Telehealth Market

Analysts at GMI Research estimates that the Telehealth Market size was worth USD 68.9 billion in 2022, and forecast to touch USD 421.3 billion in 2030, growing at a significant higher CAGR of 25.4% from 2023-2030.

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Major Telehealth Market Drivers

The global telehealth market is predicted to grow significantly owing to the growing requirement to extend healthcare access, the rising occurrence of chronic diseases, growth in favorable government initiatives, considerable innovations in telecommunications, coupled with growing internet penetration and innovative developments in smart devices. The widespread adoption of smartphones and the extensive availability of technologically developed devices are predicted to present a positive impact on the global telehealth market size. For instance, WHO stated that healthcare facilities are predicted to face a scarcity of 15 million healthcare experts by 2030. This predicted deficit is projected to propel increased adoption of AI for patient treatment and diagnosis. The usage of AI is anticipated to develop healthcare accessibility in remote locations, addressing the shortage of experts and potentially decreasing healthcare expenses.

The growing adoption of AI-embedded smartphones and the widespread accessibility of technologically developed devices has encouraged innovators to invest strategically in the healthcare industry. They are capitalizing on the present industry landscape by prioritizing the delivery of quality healthcare and comfort with the help of different mobile platforms. This aims to empower patients, enabling them to track their fitness regimes and access answers to medical injuries conveniently via phone WhatsApp, calls, and many more applications. The convergence of mobile technology and healthcare is propelling more available and interconnected applications for patient care and information distribution. The introduction of different apps, including Doctor Anywhere, ClicknCare, Doctor On Call, and others illustrates the integration of technology in healthcare. These apps allow patients to seamlessly book appointments, access medical prescriptions, monitor consultations, and keep healthcare information throughout their treatment journey. Such instances are contributing significantly to the growth of global telehealth market share.

The growth of global telehealth market is predicted to be driven by a growing trend of collaboration and acquisitions among key market players coupled with an increase in the number of startups entering the market. For instance, Tyto Care successfully received an investment of USD 50 million from Insights Partners to extend its devices for remote medical examinations, especially around Asia, Europe, and the U.S. Moreover, in 2023, Koninklijke Philips N.V. announced to expansion of its partnership with Masimo to develop monitoring competencies for home applications with an innovative Masimo W1 developed health monitoring watch. Likewise, in 2022, Vitalchat, EQUUM Medical, and Samsung joined hands to launch the Access4Health program to offer assistance for developed technologies, physician expertise, and grants.

The telehealth market is propelled by significant factors such as the growing incidences of chronic diseases and the developing geriatric population. In addition, the rising global existence of hospitals and clinics is driving increased implementation of telehealth solutions. Telehealth monitors patients’ medical health and offers valuable insights to doctors throughout the cycle of treatment. Additionally, the need for telehealth platforms is on the growth due to the requirement for continuous monitoring of the geriatric population. The widespread implementation of telehealth apps on an international scale is significantly fueling the global telehealth market growth.

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Telehealth facilitates patients to access healthcare services conveniently from their homes or any location. The ease with which patients can engage with healthcare providers through telehealth supports an increased demand for these services, thereby driving the growth of the telehealth market trends. Encouraging patient engagement fosters a proactive approach to managing health. Telehealth platforms enable patients to access their health data, receive customized treatment plans, and employ in communicating with healthcare experts. Telehealth services extend beyond traditional healthcare, often encompassing a spectrum of health and wellness offerings like nutrition consultants and mental counseling. This diversified variety of services appeals to a wider patient demographic actively looking to develop their complete well-being. Therefore, the observed rise in patient engagement serves as a significant driver for the telehealth market opportunity.

Telehealth tools, being technologically advanced, can predict complexity in management. Therefore, healthcare professionals might need specialized training and education to proficiently employ telehealth tools and platforms. Insufficient knowledge or training may restrict the optimal usage of telehealth capabilities. Misuse of the system or tool could lead to incorrect outcomes for patients. Effective management of these systems is important, given their handling of different patient records, prescriptions, and data. The growth of the telehealth market is observed to be restrained due to a shortage of training and education regarding these systems and tools.

Also, the growing healthcare costs around the globe in diverse hospitals and nursing homes are emerging as a substantial concern for both patients and healthcare workers. Several factors surge healthcare spending including the excessive cost of healthcare products and services, increased fees of physicians, increased consultation costs, and the expense of new and innovative technologies and developed drugs. A report by the Centers for Medicare & Medicaid Services presented that U.S. healthcare cost is estimated to rise from an average of 17.7% during 2018 to an average of 19.7% by 2028. The increasing healthcare costs are placing immense pressure on healthcare providers. Telemedicine emerges as a solution by delivering quality services at lower costs, simultaneously developing, and sustaining the quality of care delivered. Therefore, telemedicine stands as an efficient means to minimize the escalating global healthcare costs, thereby supporting the growth of the telehealth industry.

By Product, Service Segment Dominated the Largest Market Size in Global Telehealth Market

The growth of telehealth applications, propelled by the growing need for real-time monitoring and constant requirements for chronic disease management, has been significant. Innovations in digital infrastructure, software and hardware components, development of diagnosis, widespread smartphones, and internet use, disease prevention, and fitness tracking are key contributors to the service segment growth. Moreover, the segment growth is also driven by a substantial rise in virtual consultation, augmented startup funding, and the emergence of reimbursement policies for teleconsultations.

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By Delivery Mode, Web-Based Delivery Mode Segment Registered the Largest Revenue Share in the Global Market

The growth of the segment is influenced by the emergence of diverse virtual care and web-based telehealth applications. The growing adoption of web-based delivery, providing patients with direct access to healthcare services, further contributes to this positive trend. Increased internet penetration and innovations in the smartphone industry are amplifying the adoption of the web-based delivery segment. The cost-effectiveness and user-friendly interfaces provided by web-based applications are additional factors developing the adoption rate.

By Region, North America Region Registered for the Largest CAGR in the Global Telehealth Market

The growth of the North America telehealth market is attributed to high healthcare IT expenditure and a substantial penetration of internet and smartphone users in the region. The expanding preferences for teleconsultation, strategic collaboration of market players, and favorable health reimbursement are predicted to expand and raise the telehealth market share around the region. The growing burden of chronic conditions and increased awareness of digital health and virtual care platforms among healthcare providers and patients are predicted to propel the future growth of the North America region. In addition, the significant growth in the adoption of cloud-based technologies is also presenting positive market growth. The existence of key market players around the region, and a considerable rise in the number of startups will also result in the implementation of telehealth devices and platforms across the region.

By Region, Asia Pacific Region is Predicted to Grow Faster in the Forecast Period

The Asia Pacific Region growth is predicted to grow due to a considerable rise in the geriatric population around emerging nations, significant advancements in digital healthcare services, favorable government initiatives, and rapid growth in demand for virtual clinical healthcare assistance around rural areas.

Top Market Players

Various notable players operating in the market include Koninklijke Philips N.V, GE Healthcare, Oracle Cerner (formerly Cerner Corporation), Siemens Healthineers, Medtronic, Teladoc Health Inc, American Well, MDLIVE, Doctor on Demand, and Global Med among others.

Key Developments: 

• • In 2023, Raphacure and Bharath Home Medicare announced a partnership in a stream of remote patient monitoring, and domiciliary care to transform the healthcare industry by delivering patient-centered care.
  • In 2023, Health Services Management joined hands with Sound Physicians Telemedicine to deliver healthcare services to patients distantly.
  • In 2023, Teladoc Health Launched an innovative app that provides a fully integrated personalized healthcare experience to individuals.
  • In 2022, Teladoc Health joined hands with Cloud DX to develop remote monitoring solutions for patients in Canada.
  • In 2021, Irish Medtech announced a stratetgic partnership with Statis Health to encourage the latter’s bedside patient monitoring system around India.
  • In 2020, Philips Healthcare collaborated with the American Telemedicine Association to support the adoption of telehealth across various industries. The continued collaboration spotlights the growing adoption and momentum in telehealth amidst COVID-19, and the need to convey the exponential shift to telehealth capabilities.
  • In 2018, AMD Global Telemedicine Inc. launched its OnDemand Visit, a direct-to-consumer telehealth platform that will allow organizations to expand their service offerings and engage patients in a convenient way.

Segments covered in the Report:

The Global Telehealth Market has been segmented on the basis of Product Type, Delivery Mode and End-use. Based on the Product Type, the market is segmented into Hardware, Software, Services. Based on the Delivery Mode, the market is segmented into On-premises, Web-based, Cloud-based. Based on the End-use, the market is segmented into Payers, Providers, Patients.

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Market Segmentation

Global Telehealth Market by Product Type

• • Hardware
  • Software
  • Services

Global Telehealth Market by Delivery Mode

• • On-premises
  • Web-based
  • Cloud-based

Global Telehealth Market by End-use

• • Payers
  • Providers
  • Patients

Global Telehealth Market by Region

• • North America Telehealth Market (Option 1: As a part of the free 25% customization)

    • By Product Type
    • By Delivery Mode
    • By End-use
    • US Market All-Up
    • Canada Market All-Up

  • Europe Telehealth Market (Option 2: As a part of the free 25% customization)

    • By Product Type
    • By Delivery Mode
    • By End-use
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Telehealth Market (Option 3: As a part of the free 25% customization)

    • By Product Type
    • By Delivery Mode
    • By End-use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Telehealth Market (Option 4: As a part of the free 25% customization)

    • By Product Type
    • By Delivery Mode
    • By End-use
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Telehealth (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Koninklijke Philips N.V
  • GE Healthcare
  • Oracle Cerner (earlier Cerner Corporation)
  • Siemens Healthineers
  • Medtronic
  • Teladoc Health Inc
  • American Well
  • MDLIVE
  • Doctor On Demand
  • Global Med