The Telehealth Market size was estimated to be US$ 27094.12 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 154018.20 million by 2031; it is estimated to record a CAGR of 19.6% in till 2031. Telehealth plays a vital role in improving healthcare services with technology. With the widespread use of technology and its adoption in rural areas, telehealth has shown notable advantages. Moreover, it reduces costs to the patient and healthcare system, particularly for patients living in rural areas. The patients can be diagnosed remotely, and their data is shared with clinical experts either via store-and-forward technology or in the online session. The increasing prevalence of cardiovascular disease, home monitoring for the treatment, and reduced cost for chronic treatments is likely to remain key Telehealth Market trends.
Tele-homecare is an innovative way to provide care, monitor a patient, and provide information using the latest technology. Monitoring allows early identification of diseases and provides aid in emergencies. Hence, the use of tele home services is increasing. For instance, according to an article published by JMIR Publications, in January 2022, children and their families chose pediatric tele home care since it is 9% less expensive than traditional hospital care, freeing up hospital beds for more complicated situations in Spain.
Moreover, people prefer tele-home at home rather than visiting a hospital for treatment owing to greater convenience and reduction in overall cost. For instance, according to an article published by the Partnership for Quality Home Healthcare, in 2021, ~86% of adults preferred to receive "post-hospital, short-term healthcare" at home, while only 5% preferred nursing homes in the United States. Tele home services provide an opportunity for significant savings for patients and hospitals. Further, home monitoring programs are intended to help patients with re-hospitalization or frequent ER visits to receive treatment in the comfort at home. The home monitoring program aims to reduce hospital trips or readmissions to the physician and length of hospital stays. The monitoring programs comprise a wide range of patient health data from the point of care, including vital signs, weight, heart rates, blood sugar, blood oxygen levels, blood pressure, and electrocardiograms. The data can be transmitted to skilled health professionals in facilities such as hospitals & intensive care units, skilled nursing facilities, centralized off-site case management programs, and monitoring centers in primary care settings. The professionals monitor the patients remotely and provide a treatment plan based on the health data information. The home monitoring programs are designed to achieve the "triple aim" of health care by improving access to care, patient outcomes, and making health care systems more cost-effective. The above-mentioned factor is anticipated to have a positive impact on the growth of telehealth market.
The growth of the telehealth market is attributed to some key driving factors such as the increasing prevalence of cardiovascular disease, home monitoring for the treatment, and reduced cost for chronic treatments. However, lack of regulations and limited access in rural areas are major factors hindering the market growth. Global telehealth market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In North America, the US is the largest market for telehealth. The growth of the region is attributed to large amount of investments done by local government for remote monitoring and virtual care. According to the Centers for Disease Control and Prevention, from 2019 to 2021, telemedicine use increased from 15.4% to 86.5% in the United States. In addition, digital health innovations are further expected to stimulate the growth of telehealth market in North America.
The Asia Pacific region is expected to account for the fastest growth in the telehealth market. The telehealth market in Asia Pacific is likely to witness rapid growth owing to rising convenience of telehealth services amongst the millennial and increasing numbers of smartphone users. Such a factor is expected to aid the growth of telehealth market during the forecast period.
The telemedicine in healthcare industry has grown significantly over the past few years. Telecommunications enable healthcare professionals to evaluate, diagnose and treat patients virtually. Technologies like telemonitoring devices, home messaging services, monitoring centers, and voice recognition are used to make remote healthcare more streamlined and efficient. With the increasing adoption of smartphones and easy availability of technologically advanced devices, innovators have started investing to make the most of the current situation of the industry, by focusing on delivering quality healthcare & comfort through various mobile platforms, which would help patients track their fitness regimes and obtain answers to medical inquiries over the phone, WhatsApp, or through several mobile applications. For instance, several apps, such as Teladoc Health, Doctor Anywhere, Doctor On Call, and ClicknCare, have been introduced to help patients book appointments, track their consultations & medical prescriptions, and store their healthcare information throughout the treatment. Remote care and telehealth ensure that medical professionals can provide services to patients who need care without the added risk of spreading disease.
Moreover, telemedicine has become the backbone of healthcare and will continue to evolve long into the future. Eventually, telemedicine will become the primary care delivery model, combined with better diagnostic tools, device integration and data interoperability. This need is likely to drive the telehealth market during the forecast period.
Various launches of technologically advanced products for telehealth are expected to boost market growth. For instance, in January 2023, Teladoc Health, the global leader in whole-person virtual care, announced the launch of a fully integrated healthcare experience through a new comprehensive digital application enabling personalized whole-person care to individuals. Consumers can now seamlessly access Teladoc Health’s full range of services, including primary care, mental health, and chronic condition management, from one place and under a single portable account. Such technological advancements are estimated to generate attractive growth opportunity for the telehealth market.
Key segments that contributed to the derivation of the Telehealth Market analysis are type and mode of delivery.
The geographic scope of the Telehealth Market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America dominated the telehealth market share. The North America telehealth market has been segmented into the US, Canada, and Mexico. The US holds the largest share of the North American telehealth market. The growth of telehealth market in the US is attributed to the various market players, and a dynamic scenario has been established. It has transformed the dynamics of telehealth in the region. The growth in North America is characterized by companies engaged in partnerships, collaborations, acquisitions, mergers, and product launches to innovate in the telemedicine market, driving growth in the forecast period. For instance, in April 2021, Inova Health System offered an FDA-approved telemedicine option for remote neuromodulation of deep brain stimulation (DBS) patients being treated for Parkinson’s disease and essential tremors. Thus, the growing prevalence of remote monitoring will likely contribute to the growth of the US telemedicine market size.
The regional trends and factors influencing the Telehealth Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Telehealth Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 27094.12 Million |
| Market Size by 2031 | US$ 154018.20 Million |
| Global CAGR (2023 - 2031) | 19.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Telehealth Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Telehealth Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Telehealth Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Telehealth and strategies:
The “Telehealth Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: