Telehealth market to grow at a CAGR of 29.3% between 2022-27

The telehealth market size is estimated to grow by USD 170.82 billion during 2022-2027. The market is expected to progress at a CAGR of 29.3% during the forecast period. North America is expected to contribute to 34% of the market growth during the forecast period. Factors like the adoption of advanced telehealth technologies, and the presence of prominent vendors are driving market growth in the region. As the number of healthcare professionals adapting to the technology is increasing, regional vendors are providing a range of solutions to meet the demand. Governments in the region are also launching programs for programs involving telehealth solutions. For instance, in April 2021, New Jersey governing boards for occupational therapy, respiratory care, counseling, and dentistry planned to consider a bill to broaden reimbursement for covered services offered through telehealth and introduce new flexibilities, such as reimbursement parity, distance, and location requirements.

The services segment is estimated to be significant for the growth of the global telehealth market. The healthcare services included in this segment include live video conferencing, remote patient monitoring, and mHealth. These services enable healthcare professionals to provide effective and accurate consultations to many patients remotely. This service also helps healthcare professionals to attend administrative meetings, training sessions, and health administration. Rapid technological advances and improved internet services are majorly contributing to the growth of the segment.

Market overview
In the rapidly evolving landscape of healthcare, telehealth emerges as a transformative solution, leveraging advanced technologies to deliver mental health services remotely. A recent research study delved into buying behavior patterns, revealing a growing preference for telehealth platforms. Concurrently, industry trends underscore a substantial uptick in telehealth adoption, driven by convenience and accessibility. Pricing analysis indicates competitive rates among providers, enticing both consumers and insurers. Moreover, patent analysis reveals ongoing innovation in telehealth technologies, fostering market expansion. Conference and webinar materials further disseminate insights, engaging key stakeholders across the healthcare spectrum. As demand surges, understanding consumer needs and industry dynamics remains paramount for sustainable growth in the burgeoning telehealth market. Technavio