Global Telehealth Market Size 2024, Forecast To 2033
11 Mar, 2024
The telehealth market size has experienced exponential growth, surging from $135.59 billion in 2023 to $175.3 billion in 2024 at a compound annual growth rate (CAGR) of 29.3%. The growth in the historic period can be attributed to strong emerging markets growth, increased spending on pets, supportive government initiatives, and increased penetration of pet insurance. Moving forward to 2028, the market size is expected to reach $445.8 billion , reflecting exponential growth with a compound annual growth rate (CAGR) of 26.3%. The projected expansion is attributed to factors such as the increasing pet ownership, the growing consumption of animal-derived products, and the rising urbanization. Key trends in the forecast period encompass a focus on advanced technologies such as artificial intelligence, new facility expansions, partnerships and collaborations, and the launch of new veterinary telehealth services to improve financial strength and product portfolio.
Global Telehealth Market Key Driver
The telehealth market is poised for growth due to the increasing prevalence of chronic diseases such as cancer, diabetes, and hypertension. Unhealthy lifestyle habits contribute to the rise of chronic diseases, making individuals more susceptible and increasing the demand for telehealth services platforms. In September 2023, the World Health Organization reported 41 million deaths globally, with 74% attributed to non-communicable diseases (NCDs) or chronic diseases. Cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes accounted for significant portions of these deaths. The escalating prevalence of chronic diseases is expected to drive the growth of the telehealth market. The market size for telehealth is anticipated to reflect this trend in 2023, and by 2024 and 2028, the continued rise in chronic diseases is projected to contribute to the market's sustained growth.
Get A Free Sample Of The Global Telehealth Market ReportGlobal Telehealth Market Segments
The telehealth market covered in this report is segmented –
1) By Component: Software, Services, Hardware
2) By Mode Of Delivery: Cloud-based, On-Premise
3) By Application: Teleradiology, Telepathology, Teledermatology, Telecardiology, Others
4) By End-User: Healthcare Providers, Patients, Payers, Other End-Users
By Geography:The regions covered in the telehealth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the telehealth market in 2023. The regions covered in the telehealth market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Telehealth Industry Players
FirstVet, Whiskers Worldwide LLC, Airvet, BondVet, Fuzzy Pet Health, Petzam, PetDesk, WellHaven Pet Health, VetCT, TeleVet, Practo, VetFamily, Vettr, The Vet Connection, Homevet, China Animal Healthcare Ltd, Ceva Sant Animale, Merck/MSD Animal Health, Boehringer Ingelheim, VetPlanet, VetNOW, Vetster, Pawzy, PocketPills for Pets, VIC Animal Health, AVZ animal health, Provet Group, VitOMEK LCC, Micro-plus, Biowet, Bioveta, VELELEK, Delos Medica, Vetro Solutions, Belfarmacom, Pawp, GuardianVets, PetLove, Doctor Vet, Teleconsulta Veterinaria, Vetwork, Aster DM Healthcare, Sesneber International, GE Healthcare, Medtronic Saudi Arabia, Cisco Saudi Arabia Limited Company, Altibbi, Global Vet Ltd, Multivet Ghana Ltd
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Telehealth Market Overview
Telehealth is engaged in providing telehealth services for the smooth functioning of healthcare services. Telehealth is the use of electronic data and telecommunications technology to promote long-distance medical healthcare services, patient and professional health education, public health, and health management. Technologies comprise streaming media, teleconferencing, the Web, store-and-forward imaging, and terrestrial and wireless communications.
Telehealth Global Market Report 2023 provides data on the global telehealth market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The telehealth market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.