The global demand for Telehealth and Telemedicine Market is expected to grow at a CAGR of 26.6 percent during the forecast period, reaching US$ 285.7 billion by 2027, up from an estimated US$ 87.8 billion in 2022.
Growing geriatric and medically underserved (particularly rural) populations, rising prevalence of chronic health conditions, the benefits of telemedicine in light of the current scarcity of healthcare professionals and care staff, advancements in telecommunications, and rising user acceptance are all driving growth in the telehealth and telemedicine market share.
Following the conclusion of COVID-19, However, regional variations in rules, the possibility of fraud, and the use of social media for care provision will have a negative impact on market growth during the forecast period.
Telehealth technology has grown dramatically in recent years. It not only enables patients to communicate with doctors via the internet, but it can also aid in the reduction of healthcare costs. As a result of these advantages, doctors and hospitals are eager to incorporate digital health technologies and telemedicine requirements into their practises. As a result, the government has enacted telehealth-related rules and reimbursement standards.
Telehealth and telemedicine, particularly remote patient monitoring (RPM)/tele-homecare, can improve patient self-management, medication compliance, clinical outcomes, and patient and provider satisfaction while reducing emergency room visits, hospitalisation, primary care utilisation, long-term care, home admissions, and patient travel costs. These advantages are fueling end-user demand for telehealth technology.
According to a recent telehealth and telemedicine market study, the industry's growth is stifled by a lack of infrastructure and technological barriers.
Adoption of the service may be hampered in medium and low-income countries due to technological and infrastructure barriers. Digital health methods involve the latest telecommunication equipment, high-speed internet with high bandwidth, and storage capacity, which is still a challenge in many developing countries.
Furthermore, the high cost of installation and the scarcity of qualified healthcare professionals are two major challenges limiting the market share expansion of telehealth and telemedicine.
As medical delivery adjusts to the widespread use of telehealth, analytics, AI, and machine learning appear to have significant potential. As a result, data-driven analytics is an important part of ensuring telehealth's efficacy and efficiency, as well as telehealth's evolution.
Telemedicine saves users money when compared to traditional approaches. Telemedicine benefits include reduced healthcare costs while increasing efficiency, as a result of improved chronic illness management, shorter travel times, pooled health professional staffing, and fewer and shorter hospital stays.
The market is expected to grow rapidly over the projected timeline as a result of all of the identified components.
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Competitive Landscape
The telemedicine market size as per key players include MDLive, GE Healthcare, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., AMC Health, Koninklijke Philips N.V., Cerner Corporation, American Well, and Medtronic.
At Steelkiwi, we often see some confusion among business owners who try to label their remote healthcare services.
Entrepreneurs that approach us use telemedicine and telehealth interchangeably in part because there are no generally accepted definitions for these terms.
They both refer to the use of remote electronic communications.
However, telemedicine and telehealth differ significantly.
This article explains the difference between telehealth and telemedicine.
After reading it, you’ll be able to fluently use these terms in your everyday and professional life.Read more - Telehealth vs telemedicine
