Global Telehealth Market

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 News

  • 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.
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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).

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. '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'

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.

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.

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.

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Global Telehealth Market

Report ID: SQMIG35G2283

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