The global telehealth market is rapidly advancing, with internet applications in healthcare seeing substantial growth. A recent study predicts that virtual care will make up about 20% (approximately $250 billion) of total spending on outpatient, clinic, and home health services covered by Medicare, Medicaid, and commercial payers. The consumer adoption of telehealth has surged from 11% in 2019 to 46% in 2020, with general consultations playing a significant role. The market's upliftment is attributed to the increasing prevalence of chronic diseases globally.
Data Bridge Market Research shows that the Global Telehealth Market was USD 83.5 billion in 2022 and is expected to reach USD 513.85 billion by 2030. The market is expected to grow with a CAGR of 25.5% from 2023 to 2030.
"Increase in healthcare digitalization activities drive the market growth"
The rising trend of healthcare digitalization is a key driver poised to fuel substantial market growth in the coming years. As healthcare increasingly embraces digital technologies, processes, and data management systems, efficiency and accessibility improve. This digital transformation facilitates seamless communication, data sharing, and remote healthcare services, enhancing patient care and outcomes. Integrating digital solutions optimizes workflows, reduces operational complexities, and fosters innovation, positioning healthcare providers for sustainable growth and improved service delivery in the evolving landscape of healthcare digitization.
What restraints the growth of the global telehealth market?
" Behavioral interferences using a remote monitoring system hamper the market growth"
Behavioral barriers present challenges to the widespread adoption of telehealth and telemedicine. Deep-rooted skepticism and resistance to digital healthcare solutions hinder their acceptance among certain populations. Patient reluctance and a preference for traditional in-person consultations undermine the market's growth potential.
Segmentation: Global Telehealth Market
The global telehealth market is segmented on the basis of type, delivery mode, application, and end user.
- On the basis of type, the global telehealth market is segmented into software, systems, hardware, and telecommunication
- On the basis of delivery mode, the global telehealth market is segmented into cloud-based delivery mode, web-based delivery mode, and on-premise delivery mode
- On the basis of application, the global telehealth market is segmented into general consultation, pathology, cardiology, surgery, gynecology, neurology, radiology, dermatology, ophthalmology, orthopedics, and others
- On the basis of end user, the global telehealth market is segmented into hospital telehealth, physician telehealth, and home telehealth
Regional Insights: North America dominates the Global Telehealth Market
North America dominates the global telehealth market due to heightened healthcare awareness. The surge in cloud-based technology adoption further propels market growth. With major players and startups in the region, the telehealth platform adoption is set to rise. The confluence of advanced healthcare awareness, technological innovations, and a robust market ecosystem positions North America as a frontrunner, fostering the widespread integration and acceptance of telehealth solutions throughout the forecast period.
Asia-Pacific is expected to dominate the global telehealth market, with the highest growth rate in the forecast period. This can be attributed to the rising elderly population and the faster integration of digital healthcare facilities across the region. Additionally, the proliferation of virtual healthcare delivery platforms catering to electronic health records and patient therapy systems contributes significantly to the overall market growth, marking Asia-Pacific as a key driver in advancing telehealth technologies.
Recent Developments: Global Telehealth Market
- In 2020, Columbia Asia Hospital group introduced a telehealth service, providing various offerings such as video call consultations with doctors, medical advice, clinical management, and drug prescriptions
- In 2020, Oracle acquired a 69.2% stake in Cerner Corp. The post-acquisition strategy involves collaborative efforts in developing advanced healthcare analytics solutions and expanding their product portfolio and business presence in the healthcare sector
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The Prominent Key Players Operating in the Global Telehealth Market Include:
- Teladoc Health, Inc. (U.S.)
- Siemens (Germany)
- Cisco Systems, Inc. (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- IBM (U.S.)
- Oracle (U.S.)
- Medtronic (Ireland)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Tunstall Group (United Kingdom)
- American Well (U.S.)
- CareCloud, Inc. (U.S.)
- eClinicalWorks (U.S.)
- AMD Global Telemedicine (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global telehealth market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Telehealth Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
