Press Release

Jan, 16 2024

Enhancing Healthcare Access: The Transformative Impact of Telehealth on Modern Medical Services and Patient Care

The global telehealth market has grown substantially with the widespread adoption of digital healthcare technologies, including virtual consultations and remote patient monitoring. Recent studies project that virtual care is expected to represent around $250 billion, constituting 20% of healthcare spending. The surge is evident in consumer engagement, with telehealth users rising from 11% in 2019 to 46% in 2020. General consultations, driven by the increasing prevalence of chronic diseases, are pivotal in elevating the telehealth market.

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Data Bridge Market Research analyses that the Global Telehealth Market, which was USD 83.5 billion in 2022, is expected to reach USD 513.85 billion by 2030, at a CAGR of 25.5% during the forecast period 2023 to 2030. Aging populations and shifting global demographics create an increased demand for healthcare. Telehealth emerges as a scalable solution, bridging gaps in accessibility and providing efficient healthcare services to meet the evolving needs of diverse and changing demographics worldwide.

Key Findings of the Study

Telehealth Market

Increase in healthcare digitalization activities and government initiatives is expected to drive the market's growth rate

The telehealth market is poised for growth due to the surge in healthcare digitalization and government initiatives. Notably, the Indian Government's introduction of the National Telemedicine Service, eSanjeevaniOPD, exemplifies this trend. With projections of completing approximately 1.2 crore teleconsultations by 2021, such initiatives underscore the significance of telehealth in advancing healthcare accessibility and delivery. As digitalization continues to be prioritized globally, these efforts are anticipated to propel the telehealth market in the coming years.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Software, Systems, Hardware, Telecommunication) Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, On-Premise Delivery Mode) Application (General Consultation, Pathology, Cardiology, Surgery, Gynecology, Neurology, Radiology, Dermatology, Ophthalmology, Orthopedics, Others) End User (Hospital Telehealth, Physician Telehealth, Home Telehealth)

Countries Covered

U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Global in Global, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

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 (U.K.), American Well (U.S.), CareCloud, Inc. (U.S.), eClinicalWorks (U.S.), AMD Global Telemedicine (U.S.)

Data Points Covered in the Report

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis:

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 system, software, hardware, and telecommunication.  The software segment is expected to dominate the global telehealth market with a 76.81% market share with the increasing advancement in technology

The software segment of component type is anticipated to dominate the telehealth market during the forecast period 2023-2030

The software segment is expected to dominate the global telehealth market with a 76.81% market share with the increasing advancement in technology. This prevalence is driven by continuous technological advancements. The focus on software underscores its crucial role in shaping and advancing telehealth solutions, reflecting the industry's commitment to leveraging cutting-edge technology for enhanced healthcare delivery.

  • 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. The cloud-based delivery mode segment is expected to dominate the global telehealth market with a 57.29% market share due to the increasing product launches and rising R&D activities by major market players

The cloud-based delivery mode segment of the mode of delivery is anticipated to dominate the global telehealth market during the forecast period 2023-2030

The cloud-based delivery mode segment is expected to dominate the global telehealth market with a 57.29% market share due to the increasing product launches and rising R&D activities by major market players. This is attributed to the surge in product launches and heightened research and development endeavors undertaken by key market players. The emphasis on cloud-based delivery underscores its pivotal role in advancing telehealth solutions and shaping the industry landscape.

  • 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. The general consultation segment is expected to dominate the global telehealth market with a 24.52% market share due to the increasing use of telehealth globally and increasing chronic disease globally
  • On the basis of end users, the global telehealth market is segmented into hospital telehealth, physician telehealth, and home telehealth. The hospital telehealth segment in the global telehealth market, with a 63.39% market share, is expected to dominate the market as it helps in lowering the burden on physicians, and healthcare could reach rural areas

Major Players

Data Bridge Market Research recognizes the following companies as the major global telehealth market players in global telehealth market are Oracle (U.S.), Medtronic (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Tunstall Group (U.K.), American Well (U.S.), CareCloud, Inc. (U.S.), eClinicalWorks (U.S.), AMD Global Telemedicine (U.S.)

Telehealth Market

Market Developments

  • In August 2022, Hicuity Health introduced tele-ICU services at MUSC Health Columbia Medical Center Downtown, South Carolina. This launch builds on the extensive trust between MUSC Health and Hicuity Health, leveraging telemedicine to extend healthcare services to hospitals throughout the state. The implementation enhances critical care capabilities, fostering improved patient outcomes and healthcare accessibility
  • In April 2022, Bayer initiated a notable telehealth project, establishing 27 telemedicine centers across 12 districts in eight Indian states over the next two years through the Bayer Foundation India. This strategic move aims to bolster healthcare infrastructure, increase medical access, and positively impact healthcare delivery in underserved regions, aligning with Bayer's commitment to advancing health and well-being globally
  • In 2020, the Columbia Asia Hospital group took a significant step into telehealth by introducing a comprehensive service. This telehealth offering encompasses various services such as doctor consultations through video calls, medical advice, clinical management, and the issuance of drug prescriptions. The initiative aligns with the evolving landscape of healthcare delivery, providing patients with convenient and accessible options
  • In 2020, Oracle made a strategic move by acquiring a 69.2% stake in Cerner Corp. Following the acquisition, both companies are set to collaboratively develop advanced healthcare analytics solutions, aiming to expand their product portfolios and enhance their business footprint in the healthcare technology sector. This strategic partnership signifies a commitment to driving innovation and improving healthcare outcomes through technological advancements

Regional Analysis

Geographically, the countries covered in the global telehealth market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Global in Global, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

As per Data Bridge Market Research analysis:

North America is the dominant region in the global telehealth market during the forecast period 2023-2030

North America dominates the global telehealth market, driven by heightened healthcare awareness and the widespread adoption of cloud-based technologies. The region's market growth is further propelled by the significant presence of major industry players and the emergence of startups. These factors collectively contribute to the increased adoption of telehealth platforms, reinforcing North America's leading position in shaping the trajectory of the telehealth market during the forecast period.

Asia-Pacific is estimated to be the fastest-growing region in the global telehealth market during the forecast period 2023-2030

Asia-Pacific is expected to dominate the global telehealth market with the highest growth rate, driven by a rising elderly population and the integration of digital healthcare facilities. The region experiences a surge in virtual healthcare delivery platforms for electronic health records and patient therapy systems, contributing significantly to market growth. This trend reflects the region's commitment to advancing healthcare through innovative technologies and accommodating the evolving healthcare needs of its population.

For more detailed information about the global telehealth market report, click here – https://www.databridgemarketresearch.com/reports/global-telehealth-market


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