According to a new market research report, “Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer, Patient) - Global Forecast to 2029”, published by Meticulous Research, the telehealth market is expected to grow at a CAGR of 21.6% from 2022 to reach $539.73 billion by 2029.
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Telehealth, also known as telemedicine, is a tool for remotely delivering healthcare services, such as examinations and consultations. Telemedicine enables healthcare professionals to evaluate, diagnose, and treat patients without needing an in-person visit. Telehealth services allow patients to communicate with healthcare professionals remotely using their personal devices or by visiting a dedicated telehealth kiosk. Telehealth provides great convenience for patients and increases access to healthcare, especially in rural areas.
The main factors driving the global telehealth market are the rising trend of telehealth services, the rising geriatric population, the increasing prevalence of chronic diseases, and increasing awareness about the benefits & convenience of telehealth. Furthermore, the use of AI & virtual assistants and the advent of telerobots offer significant growth opportunities for players operating in this market. However, a lack of health standards compared to traditional health systems and patient privacy & confidentiality concerns are expected to limit the market growth to some degree.
Impact of COVID-19 on the Telehealth Market
In March 2020, the WHO declared COVID-19 a global pandemic and directed countries to take immediate action to detect and reduce the transmission. The COVID-19 pandemic led to urgent calls for the adoption of telehealth solutions. Governments across the globe recommended healthcare facilities and providers to offer clinical services through virtual means such as telehealth. In the U.S., during the first quarter of 2020, the number of telehealth visits increased by 50%, compared with the same period in 2019, with a 154% increase in visits noted in surveillance week 13 in 2020 compared with the same period in 2019 (Source: CDC).
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