Telehealth Market Size By Component (Software, Services), By Mode of Delivery (Web/Cloud, On premise), By Specialty (Dermatology, Cardiology, Orthopedic), By Application (Teleconsultation), By End-Use (Provider, Payer), Global Forecast To 2023-2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTelehealth Market Size By Component (Software, Services), By Mode of Delivery (Web/Cloud, On premise), By Specialty (Dermatology, Cardiology, Orthopedic), By Application (Teleconsultation), By End-Use (Provider, Payer), Global Forecast To 2023-2032
Telehealth Market Size
Telehealth Market size was valued at more than USD 71.9 billion in 2022 and is expected to grow at 12.9% CAGR from 2023 to 2032 driven by rising demand for remote patient monitoring services.
Smartphones are becoming a huge hit among doctors worldwide, and it's pushing the use of digital healthcare tools. Around a third of all American adults own a smartphone, tablet, or other mobile device, and doctors are twice as likely to have one than the general public. For example, in 2019, a study by the Pew Research Center found that around 6 billion people have a mobile device, with smartphones making up over two-thirds of that number. This has led to a big boom in healthcare apps, which are becoming increasingly popular.
Telehealth technologies such as telemedicine, chatbots, and other technologies are being deployed to help gather information, reassure the population, treat patients, and make diagnoses. Telehealth solutions are also being invested to connect physicians remotely, creating a positive impact on the forecast period.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Telehealth Market Size in 2022 | USD 71.9 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 12.9% |
| 2032 Value Projection | USD 244 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 257 |
| Tables, Charts & Figures | 447 |
| Segments covered | Component, Mode of Delivery, Specialty, Applications, End-use. |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
The market share is driven by remote patient monitoring services due to their capability to monitor various chronic conditions from remote locations. Moreover, increasing prevalence of diseases such as cardiovascular, cancer, and diabetes should propel the adoption of remote patient monitoring services.
Covid-19 Impact
The global pandemic affected millions of people worldwide, resulting into high mortality rate. During this period, only emergency services were allowed. All the non-emergency and elective surgical procedures had been postponed. Furthermore, due to the rising incidence of COVID-19, the need for telehealth has also increased across the globe. Major players in the healthcare and medical industry and several government organizations are continuously working on initiatives for telehealth in a cost-effective, quick, and accurate manner. There was a sharp increase in telehealth technology solutions for population screening, tracking, and resource management.
The World Health Organization (WHO) is collaborated with multiple technology companies to manage the pandemic through digital health more effectively. Furthermore, companies also used telehealth to expedite the research for COVID-19. Digital health companies have launched collaborative portals which share non-identifiable patient data from EHRs that can be used in research.
Telehealth Market Analysis
Telehealth market from software segment is anticipated to witness a lucrative CAGR during the forecast period due to the rising demand for affordable and accessible healthcare services, efficient workflow management, and improved quality care. Rising healthcare costs combined with the growing need to monitor population health accurately and in real-time is increasing the adoption of the software. Moreover, several healthcare institutions in developed nations have shifted to value-based care models to improve patient outcomes. Furthermore, several initiatives have been undertaken by the key players globally, which is driving the segment trends.
Telehealth services delivered through the internet or cloud are expected to grow rapidly in the coming years. This is because more healthcare providers and patients are using cloud-based applications and advanced technology solutions. Cloud-based telehealth offers several benefits, including secure and easy-to-access storage, fast internet speeds, and robust security. These advantages are attracting a growing number of users. Furthermore, concerns about data security breaches on web-based and on-site telehealth platforms have driven demand for cloud-based services. Cloud-based solutions make it possible for individuals in remote areas to access medical care and consultations, even in emergency situations.
When it comes to telehealth, different areas have taken the spotlight, like heart health, women's health, brain stuff, bone and muscle issues, skin problems, mental well-being, and more. Among these, skin problems have been a big deal, and this is expected to continue in the coming years. This is because more and more people are getting skin conditions. The telehealth market is getting a big boost from new businesses getting funded and new products being made, especially for online consultations. For example, in November 2020, a company called One Touch Telehealth in Texas came out with a new version of their software, Version 5. With video telehealth taking off during the COVID-19 pandemic, online healthcare has become a thing for everyone, no matter where they are or what kind of healthcare they need. This new software will help make things run smoother for healthcare providers.
The telehealth market segmented into teleconsultation, tele screening and monitoring, tele diagnostics, telepsychiatry, and other applications. The teleconsultation segment accounted for the maximum portion of the market in 2022. The rising adoption of telemedicine software, increasing number of doctors joining virtual consultations apps such as Practo contributed to the dominance of this segment. For example, as per the MDPI (Multidisciplinary Digital Publishing Institute) journals survey, around 89% of patient’s preferring to accept telemedicine as an acceptable form of medical care and thus likely augment segment outlook.
The telehealth market is segmented into payers, providers, patients, and other end-user. The providers segment is estimated to account for the largest share of the global market. This is attributed to factors such as the high demand for convenient healthcare, the dearth of medical professionals, advanced telehealth infrastructure in hospitals, and an increase in the focus and availability of provider-specific telehealth solutions for COVID-19 to avoid the further spread of coronavirus amongst the patients, doctors, nurses, and healthcare providers at hospitals.
North America telehealth market accounted for more revenue share in 2022 and is estimated to witness significant growth during the forecast period. Telemedicine is a way for health care providers to deliver clinical health care to patients remotely through a computer or telephone, without an in-person office visit. The demonstrated benefits of telemedicine include improved access to care, convenience, and slowing spread of infection. During the COVID-19 pandemic, legislation expanded coverage for telemedicine health care services.
Telehealth Market Share
The key players have undertaken initiatives to drive market size during the COVID-19 pandemic, such as
- Cisco Systems
- Koninklijke Philips N.V
- Allscript Healthcare Solution
- Oracle corpotation (Cerner)
- McKesson Corporation
- GlobalMed
- AMD Global Telemedicine,
- Amwell.
Teladoc Health Inc. reporting most of the market due to year-on-year growth and increasing funding and initiatives by governments. The Biden-Harris Administration announced an investment of USD 19 million to improve healthcare delivery and address gaps in care faced in rural areas. Key players have also been strategizing and focusing on collaborations, mergers, and acquisitions to gain a competitive edge and expand their product portfolio and business footprint, exemplified by PointClickCare Technologies acquiring Collective Medical to expand its care services and offerings.
Telehealth industry news
- In May 2021, Veradigm, a business unit of Allscripts Healthcare, announced an agreement with Lash Group, a patient support services business. This agreement enabled specialty medications to be available for management within the VeradigmAccelRx platform, which restructures the specialty enrollment process for users of Veradigm, Allscripts, and other electronic health records (EHR) software vendors.
- In January 2020, Teladoc Health acquired InTouch Health (Texas, U.S.) which provided the company with more than 450 hospitals.
The telehealth market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments
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By Components
- Software
- Integrated
- Stand-alone
- Hardware
- Services
By Mode Of Delivery
- Web-based/cloud-based
- On premises
By Speciality
- Cardiology
- Gynecology
- Neurology
- Orthopedics
- Dermatology
- Mental health
- Other specialties
By Application
- Tele diagnostics
- Tele screening and monitoring
- Teleconsultations
- Telepsychiatry
- Other applications
By End-Use
- Payers
- Providers
- Patients
- Other end-uses
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Netherlands
- Belgium
- Sweden
- Switzerland
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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