The telehealth and telemedicine market is set for a CAGR of 23.2% to reach $285.7bn by 2028, up from $120.4bn in 2023, according to Markets & Markets.

The telehealth and telemedicine market is primarily driven by several key factors that contribute to its rapid growth. First, the increasing demand for remote healthcare services, especially post Covid, has propelled the adoption of telemedicine. Patients seek convenient and accessible ways to consult with healthcare professionals without physical visits to healthcare facilities.

Additionally, advancements in digital technology and communication infrastructure play a pivotal role, enabling seamless virtual interactions between patients and healthcare providers. The growing prevalence of chronic diseases and the need for continuous monitoring further boost the demand for telehealth.

Moreover, government initiatives and supportive regulations advocating telehealth services contribute to the expansion of the market. The emphasis on improving healthcare accessibility, reducing costs and enhancing overall patient outcomes serves as a driving force for the widespread adoption of telemedicine and telehealth.

In 2022, the largest market share, accounting for 71.3%, was held by the software and services segment. This dominance is attributed to the increasing demand for telehealth applications, particularly in real-time monitoring and chronic disease management. The segment’s growth is further fuelled by rapid advancements in digital infrastructure, hardware and software, coupled with the widespread penetration of smartphones and the internet on a global scale.

Additionally, the development of a diverse array of platforms and applications focused on diagnostics, fitness monitoring, wellness tracking and disease prevention contributes significantly. The dynamic nature of the digital space is anticipated to bolster the positive trajectory of growth for these services.

In 2022, the web-based delivery mode segment dominated the telehealth landscape, capturing 78.2% of the total revenue. This prominence can be attributed to the rise of virtual care and web-based telehealth applications, providing patients with direct access to healthcare services. Factors such as growing internet penetration and innovations in smartphones further fueled the adoption of web-based delivery, emphasising its cost-effectiveness and seamless user interface.

Looking ahead, the cloud-based delivery segment is poised for rapid growth during the forecast period. Healthcare providers and patients are increasingly embracing cloud-based applications due to their advanced technology. The key drivers include seamless data storage and recovery, easy accessibility, high bandwidth, and enhanced security. The surge in data breaches on web-based and on-premise telehealth platforms is steering the demand towards cloud-based options, which not only ensure secure data management but also facilitate patient monitoring and teleconsultation, especially in rural and remote locations requiring immediate medical assistance.

In 2022, North America asserted its dominance in the telehealth industry, capturing a market share of 18.0%. The region’s leadership can be attributed to its significant healthcare IT expenditure and the widespread use of the internet and smartphones, creating a conducive environment for telehealth market growth. The escalating burden of chronic conditions and heightened awareness of digital health and virtual care platforms among both healthcare providers and patients position North America for continued growth in the foreseeable future.

The synergy between established key players and the burgeoning presence of innovative start-ups is set to amplify the adoption of telehealth platforms across the region. North America stands as a cornerstone in the evolving landscape of telehealth, shaping the industry’s trajectory with its strategic advancements and technological prowess.

Prominent players in the telehealth and telemedicine market include Koninklijke Philips (Netherlands), Medtronic (Ireland), GE Healthcare (USA), Oracle (USA), Siemens Healthcare (Germany), Cisco (USA), Asahi Kasei (Japan), Iron Bow Technologies (USA), American Well (USA), Teladoc Health (USA), AMC Health (USA), TeleSpecialists (USA), Doctor On Demand by Included Health (USA), MDLive (USA), GlobalMedia (USA), Medvivo (UK), Medweb (USA), VSee (USA), Imedi Plus (China), Zipnosis (USA), ACL Digital (USA), iCliniq (USA), Boston Scientific (USA) and Resideo Technologies (USA).

More dteails can be found at www.marketsandmarkets.com/Market-Reports/telehealth-market-201868927.html.