Global Telehealth Market, By Component (Hardware, Telecommunication /Services, Software, and Integrated Systems), Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, and On-Premise Delivery Mode), Mode of Purchase (Group Purchase and Individual Purchase), Application (General Consultation, Pathology, Neurology, Cardiology, Dermatology, Surgery, Gynecology, Orthopedics, Ophthalmology, Radiology, and Others), End User (Hospital Telehealth, Physician Telehealth, Home Telehealth, and Others) - Industry Trends and Forecast to 2031.
Telehealth Market Analysis and Insights
The growing prevalence of chronic diseases and conditions is driving the global telehealth market by increasing the demand for remote healthcare solutions. Telehealth offers an effective way to manage chronic diseases, improving patient outcomes and reducing healthcare costs. As the prevalence of chronic diseases continues to rise, the demand for telehealth is expected to increase, driving further growth in the market.
Data Bridge Market Research analyzes that the global telehealth market is expected to reach USD 105.02 billion by 2031 from USD 32.58 billion in 2023, growing at a CAGR of 16.2% in the forecast period of 2024 to 2031.
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016–2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Component (Hardware, Telecommunication /Services, Software, and Integrated Systems), Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, and On-Premise Delivery Mode), Mode of Purchase (Group Purchase and Individual Purchase), Application (General Consultation, Pathology, Neurology, Cardiology, Dermatology, Surgery, Gynecology, Orthopedics, Ophthalmology, Radiology, and Others), End User (Hospital Telehealth, Physician Telehealth, Home Telehealth, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., France, Italy, Netherlands, Spain, Russia, Switzerland, Turkey, Belgium, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, U.A.E., South Africa, Egypt, and Rest of Middle East and Africa
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Market Players Covered
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Walmart Health Virtual Care, Teladoc Health, Inc., Medtronic, Koninklijke Philips N. V., Honeywell International Inc., LanguageLine Solutions, Siemens Healthineers AG, F. Hoffmann-La Roche Ltd., AMN Healthcare Services Inc., Included Health Inc., American Well, MDLIVE, Oracle, GCX Corporation, Caregility, PlushCare, Teleray.com, Aerotel Medical Systems Ltd., GE Healthcare, Access TeleCare, LLC, Sesame Inc., CyraCom International, Inc., Propio Language Services, Interactive Digital Solutions, TelMDFirst, Artisight, and Omron Healthcare Inc., among others.
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Market Definition
Telehealth denotes the provision of healthcare services and medical information using telecommunications and digital technology. This encompasses a broad range of remote healthcare services, including virtual consultations, remote monitoring of patients, teletherapy, telepharmacy, and telemedicine. Through telehealth, patients can access medical care, advice, and treatment from healthcare providers remotely, often from the comfort of their own homes. This innovative approach improves access to healthcare, particularly for those in rural or underserved areas, and enhances the efficiency of care delivery. Telehealth has gained significant popularity due to its convenience, cost-effectiveness, and potential to improve health outcomes by enabling timely and accessible medical support.
Global Telehealth Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Growing Prevalence of Chronic Diseases and Conditions
Chronic diseases such as cardiovascular diseases, diabetes, and respiratory illnesses require ongoing management and monitoring, often involving frequent visits to healthcare providers. Telehealth offers a suitable and cost-effective way to manage these conditions remotely, allowing patients to receive care without the need for frequent in-person visits.
Telehealth platforms can enable patients to monitor their vital signs, track their symptoms, and communicate with healthcare providers from their homes. This not only improves convenience for patients but also allows healthcare providers to monitor patients more closely and intervene early if any issues arise. Additionally, telehealth can help reduce healthcare costs associated with chronic disease management, as it can reduce the need for hospitalizations and emergency room visits.
- Accessible and Widely Adopted mHealth Applications
Mobile health applications, often available on smartphones and tablets, allow patients to access healthcare services and information remotely. They can facilitate various telehealth services, such as virtual consultations with healthcare providers, remote monitoring of vital signs, and medication reminders. The widespread adoption of smartphones and tablets worldwide has made it easier for patients to access mHealth applications, regardless of their location. This increased accessibility has expanded the reach of telehealth services, especially in rural or underserved areas where access to traditional healthcare facilities may be limited.
Opportunity
- Growing Expansion of Telehealth Application
The expansion of telehealth services and the increased use of remote consultations are opening up new opportunities for telehealth market players. Telehealth platforms enable healthcare providers to assess patients remotely, provide guidance, and monitor treatment progress, offering greater accessibility and convenience for patients with musculoskeletal conditions. By eliminating geographical barriers and making healthcare more widely available, telehealth can reach patients who might otherwise face challenges accessing medical care due to distance or limited healthcare infrastructure. This growing access allows telehealth companies to cater to a broader patient base and expand their offerings. With real-time monitoring through video consultations, secure messaging, and remote monitoring devices, healthcare professionals can keep track of patients' vital signs, progress, and conditions without needing in-person visits. The seamless integration of health monitoring tools into telehealth platforms also supports personalized care management, making it easier for healthcare providers to offer high-quality, continuous care to patients. This trend presents a significant opportunity for telehealth market players to enhance their services and grow their market share.
Restraints/Challenges
- High Cost Associated with Healthcare IT Tools
The high cost associated with healthcare IT tools is a significant restraint on the global telehealth market. Implementing telehealth services requires substantial investment in systems, software, and hardware, which can be a barrier for many healthcare providers, especially those with limited financial resources. The cost of acquiring, implementing, and maintaining telehealth systems, software, and hardware can be prohibitively high, preventing some healthcare organizations from adopting telehealth solutions. Additionally, the complexity of integrating these IT tools with existing healthcare systems and ensuring interoperability can further increase costs. Training healthcare professionals to effectively use these tools also adds to the overall cost of implementing telehealth services.
- Software Incompatibility Issues Due to Varying Data Standards
In the evolving landscape of the telehealth market, the integration and exchange of data among diverse software systems, including Electronic Health Records (EHRs), remote monitoring platforms, and healthcare provider systems, pose significant challenges. The lack of standardized data formats and protocols leads to interoperability issues, hindering effective communication and data sharing. This disparity among software systems results in fragmented information, impeding the seamless flow of data crucial for monitoring. Furthermore, the integration of data from various sources, such as wearable devices and electronic medical records, encounters hurdle due to differing proprietary formats. This complexity in consolidating and analyzing data hampers the efficiency of digital therapeutic solutions, contributing to implementation delays, increased costs, and obstacles in market growth.
Recent Developments
- In February 2022, Teladoc Health Inc. announced the first-of-its-kind experience with Amazon Alexa with the launch of voice-activated general medical virtual care on supported Echo devices, such as an Echo, Echo Dot, and Echo Show. This has increased the company's sales and product portfolio
- In April 2024, Philips Foundation and March of Dimes team up to enhance prenatal care access in underserved areas, tackling US maternal and infant health issues. Philips will supply ultrasound technology for telehealth in three mobile health centers, assist with staffing and operations, and offer allowances for local healthcare partners and community workers. This partnership will help Philips improve its brand image and expand its market reach by addressing critical healthcare needs in underserved communities
- In January 2023, Royal Philips and Masimo are expanding their partnership to enhance patient monitoring in home telehealth with the Masimo W1 health tracking watch. The W1 will integrate with Philips's patient monitoring system, advancing telemonitoring and telehealth. This partnership will allow Philips to offer more comprehensive and advanced telemonitoring solutions, strengthening its position in the telehealth market and potentially increasing its revenue streams
- In October 2021, Honeywell International Inc. unveiled its Real-Time Health Monitoring System (RTHMS), a cutting-edge platform for remote patient monitoring. RTHMS integrates hardware and software, enhancing care delivery and healthcare worker productivity. It slashes hospital administrative tasks by 35%, potentially boosting Honeywell's growth by improving healthcare efficiency and patient outcomes
- In March 2022, American Well announced that they had joined forces with global innovator LG Electronics to expand the boundaries of virtual care. The two companies plan to jointly develop new device-based service solutions designed to make it easier for patients to access care, whether in a hospital or at home, which has increased the company's sales
Global Telehealth Market Scope
The global telehealth market is segmented into five notable segments based on component, delivery mode, mode of purchase, application, and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the differences in your target markets.
Component
- Hardware
- Telecommunication/Services
- Software
- Integrated Systems
On the basis of component, the market is segmented into hardware, telecommunication/ services, software, and integrated systems.
Delivery Mode
- Cloud-Based Delivery Mode
- Web-Based Delivery Mode
- On-Premise Delivery Mode
On the basis of delivery mode, the market is segmented into cloud-based delivery mode, web-based delivery mode, and on-premise delivery mode.
Mode of Purchase
- Group Purchase
- Individual Purchase
On the basis of mode of purchase, the market is segmented into group purchase and individual purchase.
Application
- General Consultation
- Pathology
- Neurology
- Cardiology
- Dermatology
- Surgery
- Gynecology
- Orthopedics
- Ophthalmology
- Radiology
- Others
On the basis of application, the market is segmented into general consultation, pathology, neurology, cardiology, dermatology, surgery, gynecology, orthopedics, ophthalmology, radiology, and others.
End User
- Hospital Telehealth
- Physician Telehealth
- Home Telehealth
- Others
On the basis of end user, the market is segmented into hospital telehealth, physician telehealth, home telehealth, and others.
Global Telehealth Market Regional Analysis/Insights
The global telehealth market is segmented into five notable segments based on component, delivery mode, mode of purchase, application, and end user.
The countries covered in this market report are U.S., Canada, Mexico, Germany, U.K., France, Italy, Netherlands, Spain, Russia, Switzerland, Turkey, Belgium, rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America, Saudi Arabia, U.A.E., South Africa, Egypt, and rest of Middle East and Africa.
North America is expected to dominate the global telehealth market due to advanced healthcare infrastructure, widespread technological adoption, and supportive regulatory frameworks. The U.S. is expected to dominate the North America telehealth market due to accessible and widely adopted m-health applications in the country. China is expected to dominate in the Asia-Pacific region due to strong government support, robust digital infrastructure, and significant investment in healthcare technology. The U.K. is expected to dominate in the Europe region due to its advanced technology adoption, robust healthcare infrastructure, and mature market.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Telehealth Market Share Analysis
The global telehealth market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product approvals, product width and breadth, application dominance, and product type lifeline curve. The above data points provided are only related to the company’s focus on the global telehealth market.
Some of the major market players operating in the global telehealth market are Fresenius SE & Co. KGaA, Baxter, NIPRO, Evoqua Water Technologies LLC, Medtronic, B. Braun SE, Nikkiso Co., Ltd., JMS Co. Ltd., Jafron Biomedical Co., Ltd., Asahi Kasei Medical Co., Ltd., Atlantic Biomedical, dialifegroup, and Advin Health Care, among others.
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