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.
Telehealth Market Analysis
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.
Telehealth Market Overview
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.
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Telehealth Market: Strategic Insights
Market Size Value in US$ 17,289.9 Million in 2017 Market Size Value by US$ 52,897.2 Million by 2025 Growth rate CAGR of 15.7% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Telehealth Market: Strategic Insights
| Market Size Value in | US$ 17,289.9 Million in 2017 |
| Market Size Value by | US$ 52,897.2 Million by 2025 |
| Growth rate | CAGR of 15.7% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Telehealth Market Drivers and Opportunities
Use Cases of Telehealth in Healthcare Industry to Favor Market
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.
Technological developments – An Opportunity in Telehealth Market
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.
Telehealth Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Telehealth Market analysis are type and mode of delivery.
- Based on type, the telehealth market is segmented into hardware, services, and software. In 2023, the software segment held the largest share of the market. Moreover, the same segment is expected to register the highest CAGR during the forecast period. The software is secured, which provides free access for patients to deliver health care, health information or health education at a distance through online service on mobile phones. Telehealth software enables execution in various settings to abolish the need for special training and minimize downtime. Additionally, it helps in, epidemiology & public health, electronic health records, personal wellness & fitness applications, clinical reference, and patient decision support.
- Based on mode of delivery, the telehealth market is divided into on-premise, web-based, and cloud-based. In 2023, the web-based delivery mode held the largest market share by mode of delivery. However, the cloud-based segment is expected to register the highest CAGR in the market during the forecast period. The cloud-based delivery mode is the more safe and standardized information system used for online computing services and is essential for delivering on-demand computing resources. The cloud-based system allows the user to connect to the computer via the internet or web browser, enabling access to the data anytime, anywhere on any device. Cloud-based delivery mode system is an extremely manageable alternative that helps access real-time information.
Telehealth Market Share Analysis by Geography
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.
Telemedicine Market Report Scope
Telehealth Market News and Recent Developments
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:
- In November 2023, a bipartisan group of four senators reintroduced legislation that eliminated barriers to the virtual prescription of medication for opioid use disorder (OUD). (Source: mHealth Intelligence, 2023)
Telehealth Market Report Coverage and Deliverables
The “Telehealth Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , Type , Mode of Delivery ; and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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