Telehealth and Telemedicine Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[225+ Pages Report] According to Facts & Factors, The global telehealth and telemedicine market size was valued at USD 119.86 billion in 2023 and is predicted to surpass USD 598.35 billion by the end of 2032. The telehealth and telemedicine industry is expected to grow by a CAGR of 19.60% between 2024 and 2032.

Market Overview

Telehealth and telemedicine services are offered remotely with the help of technology. It helps healthcare professionals provide a diverse range of healthcare facilities to patients across the world. It includes emergency care, specialist consultations, remote treatment, remote diagnosis, and many others. It became more in demand, particularly after the outbreak of the COVID-19 pandemic. It is highly useful in the areas where they do not have sufficient or effective healthcare services. Also, it is of high importance in case of emergency. These services are held on digital platforms with the help of a variety of advanced technological devices.

Key Insights

• As per the analysis shared by our research analyst, the global telehealth and telemedicine market size is estimated to grow annually at a CAGR of around 19.60% over the forecast period (2024-2032).
• In terms of revenue, the global telehealth and telemedicine market size was valued at around USD 119.86 billion in 2023 and is projected to reach USD 598.35 billion by 2032.
• Rising awareness and acceptance are driving the growth of the global telehealth and telemedicine market.
• Based on the end-users, the healthcare facility segment is growing at a high rate and is projected to dominate the global market.
• Based on modalities, the real-time segment is anticipated to grow with the highest CAGR in the global market.
• Based on the applications, the teleradiology segment is projected to swipe the largest market share.
• Based on types, the services segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Rising awareness and acceptance are driving the growth of the global market.

Rising awareness among people regarding the benefits of telehealth services, like easy accessibility, convenience, lower travel time, less cost, and many others, is driving the growth of the global telehealth and telemedicine market.

Moreover, healthcare professionals are also tapping on the potential opportunity in telehealth or telemedicine services, which is another crucial factor supporting the growth of the industry. Healthcare professionals can have extended reach, better operational efficiency, and can easily manage patient loads, which is further quite appealing. Rising incidents of chronic diseases like diabetes, respiratory problems, cardiovascular conditions, and many others require continuous monitoring, which is also driving the demand for remote consultations among patients.

The growing aging population is another important factor that positively impacts the growth of the industry. For instance, VivaBem successfully collaborated with Dokter.se, a Sweden-based company, in 2020. It has successfully raised USD 2.5 million to extend its services in Brazil.

Restraints

• Privacy and security concerns are likely to hamper the growth of the global market.

Data security is a big concern in the telehealth and telemedicine industry. Protecting patient data and ensuring compliance with privacy regulations in different regions is difficult. However, potential data breaches and inefficient security solutions are further likely to slow down the growth of the market.

Opportunities

• Rising healthcare expenses are expected to foster growth opportunities in the global market.

Visiting healthcare facilities is quite expensive than telehealth consultation and services, which is a major factor driving more opportunities in the global telehealth and telemedicine market. Telehealth services can help healthcare facilities lower their overall cost by eliminating the requirement of big physical spaces, infrastructure, and other administrative expenses. Also, telehealth services have a global reach, which is further expected to foster growth in the industry.

Additionally, the rising funding from the public and private sectors is further expected to foster development in the market. Healthcare providers and technology companies are collaborating with telemedicine platforms, which is likely to bring innovations in the market and thereby result in expanding service offerings in the telemedicine and telehealth sectors.

For instance, Medyseva successfully raised USD 0.18 million in 2022 in pre-series funding to come up with new developments in telemedicine in rural India.

Challenges

• Limited scope of services is a big challenge in the global market.

Telehealth services are not ideal for every medical condition, particularly those that involve in-depth physical examination or any diagnostic procedure, which is a big challenge in the telehealth and telemedicine industry. Additionally, there are certain emergency conditions when hands-on care is required, which is further expected to limit its adoption among patients.

Segmentation Analysis

The global telehealth and telemedicine market can be segmented into end-users, modalities, applications, types, and regions.

On the basis of end-users, the market can be segmented into home care, healthcare facilities, and others. The healthcare facility segment accounts for the largest share of the telehealth and telemedicine industry during the forecast period.

Healthcare facilities integrate telemedicine into their services to lower center visits, manage infrastructure, reduce burden, and also lower the overall operational cost. Healthcare facilities typically experience a high volume of patients, and therefore, the management is making efforts to extend telehealth services to patients to improve patient care services.

Moreover, healthcare facilities have enough infrastructure, equipment, and trained personnel to follow and implement telehealth solutions effectively, which is another crucial factor in the high growth rate of this segment.

On the basis of modality, the market can be segmented into real-time, store & forward, and others. The real-time segment is likely to dominate the global telehealth and telemedicine market during the forecast period. Real-time telemedicine services help people get immediate access to medical consultations and support, which is crucial in the emergency scene. The COVID-19 pandemic has significantly fostered the trend of real-time telehealth solutions, which is expected to continue growing in the coming years.

However, the improved patient-provider interaction because of the advancements in technology and quality of medical care is further expected to support the growth of the segment. Innovations in communication technology like the 5G network, high-speed internet, video conferencing tools, and many others have significantly led to more accurate assessment, immediate feedback, and personalized treatment, which is likely to make these telehealth and telemedicine services more effective and accessible.

On the basis of application, the market can be segmented into telecardiology, telepsychiatry, teledermatology, telepathology, teleradiology, and others. Teleradiology is the fastest-growing segment in the telehealth and telemedicine industry during the forecast period. Increasing demand for diagnostic imaging services is the major reason for the boost in demand in the segment. The constant rise in the cases of chronic diseases along with the aging population is further supporting the demand in the market. There are several rural and underserved areas that do not have skilled or expert radiologists.

Therefore, teleradiology emerged as a safe and effective option to access diagnostic imaging services from anywhere across the world and get accurate diagnosis. Telehealth is very common in emergency or nighttime services. Also, the globalization of healthcare is another major factor supporting the growth of the segment.

Some people prefer to share their scans with expert health professionals across borders or countries for better healthcare services. Therefore, such a landscape is expected to expand the scope of the segment in the coming years.

On the basis of type, the market can be segmented into services and products. The services segment is anticipated to witness significant developments in the coming years. Rising demand for remote consultation is the primary factor for the high growth rate of the segment.

Also, there is growing awareness among people regarding telemedicine and telehealth services. Traditionally, people assumed remote consultation was less effective, but now there is high acceptance of remote consultation and follow-ups, particularly after the COVID-19 pandemic.

Additionally, people nowadays find telehealth services more convenient or approachable, particularly for those living in remote areas. Furthermore, the expansion of remote health services is expected to support the growth of the segment. People are seeking telehealth services for chronic diseases and continuous patient monitoring. Also, these services help healthcare professionals keep a record of patients in real time and provide them with personalized care services.

However, healthcare providers are taking one step ahead to handle the technical & administrative aspects of remote services, platform management, and many others, which in turn is further expected to propel the growth of the segment during the forecast period. Also, the training and educational services regarding telehealth operations are also likely to foster new growth opportunities in the segment.

Report Scope

Regional Analysis

• North America to dominate the global market during the projected period.

North America will account for the largest share of the global telehealth and telemedicine market during the forecast period. The US is the largest contributor to the market in North America because of the presence of a large patient pool in the region.

Moreover, the region is well-equipped with advanced technology and healthcare infrastructure. Also, countries like Canada are witnessing significant development in telemedicine platforms, particularly after the COVID-19 pandemic, because of the supportive government initiatives. North America is known for its high healthcare expenditure, which is another major factor driving people to adopt telehealth and telemedicine services.

However, the integration of advanced technologies like IoT, machine learning, and artificial intelligence with telehealth platforms significantly attracts patients by offering more accurate diagnostics and better patient monitoring. North America also has high incidences of chronic diseases like cardiovascular diseases, diabetes, obesity, and many others, which is further fostering healthcare facilities to integrate telehealth services and lower the burden on public healthcare infrastructure. Therefore, all these factors are likely to contribute immensely towards the growth of the regional market in the coming years.

Asia Pacific is another major region that is expected to witness a high growth rate in the telehealth and telemedicine industry in the coming years. China is the leading market for telehealth in APAC because of the presence of a large population and government support. Also, India is likely to see significant developments in the telehealth market because of the growing awareness of the digital health ecosystem.

However, Japan is also a leading region in the telehealth and telemedicine industry because of the growing emphasis of healthcare facilities and government on offering telehealth and telemedicine services to address the rising requirement for healthcare services.

Moreover, southeast Asian countries like Thailand, Malaysia, and Indonesia are also witnessing growing demand for telehealth services because of the ongoing development in the countries. For instance, InTouch Health is said to launch Solo in 2019. It is a fully integrated virtual care platform for any format of healthcare setting.

Competitive Analysis

The key players in the global telehealth and telemedicine market include:

• Koninklijke Philips NV
• BioTelemetry
• Cerner Corporation
• Siemens Healthineers
• GE Healthcare
• Allscripts Healthcare Solutions Inc.
• Medtronic

For instance, Temple University Health System and Masimo partnered with each other in 2023 to come up with new devices and technologies in the field of remote patient offerings.

The global telehealth and telemedicine market is segmented as follows:

By End-Users Segment Analysis

• Home Care
• Healthcare Facilities
• Others

By Modalities Segment Analysis

• Real-Time
• Store & Forward
• Others

By Applications Segment Analysis

• Telecardiology
• Telepsychiatry
• Teledermatology
• Telepathology
• Teleradiology
• Others

By Types Segment Analysis

• Services
• Products

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America