The global telehealth market in terms of revenue was estimated to be worth USD 120.01 billion in 2022 and is poised to reach USD 1,186.59 billion by 2032, growing at a CAGR of 25.7% from 2023 to 2032.
The global telehealth market in terms of revenue was estimated to be worth USD 120.01 billion in 2022 and is poised to reach USD 1,186.59 billion by 2032, growing at a CAGR of 25.7% from 2023 to 2032. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
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Key Takeaways:
- North America dominated the industry in 2022 with a share of 47.16% of the total revenue.
- Asia Pacific is projected to witness the fastest growth rate during the forecast period.
- The services segment held the largest share of 47.12% in 2022.
- The software segment is anticipated to witness a lucrative CAGR during the forecast period
- The web-based delivery mode segment held the largest share of 45.11% of the overall revenue in 2022.
- The cloud-based delivery segment is anticipated to witness the fastest growth rate during the forecast period
- In 2022, the radiology segment accounted for the largest share of 12.9% of the overall revenue.
- The psychiatry segment is anticipated to grow at the fastest CAGR over the forecast period
- The provider segment accounted for the largest revenue share of 53.8% in 2022
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Rising penetration of internet and evolution & development of smartphones are factors that have contributed to the market’s growth. COVID-19 pandemic and associated lockdowns & social distancing norms are major factors driving the market growth. As governments globally announced social distancing norms to prevent spread of disease, number of visitors & active members on telehealth platforms rapidly increased between 2019 & 2020.
Advancement of smartphone technology for enhancing disease diagnostics is a key driver for market expansion. According to the GSM Association report, The Mobile Economy 2022, the global number of individuals connected to mobile services was 5.3 billion in 2021, and this figure is projected to reach 5.7 billion by 2025, constituting 70% of the global population as unique mobile subscribers. There is also a notable increase in smartphone penetration, reaching 75% in 2021 and expected to reach 84% by 2025, as highlighted in The Mobile Economy 2022. This growing prevalence of smartphones among consumers is fueling the growth of various mHealth applications in the market. In addition, the continuous enhancement of network infrastructure and expanding network coverage contribute to the rising demand for telehealth services.
Furthermore, the number of health apps has increased significantly in recent years. As per data published by MobiusMD, as of 2021, there were 350,000 health, medical, and fitness apps in the market. Health apps facilitate effective communication between patients living in remote locations and healthcare professionals. Moreover, the usage of mobile devices is rising among physicians. As per a report by BMC Health, around 82% of people use mobile phones for patient engagement. Thus, rising importance of mobile phones and mHealth for improving health outcomes & patient care is driving the market growth.
Furthermore, insurance firms and healthcare payers are engaging in partnerships with key market players to offer complimentary consultation services to patients. For instance, the collaboration between AIG and Cigna with Doctor Anywhere in Singapore. This collaboration aims to provide free consultation services to patients in Thailand, Singapore, and Vietnam. In addition, the increasing prevalence of public-private partnerships, advancements in digital infrastructure, government initiatives, and continuous progress in digital health technologies are expected to drive the demand for virtual care applications and services. Several major players such as Siemens Healthineers, Doctor Anywhere, and GlobalMed have reported significant increases in revenue and active users during the pandemic.
Market Concentration & Characteristics
The market is characterized by a high degree of innovation, with the introduction of new technologies and methods. Technologies like deep learning, machine learning, and AI functionalities play a crucial role in enhancing the personalization of healthcare services. In telehealth, AI and machine learning are integrated to aid in the conclusive analysis of patients remotely.
Several market players such as GE Healthcare, Cerner Corporation (Oracle), Siemens Healthineers, Medtronic, are involved in merger and acquisition activities. Through M&A activity, these companies can expand their geographic reach and enter new territories.
Regulations, particularly the Health Insurance Portability and Accountability Act (HIPAA) of 1996 and its amendments under Health Information Technology for Economic and Clinical Health (HITECH) Act, have a significant impact on market. These regulations play a crucial role in ensuring the secure handling and privacy of digital health information, shaping the operational framework and compliance standards for telehealth services especially in U.S.
The market has various products that are similar and are available at prices ranging from low to high, depending on the services being used. Although patients can visit hospitals and clinics for diagnosis and treatment, service providers in market have found ways to commercialize their products and thrive in this highly competitive market. Most of the telehealth service providers offer almost similar services for patient treatment and care.
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Regional Insights
North America dominated the industry in 2022 with a share of 47.16% of the total revenue. High healthcare IT expenditure and higher penetration of the internet & smartphone users in the region are some of the factors that contributed to the growth of the market.The increased burden of chronic conditions and high awareness about digital health & virtual care platforms among healthcare providers & patients are expected to drive the region’s growth in the future. The presence of key players in the region combined with the emergence of start-ups willalso contribute to the adoption of telehealth platforms in the region.
Asia Pacific is projected to witness the fastest growth rate during the forecast period. The rising geriatric population in countries, such as India and Japan, combined with the advancements in the field of digital health and research initiatives undertaken by the key players are anticipated to contribute to the region’s growth. Favorable government initiatives to strengthen internet connectivity and growing demand for healthcare and medical assistance in rural areasare also expected to positively impact the market growth. Furthermore, the shortage of healthcare professionals and the need to curb the rising healthcare costs are expected to boost market growth in the region.
Key Companies & Market Share Insights
Key players are involved in mergers and acquisitions to increase their share in the industry and provide innovative solutions to the users, which is anticipated to boost the industry’s growth during the forecast period. For instance, in August 2021, Philips announced the launch of Philips Acute Care Telehealth, which will provide a flexible and configurable solution to help healthcare systems provide virtual care. In June 2020, Oracle completed the acquisition of Cerner Corp. and acquired a 69.2% stake in the company. Both companies, post the acquisition, will focus on codeveloping advanced healthcare analytics solutions and expanding their product portfolio & business footprint. Some of the key players operating in the global telehealth market are:
- Koninklijke Philips N.V
- GE Healthcare
- Cerner Corporation (Oracle)
- Siemens Healthineers
- Medtronic
- Teladoc Health Inc.
- American Well
- MD Live
- Doctor On Demand
- Global Med
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the Telehealth market.
By Product Type
- 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
By Delivery Mode
- On-premise
- Web-based
- Cloud-based
By End-use
- Payers
- Providers
- Patients
By Disease Area
- Psychiatry
- Substance Use
- Radiology
- Endocrinology
- Dermatology
- Gastroenterology
- Neurological Medicine
- ENT
- Cardiology
- Oncology
- Dental
- Gynecology
- General Medicine
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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