The global Telehealth & Telemedicine Market was valued at 92.4 billion in 2022 and it is anticipated to grow up to USD 184.6 billion by 2032, at a CAGR of 7.2% during the forecast period.
Telehealth is the use of electronic information and telecommunications technologies to support and promote long-distance clinical health care, patient and professional health-related education, public health and health administration. Telemedicine refers to the remote diagnosis and treatment of patients by means of telecommunications technology.
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Market Trends and Drivers
Increasing Adoption of Internet of Things and Blockchain-based Alternative Lending Platforms.
Alternative financial companies are increasingly adopting and implementing the Internet of Things (IoT) and blockchain-based technologies. These technologies help add advanced features such as easy accessibility and transparency to alternative funding platforms, further driving the Telehealth & Telemedicine Market growth. For example, digital products and solutions company Tavant Technologies has developed a blockchain-based digital solution that takes full advantage of data-driven processes in generating alternative funding lifecycles. Therefore, the increasing adoption of the Internet of Things and blockchain-based alternative lending platforms are expected to drive market growth for global industries in the coming years.
Market Restraints and Challenges
Some of the key restraints and challenges in the Telehealth & Telemedicine Market are:
- There is the issue of reimbursement. Many insurance companies do not yet reimburse for telehealth services, which can be a barrier to adoption.
- There is the question of regulation. There are currently no federal regulations specifically for telehealth, which can create a patchwork of state regulations that can be difficult to navigate.
- There is the challenge of implementation. Telehealth requires both technology and process changes, and can be disruptive to traditional care delivery models.
- Telehealth requires active participation from patients, who may not be used to or comfortable with using technology for their health care.
- Other Applications
Major Players in the Global Telehealth & Telemedicine Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Telehealth & Telemedicine Market include AMC Health, American Well Corporation, Cerner Corporation, CISCO System Inc., General Electric Company, Koninklijke Philips N.V., Cigna Corporation, Medtronic Plc. Siemens AG, Teladoc Health Inc. among others.
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Reasons to buy Telehealth & Telemedicine Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
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• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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