04-Feb-2023 | Facts and Factors
According to Facts and Factors, the global telehealth market size was worth around USD 41.01 billion in 2021 and is predicted to grow to around USD 224.87 billion by 2030 with a compound annual growth rate (CAGR) of roughly 18.81% between 2022 and 2030.
As per the definition, telehealthcare refers to the delivery of medical care, information related to healthcare services, and health education using electronic and digital technology. Telehealth functions on the concepts of remote working since in these services, the patient does not necessarily have to be in close contact with the medical professional or they do not require to be physically present at a treatment facility for monitoring, diagnosis, along with other medical care functions. Sometimes telehealth is used interchangeably with telemedicine however telehealth covers a broader scope of treatment as compared to telemedicine.
The latter is mostly concerned with the delivery of medical treatments or medicine practice remotely whereas telehealth is an umbrella that covers the components of telemedicine along with several other issues like patient & trainer education and preventive measures. Since telehealthcare works on digital systems it is known to save unnecessary expenses in the healthcare system. However, more studies are needed to understand the exact economical consequences of adopting telehealth with the evaluations focusing on various extra clinical advantages of telehealth.
There are several factors that work in the favor of global telehealth market growth. One main reason is the lack of traditional healthcare infrastructure which means that a large section of the population does not have access to quality medical care. This aspect can be effectively taken care of by incorporating telehealth units since it does not require the need to set up an actual healthcare facility and can be operated remotely with minimum investments for basic equipment that facilitate the delivery of the services.
Furthermore, additional features of telehealthcare including the presence of information on online portals related to health, distance education, and remote admission along with patient movement could act as positive influences for the telehealth industry growth. Patients can receive coordinated care, and record and measure real-time health information to be used at a later time, it can help monitor the conditions of the elderly population who are unable to visit a medical center.
The main growth restriction is the limitation of telehealth in terms of which medical conditions can be treated using these remote services. Not every medical concern can be monitored using only virtual assistance. For instance, gallbladder surgery will require the patient to eventually visit a hospital.
Telehealth works best for monitoring and educational purposes but it fails when it comes to the actual delivery of medical help at least in terms of operational procedures. Other factors like lack of internet connectivity and awareness along with rising concerns of cyber-attacks resulting in data theft and information breach could potentially harm the telehealth industry growth.
The use of artificial intelligence could provide growth opportunities whereas the lack of technical knowledge among patients may challenge the market expansion.
Segmental Analysis
The global telehealth market is segmented based on application, end-users, delivery, product type, and region
Based on end-users, the global market is divided into homecare, hospitals, and others.
- In terms of revenue, the global market registered the highest growth in the hospitals segment in 2021 and is projected to continue its dominance in the coming years
- The rising rate of adoption in the healthcare segment encouraged by the growing investments toward building digitally powerful health infrastructure across the globe is the main reason for the segmental growth
- A growing number of clinics, hospitals, and other medical centers are expected to act as revenue generators
- The homecare segment could be led by the growing sales of smartphones and smartphones equipped with apps that connect doctors and patients digitally
- Practo’s consumer segment reached 17.5 crores during Covid-19.
Based on application, the global market is segmented as patient monitoring, telemedicine, medical education, and others. Based on mode of delivery, the global market is divided into on-premise and cloud-based
Based on product type, the global market is segmented into software, hardware, and services.
- In 2021, almost 47.9% of the global market was dominated by the services segment followed by hardware and software
- After a product is launched, the only way it can sustain itself in the competitive world is by providing excellent services to all the associated stakeholders including doctors, medical professionals, lab technicians, and patients
- Providers of hardware and software in the global market have to spend a large part of the budget on excelling at post-purchase services
Regional Analysis
North America is projected to lead the global telehealth market with the US acting as the largest revenue generator during the forecast period. The growing number of players along with growth in insurance companies covering telehealth could act as the major growth propeller. Asia-Pacific is anticipated to witness surging growth in the developing economies of India and China.
As the population of these countries is growing at an exponential rate, the governments are investing in advanced technologies that can aid the expansion of healthcare accessibility and telehealth is a promising way of achieving it. Telehealth works toward eliminating the issues that lay between a patient and a medical professional and the market players are working toward leveraging this aspect of remote medical care in developing nations.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 41.01 Billion |
Projected Market Size in 2030 |
USD 224.87 Billion |
CAGR Growth Rate |
18.81% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2030 |
Key Market Players |
GE Healthcare, Teladoc Health Inc., Medtronic, Koninklijke Philips N. V, Global Med, Cerner Corporation, MD Live, Siemens Healthineers, Doctor On Demand, American Well., and Others |
Key Segment |
By Application, End-Users, Mode of Delivery, Product Type, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Landscape
The global telehealth market is led by players like GE Healthcare, Teladoc Health Inc., Medtronic, Koninklijke Philips N. V, Global Med, Cerner Corporation, MD Live, Siemens Healthineers, Doctor On Demand, and American Well.
Recent Developments:
- In January 2023, the National Institutes of Health 2023 along with the Administration for Strategic Preparedness and Response (ASPR) working with the U.S. Department of Health and Human Services launched a Home Test to Treat program that will provide virtual assistance for treating Covid-19 with telehealth sessions and at-home tests
- In October 2022, Redesign Health, a US-based firm known for creating health companies, announced the launch of Motto, a virtual care startup specially designed for chronic inflammatory and autoimmune conditions
The global telehealth market is segmented as follows:
By Application
- Patient Monitoring
- Telemedicine
- Medical Education
- Others
By End-Users
- Homecare
- Hospitals
- Others
By Mode of Delivery
By Product Type
- Software
- Hardware
- Services
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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