Key Market Overview:
Telehealth Market size was worth USD 64.6 Billion in 2022, accounting for a CAGR growth of 15.2% during the forecast period (2023-2030), and the market is estimated to be valued at USD 214.6 Billion by 2030.
Telehealth refers to the use of electronic communication technologies, such as videoconferencing, mobile applications, and others to deliver healthcare services and exchange medical information between healthcare providers and patients. Telehealth enables patients to access healthcare services and information remotely, without visiting a physical healthcare facility. All these above-mentioned benefits are driving the demand of telehealth among patients especially, those who live in remote or underserved areas, have mobility issues, or require frequent medical attention. However, telehealth is increasingly use in various healthcare services, including virtual consultations, remote patient monitoring, chronic disease management, mental health services, and post-discharge follow-up care. These factors are majorly driving the growth of telehealth market.
Many companies invest in research and development to provide innovative solutions to cater the needs of the healthcare industry. For instance, in June 2020, Siemens Healthineers offered a flexible telemedicine solution for healthcare providers. The solution is called “Teamplay digital health platform,” and is designed to enable remote patient monitoring and virtual consultations between patients and healthcare providers companies invest in research and development to introduce new products in the Telehealth Market to provide innovative solutions to cater the needs of the healthcare industry. Geographically, Asia Pacific is expected to witness the fastest growth rate during the forecast period. This is due to the increasing adoption of digital technologies and mobile devices, which made it easier for patients in remote or underserved areas to access healthcare services.
Market Dynamics:
Driver:
Increasing demand for remote healthcare services, especially due to the COVID-19 pandemic, resulted in the growth of the telehealth market. Furthermore, the increasing adoption of smartphones along with the rising internet penetration especially in developing countries made it easier for patients to access telehealth services. This above-mentioned factor is majorly contributing to the market growth.
Restraint:
The lack of a physical examination leads to misdiagnosis or errors so, the concerns about the quality of care delivered remotely among the patients also limit the growth of the market.
Opportunities:
The development of new and innovative telehealth solutions such as wearable devices and virtual reality technology will provide an opportunity for companies to enhance patient experience and improve healthcare services. Furthermore, expanding access to healthcare services to underserved areas such as rural or remote and patients with limited transportation facility is anticipated to provide a huge opportunity for market growth.
Telehealth Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 214.6 Billion |
| CAGR (2023-2030) | 15.2 % |
| By Component | Hardware (Videoconferencing Systems, Medical Peripherals, and Remote Patient Monitoring Equipment), Software (Standalone Software and Integrated Software), and Services (Remote Consultations, Telemedicine Visits, and Remote Patient Monitoring Services) |
| By Application | Triage and Diagnostic Services, Chronic Disease Management, Mental Health and Behavioral Services, Post-Discharge and Follow-Up Care, Remote Health Services, and Others. |
| By Delivery Mode | On-Premises, Web-Based, and Cloud-Based |
| By End-User | Healthcare Providers, Patients, and Payers |
| By Geography | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Players | Teladoc Health, Inc., American Well Corporation, MDLive Inc., Doctor on Demand, Inc., Koninklijke Philips N.V., Medtronic plc, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., AMD Global Telemedicine, Inc., and Siemens Healthineers AG. |
Market Segmentation:
By Component
The component segment is classified into hardware (videoconferencing systems, medical peripherals, and remote patient monitoring equipment), software (standalone software and integrated software), and services (remote consultations, telemedicine visits, and remote patient monitoring services). The service segment dominated with the highest share in the market driven by increased demand during the pandemic and growing adoption by healthcare providers and consumers.
However, the software segment is expected to witness fastest growth during the forecast period as software such as standalone and integrated are essential for enabling remote consultations, telemedicine visits, and remote patient monitoring services.
By Application
The application segment is divided into triage and diagnostic services, chronic disease management, mental health, and behavioral services, post-discharge and follow-up care, remote health services, and others. Chronic disease management accounted for the highest share in the telehealth market in 2022. This is due to the rising prevalence of chronic diseases, such as diabetes and heart disease, and the need for ongoing monitoring and management.
However, mental health and behavioral services are expected to witness fastest growth due to the increased demand for mental health services and the growing acceptance of teletherapy as a viable option for mental health treatment.
By Delivery Mode
The delivery mode segment is categorized into on-premises, web-based, and cloud-based. The web-based segment accounted for the highest share in the market in 2022 due to good user interface, accessibility, and widespread adoption of internet technologies. The web-based delivery mode allows convenient access to telehealth services from any location, without the need for expensive equipment or software. The COVID-19 pandemic accelerated the adoption of this segment as more and more patients started seeking virtual care. This is due to the convenience and accessibility of web-based telehealth services for patients who may not be able to visit a healthcare provider in person, or who prefer the convenience of virtual visits.
Cloud-based delivery mode allows easier and more flexible access to telehealth services for both patients and providers. Furthermore, this segment also enables better scalability and cost-effectiveness for healthcare organizations. Hence, the cloud-based segment is expected to witness fastest growth during the forecast period.
By End-User
The end user segment is classified into healthcare providers, patients, and payers. The healthcare providers segment accounted for the highest share in the telehealth market. This is driven by the increasing adoption of telehealth services by healthcare organizations, hospitals, and clinics, especially in response to the COVID-19 pandemic.
However, the patient segment is expected to be the fastest-growing segment during the forecast period driven by increasing patient demand for remote healthcare services and the growing adoption of telehealth solutions among patients.
By Region
Based on the region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the highest share in the telehealth market. This is attributed to the high healthcare spending, advanced healthcare infrastructure, and favorable government initiatives to promote telehealth adoption in the region.
However, the Asia Pacific is expected to be the fastest-growing region in the market owing to the increasing prevalence of chronic diseases along with the growing demand for remote healthcare services in countries such as China and India.
Telehealth Market Competitive Landscape:
The telehealth market is highly competitive, with numerous established and emerging players competing for market share. These companies are investing in research and development, strategic partnerships, and mergers and acquisitions to expand their offerings and stay ahead of the competition. The key players in the market include-
- Teladoc Health, Inc.
- American Well Corporation
- MDLive Inc.
- Doctor on Demand, Inc.
- Koninklijke Philips N.V.
- Medtronic plc
- Cisco Systems, Inc.
- Honeywell International Inc.
- InTouch Technologies, Inc.
- AMD Global Telemedicine, Inc.
- Siemens Healthineers AG
Recent Developments:
- In January 2022, Clear Arch Health, a division of MobileHelp, acquired Life Care Solutions (LCS) from Resideo. Clear Arch Health aims to expand its RPM and mPERS solutions and leverage LCS’s expertise to improve healthcare outcomes and delivery.
- In March 2021, telehealth firm Doctor On Demand announced its plan to merge with Grand Rounds to create an integrated virtual care company focused on patient-centric care, reflecting the growing demand for remote healthcare services
- In September 2020, MDLive secured a $50 million equity investment led by Sixth Street Growth to expand and improve its telehealth services. The investment reflects the increasing demand for telehealth solutions, particularly in response to the COVID-19 pandemic.
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