The telehealth and telemedicine services market size was valued at nearly USD 82.4 Bn in 2022 and is anticipated to reach USD 575.2 Bn by 2031, expanding at a CAGR of 24.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising internet coverage and increasing use of smartphones.
Telehealth makes use of patient information gathered digitally and the implementation of communication technologies for providing remote healthcare facilities. Mediums for patient consulting include the usage of smart gadgets and computers. Patients have the freedom of using technology from their place of choice.
Healthcare consultations from clinics, hospitals or mobile vans are provided for needy patients. Healthcare support systems in the form of healthcare mobile applications and websites are improved continuously through reviews of telehealth feedback received from patients.
Telehealth and telemedicine facilities are referred to as e-health or m-health. Patients living in remote communities and countries highly benefit from the use of e-health services. Patients with disabilities for free movement can avail of telehealth and telemedicine facilities at their desired time and from their place of choice.
Consultations with multiple healthcare experts in the form of doctors, surgeons, and specialists are possible through telehealth and telemedicine services. Improve communication and coordination of care among healthcare team members and the person getting care.
The market report finds that the COVID-19 pandemic propelled the telehealth and telemedicine services market due to the reduced manpower during to lockdowns. Healthcare service providers shifted from traditional consulting to virtual consultation and care methods during the pandemic which boosted the market.
Telehealth and Telemedicine Services Market Dynamics
Major Drivers
Growing influx of technology into healthcare is driving the telehealth and telemedicine services market. Growing penetration of internet services up to remote areas is expected to further drive the market. Technological advancements in the form of the latest smartphone applications with high capabilities of data storage and transmission devices are expected to propel the market.
Existing Restraints
Telehealth & telemedicine services technology is still in its nascent stage. Technological glitches such as call drops and data transmission blackouts are likely to limit its adoption. Telemedicine facilities are not available to every patient due to their limited access to technology. In telepathology, there are sometimes time zone differences between the care provider and patient which can make it difficult to coordinate care. Thereby restraining the market in the coming years.
Emerging Opportunities
Increasing technological research & developments in the manufacturing of high-speed gadgets for virtual consultations is a major opportunity for the market expansion. The expansion of internet services provides cost reduction for tele consultations for patients, which is expected to provide opportunities in the market in the coming years.
Scope of Telehealth and Telemedicine Services Market Report
The report on the global telehealth and telemedicine services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Telehealth and Telemedicine Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Services, Hardware [Monitor], and Software [RPM and Real-time]), Application (Tele-pathology, Tele-psychiatry, Tele-cardiology, Tele-dermatology, Tele-radiology, and Others) Delivery Mode (Web-based, Cloud-based, and On-Premise), and End-user (Patients and Providers)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Koninklijke Philips N.V.,; OpenTeleHealth; Siemens Healthcare GmbH; Medtronic; Included Health, Inc.; GE HealthCare.; Cerner Corporation (Oracle); Doctor On Demand, Inc.; Teladoc Health, Inc.; American Well; MDLIVE Inc.; GlobalMedia Group, LLC.; and Dictum Health, Inc.
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Telehealth and Telemedicine Services Market Segment Insights
Type Segment Analysis
Based on the type, the market is bifurcated into services, hardware, and software. The services segment is expected to expand at a significant pace during the projection period, owing to the increase in the monitoring of patients in real time. Evolving digital environments in the form of high-end gadgets and data speeds are expected to boost the segment.
The software segment is further bifurcated into RPM and Real-time. The software segment is anticipated to hold a key share of the market, owing to the increasing use of software in providing efficient healthcare facilities and systematic management of workflow. The need for minute patient monitoring with analysis of results is expected to boost the segment during the forecast period.
Application Segment Analysis
In terms of application segment, the market is classified as tele-pathology, tele-psychiatry, tele-cardiology, tele-dermatology, tele-radiology, and others. The telepathology segment is projected to expand at a significant growth rate during the projection period. In telepathology, healthcare professionals send data with the help of telecommunications for research or educational purpose.
There are three processes of telepathology including, image-based systems, real-time systems, and virtual slide systems. In virtual and real-time systems pathologists get more information, even from a distance. In real-time systems, the pathologist uses a robotic microscope to see the results from remote locations.
Delivery Mode Segment Analysis
On the basis of the delivery mode, the telehealth and telemedicine services market is segregated into web-based, cloud-based, and On-Premise. The web-based segment is expected to dominate the market during the forecast period owing to the direct access patients get to healthcare portals of cloud services for cost-effective consultations.
The cloud-based delivery segment is expected to expand exponentially in the coming years due to the ease of accessibility in data storage and recovery. Growing implementation of cloud-based delivery systems for the enhancement of the security of patient-sensitive data is anticipated to propel the segment.
End-User Segment Analysis
Based on the end-user, the telehealth and telemedicine services market is divided into patients and providers. The provider segment is estimated to expand at a significant pace during the projection period, owing to the rapid and seamless access to recorded data of patient health available for health service providers. Insightful decision-making through the services of e-health is expected to drive the segment.
The patient segment is anticipated to hold a key share of the market, due to the growing number of subscribers through electronic mediums such as healthcare apps. Time and cost saving are major advantages of using teleconsultation health services, which is expected to boost the segment in the coming years.
Regional Analysis
In terms of region, the global telehealth and telemedicine services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to growing funding for telehealth and telemedicine growth by government and private institutions. Rising prevalence of chronic diseases due to increasing number geriatric population is expected to fuel the market in Asia Pacific.
The market of Asia Pacific is projected to grow at a rapid pace in the coming years, owing to the limited medical infrastructure in the form of hospitals and clinics in proportion to growing population in countries in Asia Pacific. Increasing tendencies of spending on healthcare and preventive checkups through inline teleconsultations in the region is likely to propel the telehealth and telemedicine services market in the Asia Pacific.
Segments
The global telehealth and telemedicine services market has been segmented on the basis of
Type
- Services
- Hardware
- Software
Application
- Tele-pathology
- Tele-psychiatry
- Tele-cardiology
- Tele-dermatology
- Tele-radiology
- Others
Delivery Mode
- Web-based
- Cloud-based
- On-Premise
End-user
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Koninklijke Philips N.V.,
- OpenTeleHealth
- Siemens Healthcare GmbH
- Medtronic
- Included Health, Inc.
- GE HealthCare.
- Cerner Corporation (Oracle)
- Doctor On Demand, Inc.
- Teladoc Health, Inc.
- American Well
- MDLIVE Inc.
- GlobalMedia Group, LLC.
- Dictum Health, Inc.
Competitive Landscape
Key players competing in the telehealth and telemedicine services market are Koninklijke Philips N.V.,; OpenTeleHealth; Siemens Healthcare GmbH; Medtronic; Included Health, Inc.; GE HealthCare.; Cerner Corporation (Oracle); Doctor On Demand, Inc.; Teladoc Health, Inc.; American Well; MDLIVE Inc.; GlobalMedia Group, LLC.; and Dictum Health, Inc.
These companies adopt strategies such as acquisitions, collaboration, partnerships, mergers, and product launches to expand their consumer base worldwide. The competitive landscape covers key insights into growth strategies adopted by major market players.
- On March 02, 2023, Advantus Health Partners, a healthcare solutions company providing productive supply chain models to healthcare organizations, and GE HealthCare, one of the largest providers of medical equipment maintenance services worldwide, declared an agreement of up to USD 760M over 10-years to deliver the services of Healthcare Technology Management (HTM) of GE HealthCare to the clients of Advantus Health Partners.
- On February 09, 2023, GE HealthCare, a leading global precision care innovator signed an agreement to acquire Caption Health, Inc., a privately owned artificial intelligence (AI) healthcare leader that creates clinical applications using AI to assist in conducting ultrasound scans. This technology helps in detecting indications of diseases like heart failure in the home and offices and helps to prevent risks of hospitalizations and supports better clinical outcomes.
- On February 2, 2023, Siemens Healthineers, renowned medical technology solutions, and Unilabs, a leading diagnostic services provider, unveiled a multi-year agreement valued at over USD 200 million. Unilabs will continue advancing its healthcare infrastructure over its network to develop customer service and boost patient health under this agreement.
- On May 07, 2021, Walmart Health, announced the acquisition of multi-specialty telehealth provider MeMD. This is likely to help Walmart integrate omnichannel health delivery that employs data and technology to ensure equity and improve engagement.
- In January 2020, Teladoc Health acquired InTouch Health to acquire medical facilities. InTouch Health was acquired for about USD 150 million in cash and 4.6 million shares of Teladoc common stocks.
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