Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Global telehealth market size was valued at USD 128.12 billion in 2022 The market is projected to grow from USD 504.24 billion by 2030 at a CAGR of 19.7% during the forecast period.The increasing adoption of telehealth is growing dramatically, especially in behavioral health, radiology, cardiology, and online consultation.
The market is getting a significant boom with the growing start-up's launch and funding of products, especially for virtual consultations.
This information is provided by Fortune Business Insights™ in its research report titled “Telehealth Market, 2023-2030.”
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Key Industry Development:
- January 2023: Teladoc Health, Inc. introduced a digital application that offers personalized whole-person care to individuals.
Key Takeaways :
- Pandemic has Surged the Demand for Telehealth Usage
- Growing Number of Partnerships, Acquisitions, and Venture Capital Funding is a Vital Trend
- Active Government Initiatives for Adoption of these Solutions are Set to Propel Market Growth
- Rising Healthcare Cost to Drive the Telehealth Market Growth
- Budget Constraints and Lack of Reliable Digital Infrastructure to Hinder Growth Prospects
- Huge Client Base to Help Teladoc Health to Hold the Dominant Position
List of Key Players Mentioned in the Report:
- American Well (U.S.)
- MDLIVE Inc. (U.S)
- Teladoc Health Inc. (U.S.)
- Doctor on Demand Inc. (U.S.)
- Dictum Health Inc. (U.S.)
- Grand Rounds Inc. (U.S.)
- OpenTeleHealth (Denmark)
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
https://www.fortunebusinessinsights.com/industry-reports/telehealth-market-101065
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2021 to 2028 CAGR | 19.7% |
| 2030 Value Projection | USD 504.24 Billion |
| Base Year | 2022 |
| Telehealth Market Size in 2022 | USD 128.12 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | By Type, By Application, By Modality, By End-user |
Drivers and Restraints:
Increasing Government Initiatives for Adoption of these Solutions to Drive Growth
Telehealth has been effective in overcoming the distance barrier and ensuring healthcare delivery in remote locations. The majority of the population, especially in underdeveloped countries, lives in rural areas without access to quality healthcare. Thus, the incorporation of favorable policies to encourage telehealth and extensive governmental support are expected to drive the telehealth market growth during the projected period.
Segments:
Growing Number of Virtual Visits to Drive the Services Segment
Based on the type, the market is bifurcated into services and products.
The services segment is projected to lead the market in 2022 and is expected to maintain its dominance during the projected period. An increase in the number of emerging reimbursement policies, virtual consultations, and increasing start-up funding for teleconsultations are the initial factors available to the segment’s growth.
The products segment is predicted to elevate during the projected period due to the fast adoption of wearable patient monitoring devices and the increasing demand for tables and other telecommunication devices.
Increase in Usage of Virtual Consultation Apps to Dominate Telemedicine Segment
On the basis of application, the market is segmented into continuous medical education, telemedicine, patient monitoring, and others.
The telemedicine segment witnessed the largest portion of the market in 2022. The rising adoption of telemedicine software and the increasing number of doctors joining virtual consultations apps would contribute to the dominance of this segment.
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Due to Cost-effective E-visits, Real-time Mode of Delivery to Show Maximum Growth
According to modality, the market is segmented into store-and-forward (asynchronous), real-time (synchronous), and remote patient monitoring based on modality.
The real time segment is anticipated to witness growth during the projected period due to the rising need for e-visits and the cost-effectiveness of e-visit over face-to-face consultations.
Active Government Support to Favor Growth of the Healthcare Facilities Segment
As per end-user the market is divided into home care, healthcare facilities, and others. The healthcare facilities segment held the largest market share in 2022. Increasing deployment of telemedicine to reduce the work burden on healthcare professionals and government-funded projects are the primary factors for the dominant share of the segment.
Geographically, the market is studied across Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.
Lacking Budget Constraints and Reliable Digital Infrastructure to Hamper Market Growth
Lack of confidence in the reliability of the existing network is considered one of the prominent reasons for the slow adoption of these technologies. The lower penetration of the internet in low-and-middle-income countries when compared to developed nations limits access to these services.
Regional Insights:
North America to Hold the Dominant Share Owing to Growing Teleconsultation
North America is anticipated to witness the highest telehealth market share, owing to the growing preference for favorable health reimbursement, teleconsultation, and the strategic presence of key players.
Asia Pacific is estimated to record noteworthy growth during the projected period due to improving technological advancements in digital imaging, high rural population, and healthcare scenario.
Competitive Landscape:
Massive Client Base to Help Teladoc Health to Hold a Dominant Position
Due to the increasing number of paid memberships and virtual visits, Teladoc Health held the leading position, which is also due to the huge client base of the company. The company is witnessing notable growth in teleconsultations due to favorable health reimbursement and the COVID-19 crisis.
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FAQs :
How big is the Telehealth Market?
- The global telehealth market size was valued at USD 128.12 billion in 2022 and is projected to grow from USD 142.96 billion in 2023 to USD 504.24 billion by 2030, exhibiting a CAGR of 19.7% during the forecast period.
What are the key factors driving the Telehealth Market?
- The rising healthcare cost and increasing government initiatives are the key factors driving the global market.
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