The growing penetration of the internet and innovation in smartphones is permitting to address the gaps in the delivery and availing of telehealth services conveniently. In addition, the requirement for telehealth services observed tremendous growth over the past year owing to the COVID-19 pandemic and the limitations imposed in order to curb the infection. COVID-19 hindered the delivery of healthcare services which permitted most healthcare facilities to shift from traditional to virtual care approaches. Moreover, the increasing requirement to monitor health and wellness in order to manage chronic diseases virtually is propelling market growth.
In addition, technologies likewise chatbots, telehealth, and many more are being deployed to assist gather information, reassure the population, make diagnoses, and treat patients. In addition, some regions are contributing to innovative digital and telecommunication solutions to link physicians remotely. Hence, it is predicted to generate a positive impact throughout the forecast duration.
According to SPER market share, ‘Telehealth Market by Component (Software & Services, RPM, Real-Time), Application (Teleradiology, TeleI CU), End-User (Provider, Payer, Patient), Delivery (On-Premise, Cloud) Global Forecast to 2027’ state that the global telehealth market is predicted to rise at a CAGR of 13.8% from 2020 to reach $60.3 billion by 2027.
The growth of the telehealth market is commonly accredited to the increasing population along with the increase in the geriatric population, growing prevalence of chronic diseases, scarcity of physicians, technological innovations and augmented awareness towards these services and products.
The growing prevalence of cancer around the globe is projected to be a foremost contributor to the growth of the market. This growing prevalence is predicted to strain the healthcare systems, most of which are observing a lack of healthcare professionals likewise nurses, and doctors, this is predicted to propel the acceptance of the services around the globe. According to WHO, healthcare amenities are predicted to observe a lack of nearly 15 million healthcare professionals by 2030, this shortage of healthcare professionals is predicted to propel the acceptance of AI for the treatment and diagnosis of patients. Telehealth assists to deliver healthcare services digitally and virtually to patients at remote locations. In addition, telehealth aims on growing the accessibility of basic healthcare services to patients with improved quality and safety.
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Moreover, the growing investments in the development of IT infrastructure and the growing adoption of smartphones and the internet among the worldwide population are propelling the growth of the telehealth market. Most internet users function through their smartphones. Physicians and Doctors are now progressively adopting telehealth platforms for proposing consultations and several other services. Telehealth is speedily becoming an imperative distribution channel for physicians for proposing their services. Hence, the augmented demand for telehealth platforms among both doctors and consumers is growing the global telehealth market.
As of now, it is predicted that North America registered the market. Greater healthcare IT expenditure, and greater penetration of internet and smartphone users in the region are some of the aspects which underwritten to the growth of the market in the region.
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