Telehealth Market Size Worth USD 224.87 Billion, Globally, by 2030 at 18.81% CAGR - Exclusive Report on Telemedicine Industry by Facts & Factors
NEW YORK, April 4, 2023 /PRNewswire/ -- As per Facts and Factors study, 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.
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Telehealth Market: Overview
Telehealth refers to the process of distribution of healthcare or health-related services using telecommunication technologies or electronic information devices. Telehealth helps in delivering long-distance or remote contact between the patient and the physician. Healthcare using telehealth systems covers a broad range of medical care and includes medical education, reminders, care, monitoring, intervention, advice, and remote admissions. The scope of telehealth is extremely vast and continues to grow with time.
In the coming years, it is expected to cover almost all aspects of traditional medical care. Sometimes, telehealth and telemedicine are used as synonyms of one another; however, the Health Resources and Services Administration has mentioned that there is a key difference between the two. The former includes promotive, preventive, and curative medical care delivery whereas the latter describes only remote medical services like monitoring and diagnosis. Telehealth has a larger scope as compared to telemedicine and the global market has shown tremendous growth in the last 3 years driven by the pandemic.
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Key Insights:
- As per the analysis shared by our research analyst, the global telehealth market is estimated to grow annually at a CAGR of around 18.81% over the forecast period (2022-2030)
- In terms of revenue, the global telehealth market size was valued at around USD 41.01 billion in 2021 and is projected to reach USD 224.87 billion, by 2030.
- The telehealth industry is projected to grow at a significant rate due to the growing internet and associated technology
- Based on application segmentation, telemedicine was predicted to show maximum market share in the year 2021
- Based on mode of delivery segmentation, cloud-based was the leading delivery mode in 2021
- On the basis of region, North America was the leading revenue generator in 2021
Facts and Factors published the latest report titled "Telehealth Market Size, Share, Growth Analysis Report By Application (Patient Monitoring, Telemedicine, Medical Education, and Others), By End-Users (Homecare, Hospitals, and Others), By Mode of Delivery (On-Premise and Cloud-Based), By Product Type (Software, Hardware, and Services), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" into their research database.
Industry Dynamics:
Global Telehealth Market: Growth Drivers
- Growing internet and associated technology to drive market demand.
The global telehealth market is projected to expand due to the growing internet technology along with associated devices and access to the internet. Telehealth majorly witnessed surging growth when the sector started leveraging the benefits of the internet. The arrival of high-speed internet connections further encouraged global market growth since speed is essential in medical care. Increased access to devices like smartphones, laptops, computers, and other portable devices helped in bringing telehealth to the homes of the people as well aided its promotion within the medical community.
When access to traditional healthcare becomes impossible due to various factors like the absence of healthcare facilities in remote areas, lack of mobility in patients, lack of transport, low funding, and lack of medical professionals to name a few, telehealth has proven to be extremely beneficial, especially during Covid-19, which is when it became one of the few measures through which doctors could cater to the needs of the patients.
Global Telehealth Market: Restraints
- Growing cases of healthcare fraud to restrict market expansion.
With the growth in the telehealth industry, there has been a surge in the number of reported cases related to healthcare fraud which can take different forms ranging from problems due to false or inaccurate billing to more complex kickback scandals. The insurance schemes covering medical care are provided with a misrepresentation of the virtual services undertaken and this could lead to insurance fraud if the patient is incorrectly billed. In 2021, the Department of Justice, USA, laid federal charges on 138 medical professionals for healthcare-related malpractices including telehealth fraud.
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Global Telehealth Market: Opportunities
- Use of artificial intelligence to provide growth opportunities.
The use of artificial intelligence (AI) and machine learning in telehealth care is expected to open more doors for tremendous growth during the projection period. AI-driven systems can provide doctors and medical professionals access to more data-driven information allowing them to make real-time decisions and provide overall improved patient care and experience. The global telehealth market is witnessing a surge in the number of research and innovation activities in the telehealthcare segment which is a positive sign toward future growth.
Global Telehealth Market: Challenges
- Lack of technical knowledge among patients to challenge the market expansion.
In various incidences, the patient may not have the necessary technical skills to anchorage the benefits of telehealthcare and it is one of the key challenges that the telehealth industry players and medical professionals face. This is especially prevalent in remote areas that may not have the right education infrastructure. Hence it is recommended for companies to first survey the area and understand the skills level of the population before launching services. The market players may also have to invest in training the users with the right education programs to ensure that the programs can run successfully.
Global Telehealth Market: Segmentation
- The global telehealth market is segmented based on application, end-users, delivery, product type, and region.
Based on application, the global market is segmented as patient monitoring, telemedicine, medical education, and others.
- In 2021, the global market was dominated by telemedicine and is expected to continue the growth trend during the forecast period. The segmental expansion is credited to the rapidly increased access to telemedicine during the pandemic further propelled by the rise in the number of players acting as service providers
- In 2021, more than 37% of the US adult population leveraged the benefits of telehealthcare as per the Centers for Disease Control and Prevention (CDC)
- Medical education and patient monitoring may also generate higher revenue with the former applying both to the care provider and the recipient
Based on end-users, the global market is divided into homecare, hospitals, and others. Based on product type, the global market is segmented into software, hardware, and services.
Based on mode of delivery, the global market is divided into on-premise and cloud-based
- The telehealth industry is projected to register the highest growth in the cloud-based mode of service delivery since it offers better advantages
- There has been significant growth in the number of operators providing cloud-based services to patients and the medical unit resulting in a rapid adoption rate
- Factors like ease of accessibility, seamless data storage, enhanced security, and high bandwidth are the major segmental propellers
- The average cost of using telehealthcare software can range between USD 30 to USD 300 depending on the features used
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List of Key Players in Telehealth Market:
- GE Healthcare
- Teladoc Health Inc.
- Medtronic
- Koninklijke Philips N. V
- Global Med
- Cerner Corporation
- MD Live
- Siemens Healthineers
- Doctor On Demand
- American Well
Key questions answered in this report:
- What are the growth rate forecast and market size for TELEHEALTH Market?
- What are the key driving factors propelling the TELEHEALTH Market forward?
- What are the most important companies in the TELEHEALTH Market Industry?
- What segments does the TELEHEALTH Market cover?
- How can I receive a free copy of the TELEHEALTH Market sample report and company profiles?
Report Scope:
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Recent Developments
- In June 2022, GoMeyra, a cloud-software service provider leading in innovative and real-time solutions, announced the launch of GoVirtual Clinic, a new telehealth clinic. The system is a cloud-based, single-interface solution that connects nurses, physicians, and labs to conduct medical tests and provide consulting services to the patients
- In July 2022, Neev Tech Labs, a Melbourne-based telehealth platform startup, launched Connect2MyDoctor. It is a 3-dimensional augmented reality module to be used for patient education. The technology is currently being used in 15 countries and has a database of more than 3000 specialists
Regional Dominance:
- North America to witness surging growth during the projection period.
The global telehealth market is projected to register the highest growth in North America which dominated around 43% of the global market share in 2021. Factors like high and growing expenditure on regional healthcare infrastructure, presence of gaming-changing information technology (IT) service providers, and higher access to fast-speed internet along with supporting devices like computers, smartphones, smartwatches, and others are the main reasons propelling the growth in North America.
Furthermore, higher awareness amongst the population about the benefits of telehealth along with a growing adoption rate amongst medical professionals encouraging more patients to adopt the systems and technologies could lead to growth in CAGR in the coming years. A large number of dominant players are housed in North America, especially in the US. These companies have a consumer database that is spread across continents and is registering consistent growth with time additionally encouraged by the rise in the number of start-ups looking to grab the opportunities that the global market holds.
Global Telehealth Market is segmented as follows:
Telehealth Market: By Application Outlook (2023-2030)
- Patient Monitoring
- Telemedicine
- Medical Education
- Others
Telehealth Market: By End-Users Outlook (2023-2030)
- Homecare
- Hospitals
- Others
Telehealth Market: By Mode of Delivery Outlook (2023-2030)
- On-Premise
- Cloud-Based
Telehealth Market: By Product Type Outlook (2023-2030)
- Software
- Hardware
- Services
Telehealth Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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