Ottawa, April 24, 2023 (GLOBE NEWSWIRE) -- The global telehealth market revenue was estimated at USD 102.7 billion in 2022, and it is expanding at USD 893.7 billion by 2032, according to latest study by Precedence Research.
Market Overview
Due to the accessibility of healthcare professional services, such as consultations, at the touch of a button, telehealth platforms are quickly gaining favor among customers. The telehealth market is expanding owing to increased IT infrastructure development investments and rising smartphone and internet use rates among the population. The telehealth market is widely segmented into radiology, remote ICU, dermatology, psychiatry, and cardiology, with the latter proving to be a powerful driver of industry growth. This can be attributable to both the market's cutting-edge technology developments and the increased prevalence of cardiovascular disorders.
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Additionally, sensor-based technology is becoming more popular in the telehealth and cardiology fields, where doctors can enable remote monitoring of patients with cardiovascular illnesses. As telemedicine has become essential due to the rising risks of COVID-19 and other diseases, the market for it is experiencing rapid expansion. However, the pandemic is giving global market participants a chance to expand at a quickening rate. Given that a big portion of the population is compelled to stay at home owing to the risk of exposure during this uncertain epidemic, telemedicine is a blessing. As a result, telehealth technology is crucial for regular clinical follow-ups and therapies.
Regional Analysis
With a share of 53.3% of the total revenue, North America led the industry in 2022. Among the factors that contributed to the market's expansion were the high costs associated with healthcare IT and the region's high internet and smartphone penetration rates. Future expansion in the region is anticipated to be fueled by the rising burden of chronic diseases and the high level of knowledge among healthcare providers and patients regarding digital health & virtual care platforms. The adoption of telehealth platforms in the area will also benefit from the presence of important companies and the rise of start-ups.
Throughout the forecast period, Asia Pacific is anticipated to experience the quickest growth. The region is expected to increase as a result of factors including the growing senior population in nations like India and Japan, as well as technological developments in the field of digital health and research projects launched by the major players. Government activities that favorably improve internet access as well as the rising demand for healthcare and medical support in rural areas are also anticipated to have a beneficial impact on the market expansion.
Scope of this report
| Coverage | Details | |
| Market Size in 2032 | USD 893.7 Billion | |
| CAGR | 24.13% | |
| North America Revenue Share | 53.3% in 2022 | |
| Providers Segment Revenue Share | 57% in 2022 | |
| Web-based Delivery Segment Revenue Share | 48.5% in 2022 | |
| Services Segment Revenue Share | 50% in 2022 | |
| Key Players | Teladoc Health, Inc., MDLive, Inc., Doctor on Demand, American Well, OpenTeleHealth, Grand Rounds, Inc., Dictum Health, Inc., AirStrip Technologies, INTeleICU, Masimo | |
Competitive Landscape of the Telehealth Market
Latin America's telehealth services market is highly fragmented, with numerous new participants. The expansion of LTE services and internet users lends the telehealth services sector a helping hand. It is now simpler to track down and collect a person's health information thanks to the growing market for smart wearables like Fitbits. The use of telemedicine in mental health would be aided by the rising incidence of mental disorders and the scarcity of mental health professionals. Additionally, it is believed that the field of mental health is ideal for telemedicine due to the segment's heavy reliance on counseling and relatively little focus on direct physical interaction.
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Here are some of the prominent market players in the Telehealth Market
- Koninklijke Philips N.V
- GE Healthcare
- Cerner Corporation (Oracle)
- Siemens Healthineers
- Medtronic
- Teladoc Health Inc.
- American Well
- MD Live
- Doctor On Demand
- Global Med
Market Dynamics
Market Drivers: Substantial Revenue to be recorded in the Telehealth Industry by AI & Analytics
To enable risk prediction and management, big data analytics could integrate data gathered from telehealth modalities, including both objective (vital signs, ambient environment) and subjective (symptoms, patient behavior) data, together with historical data. In addition, amid the pandemic, public payers, government agencies, and sizable commercial insurers have increased access to telehealth. Most of them are having trouble ensuring that telehealth is being used on the appropriate patients with the appropriate healthcare requirements to improve effectiveness and efficiency in care delivery. In that aspect, as care delivery adjusts to the widespread use of telehealth, there seems to be significant potential in analytics, AI, and machine learning.
Market Restraints: Regional differences in regulations
Laws and standards governing telehealth and telemedicine practices vary significantly from state to state and country to country and lack specifics. For instance, the rules for gaining patient consent before a telemedicine visit varies among the several states in the US, which represents a mixed scenario. The market growth is further impacted by disparities in provider credentials disclosure requirements, eligibility restrictions for the provision of telemedicine services, and reimbursement guidelines. Furthermore, due to the lack of a uniform and clearly defined legislative framework or standards for implementing these practices, different countries find it challenging to adopt telehealth or telemedicine legislation together.
Market Opportunities: The use of blockchain technology in the healthcare sector has increased
Blockchain technology is now clearly needed in the healthcare sector, especially in light of the COVID-19 outbreak. Governments, techies, and businesspeople are now considering using blockchain technology in the healthcare sector to help stop the virus' spread. Telemedicine is practical, however, there could be security risks with this technology. The location, data, and other critical patient information may be disclosed if the virtual link between a doctor and the patient is not secure. The absence of security controls over data collection, use, and sharing is the main cause of the privacy problems connected with telemedicine. Blockchain applications enable anonymous, secure, and immutable network transactions to mediate interactions between parties that are mutually agreed upon.
Report Highlights of the Telehealth Market
Product Type Insights
With a 50% share, the services sector led all other sectors in 2022. The segment grew as a result of the demand for telehealth applications for chronic disease management and real-time monitoring. The segment's expansion was further aided by the quick development of digital infrastructure, hardware, and software components, as well as the global expansion of smartphone use and internet access. Furthermore, the expansion of the market is being aided by the creation of a variety of platforms and applications to diagnose, monitor, track health & wellness, and prevent disease.
Due to the increased demand for accessible and cheap healthcare services, effective workflow management, and higher-quality patient care, the software category is predicted to grow at a profitable CAGR during the projection period. The use of the software is expanding as a result of rising healthcare expenses and the pressing necessity to precisely and continuously monitor population health.
Delivery Mode Insights
In 2022, the web-based delivery mode category accounted for 48.5% of total revenue, which was the greatest percentage. The advent of numerous web-based telehealth and virtual care applications as well as the increasing use of web-based delivery to give patients direct access to healthcare services are some of the factors that have fueled the segment's expansion. The use of the web-based delivery segment is being further accelerated by rising internet penetration and advancements in the smartphone industry.
Due to the rising acceptance of cloud-based applications by healthcare providers and patients as well as the development of cutting-edge technical solutions, the cloud-based delivery segment is predicted to see the fastest growth rate during the forecast period. Additionally, cloud-based applications' seamless data storage and recovery, simple accessibility, high bandwidth, and improved security are fostering the segment's expansion.
Disease inside Insights
The radiology segment contributed the most to overall revenue in 2022, with a 15.26% share. The adoption of telehealth services for radiology is being boosted by the rising prevalence of target diseases such as cancer, cardiovascular diseases, Chronic Obstructive Pulmonary Disease (COPD), etc., the rising lack of radiologists, and the expanding demand for remote medical imaging. Teleradiology has been promoted by COVID-19 as well.
Other significant factors that are anticipated to increase the demand for teleradiology services over the forecast period include the installation of a Picture Archiving and Communication System (PACS), the integration of AI with teleradiology, and expanding eHealth-related R&D activities. A rise in patients with anxiety, stress, and mental diseases is expected to cause the psychiatry category to grow at the quickest CAGR during the forecast period. In addition, many people are utilizing services for mental health treatment. The segment's expansion has been encouraged by the relaxation of rules for telehealth, which has increased access to virtual visits for therapy and other mental health services.
End-Use Insights
Due to the growing usage of telehealth, teleconsultation, and telemedicine among healthcare professionals to lessen the pressure on healthcare facilities, the provider segment accounted for the greatest revenue share of 57% in 2022. The ease with which these solutions allow healthcare professionals to access patient health records quickly and easily, as well as the real-time quality reporting, improved data management, improved decision-making, and eHealth solutions, are additional factors that are anticipated to drive up the adoption of these services among professionals. The homecare segment, on the other hand, is anticipated to be the most opportune during the forecast period. This is explained by the rising geriatric population, rising disposable money, and growing awareness of hospital-acquired infections. The majority of elderly patients prefer to get care while still in their homes, hence the homecare market is anticipated to be the main driver of increased telehealth demand.
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Recent Development of the Telehealth Market
- In 2021, In order to scale up and broaden access to the cutting-edge Stasis Monitor, a linked care bedside multi-parameter monitoring device, in India, Medtronic teamed with Statis Labs Inc.
- In 2020, In order to facilitate fetal and maternal monitoring, Koninklijke Philips introduced the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore.
- In 2020, The American Telemedicine Association (ATA) (US) and Koninklijke Philips joined forces to expand the usage of telehealth in acute, post-acute, and home care settings.
- In 2020, The On-Demand remote patient monitoring (RPM) and coaching platform were purchased by BioTelemetry from Envolve People Care, Inc., a Centene Corporation subsidiary. With a particular focus on diabetes, hypertension, and chronic heart failure, this acquisition broadens the current portfolio of acute care-connected health products and services offered by BioTelemetry.
Market Segmentation
By Component
- Software
- Hardware
- Services
By End User
- Hospitals
- Homecare
- Others
By Application
- Telemedicine
- Patient Monitoring
- Medical Education
- Others
By Mode of Delivery
- Web Based
- Cloud Based
- On Premises
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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