Telehealth Market Synopsis

Telehealth Market Size Was Valued at USD 101.2 Billion in 2023, and is Projected to Reach USD 716.8 Billion by 2032, Growing at a CAGR of 24.3% From 2024-2032.

The term ‘telehealth’ refers to the delivery of care, and other related health information by employing telecommunication and other forms of IT support. This includes items such as teleconsultation, remote patient tracking, teletherapy, telepharmacy, and telemedicine. In telehealth, the patient receives medical consultation and treatment from healthcare providers through phone or video call without physically getting to the doctor’s office. It helps make the healthcare more available especially to the rural clientele and also increases the effectiveness of the delivery of health care services. Telehealth solutions have attracted much attention in the context of flexibility, low cost, and the possibility to enhance a patient’s health state due to receiving a prompt medical assistance.

• The growth of the global telehealth market is due to the increase in the number of those seeking digital and convenient healthcare solutions for both themselves and consumers across the world. Telemedicine emerges to be quickly catching the attention of the consumer because of the services like consultation with healthcare professionals available right at the touch of a button. As the investments on the advancement of IT interfaces increases and as the majority of the global populace own smart phones and have access to internet, the market for telehealth is expected to grow. Telehealth is emerging as an important player in the distribution of the physicians’ services. Hence, the growing consumer awareness/interest and the demand/interest of doctors for the telehealth platforms which they use is driving the global telehealth market.
• The increasing rate of diseases that requires constant monitoring and the increase in the population of people aged sixty and above has been identified as some of the drivers of the telehealth market. In addition, increasing the hospital and clinic worldwide are one of the major drivers that help in increasing the use of telehealth. Telehealth monitors the medical health of the patients and gives relevant information to the doctors while nurturing the patients. This in turn helps the doctors to offer efficient treatment to the patients.
• Also, the geriatric patient requires constant attention; therefore, an increase in the geriatric population is strengthening the call for the telehealth platforms. It is evident that the use of telehealth apps is increasing at a very high rate around the world which is boosting the market growth. Moreover, different development trends are continuously being implemented by the leading market players such as M&As, partnerships and new product portfolio that is helping the global telehealth market to grow substantially.

Telehealth Market Trend Analysis

Increased patient engagement

• Telehealth also allows patients to receive healthcare services via the phone or any other electronic platform. Thus, the higher number of patients’ demand on healthcare providers by using telehealth services contribute to the growth of the market. Patient activation is a process that seeks to facilitate the active role that patient’s play in promoting his health. Patients have an ability to monitor their health state, receive an individualized health plan and contacting an attending physician through telehealth systems. Apart from explaining the types of healthcare services whereby most telehealth services present health and wellness services including psychological counselling and nutrition. These services are used by a more diverse population of patients who are much more involved in enhancing their total health status. In this manner, patient engagement is noted to go up and this is seen to be a booster of the market.

Integration of artificial intelligence

• AI can also be used to examine patients’ records and design the most suitable treatment plan according to the patient’s history, genetic predispositions, and lifestyle. It is, therefore, easier to develop better treatments depending on the patient’s treatment needs, thus improving on patients’ compliance. Using artificial intelligence, one can create virtual assistants and chatbots to provide initial medical consultation, answering regular health questions, and helping patients with diseases requiring constant monitoring. This alleviates pressure off healthcare workers while also engaging the patient. Therefore, there is an opportunity identified, which originates from the integration of artificial intelligence-based models in the telehealth tools.

Telehealth Market Segment Analysis:

Telehealth Market Segmented based on Component, End User, Application, and Mode of Delivery.

By Application, telemedicine segment is expected to dominate the market during the forecast period

• By application, the telemedicine segment was the largest in the global telehealth market for 2023 by revenue and it will remain the largest revenue generating segment during the forecast period. The adoption of telemedicine has increased among the consumer due to the increase penetration and consecutive growth in the global market in the past year. Further, the availability of numerous number of players offering telemedicine services in the market has compounded the growth of the market. Moreover, the progression in cloud-based storage services is aiding the growth of telehealth market by offering access to the data.
• However, patient monitoring segment will be the fastest growing segment in the market during the forecast period. This is because there is ever increasing demand for the constant monitoring of the patients among which are the old aged patients. In addition, the prominence of the smart medical wearable devices is boosting the segment growth as it constantly monitors the user’s health. An estimated one million people are currently using cardiac monitoring devices, a figure likely to increase, based on the prediction by the American Telemedicine Association. This is a key driver to patient monitoring segment.

By End User, hospitals segment held the largest share in 2023

• Hospitals segment analyzes that telehealth market has been leading the market by the largest share of 2023 in terms of revenue and it will maintain its dominance in the forecast period. This can be attributed to the advancement in the use of telecommunications that has been embraced in the Health sector. One of the ways that have been reported to reduce the load of physicians and doctors within the hospitals is through implementing telehealth systems like telemedicine and tele-ICU. However, the increasing coverage of hospitals and newly built private clinics in the developed and developing markets will fuel the trend of telehealth in the following years. The increase is demand in technically more advanced devices is increasing across the global healthcare industry due to the increase in demand to make the system more efficient, cutting costs and making the system profitable.
• On the other hand, in the global homecare segment is expected to be the most lucrative segment during the forcast period. This can be attributed to the rising demand for HAI due to the rising awareness to the hospital acquired infections, the aging population and improved purchasing power. A major portion of the old age population prefers to undergo treatment while being at their homes, thereby making the homecare segment likely to be the key driver for the telehealth demand. In addition, the increased level of awareness of hospital acquired infections discourages the patients to access the hospitals for treatment and forces them to seek medical assistance in the comfort of their home.

Telehealth Market Regional Insights:

North Amrica is Expected to Dominate the Market Over the Forecast period

• North America was the largest revenue market for in 2023. This dominance has been attributed to the region’s greater healthcare IT spending and a higher connectivity of Internet and Smartphone users. North America is recognized as one of the pioneers in implementing smart healthcare solutions based on technologies like smart wearables, eHealth services including HERS telemedicine, and applications for mobile devices. These solutions allow people to obtain information concerning serious and long-term healthcare problems from a distance. Telemedicine drivers include mobile phone uptake, coverage networks, scarcity of primary care physicians, expanding rates of childbirth, increasing incidence of chronic diseases, aging populace, increasing costs of health care, and need to improve health status of population experiencing chronic ailments.

Active Key Players in the Telehealth Market

• Koninklijke Philips N.V
• GE Healthcare
• Oracle Cerner (earlier Cerner Corporation)
• Siemens Healthineers
• Medtronic
• Teladoc Health Inc
• American Well
• MDLIVE
• Doctor On Demand
• Global Med
• Other Key Players

Key Industry Developments in the Telehealth Market:

• In October 2023 , Glenn Gaunt MD, introducing and official launch of; An evolutionary approach to conventional medicine. The platform focuses on delivering quality and easily accessible and uncomplicated healthcare services where patients get to be attended to in the comfort of their homes.
• In September 2023, Apollo Telehealth launched Tele-Emergency ICU services implementing critical care functionality in nine NTPC plants. The objective of this scheme is to extend medical consultancy and care through telecommunication technologies for emergency care and support.
• In August 2023, it has emerged that the Amazon Clinic, a virtual medical clinic, is set to expand across the country. The previously launched Amazon Clinic, which began in November, helps patients contact telemedicine to treat various conditions such as acne and hair loss

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Telehealth Market by Component
 4.1 Telehealth Market Snapshot and Growth Engine
 4.2 Telehealth Market Overview
 4.3 Software
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Software: Geographic Segmentation Analysis
 4.4 Hardware
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Hardware: Geographic Segmentation Analysis
 4.5 Services
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Services: Geographic Segmentation Analysis

Chapter 5: Telehealth Market by End User
 5.1 Telehealth Market Snapshot and Growth Engine
 5.2 Telehealth Market Overview
 5.3 Hospitals
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Hospitals: Geographic Segmentation Analysis
 5.4 Homecare
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Homecare: Geographic Segmentation Analysis
 5.5 Others
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Others: Geographic Segmentation Analysis

Chapter 6: Telehealth Market by Application
 6.1 Telehealth Market Snapshot and Growth Engine
 6.2 Telehealth Market Overview
 6.3 Telemedicine
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Telemedicine: Geographic Segmentation Analysis
 6.4 Patient Monitoring
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Patient Monitoring: Geographic Segmentation Analysis
 6.5 Medical Education
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Medical Education: Geographic Segmentation Analysis
 6.6 Others
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Others: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Telehealth Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 KONINKLIJKE PHILIPS N V
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 GE HEALTHCARE
 7.4 ORACLE CERNER (EARLIER CERNER CORPORATION)
 7.5 SIEMENS HEALTHINEERS
 7.6 MEDTRONIC
 7.7 TELADOC HEALTH INC
 7.8 AMERICAN WELL
 7.9 MDLIVE
 7.10 DOCTOR ON DEMAND
 7.11 GLOBAL MED
 7.12 OTHER KEY PLAYERS

Chapter 8: Global Telehealth Market By Region
 8.1 Overview
 8.2. North America Telehealth Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Component
   8.2.4.1 Software
   8.2.4.2 Hardware
   8.2.4.3 Services
  8.2.5 Historic and Forecasted Market Size By End User
   8.2.5.1 Hospitals
   8.2.5.2 Homecare
   8.2.5.3 Others
  8.2.6 Historic and Forecasted Market Size By Application
   8.2.6.1 Telemedicine
   8.2.6.2 Patient Monitoring
   8.2.6.3 Medical Education
   8.2.6.4 Others
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Telehealth Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Component
   8.3.4.1 Software
   8.3.4.2 Hardware
   8.3.4.3 Services
  8.3.5 Historic and Forecasted Market Size By End User
   8.3.5.1 Hospitals
   8.3.5.2 Homecare
   8.3.5.3 Others
  8.3.6 Historic and Forecasted Market Size By Application
   8.3.6.1 Telemedicine
   8.3.6.2 Patient Monitoring
   8.3.6.3 Medical Education
   8.3.6.4 Others
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Telehealth Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Component
   8.4.4.1 Software
   8.4.4.2 Hardware
   8.4.4.3 Services
  8.4.5 Historic and Forecasted Market Size By End User
   8.4.5.1 Hospitals
   8.4.5.2 Homecare
   8.4.5.3 Others
  8.4.6 Historic and Forecasted Market Size By Application
   8.4.6.1 Telemedicine
   8.4.6.2 Patient Monitoring
   8.4.6.3 Medical Education
   8.4.6.4 Others
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Telehealth Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Component
   8.5.4.1 Software
   8.5.4.2 Hardware
   8.5.4.3 Services
  8.5.5 Historic and Forecasted Market Size By End User
   8.5.5.1 Hospitals
   8.5.5.2 Homecare
   8.5.5.3 Others
  8.5.6 Historic and Forecasted Market Size By Application
   8.5.6.1 Telemedicine
   8.5.6.2 Patient Monitoring
   8.5.6.3 Medical Education
   8.5.6.4 Others
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Telehealth Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Component
   8.6.4.1 Software
   8.6.4.2 Hardware
   8.6.4.3 Services
  8.6.5 Historic and Forecasted Market Size By End User
   8.6.5.1 Hospitals
   8.6.5.2 Homecare
   8.6.5.3 Others
  8.6.6 Historic and Forecasted Market Size By Application
   8.6.6.1 Telemedicine
   8.6.6.2 Patient Monitoring
   8.6.6.3 Medical Education
   8.6.6.4 Others
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Telehealth Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Component
   8.7.4.1 Software
   8.7.4.2 Hardware
   8.7.4.3 Services
  8.7.5 Historic and Forecasted Market Size By End User
   8.7.5.1 Hospitals
   8.7.5.2 Homecare
   8.7.5.3 Others
  8.7.6 Historic and Forecasted Market Size By Application
   8.7.6.1 Telemedicine
   8.7.6.2 Patient Monitoring
   8.7.6.3 Medical Education
   8.7.6.4 Others
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research