New York, USA, March 22, 2023 (GLOBE NEWSWIRE) — Telehealth Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Telehealth Market Information by Component, Mode of Delivery, Application, End Users and Region – Forecast till 2030“, the Market Size was valued at USD 110.6 billion in 2022 and is projected to grow from USD 148.42 Billion in 2023 to USD 867 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 34.20% during the forecast period (2023 – 2030)
Market Synopsis
Remote patients can receive healthcare services remotely and digitally, thanks to telehealth. The use of technology makes it possible to provide patients with patient-centered care remotely, which lowers the number of hospitalizations and emergency room visits. In recent years, the number of online applications for healthcare has increased dramatically. A unique network for healthcare called the Internet of Things has been created due to the internet’s connection of all points in healthcare administration and services (IoT). With the internet, healthcare practitioners may provide health information to customers more conveniently, quickly, and affordably. Notwithstanding the benefits, the industry’s expansion is predicted to be constrained by worries about cybercrime, data privacy, and the expensive cost of implementing the services.
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Cybersecurity problems have become more prevalent as smart gadgets, the internet, and telemedicine have become more widely used in the healthcare industry. There have been instances of hacking and information theft using linked and smart gadgets. Smart wearables, the internet of things, sophisticated healthcare analytics, increased internet access, and the increasing use of smartphones globally are among the digital healthcare innovations that are impacting the industry’s development. Also, the customization of healthcare services is being improved by incorporating AI and ML algorithms. The distance barrier has been successfully overcome via telehealth, enabling hospitals and doctors in remote places. In underdeveloped countries, most individuals reside in remote regions without access to high-quality healthcare. To provide health services in remote locations, numerous governments are putting more and more effort into creating virtual care platforms.
Market Drivers:
Innovations have begun to focus on offering excellent health care & convenience through various mobile devices that would help patients monitor their fitness regimens and get answers to medical questions over the phone, to take advantage of the industry’s current state. This is due to the growing adoption of smartphones and the ease with which technologically advanced devices are available. The convenience of filling in the gaps in telehealth service delivery and access is made possible by the growing internet penetration and smartphone innovation. The delivery of healthcare is no longer limited to the conventional hospital setting. The doctor-patient consultation through online video or audio has become the new norm.
The main reasons e-visits have become increasingly popular are their affordability, shorter wait times at outpatient departments (OPDs), and convenience of access. This has drawn numerous start-up companies, and a notable increase in equity company investment spurs market expansion. The main drivers propelling the growth of the telehealth market are the rise in the prevalence of lifestyle diseases, the integration of wireless technology with portable healthcare devices, technical advancements, and supportive government efforts. The market for mobile health is expanding due to the low cost of phones and the rising use of telemedicine among medical practitioners. Additionally, cloud-based applications’ seamless data storage and recovery, simple accessibility, high bandwidth, and improved security foster the segment’s expansion. The desire for cloud-based delivery has increased as data breaches on web-based, and on-premise telemedicine platforms have become more frequent.
Market Restraints:
Notwithstanding the advantages, concerns about cyberattacks, data protection, and the massive price of adopting the services are predicted to restrain the industry’s expansion. The absence of standards and rules will hinder the expansion of the market. The difficulties with market growth will be exacerbated by resistance from conventional healthcare professionals. The main obstacles to expanding the telehealth market are the higher maintenance costs of technology for communication and information and the lack of skills to use advanced gadgets.
COVID 19 Analysis
The world has come to a complete stop as a result of the abrupt COVID-19 pandemic outbreak. This pandemic is being fought globally, putting further strain on hospitals and medical staff. But this has also given digital health platforms new market opportunities. The current crisis is expected to increase demand for virtual consultations greatly. In the fight against the COVID-19 epidemic, this has shown to be a potent weapon. Teleconsultation and remote surveillance systems are becoming more popular. The COVID-19 pandemic and the limits put in place to contain the virus have also contributed to the explosive surge in demand for telehealth services over the past year. Due to COVID-19’s interference with healthcare delivery, most facilities switched from traditional to virtual models. The market is expanding due to the increasing need for health and wellness monitoring to manage chronic conditions virtually.
Browse In-depth Market Research Report (205 Pages) on Telehealth: https://www.marketresearchfuture.com/reports/telehealth-market-900
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