Telehealth Market Size to Reach USD 70.19 Billion by 2026 at a CAGR of 17.7% | Valuates Reports

BANGALORE, India, Aug. 3, 2022 /PRNewswire/ -- The Telehealth Market is Segmented By Component (Services, Hardware, and Software), Application (Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology), End Users (Hospitals and Clinics, Diagnostic Centers, Home Care, and Others), Geography (North America, Europe, APAC, and RoW) – Global Forecast up to 2026. It is published in Valuates Reports under the Medical Facilities & Services Category.

The Telehealth (Telemedicine) Market is estimated to reach USD 70.19 Billion by 2026, from USD 26.4 Billion in 2020 and registering a CAGR of 17.7% during the forecast period

Major factors driving the growth of the telehealth market are:

Advantages such as cost savings, convenience, and the capacity to deliver care to persons with mobility issues or those living in remote areas without access to a nearby medical facility are expected to drive the growth of the telehealth market growth.

The coronavirus (COVID-19) has made telehealth even more crucial. A heightened interest in the use of technology for providing and receiving healthcare has resulted from worries about transmitting the virus and catching it during in-person medical visits. This factor is expected to further fuel the telehealth market.

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TRENDS INFLUENCING THE GLOBAL TELEHEALTH MARKET:

Active Government Initiatives for Telehealth Solutions is expected to drive the Telehealth  market growth. The distance barrier has been successfully broken down by telehealth, enabling the provision of healthcare in outlying areas. The majority of people live in rural areas without access to high-quality healthcare, particularly in developing nations. As a result, several governments are increasingly putting their attention on developing virtual care platforms to deliver healthcare services in remote areas. The introduction of electronic intensive care units (e-ICUs), which allow for remote patient monitoring via two-way cameras, high-speed internet, and electronic devices, is also supported by the governments of many different countries. As a result, the industry is expanding thanks to strong governmental backing and the adoption of supportive regulations to promote telehealth solutions.

Through the computer, tablet, or phone technologies, telemedicine has facilitated patient monitoring, which has decreased outpatient visits. Doctors can now oversee medication supervision or confirm prescriptions. Additionally, patients who are confined to their homes can access medical care without traveling to a clinic via ambulance. Thus, the cost of health care has been reduced. This factor is expected to drive the telehealth market during the forecast period.

By enabling radiologists to contribute their knowledge without being there with the patient, teleradiology enhances patient care. This is crucial when radiologist specialists are required, such as neuroradiologists, pediatric radiologists, and MRI radiologists, to mention a few. Since many of these highly skilled individuals are frequently only found in sizable, well-established cities and only work during the day, their accessibility to the general public may be constrained outside of the context of teleradiology.

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TELEHEALTH MARKET SHARE

Based on type, Teleradiology is expected to be the most lucrative segment. By enabling radiologists to conduct uninterrupted work from their homes in a secure setting, teleradiology plays an important role in assuring continuity of patient care.

Based on region, North America is expected to be the most lucrative region. In the region of North American nations, which is quite advanced in terms of technology and in terms of advanced medical facilities, the telehealth market is expanding tremendously. There are a number of factors that have contributed to the growth of the telehealth market in this region, including the rise in chronic diseases like cancer, asthma, and other illnesses driving the adoption of home healthcare services to avoid high hospital expenditures.

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Key Companies:

• Teladoc
• Doctor on Demand
• GE Healthcare
• SnapMD
• Encounter Telehealth
• GlobalMed
• HelloMD
• MDLIVE Inc
• InTouch Technologies
• Dictum Health, Inc., LLC
• American Well.

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SIMILAR REPORTS:

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