Telehealth Market Size By Component (Software, Services), By Mode of Delivery (Web/Cloud, On premise), By Specialty (Dermatology, Cardiology, Orthopedic), By Application (Teleconsultation), By End-Use (Provider, Payer), Global Forecast To 2023-2032

Telehealth Market Size

Telehealth Market size was valued at more than USD 71.9 billion in 2022 and is expected to grow at 12.9% CAGR from 2023 to 2032 driven by rising demand for remote patient monitoring services.
 

There has been a tremendous rise in the use of smartphones by physicians globally. Leading to increasing adoption of digital health. The penetration of smartphones, tablets, and other mobile platforms is noted to be one-third among all U.S. adult population, with physicians adopting them twice as compared to the general population. For instance, in 2019 as per pew research centre, it is estimated that more than 6 billion people globally own a mobile device, out of which more than two-thirds are smartphones. This has led to enormous growth of mobile applications for healthcare needs. This has led to enormous expansion of mobile applications for healthcare needs.
 

Telehealth technologies such as telemedicine, chatbots, and other technologies are being deployed to help gather information, reassure the population, treat patients, and make diagnoses. Telehealth solutions are also being invested to connect physicians remotely, creating a positive impact on the forecast period.
 

The market share is driven by remote patient monitoring services due to their capability to monitor various chronic conditions from remote locations. Moreover, increasing prevalence of diseases such as cardiovascular, cancer, and diabetes should propel the adoption of remote patient monitoring services.
 

Covid-19 Impact

The global pandemic affected millions of people worldwide, resulting into high mortality rate. During this period, only emergency services were allowed. All the non-emergency and elective surgical procedures had been postponed. Furthermore, due to the rising incidence of COVID-19, the need for telehealth has also increased across the globe. Major players in the healthcare and medical industry and several government organizations are continuously working on initiatives for telehealth in a cost-effective, quick, and accurate manner. There was a sharp increase in telehealth technology solutions for population screening, tracking, and resource management.
 

The World Health Organization (WHO) is collaborated with multiple technology companies to manage the pandemic through digital health more effectively. Furthermore, companies also used telehealth to expedite the research for COVID-19. Digital health companies have launched collaborative portals which share non-identifiable patient data from EHRs that can be used in research.
 

Telehealth Market Analysis

Telehealth market from software segment is anticipated to witness a lucrative CAGR during the forecast period due to the rising demand for affordable and accessible healthcare services, efficient workflow management, and improved quality care. Rising healthcare costs combined with the growing need to monitor population health accurately and in real-time is increasing the adoption of the software. Moreover, several healthcare institutions in developed nations have shifted to value-based care models to improve patient outcomes. Furthermore, several initiatives have been undertaken by the key players globally, which is driving the segment trends.
 

Telehealth market from web-based/cloud-based delivery segment is anticipated to witness the fastest growth rate during the forecast period owing to the increasing adoption of cloud-based applications by healthcare providers and patients and the introduction of technologically advanced solutions. Additionally, seamless data storage and recovery, easy accessibility, high bandwidth, and enhanced security provided by cloud-based applications are contributing to market share. Increasing instances of data breaches on the web-based and on-premises telehealth platforms have augmented the demand for the cloud-based delivery segment. Cloud-based solutions enable patient monitoring and teleconsultation for individuals, which require immediate medical assistance in rural and remote locations.
 

By specialty, the telehealth market segmented into cardiology, gynaecology, neurology, orthopaedics, dermatology, mental health, and others. The dermatology segment dominated the market in 2022 and is expected to continue this trend throughout the forecast period. This is driven by rising incidence of skin diseases. The market is getting a significant boom with the rising start-ups funding and the launch of products, especially for virtual consultations. For example, in November 2020, One Touch Telehealth (Texas, U.S.) announced a new software release, Version 5. With the rise in video telehealth amid COVID-19, virtual care is suitable for any user type in any healthcare setting. The new release will help in expanding the operational efficiencies within workflows.
 

The telehealth market segmented into teleconsultation, tele screening and monitoring, tele diagnostics, telepsychiatry, and other applications. The teleconsultation segment accounted for the maximum portion of the market in 2022. The rising adoption of telemedicine software, increasing number of doctors joining virtual consultations apps such as Practo contributed to the dominance of this segment. For example, as per the MDPI (Multidisciplinary Digital Publishing Institute) journals survey, around 89% of patient’s preferring to accept telemedicine as an acceptable form of medical care and thus likely augment segment outlook.
 

The telehealth market is segmented into payers, providers, patients, and other end-user. The providers segment is estimated to account for the largest share of the global market. This is attributed to factors such as the high demand for convenient healthcare, the dearth of medical professionals, advanced telehealth infrastructure in hospitals, and an increase in the focus and availability of provider-specific telehealth solutions for COVID-19 to avoid the further spread of coronavirus amongst the patients, doctors, nurses, and healthcare providers at hospitals.
 

North America telehealth market accounted for more revenue share in 2022 and is estimated to witness significant growth during the forecast period. Telemedicine is a way for health care providers to deliver clinical health care to patients remotely through a computer or telephone, without an in-person office visit. The demonstrated benefits of telemedicine include improved access to care, convenience, and slowing spread of infection. During the COVID-19 pandemic, legislation expanded coverage for telemedicine health care services.
 

Telehealth Market Share

The key players have undertaken initiatives to drive market size during the COVID-19 pandemic, such as:

• Cisco Systems
• Koninklijke Philips N.V
• Allscript Healthcare Solution
• Oracle corpotation (Cerner)
• McKesson Corporation
• GlobalMed
• AMD Global Telemedicine,
• Amwell.
   

Teladoc Health Inc. reporting most of the market due to year-on-year growth and increasing funding and initiatives by governments. The Biden-Harris Administration announced an investment of USD 19 million to improve healthcare delivery and address gaps in care faced in rural areas. Key players have also been strategizing and focusing on collaborations, mergers, and acquisitions to gain a competitive edge and expand their product portfolio and business footprint, exemplified by PointClickCare Technologies acquiring Collective Medical to expand its care services and offerings.
 

Telehealth industry news:

• In May 2021, Veradigm, a business unit of Allscripts Healthcare, announced an agreement with Lash Group, a patient support services business. This agreement enabled specialty medications to be available for management within the VeradigmAccelRx platform, which restructures the specialty enrollment process for users of Veradigm, Allscripts, and other electronic health records (EHR) software vendors.
   
• In January 2020, Teladoc Health acquired InTouch Health (Texas, U.S.) which provided the company with more than 450 hospitals.
   

The telehealth market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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By Components

• Software
• Integrated
• Stand-alone 
• Hardware
• Services

By Mode Of Delivery

• Web-based/cloud-based
• On premises

By Speciality

• Cardiology
• Gynecology
• Neurology
• Orthopedics
• Dermatology
• Mental health
• Other specialties  

By Application

• Tele diagnostics
• Tele screening and monitoring
• Teleconsultations
• Telepsychiatry
• Other applications

By End-Use

• Payers
• Providers
• Patients
• Other end-uses

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe          
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
  • Netherlands
  • Belgium
  • Sweden
  • Switzerland
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific   
• Latin America        
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa        
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa