Telehealth Market Trends

Global Telehealth Market Overview

The Telehealth Market Size was valued at USD 106.28 billion in 2023 and is projected to grow from USD 131.84 Billion in 2024 to USD 764.08 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.56% during the forecast period (2024 - 2032). Rising cancer incidence worldwide and Innovations focusing on providing high-quality healthcare are the key market drivers enhancing the market growth. 

Telemedicine is becoming increasingly popular, particularly in cardiology, radiology, behavioral health, and online consultation.The primary market drivers boosting market expansion are innovations concentrating on delivering high-quality healthcare and rising cancer incidence globally. Particularly in cardiology, radiology, behavioral health, and online consultation, telemedicine is growing in popularity.

Telehealth Market Trends

• Rising cancer incidence worldwide to boost the market growth

The market is anticipated to grow significantly due to the rising cancer incidence worldwide. The healthcare systems are expected to be stressed by this rising prevalence because there is a shortage of doctors and nurses in most countries, which is expected to increase demand for the services. Thus, increasing the Telehealth Market revenue.

The WHO estimates that there will be a shortage of 15 Billion healthcare workers in facilities by 2030, which will encourage the use of AI for patient treatment and diagnosis, increase accessibility to healthcare services in remote areas and lower healthcare costs. Remote patients can receive healthcare services virtually and digitally, thanks to telehealth. The use of technology makes it possible to provide patients with patient-centered care remotely, which lowers the number of hospitalizations and emergency room visits. Despite the benefits, the industry's growth is anticipated to be constrained by worries about cybersecurity, data privacy, and the high cost of implementing the services.

Additionally, telehealth emphasizes expanding patient access to fundamental healthcare services with improved quality and safety. Telehealth applications have successfully provided patients with the right care while minimizing negative outcomes and preventing symptoms from going unnoticed. Smart wearables, the internet of things, sophisticated healthcare analytics, improved internet connectivity, and the increasing use of smartphones worldwide are among the digital healthcare innovations that significantly impact the industry's development. Additionally, the personalization of healthcare services is being improved by incorporating AI and ML algorithms, which has enhanced the Telehealth market CAGR across the globe in recent years.

Telehealth Market Segment Insights

Telehealth Components Insights

The Telehealth Market segmentation, based on Components, includes Hardware, Software, and Services. The Software segment held the majority share in 2022 contribution concerning the Telehealth Market revenue. This is because of the growing need for accessible, affordable healthcare services, effective workflow management, and higher-quality care. The use of the software is expanding due to rising healthcare costs and the expanding requirement to accurately and continuously monitor population health. Many healthcare organizations in developed countries have switched to value-based care models to improve patient outcomes. Additionally, many global initiatives taken by the major players are fueling the segment's expansion.

Figure 1: Telehealth Market, by Components, 2023 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Telehealth Mode of Delivery Insights

The Telehealth Market segmentation, based on Mode of Delivery, includes Web/Cloud-Based, and On-Premise. The Web/Cloud-Based segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period 2022-2030. Some factors contributing to the segment's growth include the emergence of various virtual care and web-based telehealth applications and the growing adoption of web-based delivery to give patients direct access to healthcare services. The popularity of web-based delivery is also boosted by rising internet usage and advancements in the smartphone market. Additionally, web-based applications' cost-effectiveness and intuitive user interface boost adoption even more.

The introduction of technologically sophisticated solutions and the growing adoption of cloud-based applications by healthcare providers and patients are expected to cause the cloud-based delivery segment to experience the fastest growth rate during the forecast period. Furthermore, the segment is expanding due to cloud-based applications' seamless data storage and recovery, simple accessibility, high bandwidth, and improved security. The demand for the cloud-based delivery segment has been boosted by increased data breaches on web-based and on-premise telehealth platforms. For people in rural and remote areas who need immediate medical assistance, cloud-based solutions allow patient monitoring, and teleconsultation implants for Telehealth positively impact the market growth.

Telehealth Application Insights

The Telehealth Market data has been bifurcated by Application into Radiology, Cardiology, Primary Care, Neurophysiology, and others. The radiology segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. In radiology, diseases are identified and treated using imaging technology. Diagnostic radiology and interventional radiology are two subfields of radiology. Diagnostic imaging usage is rising, and this overuse greatly impacts the medical industry's price and standard of care. Numerous factors have been identified, but little is known about their relative impact.

Telehealth End User Insights

Based on End Users, the Global Telehealth industry has been segmented into Hospitals and Clinics, Diagnostic Centers, Home Care, and others. Hospitals and Clinics held the largest segment share in 2022; a balance between operational and financial priorities must be struck as the healthcare sector becomes more complex. The use of the LIS in clinics worldwide is increasing due to how well it engages patients with personalized clinical care. Over the forecast period, demand in the segment will also be boosted by an increase in the number of healthcare clinics worldwide and automation's increasing penetration.

Telehealth Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Telehealth market accounted for USD 50.6548 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Some factors that contributed to the market's growth included high healthcare IT spending and higher internet and smartphone penetration in the region. The growing burden of chronic conditions and widespread knowledge of digital health. The presence of important players and the emergence of start-ups will also influence the adoption of telehealth platforms in the region. The increasing number of patients, growing approach towards home healthcare services, and the growing acquisition among crucial players are projected to be some other salient causes that can propel the regional market during the forecast period.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: TELEHEALTH MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Telehealth market accounts for the second-largest market share due to a favorable regulatory environment, a quick uptake of remote monitoring technology, and sufficient infrastructure. For instance, the Digital Healthcare Act (DVG) in Germany will formally permit doctors to prescribe medications to their patients via apps in 2020, according to Healthcare IT News. Further, the Germany Telehealth market held the largest market share, and the UK Telehealth market was the fastest-growing market in the European region.

The Asia-Pacific Telehealth Market is expected to grow at the fastest CAGR from 2024 to 2032. The region is expected to grow due to the rising geriatric populations in nations like Japan and India, as well as the advancements made in digital health and the research projects started by the key players. The increasing incidences of the prevalence of chronic diseases and higher expenditure on healthcare services are other crucial factors propelling the regional market in the assessment tenure. Favorable government initiatives to improve internet connectivity, as well as rising healthcare and medical aid demand in rural areas, is anticipated to have a positive effect on market growth. Additionally, it is anticipated that the region's market will grow faster than average due to its shortage of healthcare professionals and the need to contain rising healthcare costs. Moreover, the China Telehealth market held the largest market share, and the India Telehealth market was the fastest-growing market in the Asia-Pacific region.

Telehealth Key Market Players & Competitive Insights

Major market players are spending much money on R&D to increase their product lines, which will help the Telehealth market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Telehealth industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the Global Telehealth industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. Telehealth has provided medicine with some of the most significant benefits in recent years. The Telehealth market major player such as Allscripts Healthcare Solutions (US), American Well (US), Honeywell International Inc. (US), Right Health (Canada), Boston Scientific Corporation (US), Medtronic PLC (Ireland), Care Innovations LLC (US), GlobalMed (US), Siemens (Germany), AMD Global Telemedicine Inc. (US) and others are working on expanding the market demand by investing in research and development activities.

Allscripts Healthcare Solutions (US) is a company made up of passionate and enthusiastic individuals whose daily goal is to support healthcare professionals in providing the best care for healthier communities. We are committed to fostering an inclusive environment that supports the talents of all people because we believe that diversity is the cornerstone of innovation.

Also, American Well (US), According to Ido Schoenberg, Chairman and Co-CEO of Amwell, "We believe that healthcare delivery in the future will inevitably combine in-person, virtual, and digital care experiences. As a result, we are building a global platform that will support such sophisticated, coordinated care. "By integrating SilverCloud Health and Conversa Health into our platform, we are showcasing Amwell's fundamental and repeatable design to scale digital healthcare services across various care sites continuously. The presence and reach of care teams will be expanded thanks to these acquisitions, which also confirm that the Amwell platform will change along with the needs of the healthcare industry".

Key Companies in the Telehealth market include

• Allscripts Healthcare Solutions (US)


• American Well (US)


• Honeywell International Inc. (US)


• Right Health (Canada)


• Boston Scientific Corporation (US)


• Medtronic PLC (Ireland)


• Care Innovations LLC (US)


• GlobalMed (US)


• Siemens (Germany)


• AMD Global Telemedicine Inc. (US)

Telehealth Industry Developments

August 2021: The debut of CVS Health's Aetna Virtual Primary Care was made possible by a collaboration between Teladoc and CVS. To provide virtual care services to patients remotely through video and telephone consultations, CVS Health will use Teladoc's physician network and providers under the terms of this partnership. This will lessen the patients' reliance on in-person consultations and visits.

November 2021: In 2021, Canada invested USD 230,005 Billion and USD 78,038.3 Billion in the public and private sectors, respectively, according to data updated by the Canadian Institute for Health Information.

May 2023: 

The largest telehealth Series A investment in Southeast Asia, according to the firm, was made in the Singapore-based telehealth platform ORA, which has raised USD 10 million in finance. With this most recent cash infusion, ORA has now received over USD 17 million in finance overall, allowing it to grow its business and services. Over 250,000 consultations have been facilitated by ORA since its start in 2021, making it the largest and fastest-growing vertically-integrated telehealth platform in South East Asia. Ora is divided into verticals that are devoted to particular health concerns, such as skincare and men's and women's health.

May 2023: 

Walmart Inc. announced that it has partnered with pet healthcare service Pawp to provide its subscribing users with on-demand video or text access to veterinarians. The agreement fits in with Walmart's effort to outdo Amazon in the e-commerce space by introducing more services and value offers. The telehealth services offered by pet store Chewy and rival Petco Health and Wellness Company have also been growing.

May 2023: 

The Drug Enforcement Agency (DEA) announced a set of waivers to make it simpler for healthcare professionals to prescribe banned medications during telehealth consultations when the COVID-19 epidemic struck the United States in early 2020. The Ryan Haight Online Pharmacy Consumer Protection Act, a 2008 statute intended to prevent physicians from writing prescriptions without a meaningful assessment of patients, was modified to exempt providers from several of its essential components. When the government's declared public health emergency expired in May 2023, such exclusions were established.

Telehealth Market Segmentation

Telehealth Components Outlook

• Hardware


• Software


• Services

Telehealth Mode of Delivery Outlook

• Web/Cloud-Based


• On-Premise

Telehealth Application Outlook

• Radiology


• Cardiology


• Primary Care


• Neurophysiology


• Others

Telehealth End User Outlook

• Hospitals and Clinics


• Diagnostic Centers


• Home Care


• Others

Telehealth Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America