The telehealth market is expected to grow from USD 26.92 billion in 2019 to USD 85.30 billion by 2026 at a CAGR of 17.91% from 2020 to 2026.
Telehealth is the use of digital information and communication technologies to access healthcare services remotely for the management of health. It connects patients to fundamental healthcare services through remote monitoring, video conferencing, electronic consultations, and wireless communications. Factors like the growing prevalence of chronic diseases, the increase in the geriatric population, and therefore the shortage of physicians are the main drivers propelling the telehealth market growth. However, privacy and security concerns and stringent government rules for telehealth services could hamper market growth during the forecast period. It is often wont to address the rising demand for healthcare services for cancer, diabetes, and other diseases in developing regions. Growth within the market is especially driven by factors like the increasing population, the necessity to expand healthcare access, the growing prevalence of chronic diseases and conditions, a shortage of physicians, advancements in telecommunications, and government support and raising awareness. Nevertheless, regional variations in regulations, fraud, and therefore the use of social media for care provision will affect market growth negatively during the forecast period.
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The global Telehealth market has been segmented as below:
By Component
Software & services
Hardware
By Mode of Delivery
Cloud-based
On-Premise
By Application
Teleradiology
Tele-consultation
Tele-ICU
Tele-stroke
Tele-psychiatry
Tele-dermatology
Other Applications
By End-User
Providers
Payers
Patients
Other End Users
By Region
Europe
North America
Asia Pacific
Rest of The World
Competitive Rivalry
Koninklijke Philips, Medtronic, Ge Healthcare, Cerner Corporation, Siemens Healthineers Ag, Cisco Systems, Asahi Kasei Corporation, Iron Bow Technologies, American Well, Teladoc Health, and others are among the major players in the market. The companies studied in terms of product strategy and various n several growths and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
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