Telehealth Market was estimated at USD 24,100 Million in 2019 and predicted to grow at 37.7% CAGR during forecast period, due to the growing adoption of telehealth services by medical practitioners for training medical staff, consultation, and imparting medical education.

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Key Drivers

The telehealth market is experiencing an upsurge in demand due to the rising need to expand healthcare access, along with continuous technological advancements in the telecommunication sector like health monitoring smartphone applications. The use of wearable devices, such as smartwatches and bands, to continuously monitor blood glucose levels, blood pressure, sleep patterns and chronic pain in the body, have stimulated the market growth. Moreover, the growing number of government initiatives to support the adoption of telehealth is further boosting the market’s demand in the coming years. With the rising number of incidences of the shortage of physicians, there has been an increase in the demand for telehealth across the globe. All these factors are opening new doors for the growth of the market. The growth of the telecommunication industry, rising demand for online doctor consultation services and accelerating geriatric population are forecast to stimulate the market growth. Indian Online doctor consultations market is estimated to reach USD 94.19 million by the end of 2022, exhibiting a CAGR of 27.56% during the forecast period (2022-2026), which is estimated to drive the market growth.

With the rising incidences of cancer, cardiovascular diseases, and cardiology, the adoption of telehealth systems in the field of radiology, cardiology, and online consultation to treat several medical ailments, including cancer and cardiovascular diseases (CVDs) has increased, driving the market growth. However, rising cases of digital fraud in the Healthcare sector and inadequate knowledge amongst consumers about the digital telehealth platforms might impede the market growth.

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Component Segment Analysis

Based on the component, the software & service segment is expected to grow at a higher CAGR over the coming years. This is attributed to the accelerating adoption of telehealth solutions across the globe. Additionally, the spread of the COVID-19 pandemic is creating an upsurge in demand for telehealth software and services to avoid visiting hospitals and clinics physically. In addition, the surging demand for telehealth services has encouraged software developers to develop advanced software with more features to strengthen their position in the market, fueling the market growth. For instance, in May 2021, MediTelecare introduced MediTely™, a world-class mobile telehealth application to cater the need for elder population living outside long-term care facilities.

Application Segment Analysis

Teleradiology segment is projected to dominate the market in the next six years. The rising imaging practices and the growing adoption of teleradiology by the healthcare providers are further contributing to the growth of the segment in the market.

End-User Segment Analysis

Provider end-user is forecast to witness a faster CAGR during the forecast period. The increasing adoption of remote monitoring in chronically ill and old aged patients, followed by the rising number of advancements in the telehealth monitoring devices and the expanding number of the tele-specialty services offered by providers, are the major factors that are propelling the growth of the segment. Patient segment is estimated to hold a higher CAGR during the forecast period, due to the strong internet connectivity. Rising penetration of smartphone, increasing number of tech-friendly and active subscribers on telehealth platforms, will strengthen the market growth.

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Regional Analysis

North American is expected to dominate the telehealth market during the forecast period. The major factors, such as the rising prevalence of chronic conditions, the increasing need to reduce healthcare expenditure, and the growing geriatric population are contributing to the growth of the market in this region. Furthermore, the increasing number of favorable government policies and regulations and the storage of trained and educated healthcare professionals are further surging the demand of the market.

Asia Pacific is expected to witness a faster CAGR over the forthcoming years, due to the strategic government initiatives to improve internet connectivity, innovations in digital health and research initiatives undertaken by the leading players. Increasing demand for healthcare and medical assistance in rural areas, lack of healthcare professionals and emerging need to reduce the increasing healthcare costs are forecast to propel the regional growth.

Top Market Players

Various notable players operating in the market include Medtronic PLC, Honeywell Life Care Solutions, AMD Global Telemedicine Inc., Philips Healthcare, Tunstall Healthcare, Care Innovations, Globalmedia Group LLC, Cerner Corporation, Cisco Systems Inc., Medvivo Group Ltd., and Aerotel Medical Systems Ltd., among others. 

Key Developments: 

• • In 2020, Philips Healthcare collaborated with the American Telemedicine Association to support the adoption of telehealth across various industries. The continued collaboration spotlights the growing adoption and momentum in telehealth amidst COVID-19, and the need to convey the exponential shift to telehealth capabilities.
  • In 2018, AMD Global Telemedicine Inc. launched its OnDemand Visit, a direct-to-consumer telehealth platform that will allow organizations to expand their service offerings and engage patients in a convenient way.

Segments covered in the Report:

The telehealth market is segmented into component, application, mode of delivery, end-user, and regions. Based on the component, the market has been segmented into software & services and hardware. Based on the application, the market has been segmented into teleradiology, telepsychiatry, telestroke, teleicu, teledermatology, teleconsultation, and other applications. Based on the mode of delivery, the market has been segmented cloud-based mode of delivery and on-premise mode of delivery. Based on the end-user, the market has been segmented into providers, payers, patients, and other end-users.

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Key questions answered in this research report:

• • At what pace is global Telehealth market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Telehealth market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Telehealth market?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?
  • What are the various application areas of global Telehealth market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 24,100 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Mode of delivery, By Application, By End-User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Medtronic PLC, Honeywell Life Care Solutions, AMD Global Telemedicine Inc., Philips Healthcare, Tunstall Healthcare, Care Innovations, Globalmedia Group LLC, Cerner Corporation, Cisco Systems Inc., Medvivo Group Ltd., and Aerotel Medical Systems Ltd., among others; a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Telehealth Market by Component

• • Software & services
    • Remote patient monitoring software and devices
    • Real-time interaction software & services
    • Store-and-forward software & services
  • Hardware
    • Medical peripheral devices
      • Blood pressure monitors
      • Blood glucose meters
      • Weight scales
      • Pulse oximeters
      • Peak flow meters
      • ECG monitors
      • Other devices
    • Monitors

Global Telehealth Market by Mode of delivery

• • Cloud-based
  • On-Premise

Global Telehealth Market by Application

• • Teleradiology
  • Tele-consultation
  • Tele-ICU
  • Tele-stroke
  • Tele-psychiatry
  • Tele-dermatology
  • Others

Global Telehealth Market by End-User

• • Providers
  • Payers
  • Patients
  • Others

Global Telehealth Market by Region

• • North America Telehealth Market (Option 1: As a part of the free 25% customization)
    • North America Telehealth Market by Component
    • North America Telehealth Market by Mode of delivery
    • North America Telehealth Market by Application
    • North America Telehealth Market by End-User
    • US Telehealth Market All-Up
    • Canada Telehealth Market All-Up
  • Europe Telehealth Market (Option 2: As a part of the free 25% customization)
    • Europe Telehealth Market by Component
    • Europe Telehealth Market by Mode of delivery
    • Europe Telehealth Market by Application
    • Europe Telehealth Market by End-User
    • UK Telehealth Market All-Up
    • Germany All-Up Telehealth Market All-Up
    • France Telehealth Market All-Up
    • Spain Telehealth Market All-Up
    • Rest of Europe Telehealth Market All-Up
  • Asia-Pacific Telehealth Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Telehealth Market by Component
    • Asia-Pacific Telehealth Market by Mode of delivery
    • Asia-Pacific Telehealth Market by Application
    • Asia-Pacific Telehealth Market by End-User
    • China Telehealth Market All-Up
    • India Telehealth Market All-Up
    • Japan Telehealth Market All-Up
    • Rest of APAC Telehealth Market All-Up
  • RoW Telehealth Market (Option 4: As a part of the free 25% customization)
    • RoW Telehealth Market by Component
    • RoW Telehealth Market by Mode of delivery
    • RoW Telehealth Market by Application
    • RoW Telehealth Market by End-User
    • Brazil Telehealth Market All-Up
    • South Africa Telehealth Market All-Up
    • Saudi Arabia Telehealth Market All-Up
    • UAE Telehealth Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Telehealth Market All-Up

Major Players Operating the Telehealth (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Medtronic PLC
  • Honeywell Life Care Solutions
  • AMD Global Telemedicine Inc.
  • Philips Healthcare
  • Tunstall Healthcare
  • Care Innovations
  • Globalmedia Group LLC
  • Cerner Corporation
  • Cisco Systems Inc.
  • Medvivo Group Ltd.
  • Aerotel Medical Systems Ltd.