NEW CASTLE, Delaware, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Telehealth Market by Component (Hardware, Software and Service), Delivery Mode (On-Premise and Cloud), Application (Teleconsultation, Telestroke, Teleradiology, Telepsychiatry, Teledermatology and Others), and End User (Healthcare Providers, Payers, Patients and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the telehealth market was valued at $108.5 billion in 2023, and is estimated to reach $851.0 billion by 2032, growing at a CAGR of 25.7% from 2024 to 2032.
Prime determinants of growth
The global telehealth market is growing due to several factors such as the growing use of web and cloud-based platforms and the increase in healthcare digitalization activities and government initiatives are some of the main factors anticipated to propel the growth of the market. However, lack of knowledge or training acts as a restraint for the Telehealth market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $108.5 billion |
| Market Size in 2032 | $851.0 billion |
| CAGR | 25.7% |
| No. of Pages in Report | 350 |
| Segments Covered | Component, Delivery Mode, Application, End User, and Region. |
| Drivers | Growing use of web and cloud-based platforms |
| The increase in healthcare digitalization activities | |
| Government initiatives | |
| Opportunities | The launch of the web and cloud-based platforms |
| Restraint | Lack of knowledge or training |
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The services segment held the highest market share in 2023
By component, the services segment held the highest market share in 2023. As healthcare facilities lack the resources and skill sets required for the deployment of digital health solutions, these services are outsourced. The growing need for telehealth applications in chronic disease management, real-time monitoring, rapid advancements in digital infrastructure, growing internet & smartphone penetration, and development in hardware & software components is driving segment growth.
The on-premise segment held the highest market share in 2023
By delivery mode, the on-premise segment held the highest market share in 2023. This is attributed to numerous advantages offered by on-premise deployment such as a high level of data security and safety.
The teleradiology segment held the highest market share in 2023
By application, the teleradiology segment held the highest market share in 2023. The segment growth is attributed to the growing patient demand for convenient and personalized medical advice, which teleradiology platforms effectively deliver.
The healthcare providers retail segment held the highest market share in 2023
By end user, the healthcare providers segment held the highest market share in 2023. This is due to the increasing adoption of teleconsultation, telemedicine, and telehealth among healthcare professionals to reduce the complexity of healthcare facilities. Moreover, the increased convenience offered by these solutions for quick and seamless access to real-time quality reporting, and eHealth solutions is expected to increase the adoption of these services among the providers.
North America held the highest market share in 2023
By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. This demand can be attributed to the rising need for internet services to address the increasing adoption of digital technologies in the healthcare sector. Individuals are choosing digital services to improve their knowledge and skills.
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Major Industry Players: -
- Cerner Corporation (Oracle)
- GE Healthcare
- Medtronic
- Teladoc Health, Inc.
- CareCloud, Inc.
- MDLIVE
- Siemens Healthcare Private Limited
- Koninklijke Philips N.V.
- GlobalMedia Group, LLC
- American Well Corporation.
The report provides a detailed analysis of these key players in the global telehealth market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Recent Industry Development:
- In October 2023, ZS launched AI-powered ZAIDYN Connected Health solution, part of the ZAIDYN by ZS platform. ZAIDYN Connected Health helps pharmaceutical companies, healthcare providers and payers innovate so they can understand unmet needs, better engage with patients, and improve health outcomes.
- In October 2023, Walgreens launched telehealth visits, it offers on-demand virtual consultations with providers for common medical needs and medication prescriptions.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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