Telehealth Services Market Size and Share
Market Overview
| Study Period | 2020 - 2030 |
|---|---|
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Growth Rate | 18.90% CAGR |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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Telehealth Services Market Analysis by Mordor Intelligence
The Telehealth Services Market is expected to register a CAGR of 18.90% during the forecast period.
Telehealth refers to remote medical services provided by healthcare providers. Healthcare professionals widely adopt it for providing consultations, care management, patient monitoring, administrative meetings, and imparting medical education, among other purposes. These services are typically offered through video conferencing, mobile health applications, and remote patient monitoring (RPM), among others.
The high prevalence of various chronic ailments, such as cardiovascular diseases, arthritis, cancer, etc., that require continual medical supervision, is catalyzing the demand for telehealth services. Additionally, the growing geriatric population, who are more prone to severe medical conditions, is also driving the need for home care-based medical treatment, thereby propelling the market in the region. Apart from this, the increasing penetration of digitalization trends in the healthcare sector is further augmenting the market growth.
Major market players in the telemedicine market are AMD Global Telemedicine, 1DOC3, Docademic, Amwell, ViveBem, Teladoc, and Lumed Health, among others. The market players are focusing on collaboration and partnership strategies to stay ahead in the competitive market. For instance, in March 2020, VivaBem announced its partnership with Doktor.se to expand digital services in Brazil. The partnership is expected to expand its customer base and increase revenue.
Due to the sudden outbreak of the COVID-19 pandemic, healthcare professionals and patients alike have been increasingly opting for telehealth services. These services help to mitigate the risk of coronavirus infection during hospital visits. The COVID-19 pandemic has prompted the government to introduce health initiatives promoting the adoption of telehealth solutions, leading to the growth of this market.
Global Telehealth Services Market Trends and Insights
Increasing burden of Chronic Diseases
Approximately 86% of health care expenditure is due to chronic and mental health conditions. It is estimated that by 2025, chronic diseases will affect around 164 million Americans, which is almost 50% of the population. Most of the individuals with chronic conditions are elderly, which results in mobility limitations.
Typically, people with multiple chronic conditions require regular visits to physicians, and telehealth promises to bridge the gap in chronic disease management. It ensures easy access to care for this population. It helps both patients and treatment providers to have a proper treatment plan, medication plan, and long-term chronic care management, which helps reduce avoidable healthcare costs.
The rise of Chronic ailments such as arthritis, cardiovascular disease, diabetes, cancer, etc., requires continual medical consultation, which is catalyzing the demand for telehealth services. Additionally, the growing adult population is falling prey to severe medical conditions, which are driving the need for home care-based medical treatment.
Technological Advancement is the helping the market to grow
Telehealth is a growing, versatile technology delivering healthcare services digitally and virtually to patients in remote locations. Through these advanced digital technologies,the delivery of patient-centric care to remotely located patients has been possible, reducing the need for emergency department visits and declining hospitalization rates significantly, thereby propelling the market growth.
Technological innovations such as the emergence of health monitoring smartphone applications are becoming a growth-inducing factor for the telehealth industry. The growing adoption of smart wearable devices for real-time monitoring of blood glucose levels, blood pressure, sleep patterns, and heart rate has also contributed to market growth. Additionally, extensive investments in the field of medical sciences, along with continuous upgrades in telecommunication technologies, are anticipated in the near future.
Innovation in the digital healthcare industry, including the internet of things (IoT), advanced healthcare analytics, smart wearable devices, and robust internet & smartphone connectivity, is significantly shaping the telehealth industry, providing seamless patient monitoring and efficient management of chronic disorders. Furthermore, the amalgamation of AI and machine learning algorithms has enhanced the personalization of healthcare services.
With the growth of social distancing recommendations, it has become high time to adopt Telehealth services. Growth in internet penetration has increased the use of these services. As telehealth providers provide online consultation and online pharma services, the use of internet connection has become an important role.
Competitive Landscape
The telehealth service industry is highly fragmented, with new players in the market. The growth of internet users and LTE services provides an additional boost to the development of the telehealth service industry. The emerging market of smart wearables and Fitbits makes it easier to trace and record a person's health data. The increasing prevalence of mental disorders, coupled with the limited number of healthcare providers for mental health, will boost the application of telemedicine in mental health. Furthermore, mental health is deemed to be perfect for telemedicine due to its relatively low emphasis on physical contact and high reliance on counseling, thereby fostering segmental growth.
Telehealth Services Industry Leaders
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1DOC3
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Cirrus MD
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AMD Global Telemedicines
-
MD Live
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Dr. On Demand
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- June 2022: CirrusMD has announced a launch of language support functionality which would enable non-native English speakers to have a conversation with physicians using the language they prefer.
- May 2022: Amwell has acquired SilverCloud Health which is a digital mental health platform. This agreement will give an aggregate of 4.96 million shares of the company's Class A common stock. Both SilverCloud Health and Conversa Health were purchased by Amwell on 31st August 2021 for USD 320 million.
Global Telehealth Services Market Report Scope
Telehealth Market players are focusing on improving their technology offerings in terms of all enabling technologies. Healthcare companies are also estimating the return on investment and clinical outcomes of the telehealth industry. Insurance companies are taking a realistic look at the ability to support e-health care and considerably improve the bottom line.
The scope of the study is currently focused on the Telehealth services Market. The study tracks the key trends in each segment categorized on the basis of Service type, Application type, Communication type, and region. The study also tracks the impact of COVID-19 on the market.
The telehealth services are segmented by Service Type (Remote Patient Monitoring, Store and Forward, and Real-Time Interactive), Application type (Teleconsultation and Tele-mentoring, Medical Education, Tele-Cardiology, Tele-Psychiatry, Tele-Radiology, Tele-Pathology, Tele-Neurology, Tele-Dermatology, Emergency Care, and Home Care), Communication type (Video Conferencing, mHealth Solutions, and Others), By End Users (Providers, Patients, Players, and Others), By Geography (North America, Europe, Asia Pacific, Middle East and Africa, South America), various trends, opportunities, and company profiles.
| Remote Patient monitoring |
| Store and Forward |
| Real Time Interactive |
| Others |
| Teleconsultation and Tele-mentoring |
| Medical education |
| Tele-Cardiology |
| Tele-Psychiatry |
| Tele-Radiology |
| Tele-Pathology |
| Tele-Neurology |
| Tele-Dermatology |
| Emergency Care |
| Home Care |
| Others |
| Video Conferencing |
| mHealth Solutions |
| Others |
| Providers |
| Patients |
| Players |
| Others |
| North America | United States |
| Canada | |
| Mexico | |
| Europe | Germany |
| United Kingdom | |
| France | |
| Italy | |
| Spain | |
| Rest of Europe | |
| Asia-Pacific | China |
| Japan | |
| India | |
| Australia | |
| South Korea | |
| Rest of Asia-Pacific | |
| Middle East and Africa | GCC |
| South Africa | |
| Rest of Middle East and Africa | |
| South America | Brazil |
| Argentina | |
| Rest of South America |
| Service Type | Remote Patient monitoring | |
| Store and Forward | ||
| Real Time Interactive | ||
| Others | ||
| Application type | Teleconsultation and Tele-mentoring | |
| Medical education | ||
| Tele-Cardiology | ||
| Tele-Psychiatry | ||
| Tele-Radiology | ||
| Tele-Pathology | ||
| Tele-Neurology | ||
| Tele-Dermatology | ||
| Emergency Care | ||
| Home Care | ||
| Others | ||
| Communication type | Video Conferencing | |
| mHealth Solutions | ||
| Others | ||
| By End Users | Providers | |
| Patients | ||
| Players | ||
| Others | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Middle East and Africa | GCC | |
| South Africa | ||
| Rest of Middle East and Africa | ||
| South America | Brazil | |
| Argentina | ||
| Rest of South America | ||
Key Questions Answered in the Report
What is the current Telehealth Services Market size?
The elehealth Services Market is projected to register a CAGR of less than 18.9% during the forecast period (2025-2030)
Who are the key players in Telehealth Services Market?
1DOC3, Cirrus MD, AMD Global Telemedicines, MD Live and Dr. On Demand are the major companies operating in the Telehealth Services Market.
What years does this Telehealth Services Market cover?
The report covers the Telehealth Services Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Telehealth Services Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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