What Fueled Telehealth Market?
The telehealth market has seen considerable growth due to a variety of factors.
• The scale of the telehealth market has experienced significant expansion in the past few years. The prediction is that it will escalate from $176.24 billion in 2024 to $227.18 billion in 2025, maintaining a compound annual growth rate (CAGR) of 28.9%.
The enhancement in the prior period is due to the robust growth of emerging markets, heightened expenditure on pets, favorable government policies, and a rise in pet insurance penetration.
What Will Be The Telehealth Market Size In The Future?
The telehealth market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the telehealth market is predicted to experience a dramatic increase in its size, with an anticipated worth of $558.31 billion by 2029. This signifies a compound annual growth rate (CAGR) of 25.2%.
The projected growth within this period can be credited to factors like a surge in pet ownership, greater consumption of products derived from animals, and increased urbanization. Important trends during the estimated period include a focus on cutting-edge technologies such as artificial intelligence, the expansion of new facilities, forging new partnerships and collaborations, and introducing new veterinary telehealth services to enhance financial stability and diversify product offerings.
What Main Forces Are Fueling Expansion In The Telehealth Market?
The escalating incidence of chronic ailments like cancer, diabetes, and hypertension is anticipated to significantly fuel the telehealth market's growth. Factors such as extended work hours, limited physical exercise, and detrimental food and drink habits increase chronic disease prevalence. Individuals suffering from these afflictions become more prone to chronic diseases, leading to a heightened demand for telehealth platforms. For example, the World Health Organization, a specialized United Nations agency based in Switzerland, reported in September 2023 that out of the 41 million global deaths caused by non-communicable diseases (NCDs) or chronic diseases annually, account for 74%. The breakdown included 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Hence, the surge in chronic disease incidence is predicted to stimulate the market's growth.
What are the Market Segments in the Telehealth Market?
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
Subsegments:
1) By Software: Telemedicine Software, Remote Patient Monitoring Software, Practice Management Software, Electronic Health Record (EHR) Integration Software
2) By Services: Telehealth Consultation Services, Remote Monitoring Services, Education and Training Services, Support And Maintenance Services
3) By Hardware: Mobile Health Devices, Telemedicine Carts, Digital Stethoscopes, Diagnostic And Imaging Devices
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What Trends are Shaping the Telehealth Market Size?
Key players in the telehealth field, including major corporations, are honing in on the development and integration of cutting-edge technologies. These include remote patient observation and AI-assisted diagnostics and disease management resources, all with the aim of amplifying healthcare accessibility and improving health outcomes for a variety of medical conditions. Resources for disease management comprise treatment plans, educational content, medication management, and access to healthcare specialists. These resources help patients with chronic conditions manage their health more effectively. An example of this can be seen with Eli Lilly and Company, a pharmaceutical firm based in the US. In January 2024, they unveiled LillyDirect, a revolutionary digital healthcare experience tailored for individuals in the U.S. who have obesity, migraines, or diabetes. The platform delivers disease management tools, access to freelance healthcare providers, and direct to home delivery of specific Lilly medicines, all through third-party pharmacy services.
Who Are the Key Players in the Telehealth Market?
Major companies operating in the telehealth market include:
• Teladoc Health
• Amwell (American Well)
• MDLIVE
• Doctor On Demand
• 1Life Healthcare
• HealthTap
• Babylon Health
• PlushCare
• MeMD
• Pager
• Lemonaid Health
• SteadyMD
• Telestax
• InTouch Health
• SnapMD
• Zipnosis
• SOC Telemed
• Vsee Lab
• Maven Clinic
• DocASAP
• HeyDoctor
• Kareo
• Medici
• OnCall Health
• Qure4u
• Spruce Health
• GlobalMed
• MDBox
• Doxy.me
• Vida Health
What are the Regional Insights into the Telehealth Market?
North America was the largest region in the telehealth market in 2024. The regions covered in the telehealth market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
