The telehealth market is expected to grow at a CAGR of ~13.8% from 2020 to reach ~$ 60.3 billion by 2027. Growing population along with increasing geriatric population, prevalence of chronic illnesses, , technological advancements in telecommunications, increased awareness about telehealth due to pandemic and government initiatives are key factors driving the  the growth of this market. However, high end-cost investment, lack of regulations and data privacy issue may impact the growth of this market. 

The global telehealth market study provides market data for-by component (software/services and hardware), by mode of delivery (cloud-based, on premise), by application (teleradiology, teleconsultation, tele-ICU, Tele-Stroke, Tele-Psychiatry, Tele-dermatology, other applications) and by end user (providers, payers, patients, others). The study also evaluates industry competitors and analyses the market at a regional and country level.

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By component, telehealth is segregated into software and hardware (medical devices and monitoring tools). Software and services accounted for largest market share in 2020 and is expected to follow same trend in forecast period. The large market share is of this segment is attributed to rising adoption of telehealth services due to COVID 19 as more people are comfortable in using telehealth to consult quality physicians virtually.  

By mode of delivery, cloud-based mode of delivery will hold largest share of telehealth market in the forecast period. The growth is driven by data security and decrease in upfront investments. 

By application, teleradiology segment is expected to dominate the telehealth market in the forecast period. Factors such as scarcity of radiologists in rural areas and advancements in S&F technologies are attributed to the growth of this segment. 

The provider’s segment is expected to hold largest market share of telehealth market, by  end user . The growth of healthcare provider segment is mainly due to growing geriatric population along with rising number of chronic illness, adaption of telehealth services and introduction of advanced services for patient’s reliability. 

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This research report analyses major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, France, UK, Italy, Spain and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Rest of the world (Latin America, and Middle East & Africa). North America accounted for the largest share of the global telehealth market. The growth of the North American telehealth market is driven by the rising prevalence of chronic diseases due to lifestyle and growing older generation population. Asia Pacific is the fastest growing market due to the increasing number of chronic diseases along with rising geriatric population, long waiting time in the hospitals,  and rising awareness about teleconsultation.