The telehealth and telemedicine market is predicted to capture a valuation of USD 106.0 billion in 2023 and rise to USD 912.0 billion by 2033. The market is estimated at a CAGR of 24% during the forecast period.
Factors driving market size are:
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Due to its several influencing factors, healthcare providers can perform their duties efficiently and smoothly. Apart from its positive side, the market may face restraining factors. Adopting telehealth and telemedicine without cyber security results in data loss, and other crucial reports may limit the market growth. The lack of awareness and insufficient protection of telemedicine with smartphones can also increase the number of cyber threats.
According to the World Economic Forum, cyber treating or attacks are one of the top threats in the global market by online hackers. Improper information and fraudulent activities may also slow down market growth. The fake or negative experiences shared on the media & online platforms restrain the market growth.
Healthcare manufacturers have developed a novel approach in telehealth and telemedicine services to help patients through virtual doctors or experts. Telecommunication technology monitors patients; consultancy provides information on virtual patients and doctor meets. Monitoring of patients allows doctors to detect early diseases and prevent them.
Doctors may directly connect with the audio and video conferencing and replay the audio and video record after the meeting. Several developing countries launched various programs related to telehealth care, including the TELEKART program, Whole System Demonstrator, and others. Through remote monitoring, patients don’t require to visit the hospital. They can sufficiently go through these processes while sitting at home, increasing the market trends.
The universities are promoting telehealthcare technology to provide the best treatment related to mental and chronic health all around the globe, and are increasing market growth. The adoption of telehealth and telemedicine as less time-consuming and low-cost services is fueling the market trends during the forecast period.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 24% |
| Market Valuation (2023) | USD 106.0 billion |
| Market Valuation (2033) | USD 912.0 billion |
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According to Future Market Insights, the global telehealth and telemedicine market is predicted at a healthy 24% CAGR during the forecast period. Historically, the market registered a CAGR of 15.7% between 2017 and 2022.
The end-user industries, such as providers and patients, are advancing market growth. The growing demand for telehealth and telemedicine during the COVID-19 crisis due to social distancing plays a significant role in uplifting the market expansion. The adoption of telehealth and telemedicine keeps patients and healthcare providers safe. It reduces the risk of infection from one person to another, driving market opportunities.
The market is estimated to reach USD 912.0 billion during the forecast period. Historically, the market stood at USD 87.0 billion from 2017 to 2022.
| Segment | Component |
|---|---|
| Top Category | Software & Services |
| Historic CAGR | 15.4% |
| Forecast CAGR | 23.6% |
| Segment | Mode of Delivery |
|---|---|
| Top Category | Cloud-based |
| Historic CAGR | 15.2% |
| Forecast CAGR | 23.8% |
Based on components, software & services are leading the global market by occupying a CAGR of 23.6% during the forecast period. Increasing digital presence and online services leads to improved healthcare services by adopting software & services tools. Healthcare providers make a better solution for patients by adopting software & services tools to connect the service providers easily. Historically, the software & services secured 15.4% between 2017 and 2022.
Based on the mode of delivery, the cloud-based category dominates the global market by occupying a CAGR of 23.8% during the forecast period. The adoption of cloud-based by service providers due to the fast delivery of computing services to others. It is much more flexible to share, store and network the services. Historically, the cloud-based captured a CAGR of 15.2% between 2017 and 2022.
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| Country | United States |
|---|---|
| CAGR (2017 to 2022) | 15.3% |
| CAGR (2023 to 2023) | 23.8% |
| Valuation (2023 to 2033) | USD 183.2 billion |
| Country | United Kingdom |
|---|---|
| CAGR (2017 to 2022) | 14.3% |
| CAGR (2023 to 2023) | 23.0% |
| Valuation (2023 to 2033) | USD 38.8 billion |
| Country | China |
|---|---|
| CAGR (2017 to 2022) | 14.9% |
| CAGR (2023 to 2023) | 23.3% |
| Valuation (2023 to 2033) | USD 93.0 billion |
| Country | Japan |
|---|---|
| CAGR (2017 to 2022) | 13.7% |
| CAGR (2023 to 2023) | 22.3% |
| Valuation (2023 to 2033) | USD 76.0 billion |
| Country | India |
|---|---|
| CAGR (2017 to 2022) | 12.3% |
| CAGR (2023 to 2023) | 21.4% |
| Valuation (2023 to 2033) | USD 44.7 billion |
The United States dominates the global market by securing a CAGR of 23.8% with a valuation of USD 183.2 billion during the forecast period. Rising chronic diseases, a generic population, and low-cost services among patients are driving the United States telehealth and telemedicine market. The manufacturers focus on providing advanced quality healthcare services through telemedicine and are flourishing the market growth.
Rising healthcare infrastructure, expenditure, and advanced technologies, including the novel, are enhancing market opportunities. The government initiatives and present key vendors are expanding the market size in the country. Historically, the United States secured a CAGR of 15.3% between 2017 and 2022.
Two key countries, such as China and India, are significantly growing the global market in the Asia Pacific region.
China is contributing a CAGR of 23.3% with a valuation of USD 93.0 billion during the forecast period. The increasing number of chronic patients and the population is expected to increase the demand for telehealth and telemedicine in China. China developed significant healthcare infrastructure and innovative healthcare products and services.
Rising patient healthcare awareness and adopting cloud-based technologies are surging China's market size. The manufacturers are improving the quality of a patient's life by providing better healthcare services, and are advancing China's market expansion. Historically, China captured a CAGR of 14.9% between 2017 and 2022.
India is another Asia Pacific nation that secures a CAGR of 21.4% with a valuation of USD 93.0 billion between 2017 and 2022. Growing smartphone technologies and clinical and laboratory services are advancing India's telehealth and telemedicine market share. Several top companies investing huge amounts in the healthcare sector to enhance the services and acquire maximum output are driving the Indian market.
Adopting telehealth and telemedicine is key to providing quick healthcare solutions and reducing patients' time and money. Historically, the Indian market captured a CAGR of USD 44.7 billion between 2017 and 2022.
Innovation in the healthcare sector is a crucial factor in enhancing the quality of services through advanced technologies. The prominent vendors invest a top portion in advancing healthcare services to bolster the market size. These players are focusing on achieving their goal in the global market by securing a maximum output.
Through their several marketing strategies, players are upsurging the market level. Furthermore, players are investing in research and development activities to carry out solutions related to patients' requirements. These players adopt marketing tactics, including mergers, collaborations, partnerships, agreements, and acquisitions.
The prominent players are making several alliances to boost the market size. The small-size players are innovating new products and providing at a low cost, and are playing a key role in the market expansion.
Recent Developments in the Telehealth and Telemedicine Market are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa, Türkiye, and South Africa |
| Key Segments Covered | Component, End Use, Mode of Delivery, Application, Region |
| Key Companies Profiled | Medtronic; Allscripts Healthcare Solutions Inc; GE Healthcare; Siemens Healthineers; Cerner Corporation; BioTelemetry; Koninklijke Philips NV |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
China, India, and Japan are key Asian countries.
The healthcare industry is the primary user of telehealth and telemedicine.
The United Kingdom is expected to record a CAGR of 23% through 2033.
In 2023, the global market was estimated to be worth USD 106 billion.
The global market is expected to reach USD 912 billion by 2033.
1. Executive Summary | Telehealth and Telemedicine Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Component 5.1. Software & Services 5.2. Hardware 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Mode of Delivery 6.1. Cloud-based 6.2. On-premise 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Application 7.1. Teleconsultation 7.2. TelelCU 7.3. Telestroke 7.4. Teleradiology 7.5. Telepsychiatry 7.6. Teledermatology 7.7. Other Applications 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use 8.1. Providers 8.2. Patients 8.3. Others 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. KONINKLIJKE PHILIPS 17.2. MEDTRONIC 17.3. GE HEALTHCARE 17.4. CERNER CORPORATION 17.5. SIEMENS HEALTHINEERS AG 17.6. CISCO SYSTEMS 17.7. ASAHI KASEI CORPORATION 17.8. IRON BOW TECHNOLOGIES 17.9. AMERICAN WELL 17.10. TELADOC HEALTH 18. Assumptions & Acronyms Used 19. Research Methodology
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Telehealth and Telemedicine Market
