The telehealth market size is estimated to be USD 84,658.1 million in 2022 and is expected to witness a CAGR of 24.21% during the forecast period 2023-2033. Improving patient safety and healthcare quality through early detection and diagnosis are factors contributing to the market growth. Furthermore, launch of web- and cloud-based solutions that provide consumers with virtual care and rising incidence of cancer are other factors supporting the market growth. However, fraudulent issues and high installation price of ICT is expected to hinder the growth.

Launch of web- and cloud-based solutions that provide consumers with virtual care is expected to propel the market growth during the peojected period. For instance, CVS and Teladoc collaborated to launch CVS Health’s Aetna Virtual Primary Care in August 2021. Through this collaboration, Teladoc’s physician network and providers will be used by CVS Health to provide virtual care services to patients remotely through video and telephone consultations, therefore reducing the patients’ reliance on in-person consultations and visits.

Rising incidence of cancer is predicted to fuel the market growth during forecast period. The healthcare systems are experiencing a shortage of healthcare workers including doctors and nurses are expected to be strained by this rising incidence, which is expected to spur the uptake of the services globally. By 2030, WHO predicts that there will be a shortage of 15 million healthcare professionals, which would push hospitals to use artificial intelligence (AI) more frequently for patient treatment and diagnosis

Segmentation

By Product

The market is categorized into services, software, and hardware. In 2022, the services segment accounted for the highest revenue share due to the demand for telehealth applications for chronic disease management and real-time monitoring. Additionally, the segment growth was supported by the rapid development of digital infrastructure, hardware, and software components, and expanding use of smartphones and the internet globally.  The segment is expanding as a result of the development of numerous platforms and applications that diagnose, monitor, track fitness & wellness, and cure diseases. The expansion of the services is also anticipated to be positively supported by the rapidly changing digital landscape. The software segment is predicted to grow profitably during the projected period due growing demand for accessible and affordable healthcare services, effective workflow management, and higher-quality treatment. The demand for reliable, real-time population health monitoring along with increasing healthcare expenses are driving up usage of the software.

By Delivery Mode

The market is categorized into cloud-based, on-premise, and web-based. In the global market, the web-based segment accounted for the largest revenue share in 2022 owing to emergence of numerous virtual care and web-based telehealth applications and increasing use of web-based delivery to provide patients with direct access to healthcare services. The acceptance of the web-based delivery segment is further boosted by rising internet usage and advancements in the smartphone market. Web-based apps’ cost-effectiveness and intuitive user interface are further factors driving greater usage. The cloud-based delivery segment is predicted to have the fastest growth over the course of the projection period due to the increasing use of cloud-based applications by healthcare providers and patients and launch of technologically cutting-edge solutions. Additionally, cloud-based apps’ seamless data storage and recovery, ease of accessibility, bandwidth efficiency, and improved security are supporting the segment’s expansion.

By End User

The market is segmented into patients, payers, and providers. In 2022, the providers segment accounted for the largest revenue share owing to growing usage of telehealth, teleconsultation, and telemedicine among healthcare professionals in order to lessen the pressure on healthcare facilities. The ease with which these solutions enable healthcare professionals to quickly and easily access patient health records, and real-time quality reporting, enhanced data management, better decisions, and eHealth solutions, are anticipated to further boost the uptake of the services by professionals. The patient segment is predicted to increase at the fastest rate throughout the course of the forecast period due to its high internet connectivity, rising smartphone adoption, and active subscriber base on telehealth platforms. Additionally, the services are affordable and aid in addressing care delivery and communication gaps between patients and medical professionals, which is anticipated to enhance patient adoption of the services.

Regional Markets

In 2022, North America region accounted for the highest revenue in the telehealth market and is expected to maintain its dominance during the forecast period. This is attributed to the increasing healthcare IT spending and higher internet and smartphone usage in the region. Additionally, the market is anticipated to develop as a result of the rising burden of chronic diseases and the awareness regarding of digital health and virtual care platforms among healthcare professionals and patients. The acceptance of telehealth platforms in the region is also being aided by the presence of important players there and emergence of start-ups. The region with the fastest growth is predicted to be Asia Pacific. The growing elderly population in nations such as India and Japan, together with technological developments in the field of digital health and research activities carried out by the major companies in the region are expected to help to the market’s expansion.

Competitor Insights

Some of the key players operating in the telehealth market are Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., American Well, Cerner Corp., Doctor on Demand, Teladoc Health Inc, Medtronic PLC, GlobalMed, and MDLive.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, Philips announced the launch of Philips Acute Care Telehealth in August 2021. This solution would offer flexibility and configuration options to assist healthcare institutions in providing virtual care.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including product, delivery mode, and end user from 2023 to 2033.

Report Scope:

Segmentation: Telehealth Market Report 2022 – 2033

Product (Revenue, USD Million), 2022 – 2033

• Services
• Software
  • Integrated Software
  • Standalone Software
• Hardware
  • Monitors
  • Medical Peripheral Devices
    • Blood Glucose Meters
    • Blood Pressure Meters
    • Pulse Oximeters
    • Weighing Scales
    • ECG Monitors
    • Peak Flow Meters
    • Others

Delivery Mode (Revenue, USD Million), 2022 – 2033

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

End user (Revenue, USD Million), 2022 – 2033

• Patients
• Payers
• Providers

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA