Enjoy complimentary customisation on priority with our Enterprise License!
Telehealth Market size is estimated to grow by USD 170.82 billion between 2022 and 2027 accelerating at a CAGR of 29.3% during the forecast period.
The prominent drivers boosting the market growth include increasing cases of chronic diseases, increasing demand for remote patient monitoring, and improving patient engagement. However, privacy and data security concerns are major challenges hindering the market growth. Despite the challenges, telehealth market opportunities such as an increasing need for technology and funding to support telehealth's expansion will have a positive impact on the market's growth.
This market report extensively covers market segmentation by product (services and solutions), end-user (healthcare providers, payers, and patients), and geography (North America, Europe, Asia, and Rest of World). It also includes an in-depth analysis of drivers, trends, and challenges.
To learn more about this report, Request Free Sample
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing incidences and prevalence of chronic diseases such as cardiovascular diseases (CVDs), cancer, Alzheimer's disease, asthma, chronic obstructive pulmonary diseases (COPDs), and diabetes are fueling the demand for telehealth services and solutions. Various factors, such as the adoption of sedentary lifestyles, physiological changes in the body, and unhealthy diets, play a major role in increasing the incidence of chronic diseases. The use of telehealth helps in the effective management of chronic diseases and helps patients consult medical professionals in time by using mobile devices, live videos, and other smart digital tools. It enables cost-effective patient management by minimizing hospitalizations and frequent visits to hospitals and clinics.
The number of cancer cases is increasing across the globe. For instance, according to the CDC, in the US, 23.31 million adults aged 18 years and above were diagnosed with cancer in 2018. The increasing number of people with cancer is increasing the cost burden on patients and governments. For instance, in 2021, the CDC stated that the cost of cancer care is expected to increase by USD 174 billion by 2022 in the US. As the incidence of these chronic diseases is increasing, the need for providing cost-effective care to patients in remote-locations is also growing. This will spur the growth of the global telehealth market
The telehealth market is rapidly growing due to technological advances in healthcare. Healthcare professionals are using tools such as mobile health (mHealth), AI, machine learning, and IoT to provide high-quality, remote patient care. mHealth, which allows healthcare providers to monitor patients and communicate with them easily, is a popular approach.
Research institutes are developing advanced mHealth technology, such as a sensor-embedded toilet seat for monitoring congestive heart failure patients. AI and other analytical tools are being integrated into telehealth solutions to enhance medical decision-making and make healthcare systems more efficient. Vendors are extending their analytical tool capabilities, such as Koninklijke Philips NV's Sentry Score, which predicts patient health risks using vital sign data for earlier intervention.
Privacy and data security concerns are major challenges impeding market growth. Telehealth has become an effective alternative to traditional healthcare delivery methods. Technological advancements have widened the scope for better healthcare services for patients. The collection and aggregation of data such as patient's health details, clinical information, and others are integral and an important part of providing patient care with telehealth technology. Routine data is shared with medical professionals from patients' medical devices or mobile applications for routine monitoring of his/her health.
Unauthorized access to medical data, data theft, data breaches, hacking by unauthorized people or data hackers, and the loss of data during the transmission of patient data on cloud-based networks in telehealth are major threats that are expected to hamper the uptake of telehealth services to a certain extent. Therefore, this can restrict the market's growth during the forecast period.
The telehealth market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Telehealth Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Included Health Inc. - The company operates under one segment. The company under this segment offers a healthcare navigation platform focused on making the healthcare system work better. The key offerings of the company include solutions for telehealth.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the services segment will be significant during the forecast period. Telehealth includes a wide array of remote healthcare services. Live video conferencing, remote patient monitoring, and mobile health (mHealth) are the major clinical benefits of telehealth services that enable healthcare professionals to provide effective and accurate consultations remotely. In addition to clinical services, telehealth services also provide non-clinical services such as administrative meetings, training of healthcare providers, and health administration. Increasing technological advances and improved internet services are the major factors contributing to the increasing adoption of telehealth services by healthcare providers and payers.
Get a glance at the market contribution of various segments Request a PDF Sample
The services segment was valued at USD 10.01 billion in 2017 and continued to grow until 2021. The increasing uptake of telehealth services by healthcare providers has increased the demand for a comprehensive range of clinical and non-clinical telehealth services in the healthcare industry. Prominent vendors offer various telehealth services. For instance, Iris Telehealth offers telepsychiatry services that help in providing quality psychiatric care in hospital settings. Improving patient outcomes, improving the morale of physicians, significant cost savings, and the capability of improved CPT code capture are the major factors contributing to the easy uptake of this service by hospitals and clinics. Through telepsychiatry services, healthcare professionals from hospitals can provide consultation on time, which helps in the timely assessment, treatment, and disposition of patients. Furthermore, a dearth of mental health professionals and difficulties in providing access to mental healthcare in rural areas have also increased the demand for telepsychiatry services. Thus, owing to such factors the segment is expected to grow during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, North America accounted for a major share of the global market mainly due to the increasing incidences of chronic diseases such as cancer and cardiovascular diseases (CVDs), the adoption of advanced technologies in telehealth, increasing healthcare expenditure, and the presence of many prominent vendors. The increasing prevalence of such chronic diseases has significantly increased the cost burden on healthcare providers as well as on patients. Therefore, the demand for reducing the overall healthcare cost is increasing the adoption of telehealth technology by healthcare providers and patients, thereby boosting the growth of the market in North America.
Universities, hospitals, and government and non-government organizations are focusing on funding and grants to expand telehealth programs in the US. Increasing initiatives to expand telehealth programs will drive the growth of the market in the US. Moreover, the presence of global and local players such as American Well Corp. in the region is also driving the growth of the market. American Well Corp. provides a comprehensive range of telehealth solutions for health systems, health plans, employers and brokers, governments, and nursing facilities. Furthermore, vendors are focusing on various strategies to expand their shares in the market. For instance, in June 2019, American Well entered into an agreement with Cisco Systems to expand its telehealth services from hospitals and health systems to homes. Through this initiative, the companies transformed telehealth options for elderly patients. Such initiatives will drive the market in North America during the forecast period.
All of the North American nations were negatively impacted by COVID-19 in 2020. However, the lockdowns in several nations hardly had any impact on the expansion of the regional telehealth business. Additionally, as people started practicing social distancing, the demand for telehealth grew. This raised the demand for electronic prescribing platforms and virtual medical consultancies. Medical personnel and patient physical contact were limited due to the pandemic's social isolation regulations and infection risk. In reaction to this, organizations in the healthcare sector swiftly adopted digital solutions and cutting-edge technical instruments. When the pandemic reached its height in 2020, patient-doctor communication also shifted to online platforms. Thus, the outbreak increased the adoption of telehealth in North America, and this trend is expected to continue, which is likely to boost the growth of the regional market during the forecast period.
The telehealth market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Telehealth Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
168 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 29.3% |
|
Market growth 2023-2027 |
USD 170.82 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
28.6 |
|
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
|
Performing market contribution |
North America at 34% |
|
Key countries |
US, UK, Germany, China, and Japan |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Aerotel Medical Systems Ltd., American Well Corp., Appello Careline Ltd., Cerner Corp., Cisco Systems Inc., Dictum Health Inc., Enghouse Systems Ltd., Evernorth Health Inc., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Included Health Inc., Iris Telehealth, Koninklijke Philips NV, Medvivo Group Ltd., Resideo Technologies Inc., Siemens AG, Teladoc Health Inc., Tunstall Healthcare Group Ltd., and GlobalMed |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Get Access to Report Sample PDF!
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
