Telehealth Market Growth & Trends
The global telehealth market size is expected to reach USD 455.26 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 24.0% over the forecast period. The rising penetration of the internet and the evolution & development of smartphones are factors that contribute to the growth of the industry. Advancements in digital infrastructure allow users to monitor their health and fitness, avail of medical assistance, and book appointments. For instance, several applications and platforms, such as Doctor on Demand, Lemonaid, and MDLive, allow their users to book appointments, monitor personal health, track consultations, and store healthcare information.
Moreover, the COVID-19 pandemic accelerated the adoption of telemedicine and teleconsultation. The pandemic exposed the shortcomings in the healthcare systems while also burdening the healthcare resources and facilities, which accelerated the adoption of the solutions. The government-imposed travel restrictions and lockdowns to curb the spread of the virus, which led to patients and healthcare institutions shifting toward teleconsultations and telemedicine. In addition, insurance companies and healthcare payers are collaborating with key industry players to provide free consultation services to patients. For instance, AIG and Cigna announced a partnership with Doctor Anywhere in Singapore.
Under this partnership, the companies will provide free consultation services to patients across Thailand, Singapore, and Vietnam. Moreover, the rising number of public-private partnerships, advancements in digital infrastructure, rise in government initiatives, and growing advancements in digital health technologies are anticipated to boost the demand for virtual care applications and services. Several key players, such as GlobalMed, Siemens Healthineers, and Doctor Anywhere, reported a significant rise in revenues and active users during the pandemic. The services segment held the largest share of the global revenue in 2022 due to the rising preference for telemedicine and teleconsultation to reduce healthcare costs and physical visits to hospitals.
Moreover, the development of digital infrastructure is expected to boost the growth of the services segment. The web-based delivery mode segment dominated the global industry in 2022 on account of the higher adoption of web-based solutions by patients and healthcare institutions. The healthcare providers end-use segment accounted for the highest share of the overall revenue in 2022. The high share of this segment can be attributed to the increased adoption of teleconsultation and telemedicine platforms by providers to reduce the burden on healthcare resources and facilities.
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Telehealth Market Report Highlights
- In 2022, the services segment held the largest revenue share due to the advancements in digital healthcare infrastructure along with the increased adoption of telehealth services to manage chronic conditions & monitor health
- In 2022, the web-based delivery mode segment held the largest revenue share due to the high adoption of web-based solutions by healthcare professionals and patients
- In 2022, the providers segment held the maximum revenue share due to increased convenience offered by the telehealth services and improved workflow management
- In 2022, the radiology segment led the industry. However, the psychiatry segment is anticipated to grow at the fastest CAGR over the forecast period owing to increased cases of anxiety, stress, and mental illnesses
- In 2022, North America was the leading region due to the availability of favorable government initiatives and digital infrastructure to provide digital solutions to patients
Access Press Release@ https://www.grandviewresearch.com/press-release/global-telehealth-market
Telehealth Market Segmentation
Grand View Research, Inc. has segmented the global telehealth market on the basis of product type, delivery mode, end-use, disease area, and region:
Telehealth Product Type Outlook (Revenue, USD Million, 2016 - 2030)
- Hardware
- Monitors
- Medical Peripheral Devices
- Blood Pressure Meters
- Blood Glucose Meters
- Weighing Scales
- Pulse Oximeters
- Peak Flow Meters
- ECG Monitors
- Others
- Software
- Standalone Software
- Integrated Software
- Services
- Remote Patient Monitoring
- Real-Time Interactions
- Store and Forward
- Others
Telehealth Delivery Mode Outlook (Revenue, USD Million, 2016 - 2030)
- On-premise
- Web-based
- Cloud-based
Telehealth End-use Outlook (Revenue, USD Million, 2016 - 2030)
- Payers
- Providers
- Patients
Telehealth Disease Area Outlook (Revenue, USD Million, 2016 - 2030)
- Psychiatry
- Substance Use
- Radiology
- Endocrinology
- Dermatology
- Gastroenterology
- Neurological Medicine
- ENT
- Cardiology
- Oncology
- Dental
- Gynecology
- General Medicine
- Others
Telehealth Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- US.
- Canada
- Europe
- UK.
- Germany
- France
- Spain
- Italy
- Russia
- Belgium
- The Netherlands
- Luxembourg
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Singapore
- Latin America
- Brazil
- Mexico
- Chile
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Telehealth Market
- Koninklijke Philips N.V
- Siemens Healthineers
- Cerner Corp. (Oracle)
- GE Healthcare
- Medtronic PLC
- Teladoc Health Inc.
- American Well
- Doctor on Demand
- GlobalMed
- MDLive
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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