Pune, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Telehealth and Telemedicine Market Size & Growth Analysis:
“According to SNS Insider Research, The Telehealth and Telemedicine Market Size was valued at US$ 101.32 Billion in 2023 and is expected to reach US$ 659.65 Billion by 2032 and grow at a CAGR of 24.52% over the forecast period 2024-2032.”
The market is predominantly fueled by the integration of digital health, faster internet connectivity, convenience, and technological advancements in the telehealth ecosystem. In July 2022, the UK brought out annual digital maturity assessments across its NHS for social care and digital health. In addition, Smartphones have transitioned from communication & entertainment devices to those that can be used for health and fitness tracking as well. A few of the companies are offering Chatbot services for simple queries and single-time consultations. In China, WeChat provides basic Chatbot services to answer simple medical questions alongside several other mobile health solutions including booking appointments; accessing patient records, or paying bills through the app. Additionally, market growth is lifted by supportive government efforts to boost telehealth enabling patients better access and easier assistance in healthcare services. In addition, the emphasis on cost-effective and convenient care continues to drive widespread telehealth adoption.
Additionally, increasing adoption and significant penetration of telehealth services are likely to drive market growth during the forecast period. For example, one article published by MJH Life Sciences and AJMC in April 2023 shows telehealth usage increased nationwide: West (9.5%), Midwest (9.5), the Northeast (3.2%), the South (6.7%) with a national total of 7.33%.
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Key Players Listed in this Report are:
- Asahi Kasei Corporation
- Medtronic
- Koninklijke Philips N.V.
- Siemens Healthineers
- Cerner Corporation
- Cisco Systems
- GE Healthcare
- Teladoc Health
- American Well
- Other Players
Furthermore, the rise of chronic illnesses is an additional reason why demand for telehealth services will likely increase. As the CDC reports, just in 2021, a registered 18.2 million people, aged 20 and older, live after diagnosis of coronary artery disease in the United States. In 2019, heart disease led to many deaths among the Americans. Furthermore, the International Diabetes Federation statistics in 2022, showed that 537 million adults aged 20-79 years were living with diabetes; by 2030, the figure would rise to 643 million, and by 2045, it will reach 783 million. Since the incidence of such illnesses is growing, more individuals will utilize telehealth services in the foreseeable future.
Telehealth and Telemedicine Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 101.32 Billion |
| Market Size by 2032 | US$ 659.65 Billion |
| CAGR | CAGR of 24.52% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •The Rising Incidence of Chronic Diseases Such as Diabetes, Cardiovascular Diseases, And Respiratory Disorders Necessitates Ongoing Patient Monitoring, Driving the Demand for Telehealth and Telemedicine Solutions. •The Development of Advanced Communication Technologies, such as 5G Networks, AI, And IoT, Enhances the Capabilities of Telehealth Services, Making Them More Accessible and Effective. |
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Segmentation Dynamics
Among end users, the provider segment accounted for a leading share of 53% in terms of revenue in 2023 due to a surge in adoption among healthcare professionals such as teleconsultation, telemedicine, and telehealth who are seeking ways to lessen the burden on their facilities. Furthermore, increasing numbers of partnerships and collaborations in different public & private healthcare organizations to boost telehealth services adoption is again boosting the segment growth. Such as in April 2021, the Malaysia telemedicine provider called DOC2US partnered with GDEX Bhd to provide easier medication delivery service through secure and real-time tracking of medicine.
Telehealth and Telemedicine Market Key Segmentation:
By Component
- Software & services
- Hardware
By Mode of Delivery
- Cloud-based
- On-premise
By Application
- Teleconsultation
- TeleICU
- Telestroke
- Teleradiology
- Telepsychiatry
- Teledermatology
- Others
By End User
- Providers
- Payers
- Patients
- Others
Regional Insights
North America was the largest telehealth market in 2023 with a revenue share of 47%. Rising healthcare IT spending, adoption of smartphones at a rapid rate & shortage of primary care providers, increasing coverage networks due to advancements in telecom network infrastructure to support the high-tech telehealth services combined with a growing geriatric population and number of chronic disease sufferers along with an increase in overall qualified staff costs for hospitals have been key market driving forces.
The U.S. telehealth market was the largest in the North American region due to the development of innovative software, well-established infrastructure for healthcare management, and presence of various companies dealing with mobile as well network medical services. The growing knowledge related to the accessibility of mHealth and telehealth digital health solutions is propelling their uptake. For example, as reported by Harvard Health Letter almost 50 million people in the US are utilizing remote patient monitoring devices.
Recent Developments
- Glenn Gaunt MD announced its official launch on October 2023. The company aims to make healthcare more affordable and convenient by allowing patients to receive medical attention from anywhere of their choosing.
- Apollo Telehealth & NTPC launch Tele-Emergency ICU Services. Apollo Hospitals led the way in introducing an all-new age of critical care by Pooling its network and introducing a unique concept called ‘Tele Emergency ICUs’ at 9 different NTPC plants in September 2023. This includes remote medical monitoring and support for emergencies using telehealth technologies.
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Key Takeaways
- Provider Segment was the largest revenue-generating segment in 2023, with a contribution of 53% in the market, and is primarily driven by increased adoption of telehealth services among healthcare professionals. The growth in the sector is also fueled by partnerships and collaborations.
- In 2023, North America led the telehealth market accounting for a 47% revenue share in 2023 owing to increasing healthcare IT spending as well as higher adoption of smartphones and robust telecom infrastructure advancement development.
- The U.S. was the largest telehealth market, with its developed software industry and healthcare infrastructure as well as higher remote patient monitoring (RPM) equipment usage in place for many years of RPM technology intensive care services benefiting significantly from telemedicine.
Table of Contents – Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Telehealth and Telemedicine Market Segmentation, by Component
8. Telehealth and Telemedicine Market Segmentation, by Application
9. Telehealth and Telemedicine Market Segmentation, by End User
10. Telehealth and Telemedicine Market Segmentation, by Mode of Delivery
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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