PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419052
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419052
Telehealth Market size was valued at USD 82,902 Million in 2022, expanding at a CAGR of 24.5% from 2023 to 2030.
The Telehealth market encompasses the domain dedicated to providing healthcare services remotely using telecommunications and digital technologies. This sector spans a wide spectrum of healthcare services delivered through videoconferencing, mobile Delivery Modes, remote monitoring devices, and various virtual platforms. Telehealth facilitates doctor-patient consultations, remote diagnosis, monitoring vital signs of patients, managing medications, and grants access to healthcare information and education. It encompasses an array of technologies and services, including telemedicine, teleconsultation, remote patient monitoring, and mobile health Delivery Modes. The market continually evolves owing to technological advancements, improved connectivity, regulatory shifts, and heightened acceptance by healthcare providers and patients seeking efficient and accessible healthcare delivery alternatives.
The global adoption of telehealth services is propelled by increased funding and government initiatives. For instance, in August 2021, the U.S. Administration pledged an investment of around 19 million to enhance healthcare delivery, addressing gaps in care experienced in remote rural areas lacking critical services. Moreover, major industry players have concentrated on strategic initiatives, collaborations, mergers, and acquisitions to gain a competitive edge, expand their product offerings, and extend their business presence. For example, in June 2022, Oracle acquired a 69.2% stake in Cerner Corporation. This acquisition aims to develop advanced healthcare analytics solutions, broaden the product portfolio, and enhance business presence. Leveraging cloud capabilities, this move is projected to improve patient outcomes, encourage patient engagement, and reduce healthcare costs by bolstering information security. Additionally, the escalating global prevalence of cancer is anticipated to significantly contribute to market growth. The increasing prevalence of cancer puts considerable strain on healthcare systems, many of which grapple with shortages of healthcare professionals, including doctors and nurses. This predicament is forecasted to drive global adoption of telehealth services. The World Health Organization (WHO) predicts a shortage of 15 million healthcare professionals by 2030. This scarcity of healthcare professionals is expected to spur the adoption of AI for patient diagnosis and treatment. Telehealth aids in digitally and virtually delivering healthcare services to patients in remote locations, effectively addressing this shortage of healthcare professionals.
The Global Telehealth Market is segmented on the basis of Product Type, Delivery Mode, End Use, Disease Area, and Region.
The market is divided into three categories based on product type: Hardware, software and services. Based on product categorization, the Services segment secured the predominant revenue share in 2023 and is expected to exhibit lucrative growth due to the prevailing trend of outsourcing these services. Healthcare facilities often lack the necessary resources and expertise essential for implementing digital health solutions, leading to the outsourcing of such services. The increasing demand for telehealth Delivery Modes in real-time monitoring, chronic disease management, rapid progressions in digital infrastructure, amplified internet and smartphone penetration, and advancements in hardware and software components collectively propel the growth of this segment. Consequently, the perpetually evolving digital landscape is poised to support the escalating need for these services.
The market is divided into three categories based on Delivery Mode: payer, provider and patient. the Provider segment claimed the largest share in 2023 owing to the escalating adoption of teleconsultation, telemedicine, and telehealth among healthcare professionals. This adoption aims to alleviate the burden on healthcare facilities. Additionally, the heightened convenience provided by these solutions, enabling quick and seamless access to real-time quality reporting, patient health records, enhanced decision-making, improved data management, and eHealth solutions, is expected to foster increased adoption among providers. Many healthcare facilities have witnessed significant enhancements in workflow management following the adoption of these services, thereby further boosting their utilization.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The telehealth industry is implementing various strategies to stimulate innovation and enhance accessibility in healthcare provision. Companies are prioritizing the improvement of user experience by focusing on user-friendly interfaces and mobile Delivery Modes, facilitating convenient access for patients seeking remote consultations and monitoring. The integration of cutting-edge technologies such as AI-driven diagnostics, remote patient monitoring devices, and interoperable platforms aims to elevate the quality and efficiency of care. Establishing strategic alliances among telehealth providers, healthcare systems, and insurers broadens the reach of services and enhances affordability. Advocacy for telehealth reimbursement and robust data security regulations remains crucial, fostering trust and ensuring compliance. Overall, the market is evolving with a patient-centered approach, emphasizing convenience, superior care, and scalability of remote healthcare services.
In October 2023, Glenn Gaunt MD unveiled and officially launched an alternative to traditional healthcare. The stage offers reachable and convenient medical services, allowing patients to obtain medical consideration from the ease of their homelands.
The scope of this report covers the market by its major segments, which include as follows: