CAGR: 25%Current Market Size: USD 83.5 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global telehealth market is expected to grow from USD 83.5 billion in 2022 to USD 497.6 billion by 2030, at a CAGR of 25% during the Projection period 2023-2030. The growth of the telehealth market is mainly driven by the rising penetration of the internet.
The term ‘Telehealth’ is used to define the uses of communication technologies and digital information for accessing healthcare services in a remote way for personal healthcare. Gadgets like smartphones, computers, tablets, and laptops are useful for opting for telehealth facilities. Telehealth can also be used to support or improve health care services by a usual health care provider. A variety of conditions, areas of medicine, types of visits, and areas of medicine are generally represented in telehealth. Area of medicine for telehealth includes primary care, dietetics, dermatology, mental health, endocrinology, and cardiology. Common symptoms or ailments which are treated via telehealth are skin conditions such as rashes or acne, Headaches, Mental health such as depression or anxiety, backaches, Chronic diseases such as diabetes, and Gastrointestinal symptoms such as constipation. The convenience of filling in the gaps in telehealth service delivery and access is made possible by the growing internet penetration and smartphone innovation. The launch of the web- and cloud-based solutions that provide consumers with virtual care is anticipated to accelerate market expansion. For instance, CVS and Teladoc collaborated to introduce CVS Health's Aetna Virtual Primary Care in August 2021. Through this collaboration, Teladoc's physician network and providers will be used by CVS Health to provide virtual care services to patients remotely through video and telephone consultations, therefore reducing the patients' reliance on in-person consultations and visits.
Sample Request: - Global Telehealth Market
Market Dynamics:
Drivers:
Telehealth successfully accomplished the task of ensuring health care delivery, especially in remote areas by overcoming the distance barriers. In underdeveloped countries, the majority of the population is living in rural and remote areas where access to quality healthcare is difficult. Therefore, governments of many countries are taking oaths to provide healthcare facilities through virtual mode basically in rural areas.
Restraints:
Healthcare fraud is a prominent fraud in the telehealth market where numerous ways of victimization of patients, as well as doctors, are observed normally. For instance, practicing improper billing or coding by the non-institutional providers or non-eligible providers for false claims and using physicians’ names and accounts to receive payments from the insurance company, etc. Hence credibility and faith are disappearing day by day due to such fraudulent activities. Later on, the victimized patients used to share their bitter and unpleasant experiences on different platforms, resulting in hindrances to market growth.
Opportunities:
Increasing number of chronic diseases are impacting the costs of healthcare services. It is estimated that the national healthcare spent in the U.S. would increase to USD 4.02 billion as compared to the previous years reports. Vast amount of money has been seen spending on mental and chronic health patients. Moreover , this same scenario is prevalent in almost all the countries. These circumstances are creating the perfect platform of growth for this market sector which is providing services in a convenient virtual way, fulfilling the requirements of the customers.
Challenges:
This is a key reason for growth hindrance as the population of underdeveloped countries rarely get the technological infrastructure required for the telehealth market. The deployment of the latest telecommunication devices , storage capacity to transmit and integrate medical data and high speed internet services are required for the adoption of digital platforms. Moreover, most countries are lacking these facilities resulting in a crucial market restraint for this market growth.
Segmentation Analysis:
The global telehealth market has been segmented based on product type, delivery mode, end-user and region.
By Product Type
The product type segment is software, hardware, and services. The services segment led the largest share of the telehealth market with a market share of around 39% in 2022. The segment's expansion was facilitated by the demand for telehealth applications for chronic disease management and real-time monitoring. Additionally, the category growth was aided by the quick development of digital infrastructure, hardware, and software components, as well as the expanding use of smartphones and the internet globally. The category is expanding as a result of the creation of numerous platforms and applications that diagnose, monitor, track fitness & wellness, and prevent disease. The expansion of the services is also anticipated to be positively supported by the rapidly changing digital landscape.
By Delivery Mode
The delivery mode segment is web-based, on-premise, and cloud-based. The web-based segment led the largest share of the telehealth market with a market share of around 45% in 2022. Some of the factors that led to the segment expansion include the emergence of various virtual care and web-based telehealth applications as well as the increased use of web-based delivery to provide patients with direct access to healthcare services. The acceptance of the web-based delivery segment is further boosted by rising internet usage and advancements in the smartphone market. Web-based apps' cost-effectiveness and intuitive user interface are further factors driving greater usage.
By End-User
The end-user segment is patients, providers, and payers. The provider segment led the largest share of the telehealth market with a market share of around 36% in 2022. Because healthcare professionals are increasingly using telehealth, teleconsultation, and telemedicine to lessen the pressure on medical facilities. The simplicity with which these solutions enable healthcare professionals to access patient health records, real-time quality reporting, enhanced data management, improved decision-making, and eHealth solutions is another factor that is anticipated to promote the uptake of the services by professionals. By using these services, several healthcare facilities have seen a significant improvement in workflow management, which is encouraging its adoption.
Global Telehealth Market - Sales Analysis.
The sale of the telehealth market expanded at a CAGR of 22% from 2016 to 2022.
The rising incidence of cancer is anticipated to be a major factor in the market's expansion. The healthcare systems, most of which are experiencing a shortage of healthcare workers like doctors and nurses, are expected to be stressed by this rising incidence, which is expected to spur the uptake of the services globally. By 2030, the WHO predicts that there will be a shortage of 15 million healthcare professionals, which would force hospitals to use artificial intelligence (AI) more frequently for patient treatment and diagnosis. Patients in far-off regions can receive healthcare treatments remotely and digitally thanks to telehealth.
Applications for telehealth have been effective in providing patients with the right care, avoiding unfavorable events, and preventing symptoms from going unnoticed. Smart wearables, the internet of things, sophisticated healthcare analytics, increased internet access, and the increasing use of smartphones internationally are all examples of digital healthcare innovations that are having a big impact on the industry's growth. Additionally, the personalization of healthcare services is being improved through the incorporation of AI and ML algorithms. For instance, Haldoc's AI-enhanced telehealth platform offers its doctors performance-improving training programs as well as feedback from patients on their consultations.
Thus, owing to the aforementioned factors, the global telehealth market is expected to grow at a CAGR of 25% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the telehealth market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the telehealth market and held a 42% share of the market revenue in 2022.
Global Telehealth Market - Country Analysis:
Germany's telehealth market size was valued at USD 7.01 billion in 2022 and is expected to reach USD 8.74 billion by 2030, at a CAGR of 2.8% from 2023 to 2030. The convenience of filling in the gaps in telehealth service delivery and access is made possible by the growing internet penetration and smartphone innovation.
China’s telehealth market size was valued at USD 11.10 billion in 2022 and is expected to reach USD 14.61 billion by 2030, at a CAGR of 3.5% from 2023 to 2030. In order to encourage the adoption of telehealth services and applications, a number of insurance companies and healthcare providers have worked together to develop initiatives. Additionally, COVID-related travel limitations increased demand for the services. For instance, during the epidemic in China, communication tools like TikTok and WeChat helped the government and healthcare providers give mental health services electronically.
India's telehealth market size was valued at USD 9.83 billion in 2022 and is expected to reach USD 12.54 billion by 2030, at a CAGR of 3.1% from 2023 to 2030. Applications for telehealth have been effective in the region in providing patients with the right care, avoiding unfavorable events, and preventing symptoms from going unnoticed.
Key Industry Players Analysis:
To increase their market position in the global telehealth market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
25% |
Market Size |
83.5 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Delivery Mode, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Koninklijke Philips N.V, Doctor On Demand, GE Healthcare, Siemens Healthineers, Cerner Corporation, American Well, Medtronic, Teladoc Health Inc, Global Med, and MD Live. |
By Product Type |
|
By Delivery Mode |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Telehealth Market By Product Type:
Global Telehealth Market By Delivery Mode:
Global Telehealth Market By End-User:
Global Telehealth Market By Region:
Global telehealth market is expected to reach USD 497.6 billion by 2030.
The telehealth market is projected to have a CAGR of 25%.
Based on the delivery mode, the telehealth market is segmented into web-based, on-premise, and cloud-based.
The launch of the web- and cloud-based solutions that provide consumers with virtual care is anticipated to accelerate market expansion. For instance, CVS and Teladoc collaborated to introduce CVS Health's Aetna Virtual Primary Care in August 2021. Through this collaboration, Teladoc's physician network and providers will be used by CVS Health to provide virtual care services to patients remotely through video and telephone consultations, therefore reducing the patients' reliance on in-person consultations and visits.
Leading market players active in the global telehealth market are Medtronic, GE Healthcare, Siemens Healthineers, MDLIVE, Cerner Corporation, Teladoc Health, Cisco Systems, Doctor on Demand, American Well, AMC Health, Medvivo, Iron Bow Technologies, TeleSpecialists, among others.
Political Factors- the recent degree of political stability the nation has seen. the honesty of the politicians and their propensity to engage in acts of corruption, as the fallout could force high-ranking government officials to quit or be impeached. The rules that the nation upholds, particularly those that pertain to commerce, such as contract law, as they specify what is and is not permitted to do For instance, some nations forbid alcohol or have requirements that must be met, while other governments have an excessive bureaucracy that deters industry. the existence of intellectual property (IP) protection for a corporation.
Economical Factors- The type of economic structure now in place in the industry—whether it's a monopoly, an oligopoly, or something more like a system of perfect competition. How quickly is anticipated to expand in the near future will depend on the nation's GDP growth rate. The amount that people are willing to borrow and invest depends on the interest rates in the nation. Greater investments would be made as a result of higher rates, which would increase GDP. How successfully one is able to raise capital at a fair price, taking demand and supply into consideration, is also impacted by how efficiently the financial markets operate. The profitability of would be impacted by the country's currency rate, especially if it engaged in international trade.
Social Factor- The age and gender distribution of the population have a significant impact on whether or not a certain product may be marketed to them. Targeting a population that is primarily male would reach fewer people than targeting a population that is primarily female because makeup is primarily marketed to women. The distribution of classes throughout the population is crucial because it would be impossible to market a premium product to the general public if the majority of people belonging to a lower class; instead, they would have to focus on very specialized niche markets. It may be challenging to properly relate to and attract the target market to some extent due to the disparities in educational backgrounds between marketers and the target market.
Technological Factors- the aforementioned innovations and technological advancements made by rivals. It is crucial to keep an eye on a new technology's level of acceptance as well as how quickly it is expanding and displacing revenues from rivals in the industry in question. This would be the level of urgency necessary to appropriately respond to the invention, either by matching the technology or coming up with a creative substitute. The effect of technology on the costs that the majority of businesses in the sector must bear has the potential to significantly enhance or decrease the ensuing profitability. If these gains are substantial, they might be put back into the department of research and development.
Environmental Factors- Businesses have been forced to implement cutting-edge recycling and waste management strategies due to the combination of rising environmental degradation and technological innovation. Recycling is almost a corporate standard in several nations. Additionally, the human insulin market must prioritize implementing effective waste management procedures in organisational divisions that are situated in or close to urban regions. Many nations have established stringent regulations to safeguard their metropolitan regions through efficient garbage management. Some nations provide financial aid to encourage the use of renewable energy sources. To ensure long-term sustainability, the human insulin market. can profit from it and make investments in renewable technology. Due to improved brand perception, this investment will also result in higher stakeholder satisfaction and a larger consumer base.
Legal Factors- As was already established, the purpose of intellectual property laws and other data protection regulations is to safeguard the patents and ideas of businesses that only benefit from the information. If there is a danger that the data will be stolen, the system will lose its competitive edge and be very likely to fail. Government-enacted anti-discrimination laws are intended to safeguard workers and guarantee that everyone, regardless of gender, age, handicap, race, religion, or sexual orientation, is treated fairly and given the same chances. After seeing the appalling conditions that workers were required to labor in during and immediately following the industrial revolution, health and safety legislation were established.
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