Market Overview
The Global Telehealth Market is expected to reach a value of
USD 110.2 billion in 2023, and it is further anticipated to reach a market value of
USD 813.4 billion by 2032 at a
CAGR of 24.9%. The market has seen a significant increase in the recent past and is predicted to grow significantly during the forecasted period as well.
Telehealth includes utilizing digital tools & communication technologies to access
healthcare services & manage one's health from a distance, which enables caregivers & nurses to stay in contact & provides patient's live health information to doctors. Telehealth also uses technology to provide health education to people far away and to enhance patient outcomes by offering healthcare services remotely.
Market Dynamic
The telehealth market is expected to see significant growth in the coming years due to the rise in digitalization of healthcare & government initiatives promoting remote patient monitoring. The introduction of web & cloud-based platforms that offer
virtual care services is a key driver for industry expansion. The broad utilization of AI & ML algorithms is improving healthcare service customization. Collaborations between insurance companies & healthcare providers are also shaping new strategies to boost telehealth service adoption, further fueling market growth.
However, challenges exist, as both healthcare professionals & patients may struggle with adopting new practices &technologies. Also, elderly individuals, in particular, may resist using telehealth & telemedicine due to their unfamiliarity with such technologies, as such behavioral barriers present significant obstacles to the large adoption of telehealth & telemedicine services, hampering market growth.
Research Scope and Analysis
By Component
The services segment takes the lead, holding the major share of the telehealth market in 2023, primarily attributed to the rise in demand for telehealth applications that allow live monitoring & management of chronic diseases. The segment's growth is further fueled by quick developments in digital infrastructure, hardware, & software components, & the global proliferation of smartphones & internet access. In addition, the development of a variety of platforms & applications for diagnosing tracking fitness and wellness, monitoring, and disease prevention contributes highly to the segment's expansion, as the digital landscape continues to evolve & provide more advanced solutions.
Moreover, the software segment is expected to have significant growth during the forecasted period, which is driven by the rise in the need for affordable & accessible healthcare services, effective workflow management, & enhanced healthcare quality. Growing healthcare costs, along with the increasing need for accurate real-time population health monitoring, & fueling the adoption of healthcare software. Furthermore, healthcare institutions in developed nations are transitioning to value-based care models to improve patient outcomes, while global key players are undertaking many initiatives that further boost the growth of this software segment in the telehealth market.
By Mode of Delivery
In 2023, the web-based delivery mode segment secures the biggest share of the total revenue, primarily due to the emergence of several virtual care & web-based telehealth applications, along with the growing acceptance of web-based delivery, which gives patients quick access to healthcare services. Factors such as expansion in internet access & ongoing developments in the smartphone industry further fuel the adoption of web-based delivery. In addition, the affordability & user-friendly interfaces provided by web-based applications contribute to their popularity among users.
Also, the cloud-based delivery segment is expected to show significant growth in the forecast period, which is due to the rising adaptation of cloud-based applications by both healthcare providers & patients, along with the introduction of technologically advanced solutions. Furthermore, the easy data storage & recovery, high bandwidth, easy accessibility, and improved security given by cloud-based applications are driving the segment's expansion. The rise in instances of data breaches on web-based & on-premise telehealth platforms has increased the need for the more secure cloud-based delivery segment, which allows patient monitoring & teleconsultation, mainly for individuals in rural & remote locations in need of immediate medical assistance.
By Application
The telemedicine segment emerges as the dominant force in the global telehealth market in 2023, leading in terms of revenue, & is expected to maintain its supremacy throughout the forecasted period. The broad adoption of telemedicine by consumers has gained momentum over the past year, driven by its rapid penetration & global growth. The presence of various telemedicine players entering the market has fueled this segment's expansion. Also, the evolution of cloud-based storage services has further supported the telehealth market by providing quick access to essential healthcare data.
Also, the patient monitoring segment is anticipated to experience the fastest growth during the forecasted period, which is attributed to the rise in demand for constant patient monitoring, especially among elderly individuals. The growing adoption of smart medical wearable devices, which constantly track users' health conditions, contributes to this segment's quick expansion. Moreover, the American Telemedicine Association reports that about one million people are already using cardiac monitoring devices, & this number is expected to rise, serving as a major driver behind the higher growth of the patient monitoring segment.
By End User
The provider segment takes the lead in revenue generation in 2023, mainly driven by the growing adoption of teleconsultation, telehealth, and telemedicine by healthcare professionals. These solutions help reduce the strain on healthcare facilities, providing healthcare providers quick & easy access to patient real-time quality reporting, health records, enhanced data management, & better decision-making, with increased convenience enhances workflow management, making these services attractive for several healthcare facilities.
In addition, the patient segment is expected to have rapid growth during the forecast period, which can be attributed to the broad availability of high-speed internet, the rise in the number of smartphone users, & the growing base of current subscribers on telehealth platforms. Further, these services are affordable & bridge communication gaps, enhancing the quality of care delivered to patients while assisting smoother interactions between patients and & professionals. As a result, the patient segment is also expected to experience fast growth in the telehealth industry.
The Telehealth Market Report is segmented on the basis of the following
By Component
- Software
- Hardware
- Services
By Mode of Delivery
- Web Based
- Cloud Based
- On-Premises
By Application
- Telemedicine
- Patient Monitoring
- Medical Education
- Others
By End User
- Payers
- Providers
- Patients
Regional Analysis
North America holds a dominant position in the telehealth industry, capturing 48.5% of the overall revenue in 2023, which is attributed to the region's significant IT expenditure in healthcare & a large number of smartphone & internet users, which have assisted in the market's expansion. Moreover, the growing number of chronic health conditions & the increasing awareness of
digital health & virtual care platforms in both healthcare providers & patients are anticipated to drive the region's future growth. Also, the region's advantage extends to the presence of prominent industry players & emerging innovative start-ups, which further contribute to the broad acceptance of telehealth platforms in the region.
Further, the Asia Pacific region is expected to have remarkable growth during the forecasted period, owing to a growing geriatric population in countries like India & Japan, along with significant advancements in digital health & research initiatives by key industry players. In addition, government initiatives to support internet connectivity, integrated with the rise in the need for healthcare services in rural areas, are set to have a positive impact on the market's expansion in the region. The shortage of healthcare professionals & the imperative need to control escalating healthcare costs are also anticipated to fuel the adoption of telehealth solutions, making the Asia Pacific region a key player in the industry's growth trajectory.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The market has numerous local companies, creating moderate fragmentation, as these players are actively pursuing strategies to expand their market share, including forming partnerships, making investments, & engaging in mergers & acquisitions. They're also investing in enhancing their product offerings & are committed to delivering competitive pricing. In essence, these companies are working on several fronts to establish a stronger presence & provide better products & services in the market.
In August 2023, Palatin Technologies, Inc., a biopharmaceutical company specializing in developing medications that influence the melanocortin receptor system, unveiled a strategic collaboration with UpScriptHealth, a prominent direct-to-consumer telemedicine firm providing telehealth services to pharmaceutical & medical technology companies, which requires UpScriptHealth incorporating Vyleesi, the sole on-demand treatment authorized by the U.S. FDA for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD), into its Women's Telehealth Platform, also it aims to make Vyleesi more accessible to hundreds of thousands of patients through UpScriptHealth's unique platform
Some of the prominent players in the global Telehealth Market are:
- GE Healthcare
- Medtronic
- MD Live
- American Well
- Global Med
- Siemens Healthcare
- Doctor on Demand Inc
- Open TeleHealth
- Masimo
- Cerner Corp.
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Telehealth Market:
The COVID-19 pandemic created significant growth in the global telehealth market. With lockdowns & social distancing measures in place, people shifted to remote medical consultations for safer healthcare access, as the increased demand allowed the rapid expansion of telehealth services & technology. In addition, the economic recession encouraged cost-effective & efficient healthcare solutions, making telehealth an attractive option for patients & healthcare providers.
As a result, the global telehealth market noticed significant growth, with high investment, improved infrastructure, & broader acceptance. Telehealth's enduring presence & technological developments are expected to continue shaping the future of healthcare, offering convenient & accessible medical services to people globally.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 110.2 Bn |
| Forecast Value (2032) |
USD 813.4 Bn |
| CAGR (2023-2032) |
24.9% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Component (Software, Hardware, and Services),
By Mode of Delivery (Web Based, Cloud Based, and
On-Premises), By Application (Telemedicine, Patient
Monitoring, Medical Education, and Others ), By End
User (Payers, Providers, and Patients) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
GE Healthcare, Medtronic, MD Live, American Well,
Global Med, Siemens Healthcare, Doctor on Demand
Inc, Open TeleHealth, Masimo, Cerner Corp, and
Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Telehealth Market is estimated to reach USD 110.2 billion in 2023, which is further expected
to reach USD 813.4 billion by 2032.
North America dominates the Global Telehealth Market with a share of 48.5% in 2023.
Some of the major key players in the Global Telehealth Market are GE Healthcare, Medtronic, MD Live,
and many others.
The market is growing at a CAGR of 24.9 percent over the forecasted period.