Global Telehealth and Telemedicine Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Telehealth and Telemedicine Market Overview

"The Telehealth and Telemedicine Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

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Telehealth is an electronic information and telecommunications technology to support long-distance clinical healthcare, patient and professional health-related education, and public health administration. Telemedicine was first used primarily for military and space applications but has been gaining traction in recent years.

Interest in telemedicine is growing in the healthcare sector globally, especially in the fields of teleradiology, telepathology, and teledermatology. Telemedicine offers high potential in terms of reducing healthcare costs and increasing efficiency through better management of chronic diseases, sharing health professional staffing, reducing travel time, and enabling fewer or shorter hospital stays.

A growing need to increase the reach of improved medical care facilities and increasing demand to integrate digital healthcare systems are some of the key factors driving the growth of the global telehealth and telemedicine market.

In addition, the increase in government financial support, rise in an aging population, rising prevalence of chronic diseases, the tremendous growth of the telecommunication sector, and rising adoption of related healthcare IT solutions are some of the other factors boosting the demand for telehealth and telemedicine solution in the global market.

However, certain barriers such as healthcare providers sometimes resist innovation in telehealth and telemedicine because it creates competition. High costs of telehealth devices, high maintenance and service costs, and a shortage of trained telehealth and telemedicine professionals are some of the major factors that are anticipated to restrain the growth of the global telehealth and telemedicine market during the forecast period.

Currently, the market in North America dominates the global telehealth and telemedicine market in revenue terms. This is attributed to the presence of advanced medical services and increasing government initiatives for creating awareness about telehealth and telemedicine in the region. In terms of CAGR, the market in the Asia Pacific is projected to have the fastest growth over the forecast period, owing to the growing demand for healthcare IT services in emerging economies in the region.

Global Telehealth and Telemedicine Market Segmentation:

Global telehealth and telemedicine market segmentation by component:

• Services
• Software
• Hardware

Global telehealth and telemedicine market segmentation by application:

• Store-and-forward
• Remote monitoring
• Interactive services

Global telehealth and telemedicine market segmentation by end-user:

• Providers
• Payers
• Patients
• Others

Global telehealth and telemedicine market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa