DUBLIN--(BUSINESS WIRE)--The "Telehealth Market by Component Software & Services (RPM, RTM), Application (Teleradiology, Telestroke, teleICU), Hardware (Glucose Meters), End-User (Provider, Payer, Patient), Delivery Mode (On-Premise, Cloud) Trends & Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global telehealth and telemedicine market is expected to grow at a CAGR of 16.9% during the forecast period, to reach USD 55.61 billion by 2025 from an estimated USD 25.49 billion in 2020.
The key factors driving the growth of this market include the need 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. However, regional variations in regulations, fraud, and the use of social media for care providers will restrict market growth during the forecast period.
The software & services segment will grow at the highest rate during the forecast period.
Based on components, the telehealth market is segmented into software & services and hardware segment. The software & segment accounted for the largest share of the telehealth market in 2019. The large share of this segment is mainly due to the increasing adoption of telehealth and telemedicine across the globe. The hardware segment is projected to register the highest CAGR of 18.6% in the forecast period.
By delivery mode, the cloud-based segment accounted for the largest share of the telehealth market in 2019.
Based on the mode of delivery, the global telehealth market is segmented into cloud-based and on-premise segments. The human pathology segment accounted for the largest share of the telehealth market in 2019. The major factors driving the market for cloud-based delivery mode segments are the on-demand nature of the services, their easy scalability, and the costs-curtailing nature of cloud-based solutions.
The market in Asia Pacific is projected to witness the highest share during the forecast period (2020-2025)
Asia Pacific is projected to register the highest growth during the forecast period. This large share can be attributed to factors such as the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, increasing overall and geriatric population.
- Rising Population and Need to Expand Healthcare Access
- Rising Prevalence of Chronic Conditions and Cost-Benefits of Telehealth & Telemedicine
- Shortage of Physicians
- Advancements in Telecommunications
- Government Support and Rising Awareness
- Regulatory Variations Across Regions
- Fraud in Telemedicine and Telehealth
- Use of Social Media
- High Utility in Combating Infectious Diseases and Epidemics
- Inability to Ascertain Hygiene and Cleanliness
- Behavioral Barriers, Healthcare Affordability, and Lack of Awareness
- Koninklijke Philips
- GE Healthcare
- Cerner Corporation
- Siemens Healthineers AG
- Cisco Systems
- Asahi Kasei Corporation
- Iron Bow Technologies
- American Well
- Teladoc Health
- Medvivo Group
- Amc Health
- Doctor On Demand
- Chiron Health
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