The Telehealth and Telemedicine Market is expected to be valued at US$ 106.0 billion in 2023, rising to US$ 912.0 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 24%.
The drivers driving market expansion are rising demand for improved technologies, mental health, and chronic disorders. The growing use of telehealth and telemedicine for better healthcare and lower-cost services is fueling industry growth. Diabetes patients, the elderly population, and chronic pain are expected to increase demand for telehealth and telemedicine.
Through the digital platform, unique technology innovation improves the efficiency of healthcare services. The increasing number of radiological examinations for heart-related disorders is driving market growth. Patients' increasing need for telehealth and telemedicine to connect with physical and mental consultants or specialists for better quality of life.
The growing number of healthcare providers, modern laboratories, and clinics drives market expansion. Market prospects are likely to be propelled by government initiative programmes, significant manufacturers, and expanding investment.
Who is winning?
The market's leading firms are developing novel items while maximising output. These players are focused on providing better healthcare equipment to patients based on their needs. The market's major players invest millions of dollars in research and development to deliver distinctive products and services. These players use a variety of marketing strategies, including collaborations, partnerships, mergers, and agreements.
Other Key Players in the Market are:
Medtronic
Allscripts Healthcare Solutions Inc
GE Healthcare
Siemens Healthineers
Cerner Corporation
BioTelemetry
Koninklijke Philips NV
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Telehealth and Telemedicine Market segmentation by Category
By Component:
Software & Services
Hardware
By Mode of Delivery:
Cloud-based
On-premise
By Application:
Teleconsultation
TeleICU
Telestroke
Teleradiology
Telepsychiatry
Teledermatology
Other Applications
By End Use:
Providers
Patients
Others