The telehealth global market is expected to reach $48.8 billion by 2023, growing at a compound annual growth rate of 14.8 percent between 2018 and 2023, according to a report conducted by P&S Market Research.
The growth will be driven by an aging population, increasing demand for remote monitoring and a growth of chronic diseases. Telehealth will also benefit from increasing medical tourism, more government funding, continued technological innovation and ubiquitous smartphone use.
The elderly population was cited as the primary reason for telehealth’s growth. More illness and increased recovery time make telehealth an easier and cost-effective option.
The report also highlighted the growing prevalence of partnerships in the telehealth market. These collaborations focus on accelerating and streamlining telehealth solutions and technological management to offer a range of services for hospitals and ambulatory care.