Telehealth Market: Global Industry Analysis and Forecast (2021-2029)

Telehealth Market was valued at US$ 90.7 Bn. in 2021. Global Telehealth Market size is expected to grow at a CAGR of 31.5 % through the forecast period.
Telehealth Market Overview:
The delivery and facilitation of health and health-related services, such as medical care, provider and patient education, health information services, and self-care, using telecommunications and digital communication technology is known as telehealth. Technologies utilized in telehealth include live video conferencing, mobile health apps, "save and forward" electronic transmission, and remote patient monitoring (RPM).



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People naturally want to use telehealth technology to enhance care, provide convenience, encourage access, and support sustainability because the internet and mobile devices are now a part of every aspect of our lives. Telehealth services include everything from consultations and virtual counseling sessions to text message public health alerts and on-demand professional training.

2021 is considered as a base year to forecast the market from 2022 to 2029. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.
Telehealth Market Dynamics:
Telehealth Market Drivers:

1. Rising advancements in Telecommunication: In the healthcare sector, telemedicine is growing fast and has the potential to provide access to care for underserved communities while providing patients with flexibility and convenience.

The rise in telemedicine is utilizing many digital medical codes that have been widely adopted by Medicare and commercial payers. Over the past ten years, costs have decreased due to advancements in telecommunications technology, and telemedicine has been steadily growing.

2. Increasing Government support to promote telehealth: Telehealth monitors the medical well-being of its patients and gives doctors helpful information while they treat them. This makes it easier for doctors to treat the patients effectively. Additionally, because elderly patients require ongoing monitoring, an increase in the elderly population is driving the demand for telehealth systems.

The growth of market participants offering creative services and apps that are integrated with innovative technologies is promoting the adoption of telehealth services, and the government's financing and support for this initiative are increasing.

The increased government support and financing are driving the telehealth market growth.

3. lack of registered Practitioners: Patients are now more dependent on urgent care facilities, emergency rooms, and retail clinics, which frequently raises the cost of care. This is due to the growing physician shortage. Having a single healthcare practitioner is no longer beneficial to patients.

Instead, as patients go from one facility to another, they must see numerous healthcare professionals. By lowering the cost of care, removing administrative hurdles, and assisting doctors in seeing more patients during the day, telehealth reduces the burden.



Telehealth Market Restraints:

1. Strict Regulations: The legal and regulatory environment has been evolving more slowly than the clinical adoption of this new care delivery model in technology-driven innovations.

Although the government and non-government organizations are actively supporting the healthcare sector's efforts to promote the growth of telemedicine, the lack of a standardized legal framework for telehealth continues to be a significant obstacle to the field's development.

2. Increasing cases of healthcare fraud: Regarding telehealth and telemedicine practices, healthcare fraud is a crucial factor. There are several ways that a patient or a doctor might become victims, such as when non-eligible or unlisted institutional providers engage in inappropriate coding and billing for bogus claims or when the doctor's name and accounts are exploited to obtain money from the insurance company.

The confidence and faith in telehealth and telemedicine services may be damaged as a result of such fraudulent acts. Patients who have been victimized also frequently share their unpleasant experiences in the media, which negatively influences many other recently entered participants and limits the market growth.

Telehealth Market Opportunities:

1. Growing awareness among people: Telehealth provides alternative possibilities for obtaining healthcare services on an international market, enhancing access and lowering travel expenses. With stagnant and uneven adoption, telehealth's full promise hasn't yet been achieved.

During the covid pandemic, many people have adopted telehealth for consultation and treatment from a physician. Benefits of the telehealth have been known to the people and they are now willing to adopt the health than physically visiting the clinic.

About 46% of patients adopted or used telehealth during a covid pandemic and it is expected to grow at a significant rate through the forecast period.

2. Technological advancements in AI and Analytics: To enable risk prediction and management, big data analytics can analyze data gathered from telehealth modalities, including both objective and subjective data, as well as historical data. Additionally, amid the epidemic, government organizations, major commercial insurers, and public payers have increased access to telemedicine.

Most of them are working hard to make sure that telehealth is used on the right patients with the right healthcare requirements, boosting effectiveness and efficiency in care delivery. As medical delivery adjusts to the widespread use of telehealth, there seems to be considerable potential in analytics, AI, and machine learning. Thus, a key element in assuring the effectiveness and efficiency of telehealth is data-driven analytics.

AI market size was valued at USD 328.34 billion in 2021 and it is expected to grow at a CAGR of 20% through the forecast period.

Telehealth Market Covid-19 impact: Due to the pandemic's rapid spread and government-imposed travel restrictions to minimize infection rates and limit in-person interaction in healthcare facilities, the demand for telehealth services and applications increased tremendously.

At the height of the pandemic, tech titans started offering healthcare services on their platforms. For instance, in cooperation with Line, the Japanese Ministry of Economy, and Trade (MET) offered free teleconsultation services.

The telehealth market has shown a market growth of around 132% in 2020 as due to the covid pandemic and travel restrictions telehealth usage was tremendous. The telehealth market is expected to increase by around 45-50% through the forecast period.
Telehealth Market Segment Analysis:
Based on Product Type, the Telehealth Market is segmented into Software, Services, and Hardware. The market was dominated by the services product type category, which had the highest market share of 47% in 2021. The demand for telehealth applications in chronic disease management and real-time monitoring, quick developments in digital infrastructure, rising internet and smartphone penetration, and innovations in hardware and software components are propelling the segment's growth.

The rapidly growing demand for these services is expected to be supported by the rapidly changing digital landscape. The adoption rates of these services are increasing because of the creation of numerous platforms and applications to track health and wellbeing as well as to monitor, diagnose, and prevent disease.

Market growth will be supported by emerging economies increasing investments in digital infrastructure to address communication and healthcare delivery gaps that persist in rural and remote areas. Due to the rising demand for accessible and inexpensive healthcare, increased care quality, and effective workflow management, the software category is expected to grow at the highest CAGR through the forecasted period.



Based on the Delivery Mode, the Telehealth Market is segmented into Web-based, Cloud-based, and On-premises. Due to the advent of numerous web-based telehealth & virtual care applications and the rising adoption rates of these web-based platforms, as they provide direct access to healthcare delivery solutions, the web-based delivery category held the greatest market share of 45.8% in 2021.

The development of the web-based delivery segment is being aided by technological advancements in the smartphone market and the spread of the internet in rural and distant areas. The web-based virtual care platforms' cost-effectiveness and easy-to-use interface are contributing to their quickly rising adoption rate. The category is growing because of increased public and private financing for and initiatives promoting telehealth applications.

During the expected period, the sector for cloud-based delivery modes is expected to rise at the fastest rate. The development of technologically cutting-edge solutions, rising patient and healthcare provider awareness, high bandwidth, simple accessibility, seamless data storage & recovery, and improved data privacy & security are promoting the growth of the cloud-based delivery market.

The demand for cloud-based deployable solutions has increased as a result of frequent data breaches in web-based and on-premises telemedicine platforms. Teleconsultation and patient monitoring for those in remote and rural areas in need of rapid medical aid have been made possible via cloud-based deployable solutions.
Telehealth Market Regional Insights:
The North America region dominated the market with 52 % share in 2021.The North America region is expected to witness significant growth at a CAGR of 28% through the forecast period. Due to its large population of smartphone users, strong internet connectivity, high healthcare IT spending, advancements in digital infrastructure, increased demand on physical healthcare facilities & resources, the prevalence of chronic diseases, and high levels of patient & provider awareness of digital health & virtual care platforms, North America dominated the market in 2021.

In the upcoming years, it is expected that the regional market would be driven by the growth of cloud-based apps and platforms as well as the appearance of start-ups creating and supplying these cutting-edge solutions.

Due to developments in the telehealth sector and ongoing research projects by numerous market players, Asia Pacific is expected to experience a high CAGR during the expected period. The adoption rate of these digital health solutions is being supported by increasing smartphone usage and better internet access.

The need for medical and healthcare support in rural and distant areas of Asia Pacific is increasing, which is pushing major businesses to provide cutting-edge solutions to meet the demand. Furthermore, during the COVID-19 epidemic, telehealth applications were widely used by the public. The expanding business is being supported by supportive government policies and funding to improve internet connectivity in rural areas.



The objective of the report is to present a comprehensive analysis of the global Telehealth Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Telehealth Market dynamic, structure by analyzing the market segments and projecting the Telehealth Market size. Clear representation of competitive analysis of key players by Product type, price, financial position, product portfolio, growth strategies, and regional presence in the Telehealth Market make the report investor’s guide.
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Global Telehealth Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 90.7 Bn.


Forecast Period 2022 to 2029 CAGR:
31.5%
Market Size in 2029:
US$ 811 Bn.


 Segments Covered:
by Product Type
• Software
• Services
• Hardware


by Delivery Mode
• Web-based
• Cloud-based
• On-premises


by End-User
• Provider
• Payer
• Patients



Telehealth Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Telehealth Market Key Players
• Koninklijke Philips (Netherlands)
• MDLIVE (US)
• Medtronic (Ireland)
• GE Healthcare (US)
• Cerner Corporation (US)
• Siemens Healthineers (Germany)
• Cisco Systems (US)
• Asahi Kasei Corporation (Japan)
• Teladoc Health (US)
• American Well (US)
• AMC Health (US)
• Doctor on Demand (US)
• Medvivo (UK)
• Iron Bow Technologies (US)
• TeleSpecialists (US)
• GlobalMed (US)
• Medweb (US)
• IMEDIPLUS (Taiwan)
• VSee (US)

Frequently Asked Questions:

1] What segments are covered in the Global Telehealth Market report?
Ans. The segments covered in the Telehealth Market report are based on Product Type, Delivery mode and End User.

2] Which region is expected to hold the highest share in the Global Telehealth Market?
Ans. The North America region is expected to hold the highest share in the Telehealth Market.

3] What is the market size of the Global Telehealth Market by 2029?
Ans. The market size of the Telehealth Market by 2029 is expected to reach US$ 811 Bn.

4] What is the forecast period for the Global Telehealth Market?
Ans. The forecast period for the Telehealth Market is 2022-2029.

5] What was the market size of the Global Telehealth Market in 2021?
Ans. The market size of the Telehealth Market in 2021 was valued at US$ 90.7 Bn.