telemedicine Market size is projected to achieve a valuation of US$ 106.0 billion, which is anticipated to grow to US$ 912.0 billion by 2033, with a CAGR of 24% during the forecast period.
Market growth is fuelled by the rising demand for advanced technology, mental health, and chronic diseases. The adoption of telehealth and telemedicine for affordable and improved healthcare services is driving market expansion. The demand for telehealth and telemedicine is expected to increase due to the growing number of patients with diabetes, chronic pain, and the aging population.
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The efficiency of healthcare services through digital platforms is improving with the innovation of novel technologies. The market size is also increasing due to the rising number of radiological tests for heart-related diseases. Patients are increasingly seeking telehealth and telemedicine services to connect with physical and mental health consultants for a better quality of life.
The market is expected to grow further due to the increasing number of healthcare providers, advanced laboratories, and clinics. Government initiatives, leading manufacturers, and growing investments are also expected to create opportunities for market growth.
Innovation by Healthcare Manufacturers Drives the Market Growth
Healthcare manufacturers are growing the market with the adoption of novel technology. These manufacturers develop several healthcare application tools to help patients by providing their services through online doctors, driving market growth. These doctors consult their patients and monitor them to detect their diseases early.
The main motto behind this innovation is to reduce the patient’s cost and traveling expenses, and quick monitoring results are expanding the market growth. Various developing countries are launching telehealth and telemedicine programs to raise patient awareness. The increasing demand for telehealth and telemedicine to provide remote patient monitoring is advancing the market growth. A few programs launched for telehealth services are TELEKART and Whole System Demonstrator.
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Key Takeaways:
- The telehealth and telemedicine market are expected to have a valuation of US$ 4.4 billion by 2033.
- With a CAGR of 3.1%, the global market is increasing from 2023 to 2033.
- The United States telehealth and telemedicine market is anticipated to expand at a CAGR of 23.8% through 2033.
- With a CAGR of 23.0%, the United Kingdom market significantly uplifts during the forecast period.
- China market is expected to secure a CAGR of 23.3% over the forecast period.
- Japan market captured a CAGR of 22.3% from 2023 to 2033.
Who is winning?
The prominent players are launching innovative products in the market by acquiring maximum output. These players focus on providing better healthcare equipment to the patients as per their requirements. The prominent players invest millions of dollars in research and development activities to carry out unique products and services in the market. These players adopt several marketing tactics, which include collaborations, partnerships, mergers and agreements.
Other Key Players in the Market are:
- Medtronic
- Allscripts Healthcare Solutions Inc
- GE Healthcare
- Siemens Healthineers
- Cerner Corporation
- BioTelemetry
- Koninklijke Philips NV
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Recent Developments in the Telehealth and Telemedicine Market:
- In July 2021, Estshara invested US$ 5,00,000 to provide telepharmacy services and online consultations to patients.
- In May 2021, Teladoc Health announced its partnership with Vivo to enhance the quality of healthcare services through telemedicine in Brazil.
- In Dec 2021, BioTelemetry announced an agreement to merge with Royal Philips to advance its portfolio.
Telehealth and Telemedicine Market segmentation by Category
By Component:
- Software & Services
- Hardware
By Mode of Delivery:
- Cloud-based
- On-premise
By Application:
- Teleconsultation
- TeleICU
- Telestroke
- Teleradiology
- Telepsychiatry
- Teledermatology
- Other Applications
By End Use:
- Providers
- Patients
- Others
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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