Market Definition
Telehealth is a broad term that encompasses the use of digital and telecommunications technologies to provide and support healthcare services remotely. It includes a variety of healthcare-related activities, such as remote monitoring, video consultations, and the exchange of medical information through electronic means. Telemedicine is a subset of telehealth that specifically refers to the provision of clinical healthcare services remotely using technology. It involves the diagnosis, treatment, and prevention of medical conditions through the use of telecommunication tools. Telemedicine can include real-time interactions between healthcare providers and patients, as well as asynchronous communication, such as the exchange of medical data and images for consultation.
Market Outlook
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.
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.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
Based on the component, the Telehealth & Telemedicine Market is divided into software and services, and hardware. The services segment held the largest share of xx% in 2022. The need for telehealth applications in real-time monitoring and chronic disease management contributed to the growth of the segment. Moreover, rapid advancements in digital infrastructure, hardware and software components, and increasing penetration of smartphones, and the internet globally further contributed to the segment growth. Moreover, the development of a range of platforms & applications to diagnose, monitor, track fitness & wellness, and prevent disease is boosting the segment growth. The continuously evolving digital space is also expected to positively support the growth of these services.
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Major Players
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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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2022 – $92.4 bn
• Market Size in 2032 – $184.6 bn
• CAGR % – 7.2%
• Historic Period – 2016-2021
• Forecast Period – 2023-2032
• Base Year – 2022
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