The telehealth software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Telehealth Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The telehealth software market size has grown rapidly in recent years. It will grow from $8.05 billion in 2023 to $9.52 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to the growing prevalence of chronic diseases, increasing consumer awareness and acceptance of telemedicine, the growing prevalence of chronic diseases driving telehealth usage, the aging population, rising need for remote patient monitoring solutions.
The telehealth software market size is expected to see rapid growth in the next few years. It will grow to $18.69 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to Increased focus on telehealth interoperability, increasing demand for remote healthcare services, rising demand for remote healthcare services, increased focus on telehealth interoperability, and rising adoption of telemedicine platforms. Major trends in the forecast period include technological advancements in telecommunication, expansion of healthcare infrastructure in remote areas, integration of AI and machine learning in telehealth, integration of telehealth into electronic health records (EHR) systems, and expansion of telehealth services in developing countries.
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Scope Of Telehealth Software Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Telehealth Software Market Overview
Market Drivers –
The growing prevalence of chronic diseases is expected to propel the growth of the telehealth software market going forward. Chronic diseases refer to long-lasting conditions characterized by persistent or recurring symptoms that typically require ongoing management and treatment. Chronic diseases are growing due to factors such as aging populations, tobacco and alcohol use, and a lack of access to healthcare. Telehealth software facilitates the management of chronic diseases by offering remote access to healthcare services, allowing patients to receive regular monitoring and consultations without the need for in-person visits. This accessibility promotes early detection, continuous care, and patient empowerment, ultimately contributing to better management and outcomes for individuals with chronic conditions. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Furthermore, in December 2021, according to the IDF Diabetes Atlas Tenth Edition 2021 report published by the International Diabetes Federation, a Belgium-based organization of national diabetes associations, 537 million people (20–79 years old) were estimated to have diabetes in 2021. By 2030, there will be 643 million diabetics worldwide, and by 2045, there will be 783 million. Therefore, the growing prevalence of chronic diseases is driving the growth of the telehealth software market.
Market Trends –
Major companies operating in the time-tracking software market are increasing their focus on developing artificial intelligence (AI)-based time-tracking software, such as Zero Time, to gain a competitive edge in the market. This AI-based time-tracking software refers to digital tools that use AI algorithms and techniques to automate and enhance the process of monitoring and recording time spent on tasks, projects, or activities. For instance, in October 2022, Replicon, a Canada-based software company, launched Zero Time, an innovative AI-powered automatic time-tracking software. This software is designed to liberate employees from manual timesheets and enhance productivity. ZeroTime uses AI and ML technology to automatically capture work and time data across various digital apps, eliminating administrative overhead and ensuring accurate time tracking. This solution enables organizations to transform their hybrid workforce into engaged, agile, high-performing teams, ultimately improving operational productivity, performance, and profitability.
The telehealth software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud-Based, On-Premises
3) By End User: Healthcare Providers, Healthcare Payers And Patients
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Regional Insights –
North America was the largest region in the telehealth software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the telehealth software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the telehealth software market are Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., Medtronic Inc., Advanced Micro Devices Inc. , Koninklijke Philips N.V., Resideo Technologies Inc., Cerner Corporation, Zoom Video Communications Inc., Teladoc Health Inc., Masimo Corporation, OSI Systems Inc., Allscripts Healthcare LLC, A&D Company Limited, BioTelemetry, American Well Corporation, Vocera Communications Inc., Care Innovations LLC, Zocdoc Inc., CureMD Healthcare, Chiron Technology Services Inc., GlobalMedia Group LLC, PatientSafe Solutions Inc., Biotricity Inc., Updox LLC, Capsule Technologies Inc., Aerotel Medical Systems Ltd.
Table of Contents
- Executive Summary
- Telehealth Software Market Report Structure
- Telehealth Software Market Trends And Strategies
- Telehealth Software Market – Macro Economic Scenario
- Telehealth Software Market Size And Growth
…..
- Telehealth Software Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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