Telehealth Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By Deployment; By End-User; By Region; Segment Forecast, 2024 - 2032
- Published Date:Dec-2023
- Pages: 114
- Format: PDF
- Report ID: PM1113
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global telehealth market was valued at USD 100.04 billion in 2023 and is expected to grow at a CAGR of 22.2% during the forecast period.
Telehealth is the delivery of health-related services and information via telecommunication technologies and electronic information. This method allows patients and clinicians to interact over long distances, allowing for advice, care, contact, education, reminders, monitoring, intervention, and remote admissions.
To Understand More About this Research: Request a Free Sample Report
Several factors are driving the growth of the telehealth market. Improved internet connectivity and widespread smartphone use are crucial for the growth of telehealth. These advancements help to improve patients' access to and convenience with healthcare services. The growing emphasis on cost-effective and efficient healthcare solutions acts as a catalyst, encouraging widespread telehealth adoption and, as a result, driving market growth.
- For instance, Koninklijke Philips N.V. has launched a Virtual Care Management portfolio as part of a strategic initiative to strengthen its position in this field. The goal of this initiative is to reduce the workload on hospital personnel while also lowering overall healthcare costs.
The rising prevalence of chronic illnesses, particularly among the aging population, the growing demand for early disease detection and diagnosis via remote health monitoring systems, the increased use of health apps, and the rapid technological progress and innovations in Telehealth services are expected to drive market growth.
The COVID-19 pandemic has driven the growth of the telehealth market. Traditional healthcare delivery models faced unprecedented challenges as governments around the world implemented lockdowns and social distancing measures to slow the spread of the virus. In response, telehealth emerged as a critical solution for ensuring ongoing access to medical care while minimizing physical interactions. The pandemic acted as a catalyst for both healthcare providers and patients to adopt telehealth services, resulting in a surge in demand for virtual consultations, remote monitoring, and digital health solutions. This increased acceptance and utilization of telehealth technologies has not only transformed the way healthcare is delivered, but it has also prompted advancements in the telehealth market, with innovations in telemedicine platforms, wearables, and remote patient monitoring devices.
Telehealth uses technology and communication networks to provide medical care to patients who live far away from their doctors. Because people want easy access to healthcare and there aren't enough doctors, particularly primary care doctors, telemedicine has become an important part of healthcare in many countries, including the United States. According to the Philips Future Health Index, 61% of younger doctors prefer telehealth as their top digital health technology, beating out Artificial Intelligence (AI) at 53%.
Industry Dynamics
Growth Drivers
- Quick technological advancements like wearable technology and newest upgraded healthcare monitoring apps will drive the growth of the market
The market growth of telehealths during the forecast period is primarily driven by the fast technological advancements such as wearable technology and latest upgraded healthcare monitoring apps. Many people are adopting cutting-edge wearable technologies such as fitness trackers, smartwatches, and other wearable devices. These devices allow users to track their health metrics such as heart rate, sleep patterns, and mobility. Personal health data is easily accessible, allowing for seamless sharing with primary care physicians.
The rise of modern digital technologies, such as smartphones and computers, has created new opportunities for medical professionals to remotely diagnose, treat, and monitor their patients' health. Individuals are increasingly using telehealth applications to access remote healthcare services. Teladoc Health, a leading provider of telehealth services in the United States, is one notable example. Users have 24/7 access to healthcare professionals via phone or video chat through this platform, allowing them to receive medical attention wherever and whenever it is needed. The Teladoc Health Medical Group is made up of over 7,000 licensed care professionals who work together on more than 100 virtual healthcare clinical protocols to ensure the delivery of evidence-based treatments on a scalable scale.
Report Segmentation
The market is primarily segmented based on component, deployment, end-user, and region.
|
By Component |
By Deployment |
By End-User |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Component Analysis
- The services segment accounted for the largest revenue share
Services segment held the largest revenue share in the telehealth market. The implementation of digital health solutions is frequently outsourced due to a need for more resources and expertise within healthcare facilities. The rising demand for telehealth applications in real-time monitoring, chronic disease management, and quick advancements in digital infrastructure, combined with widespread internet and smartphone use, as well as advancements in hardware and software components, are driving the growth of this sector. As a result, the rapidly evolving digital landscape is anticipated to meet the increasing demand for these services.
On the other hand, the software segment is expected to witness fastest growth during the forecast period. The rising demand for precise and timely information acquisition, as well as the upward trajectory of patient care costs, are key drivers driving the growth of this sector. Furthermore, as a result of government initiatives and rising demand for cutting-edge Healthcare IT solutions, this anticipates to introduce a variety of new products as well as enhanced versions of existing software.
By End-User Analysis
- The provider segment accounted for the highest market share during the forecast period
The provider segment held the highest market share during the forecast period. Healthcare professionals can personalize treatments for individuals by utilizing telehealth, which is a network of healthcare devices and services. Using real-time data collected by medical sensing devices, this approach enables rapid patient diagnosis and effective health management. The data is processed using Cloud Computing software or servers, allowing healthcare providers to monitor patients' vital signs consistently. Users, patients, and the communication module all work together to ensure secure and efficient data transmission.
On the other hand, payer segment is anticipated for fastest growth during the forecast period. Payers in the healthcare industry include insurance companies, health plan sponsors such as employers and unions, and third-party payers. The COVID-19 pandemic has resulted in a significant increase in telehealth claims among payers. Payers are adopting telehealth as a means of providing timely and appropriate care to their members, optimizing the care setting, and saving money for both members and employers.
Regional Insights
- North America accounted for the largest market share
North America held the largest market share in the telehealth market. North America invests heavily in healthcare technology, and many people in the region use the internet and smartphones. They were among the first to use smart healthcare solutions such as wearables, eHealth services, and mobile apps. These tools allow people to receive information about serious and ongoing health issues from a distance. The rapid increase in smartphone use, improved network coverage, a lack of primary caregivers, more people with chronic illnesses, an aging population, rising healthcare costs, and a greater demand for better ways to prevent and manage chronic diseases.
Asia Pacific is witnessed for the fastest growth in the telehealth market. The market is poised for growth, driven by factors such as an aging population in countries such as India and Japan. Furthermore, advancements in digital health, combined with research initiatives by key players in the region, are anticipated to be substantial contributors.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- AMD Global Telemedicine, Inc.
- Care Innovations, LLC
- Cisco Systems, Inc.
- General Electric Company
- Honeywell Life Care Solutions
- Koninklijke Philips N.V.
- McKesson Corporation
- Medtronic plc
- Medvivo Group Ltd.
- Tunstall Healthcare Group Ltd
Recent Developments
- In October 2023, Glenn Gaunt MD has launched an innovative alternative to traditional healthcare. This innovative platform provides easily accessible and convenient healthcare services, empowering patients to receive medical attention from the comfort of their homes.
- In March 2023, Bharath Home Medicare and Raphacure has partnered to provide remote patient monitoring and home-based care.
- In February 2022, Teladoc Health, Inc. has launched Chronic Care Complete, a comprehensive solution for chronic condition management. This innovative offering is intended to improve healthcare outcomes for people who are dealing with chronic health issues.
Telehealth Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 122.07 billion |
|
Revenue forecast in 2032 |
USD 608.75 billion |
|
CAGR |
22.2% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019– 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
|
Segments Covered |
By Component, By Deployment, By End-User, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation |
Custom Market Research Services
Seeking a more personalized report that meets your specific business needs? At Polaris Market Research, we’ll customize the research report for you. Our custom research will comprehensively cover business data and information you need to make strategic decisions and stay ahead of the curve.
FAQ's
The global telehealth market size is expected to reach USD 608.75 billion by 2032
Key players in the market are AMD Global Telemedicine, Inc., Care Innovations, LLC, Cisco Systems, Inc., General Electric Company, Honeywell Life Care Solutions
North America contribute notably towards the global telehealth market
The global telehealth market is expected to grow at a CAGR of 22.2% during the forecast period.
The telehealth market report covering key segments are component, deployment, end-user, and region.
© 2024 Polaris Market Research and Consulting. All rights reserved
