This report aims to provide detailed insights into the global Telehealth and Telemedicine Market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Expected Revenue Growth:
The Global is projected to reach USD 285.7 billion by 2027 from an estimated USD 87.8 billion in 2022, at a CAGR of 26.6%

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Key Factors Driving Market Growth:
According to the US CDC, chronic diseases are major causes of death and disability globally and are strong contributors to the rise in annual healthcare expenditures. The management of chronic diseases requires constant monitoring and therapy to slow their progress. Telehealth and telemedicine, especially remote patient monitoring (RPM)/tele-homecare, are capable of improving patient self-management, medication compliance, clinical outcomes, and patient & provider satisfaction while reducing emergency room visits, hospital admissions, primary care utilization, long-term care, home admissions, and patient travel costs. These advantages are driving the demand for telehealth among end users.

Restraint: Healthcare Fraud
Healthcare fraud is an important consideration in the area of telehealth and telemedicine practices. There are numerous ways a patient or a physician can be victimized—for instance, the physician’s name and accounts can be used to receive payments from the insurance company, or non-eligible or non-listed institutional providers can practice improper coding and billing for false claims. Such fraudulent activities can result in the loss of credibility and faith in telehealth and telemedicine services. Victimized patients also tend to communicate their bitter experiences on mass media and affect many other newly entering participants, thus restricting the market growth.

Challenge: Behavioural barriers, healthcare affordability, and the lack of awareness
Behavioural barriers may not be the most obvious restricting factor but still pose significant barriers to telehealth and telemedicine adoption. Physicians and patients often lack familiarity with new practices and do not readily give up existing (conventional) practices. Older people may also refuse to use telehealth and telemedicine services due to unfamiliarity with the technology. Currently, a low percentage of the population in developing countries depends on telehealth provisions for satisfying medical requirements. This creates a strong need for creating mass awareness about telehealth and telemedicine practices through sustained patient education. The importance and need for telehealth can be communicated through telecare (specifically patient education through television and radio) implemented with additional government policies. This will also help to overcome regional and behavioural barriers.

Opportunity: AI and Analytics
Big data analytics can process data collected from telehealth modalities, including both objective (vital signs and ambient environment) and subjective data (symptoms and patient behaviour), along with historical data to enable risk prediction and management. Moreover, federal agencies, public payers, and large commercial insurers have expanded telehealth access amid the pandemic. The majority of them are struggling to ensure that telehealth is being applied to the right patients for the right healthcare needs, increasing efficacy and efficiency in care delivery. In that regard, there appears to be significant potential in analytics, AI, and machine learning, as care delivery adapts to the extensive use of telehealth. Data-driven analytics thus forms an important component of ensuring the efficacy and efficiency of telehealth.

North America accounted for the largest share of the global telehealth & telemedicine market in 2021.
North America accounted for the largest share of the telehealth market in 2021. The large regional share can be attributed to the factors such as the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, increasing overall and geriatric population. The Asia Pacific market is expected to grow at the highest rate during the forecast period, owing to the prevalence of chronic diseases and the overcrowding of hospitals. Additionally, the growing need to curtail COVID-19 cases, federal mandates to increase healthcare facilities, and a growing focus on improving the quality of care delivered to COVID-19 patients are some key factors driving the growth of the telehealth market in the US in the wake of COVID-19. However, the Asia Pacific region is expected to grow at the highest rate during the forecast period.

Key Market Players
The major players in the global telehealth market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Teladoc Health (US), American Well (US), AMC Health (US), MDLIVE (US), Doctor on Demand (US), Medvivo (UK), Iron Bow Technologies (US), TeleSpecialists (US), GlobalMed (US), Medweb (US), IMEDIPLUS (Taiwan), VSee (US), Chiron Health (US), Zipnosis (US), ALTEN Calsoft Labs (US), iCliniq (India), Preventice Solutions (US), and Resideo Life Care Solutions (US).

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Recent Developments:
• In 2021, Medtronic partnered with Statis Labs Inc, this distribution partnership helped to scale up and expand access to state-of-the-art Stasis Monitor, a connected care bedside multi-parameter monitoring system in India
• In 2020, Koninklijke Philips, launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring
• In 2020, Koninklijke Philips formed collaboration with American Telemedicine Association (ATA) (US), this collaboration helped increase the adoption of telehealth across acute, post-acute, and home care settings.
• In 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) and coaching platform, operated by Envolve People Care, Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry’s current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.

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