Market Overview
The global Telehealth Market size was valued at USD 61.65 billion in 2021 and is projected to reach USD 770.77 billion by 2030, growing at a CAGR of 32.4 % during the forecast period.
Telehealth is a distribution of health-associated services and information through electronic information and telecommunication technologies, which allows nurses and caregivers to provide long-distance health education to improve customer outcomes. The market is being majorly driven by the escalating geriatric population, coupled with growing incidences of chronic conditions are propelling the need for advanced healthcare access. In addition, increasing developments in telecommunications and the increasing number of government initiatives for telehealth solutions & services are further acting as catalyzing factors for the growth of the market across the globe.
COVID-19 Impact Analysis
The outbreak of COVID-19 has exhibited a huge impact on the global economy, along with the population. The global telehealth market has lucratively emerged during this pandemic owing to the execution of several travel restrictions to lower infection rates and minimize in-person interaction in healthcare facilities. In addition, the rising focus on social distancing and isolation among patients and physicians has propelled the demand for telehealth services and applications at a global level. Telehealth offers various advantages primarily in routine care and conditions as it lower resource consumption of personal protective equipment, thus, the rising penetration of telehealth across the entire healthcare system is augmenting the market growth during the estimated years.
On the other hand, with the growing trend of telehealth during the pandemic, several telehealth companies faced IT crashes and technical glitches, which creates a challenging factor in handling data and technological advancements with sophisticated mobility solutions. Consequentially, some telehealth services companies also attain a good opportunity to comprehend, assess, and deal with these issues and gain huge prominence in the global market.
Market Segmentation:
The global Telehealth Market is segmented on the basis of Type (Products, Services), Modality (Real-time {Synchronous}, Store-and-forward {Asynchronous}, Remote Patient Monitoring), Application (Telemedicine, Patient Monitoring, Continuous Medical Education, Others), by End User (Healthcare Facilities, Homecare, Others)
The services segment dominated the market and accounted for the largest revenue share in 2021. Factors such as the growing proliferation of telemedicine software, and the rising presence of skilled doctors on various virtual consulting apps such as MDLIVE, Amwell, Lemonaid, Teledoc, and others are propelling the segment growth. In addition, the flourishing development of a wide range of platforms & applications to track fitness & wellness, monitor, diagnose, and prevent disease is burgeoning the adoption rates of these services.
On the basis of modality, the Real-time segment is exhibiting a substantial CAGR over the forthcoming years due to the growing need for e-visits among the population. The e-visits involve comparatively fewer costs than face-to-face consultation and convenience (avoiding travel and time). Moreover, it helps in increasing productivity and better customer satisfaction, which, in turn, accelerates segment growth in the upcoming years.
Market Dynamics:
Drivers:
The expenditure on healthcare is substantially rising owing to the increasing prevalence of chronic diseases as well as the growing aging population. According to the World Health Organization (WHO) in 2021, various types of chronic diseases, such as cardiovascular diseases, cancer, respiratory diseases, and diabetes, accounted for around 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths, respectively around the world. Accordingly, the rising awareness about telehealth and telemedicine among patients is primarily attributed to the market growth. In some past years, the physical examination of chronic diseases involves high costs and limited on-time services. But the emergence of telehealth, especially remote patient monitoring (RPM)/tele-homecare provides improved healthcare choices such as better emergency services and access to high-quality healthcare facilities. Additionally, the better quality of care, cost savings, and ease of use enhance patient loyalty and lead to better patient outcomes while lessening hospital admissions, emergency room visits, long-term care, home admissions, and patient travel costs. Therefore, these benefits of telehealth are gaining high traction among the population, which is spurring the market demand around the world.
Regional Analysis:
North America is expected to account for the largest market size in 2022 owing to the rising emphasis on improving the quality of care, the growing trend for teleconsultation, and the high presence of smartphone users. In addition, the growing expenditure on healthcare IT, and the increasing development of cloud-based applications & platforms in the region, coupled with the presence of well-established market players are projected to drive the regional market during the estimated years
Key Market Players and Competitive Landscape
Some of the key market players operating in the global market are: Siemens Healthineers (Germany), Doctor on Demand (US), Cisco Systems (US), GE Healthcare (US), Resideo Life Care Solutions (US), Koninklijke Philips (Netherlands), Siemens Healthineers (Germany), Cerner Corporation (US), GlobalMed (US), TeleSpecialists (US)
Telehealth Market, Type Outlook:
Telehealth Market, Modality Outlook
Telehealth Market, Application Outlook
Telehealth Market, End User Outlook
Telehealth Market, Regional Outlook
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