USD 87.41 Billion
Telehealth Market Size, Share, Growth Analysis, By Product Type (Hardware, Software), By Disease Area (General Medicine, Psychiatry), By Delivery Mode (On-premises, Cloud-based), By End Use (Payers, Patients), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2283 |
Region:
Global |
Published Date: November, 2024
Pages:
207
|Tables:
117
|Figures:
70
Telehealth Market Insights
Global Telehealth Market size was valued at USD 76.57 billion in 2022 and is poised to grow from USD 101.17 billion in 2023 to USD 577.27 billion by 2031, growing at a CAGR of 24.32% during the forecast period (2024-2031).
In recent times, the telehealth market is majorly driven by the rising adoption of digital health and smartphones, increasing investments, and enhanced internet connectivity. The increasing adoption of telehealth facilities by patients, physicians, and government facilities is also boosting the market growth. Furthermore, accessibility to medical care has become easy with the help of applications and video consultations. This allows smooth interaction among patients and doctors in remote areas, reducing the necessity to visit hospitals or clinics. Key market players like Apple, Google, and IBM emphasize on enhancing mobile health experience by offering several solutions with various subscription plans and improving data security. These factors are driving the telehealth market. The popularity of telehealth platforms is increasing among consumers due to the availability of medical professional services such as consultations at the press of a button. The growing investments for the advancements of IT structures and increasing adoption of smartphones is also fueling the growth of the market. Telehealth is becoming a vital distribution channel for the doctors to provide their services. Therefore, the growing demand for telehealth platforms among people and physicians is propelling the growth of telehealth market.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Patient Monitoring
Fastest Growth
Telemedicine
Growth Rate
17.2%
Global Telehealth Market ($ Bn)
Country Share for North America Region (%)
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Telehealth Market Segmental Analysis
Global Telehealth Market is segmented by Product Type, Disease Area, Delivery Mode, End Use, and Region. Based on Product Type, the market is segmented into Hardware (Monitors, Medical Peripheral Devices (Blood Pressure Meters, Blood Glucose Meters, Weighing Scales, Pulse Oximeters, Peak Flow Meters, ECG Monitors, Others)), Software (Standalone Software, Integrated Software), Services (Remote Patient Monitoring, Real-Time Interactions, Store and Forward, Others). Based on Disease Area, the market is segmented into General Medicine, Psychiatry, Substance Use, Radiology, Endocrinology, Dermatology, Gastroenterology, Neurological Medicine, ENT, Cardiology, Oncology, Dental, Gynecology, Others. Based on Delivery Mode, the market is segmented into On-premises, and Cloud-based. Based on Application, the market is segmented into Teleconsultation, Teleicu, Telepsychiatry, Teleradiology, Telestroke, Teledermatology, and Other Application. Based on End Use, the market is segmented into Payers (Public Payers, Private Payers), Patients. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Application
Based on application, the market is segmented into telemedicine, patient monitoring, continuous medical education, and others. The telemedicine segment is leading the telehealth market with the largest revenue share. This increasing growth of the segment is mainly due to the rising penetration and development of telemedicine in the past few years. This has immensely increased the adoption of telemedicine among consumers and physicians. Furthermore, the advent of several telemedicine companies in the market has substantially contributed towards the growth of the market. Moreover, rapid innovations in cloud-based storage services are also fueling the growth of telemedicine market by offering speedy access to data.
The patient monitoring segment is witnessing the fastest growth in the telehealth market. The growth of the market can be attributed to the rising demand for continuous monitoring of patients, particularly for old people. Furthermore, the increasing adoption of smart medical wearable devices is also propelling the growth of the segment. These solutions help in constantly tracking the health situations of the patients. As per the American Telemedicine Association, almost one million people are utilizing cardiac monitoring devices, and it will grow further. This is one of the main reasons that is boosting the patient monitoring segment in the telehealth market.
Analysis by End Use
Based on end use, the market is divided into hospital facilities, homecare, diagnostics center, and others. The hospital segment is dominating the telehealth market with the largest market share. This growth can be attributed to the rising adoption of telemedicine in the healthcare industry. The utilization of telehealth platforms like telemedicine and tele-ICU can assist in minimizing the workload of doctors and physicians in the hospitals. Furthermore, the growing number of hospitals and private clinics in the emerging and developed markets is also boosting the demand for telehealth market. The growing demand for technologically innovative devices is increasing globally in the medical sector to enhance operational efficiency, minimize expenses, and increase profits.
The homecare segment is witnessing the fastest growth in the telehealth market. The growth of the market is primarily due to the rising awareness about hospital-related infections, increasing geriatric population, and growing disposable income. Most of the elderly patients prefer to get treatment at the comfort of their homes, which is also contributing to the growth of the homecare segment positively influencing the telehealth market. The growing awareness related to hospital related infections is preventing patients from going to hospitals and compelling them to get treatment from home. The rising prevalence of chronic diseases is also shifting patients' preference towards homecare services. Furthermore, key market players are engaging in partnerships and collaborations to develop advanced devices that provide better homecare services, which is further contributing to the expansion of the homecare segment.
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Telehealth Market Regional Insights
North America is dominating the telehealth market with the largest market share. The market in this region is seeing an exponential growth owing to factors like increasing prevalence of chronic health illnesses among people along with better access to treatment for different acute diseases. Furthermore, the robust presence of major telehealth market players is also contributing towards this high growth of the market in North America. The increase in patient pool with several illnesses is also fueling the market growth. The need to treat such diseases with innovative treatment options like the usage of digital technologies, is also driving the market growth of the region.
The Asia-Pacific region is experiencing the fastest growth in the telemedicine market. The growth of the market is mainly owing to factors like increasing population, rapid urbanization, growing investments in medical infrastructure, and growing investments on the IT infrastructure. Furthermore, the utilization of innovative technologies can substantially minimize medical expenditures, driving the adoption of telehealth in the Asia-Pacific region. Moreover, governments facilities in this region are also actively supporting the incorporation of telehealth in medical system with policies and various initiatives. Furthermore, by addressing rising prevalence of chronic illnesses owing to lifestyle changes telehealth plays a crucial part in providing convenience and accessibility to medical solutions. These factors are propelling the growth of telemedicine market in Asia-Pacific region.
Global Telehealth Market By Geography
- Largest
- Fastest
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Telehealth Market Dynamics
Drivers
Increasing Prevalence of Chronic Diseases and Conditions
- Chronic diseases like cardiovascular diseases, diabetes, and respiratory illnesses need constant management and monitoring. This increases the need for visiting healthcare providers. But telehealth provides an ideal and cost-efficient process of managing these conditions remotely. This enables patients to get care without the necessity for visiting the medical facilities. The telehealth platform allows patients to monitor their vital signs, track symptoms, and interaction with medical providers from their homes.
High Adoption of mHealth Applications
- Mobile health applications are frequently available on smartphones and tablets. This helps patients to access medical services and information remotely. They also allow different telehealth services like virtual consultations with doctors, remote monitoring of symptoms and reminders for taking medicines on time. The rapid adoption of smartphones and tablets globally has made it easier for patients to get access to mHealth applications, irrespective of their location.
Restraints
High Expenses of Healthcare IT Tools
- The high expenses related to healthcare IT devices are proving to be a substantial restraint for the telehealth market. Incorporating telehealth services needs significant investment in systems, software, and hardware, which can create obstruction for several medical providers. This is particularly true for small medical facilities or the ones with restricted financial resources. The expense of acquiring, incorporating, and maintaining the systems, software, hardware can be excess, restricting some medical facilities from acquiring telehealth solutions.
Software Incompatibility Issues
- In the developing settings of telehealth market, the incorporation and exchange of data among various software systems like EHR, remote monitoring platforms, and healthcare provider systems can be difficult. The absence of standard data formats and protocols are also leading to interoperability problems, restricting efficient interaction and data sharing. This problem related to software systems can provide incomplete information, disrupting the smooth flow of data vital for monitoring.
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Telehealth Market Competitive Landscape
The market is significantly dynamic with the presence of many local companies. The companies in the market are trying to gain more market share by implementing strategies like investments, collaborations, and acquisitions & mergers. They are also investing on improving the quality of products to provide patients' better experience. Furthermore, new product launches and these innovations are increasing market growth and providing immense opportunities for the market players.
Top Player’s Company Profile
- Koninklijke Philips N.V.
- General Electric
- Oracle
- Siemens AG
- Medtronic
- Evernorth
- Included Health
- Global Med
- Aerotel Ltd.
- Allscripts Healthcare Solutions Inc.
- AMD Global Telemedicine Inc.
- American Well Corporation
- Cigna Corporation
- Cisco Systems Inc.
- Doxy.me Inc.
- HealthTap Inc.
- Accolade Inc.
- SHL Telemedicine
- Patient Square Capital
- Teladoc Health Inc.
- Twilio Inc
Recent Developments
- In March 2023, American Well Corporation increased their digital clinical program service with a cardiometabolic program. This has immensely advanced the telemedicine sector related to critical health problems like heart disease and metabolic conditions.
- In April 2023, Teladoc Health Inc. unveiled a provider-based care service. The solution uses the power of telemedicine for addressing prediabetes and weight management programs.
- In June 2023, Twilio Inc. made the announcement about collaborating with Frame A1. This collaboration created a vital moment in telehealth development by using A1's abilities. It will improve customer engagement in medical.
Telehealth Key Market Trends
- Rising Government Initiatives for Telehealth Solutions: Telehealth has successfully reduced the distance and ensured that medical care is provided even in the remotest part. A massive part of the population, especially in underdeveloped nations, stays in rural areas that do not have proper quality medical care. Therefore, governments in several countries are now focusing on providing adequate medical services to the rural areas with the help of virtual care platforms.
- Increasing Acquisitions and Collaborations: Lately, medical care delivery has expanded beyond conventional medical settings. Online video or audio consultations with doctors and physicians are becoming normal, boosted by the cost-efficiency of teleconsultations, minimized waiting times, and easy accessibility. This has gained traction among several start-up companies. They are collaborating with the market players to increase their investment, boosting market growth. Many companies are introducing cutting-edge solutions and software for remote monitoring.
Telehealth Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global telehealth market is experiencing significant growth. This is because the market leaders are continuously innovative and improving the remote healthcare services. Advanced AI-based diagnostics is being embedded into the telehealth platforms. This is enhancing the accuracy and efficiency of virtual consultations. The incorporation of telemedicine with wearable devices is also allowing patients to transfer real-time medical data to the doctors for constant monitoring. Furthermore, secure telemedicine platforms are also being developed to fulfill the strict data privacy requirement. These factors offer smooth remote medical experiences and are collectively responsible for the growth of the telehealth market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 76.57 billion |
| Market size value in 2031 | USD 577.27 billion |
| Growth Rate | 24.32% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Telehealth Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Telehealth Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Telehealth Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Telehealth Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Telehealth Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Telehealth Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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