Telehealth Market Trend, Share, Growth, Size, Analysis and Forecast 2030

Telehealth Market: Overview

The global Telehealth market accounted for USD 7,321.3 Million in 2020 and is expected to reach USD 61,385.1 Million by 2028, growing at a CAGR of 30.5% from 2021 to 2028.   

Telehealth is the communication technology to access health care services remotely and manage your health care. These technologies can be used from home or any place or the doctor’s uses to improve or support health care services. It has various benefits such as limiting physical contact reducing everyone’s exposure to COVID-19, visiting virtually can address health issues wherever patients are, even from the comfort of home, staying put cuts down on commuting, travel in bad weather, time off from work, need for child care, and using virtual health care tools can shorten wait times to see a provider and expand the range of access to specialists who live further away.

Key players are focusing on the advancement of products and integrating the equipment with new features. Citing an instance, on August 29th, 2018, Partners HealthCare, a U.S.-based non-profit network of physicians & hospitals joined hands with Teladoc Inc., a key player across the telehealth market, for introducing a direct-to-consumer telehealth service. Reportedly, the new service will provide health plan members quick access to critical care services through video conferencing.

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COVID-19 Impact Analysis:

The pandemic has created opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far, which is capable of minimizing exposure. Moreover, telehealth represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe.

The demand for telehealth care services has rapidly increased in the pandemic as people actively adopt teleconsultation and remote monitoring services. However, the pandemic has positively impacted the telehealth market.

Growth Factors

Rising incidences of chronic ailments along with hefty expenditure on healthcare activities are the key factors stimulating the demand for telehealth services. Apart from this, the telecommunications sector is witnessing a paradigm shift through the launch of new technologies and this will enable a massive expansion of the telehealth market over the forthcoming years.

Inadequate compensation benefits, rising technological costs, and lacuna in the interoperability rules, however, are likely to hinder the growth of the telehealth market during the forecast timeline. Nevertheless, the inception of cutting-edge technologies such as electronic health records is likely to facilitate the growth of the telehealth market over the ensuing years, thereby normalizing the impact of hindrances on the market, reports the telehealth market study.

Report Scope:

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Component Type Segment Analysis Preview

Based on Component Type, the global Telehealth market is segmented into services, hardware, and software. Among these component types, the demand for hardware is relatively higher and the trend is anticipated to remain so over the next few years.

End User Segment Analysis Preview

On the basis of Mode of Delivery Type, the Telehealth market is segmented into Web-based, Cloud-based, and, On-premise. The Telehealth market for Cloud-based accounted for the largest share in 2020

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End User Segment Analysis Preview

On the basis of End Users, the Telehealth market is segmented into Providers, Payers, Patients, and Others. The provider segment is likely to gain major traction in the market and is anticipated to remain dominant throughout the forecast period. Increasing deployment of telemedicine to reduce the work burden on healthcare facilities and government-funded projects are the major factors for the growth of the market.

Regional Segment Analysis Preview

North America has been leading the worldwide telehealth market and is anticipated to continue in the dominant position in the years to come, states the market study. The rise in the elderly population, high incidence of chronic diseases, and bulging healthcare costs are the key factors behind the dominance of the North American telehealth market.

Key Market Players & Competitive Landscape

The major players operating in the Telehealth market are Philips Healthcare, McKesson Corporation, Medtronic plc, Medvivo Group Ltd. and Tunstall Healthcare among others.

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The global Telehealth market is segmented as follows:   

By Component Type

• Hardware
• Software
• Services

By Mode of Delivery Type  

• Web-based
• Cloud-based
• On-premise

By End User

• Providers
• Payers
• Patients
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa