#telehealth market growth

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The Future of the Telehealth and Telemedicine Market: Trends and Challenges

Telehealth and Telemedicine Market Outlook, Scope & Overview:

Reports indicate that the global telehealth and telemedicine market was valued at USD 121 billion in 2023 and is projected to reach USD 818.87 billion by 2030, growing at a CAGR of 27% over the forecast period 2024-2031.

Technological Advancements to Drive Growth of Global Telehealth and Telemedicine Market

The adoption of telehealth and telemedicine technologies will continue to influence global market revenues significantly. Healthcare providers are increasingly integrating telehealth solutions to enhance patient care delivery, improve access to healthcare services, and reduce healthcare costs.

As a service segment, remote patient monitoring currently holds a significant share of the global telehealth and telemedicine market. This segment is anticipated to grow at a year-over-year rate of 27% in 2024 over 2023 and reach USD 500 billion in revenues by 2030. The demand for remote patient monitoring services is driven by factors such as the aging population, increasing prevalence of chronic diseases, and advancements in wearable technology.

Telehealth and Telemedicine Services – Market Dynamics

Drivers:

Telehealth and telemedicine services are witnessing robust growth due to their ability to overcome geographical barriers and improve healthcare accessibility. The use of telehealth technologies allows healthcare providers to remotely monitor patients, deliver timely interventions, and streamline healthcare delivery processes. Additionally, the COVID-19 pandemic has accelerated the adoption of telehealth solutions, further boosting market growth globally.

Restraints:

Despite the growth potential, challenges such as regulatory complexities, data privacy concerns, and the digital divide in underserved populations are hindering the widespread adoption of telehealth and telemedicine services. Addressing these challenges is crucial to realizing the full potential of telehealth technologies in improving healthcare outcomes globally.

Telehealth and Telemedicine Services – Market Outlook

The effectiveness of telehealth and telemedicine solutions in enhancing patient care and reducing healthcare costs has fueled their adoption across various regions. Telehealth services are expected to witness continued growth, particularly in developed healthcare markets where infrastructure and reimbursement policies support telehealth adoption.

Global Telehealth and Telemedicine Market

The surge in demand for telehealth services in North America, Europe, and Asia Pacific regions is expected to drive market growth over the forecast period. North America currently holds a significant market share in the global telehealth and telemedicine market, with the US being a key contributor to market revenues. Europe and Asia Pacific regions are also experiencing rapid adoption of telehealth technologies, driven by favorable government initiatives and advancements in digital healthcare solutions.

Key Players in the Telehealth and Telemedicine Services Market

Leading companies in the telehealth and telemedicine services market include Teladoc Health, Amwell, Doctor on Demand, and MDLive. These companies offer a range of telehealth solutions, including virtual consultations, remote monitoring platforms, and telemedicine software tailored to meet healthcare provider and patient needs.

In conclusion, the global telehealth and telemedicine market is poised for exponential growth over the forecast period, driven by technological advancements, increasing healthcare demand, and the shift towards digital healthcare delivery models.

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The Telehealth and Telemedicine Market encompasses remote healthcare services, leveraging technology for virtual consultations, monitoring, and diagnosis. It facilitates convenient access to medical expertise, especially in remote or underserved areas.

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The global telehealth market is experiencing growth due to several factors, including an increase in healthcare digitalization activities and government initiatives, growing use of web and cloud-based platforms, and increased patient engagement

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Advancements In Digital Infrastructure And Rising Penetration Of Telehealth

The global telehealth market size is expected to reach USD 455.26 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 24.0% over the forecast period. The rising penetration of the internet and the evolution & development of smartphones are factors that contribute to the growth of the industry. Advancements in digital infrastructure allow users to monitor their health and fitness, avail of medical assistance, and book appointments. For instance, several applications and platforms, such as Doctor on Demand, Lemonaid, and MDLive, allow their users to book appointments, monitor personal health, track consultations, and store healthcare information.

Moreover, the COVID-19 pandemic accelerated the adoption of telemedicine and teleconsultation. The pandemic exposed the shortcomings in the healthcare systems while also burdening the healthcare resources and facilities, which accelerated the adoption of the solutions. The government-imposed travel restrictions and lockdowns to curb the spread of the virus, which led to patients and healthcare institutions shifting toward teleconsultations and telemedicine. In addition, insurance companies and healthcare payers are collaborating with key industry players to provide free consultation services to patients. For instance, AIG and Cigna announced a partnership with Doctor Anywhere in Singapore.

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Under this partnership, the companies will provide free consultation services to patients across Thailand, Singapore, and Vietnam. Moreover, the rising number of public-private partnerships, advancements in digital infrastructure, rise in government initiatives, and growing advancements in digital health technologies are anticipated to boost the demand for virtual care applications and services. Several key players, such as GlobalMed, Siemens Healthineers, and Doctor Anywhere, reported a significant rise in revenues and active users during the pandemic. The services segment held the largest share of the global revenue in 2022 due to the rising preference for telemedicine and teleconsultation to reduce healthcare costs and physical visits to hospitals.

Moreover, the development of digital infrastructure is expected to boost the growth of the services segment. The web-based delivery mode segment dominated the global industry in 2022 on account of the higher adoption of web-based solutions by patients and healthcare institutions. The healthcare providers end-use segment accounted for the highest share of the overall revenue in 2022. The high share of this segment can be attributed to the increased adoption of teleconsultation and telemedicine platforms by providers to reduce the burden on healthcare resources and facilities.

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Mike Smith :: Las Vegas Sun

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LETTERS FROM AN AMERICAN

April 29, 2024

HEATHER COX RICHARDSON

APR 30, 2024

In December 2020, when the pandemic illustrated the extraordinary disadvantage created by the inability of those in low-income households to communicate online with schools and medical professionals, then-president Trump signed into law an emergency program to provide funding to make internet access affordable. In 2021, Congress turned that idea into the Affordable Connectivity Program (ACP) and made it part of the bipartisan Infrastructure Investment and Jobs Act (also known as the Bipartisan Infrastructure Law). 

The program has enabled 23 million American households to afford high-speed internet. Those benefiting from it are primarily military families, older Americans, and Black, Latino, and Indigenous households. In February, the Brookings Institution cited economics studies that said each dollar invested in the ACP increases the nation’s gross domestic product by $3.89 and that the program has led to increased employment and higher wages. It also cuts the costs of healthcare by replacing some in-person emergency room visits with telehealth.  

Slightly more of the money in the program goes to districts represented by Republicans than to those represented by Democrats, which might explain why 79% of voters want to continue the program: 96% of Democrats, 78% of Independents, and 62% of Republicans.

But the ACP is running out of money. Back in October 2023, President Joe Biden asked Congress to fund it until the end of 2024, and a bipartisan bill that would extend the program has been introduced in both chambers of Congress. Each remains in an appropriation committee. As of today, the House bill has 228 co-sponsors, the Senate bill has 5. 

Senate majority leader Chuck Schumer (D-NY) has said he supports the measure, but House speaker Mike Johnson (R-LA) has not commented. Judd Legum pointed out in Popular Information today that the 2025 budget of the far-right Republican Study Committee (RSC) calls for allowing the ACP to expire, saying the RSC “stands against corporate welfare and government handouts that disincentivize prosperity.” More than four fifths of House Republicans belong to the RSC. 

The differences between the parties’ apparent positions on the ACP illustrates the difference in their political ideology. Republicans object to government investment in society and believe market forces should be left to operate without interference in order to promote prosperity. Democrats believe that economic prosperity comes from the hard work of ordinary people and that government investment in society clears the way for those people to succeed. 

Wealth growth for young Americans was stagnant for decades before the pandemic, but it has suddenly experienced a historic rise. In Axios, Emily Peck reported that household wealth for Americans under 40 has risen an astonishing 49% from where it was before the pandemic. Wealth doubled for those born between 1981 and 1996. This increase in household wealth comes in part from rising home prices and more financial assets, as well as less debt, which fell by $5,000 per household. Households of those under 35 have shown a 140% increase in median wealth in the same time period.

Brendan Duke and Christian E. Weller, the authors of the Center for American Progress study from which Peck’s information came, say this wealth growth is not tied to a few super-high earners, but rather reflects broad based improvement. “A simple reason for the strong wealth growth is that younger Americans are experiencing an especially low unemployment rate and especially strong wage growth,” Duke and Weller note, “making it easier for them to accumulate wealth.” 

In honor of National Small Business Week, Vice President Kamala Harris today launched an “economic opportunity tour” in Atlanta, where she highlighted the federal government’s $158 million investment in “The Stitch,” a project to reconnect midtown to downtown Atlanta. This project is an initial attempt to reconnect the communities that were severed by the construction of highways, often cutting minority or poor neighborhoods off from jobs and driving away businesses while saddling the neighborhoods with pollution. 

While some advocates wanted to use the $3.3 billion available from the Bipartisan Infrastructure Law and the Inflation Reduction Act to take down highways altogether, the administration has shied away from such a dramatic revision and has instead focused on creating new public green spaces, bike paths, access to public transportation, safety features, and so on, to link and improve neighborhoods. More than 40 states so far have received funding under this program. 

The administration says that projects like The Stitch will promote economic growth in neighborhoods that have borne the burden of past infrastructure projects. Today it touted the extraordinary growth of small businesses since Biden and Harris took office, noting that their economic agenda “has driven the first, second and third strongest years of new business application rates on record—and is on pace for the fourth—with Americans filing a record 17.2 million new business applications.” 

Small businesses owned by historically underserved populations “are growing at near-historic rates, with Black business ownership growing at the fastest pace in 30 years and Latino business ownership growing at the fastest pace in more than a decade,” the White House said. The administration has invested in small businesses, working to level the playing field between them and their larger counterparts by making capital and information available, while working to reform the tax code so that corporations pay as much in taxes as small businesses do.  

“Small businesses are the engines of the economy,” the White House said today. “As President Biden says, every time someone starts a new small business, it’s an act of hope and confidence in our economy.” 

In place of economic growth, Republicans have focused on whipping up supporters by insisting that Democrats are corrupt and are cheating to take over the government. Matt Gertz of Media Matters noted in February that “Fox News host Sean Hannity and his House Republican allies spent 2023 trying to manufacture an impeachable offense against President Joe Biden out of their fact-free obsession with the president’s son, Hunter.” At least 325 segments about Hunter Biden appeared on Hannity’s show in 2023; 220 had at least one false or misleading claim. The most frequent purveyor of that disinformation was Representative James Comer (R-KY), chair of the House Oversight Committee, who went onto the show 43 times to talk about the president’s son. 

The House impeachment inquiry was really designed to salt right-wing media channels with lies about the president and, in the end, turned up nothing other than witnesses who said President Biden was not involved in his son’s businesses. Then the Republicans’ key witness, Alexander Smirnov, was indicted for lying about the Bidens, and then he turned out to be in contact with Russian spies. 

Comer has been quietly backing away from impeaching the president until today, when he popped back into the spotlight after news broke that Hunter Biden’s lawyer has threatened to sue the Fox News Channel (FNC) for “conspiracy and subsequent actions to defame Mr. Biden and paint him in a false light, the unlicensed commercial exploitation of his image, name, and likeness, and the unlawful publication of hacked intimate images of him.” His lawyer’s letter calls out FNC’s promotion of Smirnov’s false allegations. 

Last year, FNC paid almost $800 million to settle defamation claims made by Dominion Voting Systems after FNC hosts pushed the lie that Dominion machines had changed the outcome of the 2020 presidential election. 

Legal pressure on companies lying for profit has proved successful. Two weeks ago, the far-right media channel One America News Network (OAN) settled a defamation lawsuit with the voting technology company Smartmatic. Today, OAN retracted a false story about former Trump fixer Michael Cohen, apparently made to discredit the testimony of Stormy Daniels about her sexual encounters with Trump. OAN suggested that it was Cohen rather than Trump who had a relationship with Daniels, and that Cohen had extorted Trump over the story.  

“OAN apologizes to Mr. Cohen for any harm the publication may have caused him,” the network wrote in a statement. “To be clear, no evidence suggests that Mr. Cohen and Ms. Daniels were having an affair and no evidence suggests that Mr. Cohen ‘cooked up’ the scheme to extort the Trump Organization before the 2016 election.”

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

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Global Incontinence and Ostomy Care Products Market Size & Forecast 2031

The Global Incontinence and Ostomy Care Products Market size was estimated at USD 17.32 billion in 2022 and is expected to hit around USD 27.04 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 5.42% from 2022 to 2031.

The landscape of products designed to address incontinence and ostomy care within the global healthcare market is collectively known as the global incontinence and ostomy care products market. These products play a crucial role in enhancing the quality of life for individuals dealing with urinary or fecal incontinence and those who have undergone ostomy procedures. The market encompasses a diverse range of offerings, including adult diapers, disposable undergarments, catheters, ostomy bags, skin barriers, and other related accessories.

The demand for incontinence and ostomy care products has witnessed a significant upsurge in recent years, driven by factors such as an aging population, increased prevalence of chronic diseases, and a growing awareness of the importance of maintaining dignity and comfort for patients with such conditions. The market caters to a broad spectrum of consumers, including elderly individuals, patients recovering from surgeries, and those managing chronic health issues, creating a need for technologically advanced and user-friendly products.

As healthcare systems around the world continue to evolve, the global incontinence and ostomy care products market is adapting to meet the changing needs of patients and healthcare providers. Innovations in material technologies, design improvements, and sustainability initiatives are becoming prominent features of these products. Manufacturers are focusing on creating discreet, comfortable, and environmentally friendly solutions to enhance user experience and address concerns related to waste management.

One notable trend influencing the market is the integration of smart technologies into incontinence and ostomy care products. This includes the development of connected devices and wearable sensors designed to provide real-time health monitoring and data analytics for better management of patient care. These technological advancements contribute to personalized and proactive healthcare solutions, fostering independence and convenience for individuals with incontinence and ostomy needs.

Moreover, the market is witnessing a growing emphasis on the development of skincare solutions and products with enhanced moisture management properties. Skin health is a critical aspect for individuals using incontinence and ostomy care products, and manufacturers are investing in formulations that promote skin integrity, reduce irritation, and prevent complications associated with prolonged product use.

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Recent Developments:

One notable advancement in the global incontinence and ostomy care products market is the integration of sustainable and eco-friendly materials. Manufacturers are increasingly adopting biodegradable and compostable materials to address environmental concerns and reduce the ecological impact of disposable products. This reflects a broader industry commitment to sustainability and responsible product development.

Additionally, the market is witnessing a rise in telehealth initiatives and digital platforms that offer personalized guidance and support for individuals managing incontinence and ostomy care at home. This shift towards digital healthcare solutions aims to improve patient education, provide remote consultations, and enhance overall accessibility to expert advice and resources.

In conclusion, the global incontinence and ostomy care products market continues to evolve, driven by a combination of demographic changes, technological innovations, and a growing emphasis on sustainability. As healthcare providers and manufacturers collaborate to meet the diverse needs of patients, the market is expected to witness further advancements in product design, materials, and integrated healthcare solutions.

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Market Segmentation:

Market Breakup: By Product Type Incontinence Care Products Ostomy Care Products

Market Breakup: By Application Bladder Cancer Colorectal Cancer Crohn’s Disease Kidney Stone Chronic Kidney Failure Others

Regional Analysis The size and scope of the global Incontinence and Ostomy Care Products Market vary by region and are important and expanding. Below is a quick summary of the market’s regional analysis:

North America: In North America, the incontinence and ostomy care products market is witnessing significant traction due to a rapidly aging population and a high prevalence of chronic diseases. The region’s advanced healthcare infrastructure and a strong focus on patient comfort contribute to the adoption of innovative incontinence and ostomy care solutions. The United States, in particular, is a key player in driving market growth, with a considerable demand for technologically advanced and discreet products. Ongoing research and development efforts emphasize enhanced absorbency, skin-friendliness, and eco-friendly materials.

Europe: The European market for incontinence and ostomy care products reflects a diverse landscape, with varying levels of awareness and acceptance across different countries. Western European nations, including Germany and the United Kingdom, lead in terms of technological advancements and adoption of premium care products. Strict regulatory standards and a growing emphasis on sustainable materials shape product development in the region. Additionally, an aging population and increased healthcare spending contribute to the expanding market for incontinence and ostomy care products.

Asia-Pacific: The Asia-Pacific region is emerging as a key growth area for the incontinence and ostomy care products market. Rising healthcare awareness, an aging population, and improving economic conditions drive the demand for these products in countries such as China, India, and Japan. The market dynamics in this region showcase a preference for cost-effective solutions, leading to a surge in the adoption of locally produced incontinence and ostomy care products. Innovations targeting comfort, discretion, and ease of use are gaining traction among consumers.

South America: South America’s incontinence and ostomy care products market is characterized by a mix of established players and a burgeoning startup ecosystem. Increasing healthcare infrastructure development, particularly in countries like Brazil and Argentina, is fueling the demand for advanced care solutions. Economic factors, affordability, and compliance with regulatory standards influence the product landscape. Scalability and adaptability to diverse consumer needs are becoming crucial factors for success in this evolving market.

Middle East and Africa: The Middle East and Africa are witnessing a steady growth in the incontinence and ostomy care products market, driven by a growing focus on healthcare infrastructure and an expanding aging population. Countries such as South Africa and the United Arab Emirates are at the forefront of adopting innovative products to address the evolving healthcare landscape. Cloud-based solutions for inventory management and a heightened emphasis on product security and hygiene are becoming integral aspects of incontinence and ostomy care in the region.

Market Breakup By Region

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

Competitive Landscape The Incontinence and Ostomy Care Products Market competitive landscape provides details by competitor. Details included are company outline, company financials, revenue generated, market potential, investment in research and development, new market initiatives, worldwide occurrence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The overhead data points providing are only related to the businesses’ focus related to Incontinence and Ostomy Care Products marketplace.

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Data Bridge Market Research analyses a growth rate in the telehealth market in the forecast period 2023-2030

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Telehealth and Telemedicine Market: Top Key Market Trends 2023-2030

The global telehealth and telemedicine market is on the cusp of a transformative era, projected to reach a staggering USD 578.86 billion by 2030. This signifies a monumental leap from its 2022 valuation of USD 87.16 billion, with a robust Compound Annual Growth Rate (CAGR) of 26.7% anticipated over the forecast period (2023-2030), according to a recent market analysis.

Forces Fueling the Telehealth Boom:

Several key factors are propelling the telehealth and telemedicine market to new heights:

Rising Demand for Convenient Healthcare: Patients are increasingly seeking convenient and accessible healthcare solutions. Telehealth offers remote consultations, appointments, and monitoring, catering to this growing need.

Technological Advancements:��Continuous advancements in telecommunication technologies, secure video conferencing platforms, and remote monitoring devices are accelerating telehealth adoption.

Improved Healthcare Access: Telehealth bridges geographical gaps, offering vital healthcare services to patients in remote or underserved areas.

Focus on Cost Reduction: Telehealth offers cost-effective alternatives to traditional in-person consultations, benefiting both patients and healthcare providers.

Growing Acceptance by Healthcare Professionals: Healthcare professionals are increasingly recognizing the benefits of telehealth for patient care and practice management.

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Some of the major key players are Asahi Kasei Corporation, Medtronic, Koninklijke Philips N.V., Siemens Healthineers, Cerner Corporation, Cisco Systems, GE Healthcare, Teladoc Health, American Well, and other players.

A Deep Dive into the Market Landscape:

The press release can be further enhanced by incorporating a section on market segmentation, providing a more comprehensive picture:

Components: The market is segmented by components, including software and services for telehealth consultations, remote patient monitoring, and data management. Hardware components include specialized medical devices used for telehealth applications.

Mode of Delivery: Telehealth services can be delivered through cloud-based platforms or on-premise solutions depending on individual needs and infrastructure.

Applications: The market encompasses a wide range of applications, including teleconsultation, specialized services like teleICU (intensive care unit) and telestroke, teleradiology for remote image interpretation, telepsychiatry and teledermatology for mental health and skin conditions, and other specialty areas.

End Users: Healthcare providers, payers (insurance companies), patients, and other stakeholders such as pharmaceutical companies are all key end users of telehealth solutions.

A Global Phenomenon:

A section on the geographic landscape can be included to highlight regional trends:

The report explores the telehealth and telemedicine market across different regions, providing insights for geographically focused strategies.

Looking Ahead:

The future of the telehealth and telemedicine market is promising, with continued growth anticipated as technological advancements, growing patient adoption, and supportive government policies pave the way for wider integration of telehealth into healthcare delivery systems.