Telehealth & Telemedicine Market by Component, Diagnostic Devices, End-User, Application, Mode of Delivery

Description

List of Tables

[182 Pages Report] The Telehealth & Telemedicine Market size was estimated at USD 109.20 billion in 2023 and expected to reach USD 131.74 billion in 2024, at a CAGR 21.11% to reach USD 417.40 billion by 2030.

Telehealth and telemedicine refers to delivering and facilitating health and health-related services, such as medical care, patient education, and self-care through telecommunications and digital communication technologies. Government policy shifts that favor telehealth and digital healthcare infrastructure with supportive reimbursement are significant growth drivers for the telehealth & telemedicine market. The need to reduce healthcare spending is leading to the increased adoption of cost-effective telehealth services. However, inadequate technological infrastructure can limit telehealth and telemedicine access in rural or underserved areas. In addition, the potential for breaches poses risks to patient privacy and limits the use of telehealth and telemedicine solutions. Ongoing innovations in AI, machine learning, and IoT devices for health monitoring are expanding the applicability of telehealth and telemedicine solutions. Furthermore, widespread internet accessibility and the creation of more user-friendly platforms that cater to various patient demographics are anticipated to drive the telehealth & telemedicine market in the coming years.

KEY MARKET STATISTICS
Base Year [2023]	USD 109.20 billion
Estimated Year [2024]	USD 131.74 billion
Forecast Year [2030]	USD 417.40 billion
CAGR (%)	21.11%

Component: Growing utilization of software owing to manage real-time telemedicine operations

Telehealth and telemedicine rely on a range of hardware that enables healthcare providers to offer medical services remotely. Endpoints in telehealth refer to the devices that patients and healthcare providers use to communicate, including dedicated telemedicine carts in hospitals, personal digital devices, or kiosks in pharmacies. Reliable network hardware is the backbone of telehealth services, providing the necessary infrastructure for high-speed data transmission. Reliable network hardware includes routers, switches, and modems that must ensure adequate bandwidth and low latency to support real-time video consultations and the secure transfer of patient data in compliance with healthcare regulations. Remote patient monitoring hardware encompasses devices that patients use outside traditional clinical settings to record health data. Remote patient monitoring hardware is designed for user-friendly operation and typically features wireless connectivity for seamless data transmission to healthcare providers. Webcams are vital for telehealth as they facilitate face-to-face interactions between patients and healthcare providers. Telehealth services include primary care, specialist consultation, mental health services, and chronic disease management. The deployment and integration of telehealth platforms into existing healthcare systems is a complex process that requires careful planning and execution. This includes ensuring compatibility with electronic health records (EHR), integration with billing systems, and establishing secure network connections. Support and maintenance involves routine hardware and software maintenance, cybersecurity measures to protect patient data, and technical support to address any issues healthcare providers or patients may encounter. Training programs are designed to cover the operational aspects of telehealth hardware and software, best practices in virtual patient engagement, and regulatory compliance.

Real-time telemedicine software enables live interaction between patients and healthcare providers. Real-time telemedicine technology facilitates immediate consultation and diagnosis through virtual platforms, allowing healthcare professionals to offer virtual visits, urgent care, and mental health counseling services. Remote patient monitoring (RPM) software facilitates tracking patients' health data outside traditional clinical settings. The software can collect various health metrics, including blood pressure, blood sugar, heart rate, and oxygen levels. RPM software is crucial for chronic disease management, post-discharge care, and preventative medicine. Store-and-forward telemedicine software allows healthcare providers to share patient data with specialists at different locations. Features of store-and-forward software include secure data storage, encryption of sensitive information, and user-friendly interfaces for uploading and accessing patient data. Video conferencing software refers to applications specifically designed for medical consultations and online meetings. This software is essential for delivering remote clinical services and facilitating collaboration among healthcare teams across different locations.

Diagnostic Devices: Elevated preference for smartwatches to advance telemedicine applications

Blood glucose meters are portable devices used to measure the amount of glucose in the blood for diabetes management, enabling patients to monitor blood sugar levels frequently. Blood pressure devices include manual and fully automated systems. Digital devices, including wrist and arm cuffs, can automatically measure and record blood pressure readings for telehealth purposes. Digital otoscopes are used to examine the ear canal and tympanic membrane. These devices have integrated cameras and can remotely transmit high-definition images and videos to healthcare providers. Digital thermometers provide a quick, accurate, and digitally measured body temperature. Telehealth applications typically require digital thermometers that can easily sync and transmit temperature data to healthcare professionals or personal health records. Electrocardiogram monitors are devices used to record the electrical activity of the heart. In telehealth, portable electrocardiogram monitors allow patients to self-test and share results with their cardiologist remotely. Pulse oximeters are typically clipped to a finger and use light beams to estimate the oxygen saturation (SpO2) and pulse rate. In telehealth scenarios, pulse oximeters are critical for monitoring patients with respiratory or cardiac issues. Smartwatches with sensors can track heart rate, sleep patterns, and physical activity. Telemedicine kiosks are stations equipped with various medical devices for remote examinations. Virtual stethoscopes are digital auscultation tools that enable healthcare providers to monitor heart and lung sounds remotely. Wireless scales are used to measure and monitor weight wirelessly and body composition in some advanced models. These scales can connect to the internet or personal devices to track changes over time and share this information with healthcare providers to monitor and manage various health conditions, such as obesity or heart disease.

End-User: Increasing use of telehealth and telemedicine solutions by homecare facilities

Healthcare facilities, including hospitals, clinics, and specialist settings, use telehealth services to enhance patient care, improve appointment efficiency, and reduce congestion within physical locations. Within healthcare facilities, there is a pressing need for telemedicine platforms that offer robust data security, multi-user collaboration, interoperability, and real-time access to patient information. Additionally, these platforms must have reliable connectivity and support for various medical peripherals to facilitate remote diagnostics. Homecare represents telehealth and telemedicine solutions within the patient's home or another non-clinical environment. It primarily revolves around the continued treatment and monitoring of chronic conditions, post-hospitalization care, and providing accessible medical consultations for those with mobility challenges or in remote locations. Patients seeking telehealth for home care prioritize ease of use, accessibility, and affordability.

Application: Rising consumer awareness and adoption of tele-consulting solutions to reduce the need for physical visits

Tele-consulting allows patients to receive medical advice from healthcare professionals via telecommunications infrastructure. Tele-consulting has become highly preferred for its convenience, reducing the need for physical visits, especially during pandemic times. Tele-education involves delivering education and training to healthcare professionals using telecommunications technology to ensure continuous learning and skill upgrading, even in remote areas. Tele-monitoring uses devices to remotely collect and send patient data to healthcare providers, primarily for chronic disease management and post-discharge care. Tele-pathology enables pathologists to examine and diagnose digital images of pathological slides remotely. Tele-pathology is critical when specialist opinions are required and in areas lacking expert pathology services. Tele-psychiatry provides mental health services remotely, addressing the stark shortage of mental health professionals. Tele-radiology involves transmitting radiological patient images, such as X-rays and CT scans, to radiologists for analysis and reporting at different locations. Tele-surgery allows surgeons to perform operations using robotic systems and real-time data transmission, potentially over great distances. Tele-training delivers virtual hands-on training and procedural guidance, enabling healthcare professionals to learn and collaborate from anywhere.

Mode of Delivery: Upsurging penetration of cloud-based telehealth and telemedicine solutions

Cloud-based telehealth services refer to the hosting of telemedicine software and data on remote servers maintained by a service provider and accessed over the Internet. Cloud-based telehealth and telemedicine solutions are ideal for organizations prioritizing broad access, as these systems can be used by healthcare providers and patients anytime and anywhere with Internet access. Cloud services can be quickly scaled up to accommodate fluctuating telehealth service demands without physical infrastructure changes. On-premise telehealth solutions involve software installed and running on the computers and servers physically located within the premises of the healthcare organization. Healthcare providers operating in countries with stringent data residency laws and strict data control policies prefer on-premise solutions. On-premise systems offer organizations the ability to customize their telemedicine solutions to meet specific workflow requirements highly.

Regional Insights

The Americas represent a highly developing telehealth & telemedicine market owing to technological advancements, robust healthcare IT infrastructure, and supportive government policies. American consumers have displayed a growing preference for convenience and on-demand healthcare services. Telehealth services are rapidly integrating into the public health system, spurred by vast geographic areas and remote populations in the developed economies of the Americas. The European Union exhibits strong growth in telehealth, assisted by supportive policies. Consumer needs revolve around integrating telehealth, personalized care, and data security into existing healthcare systems. Ongoing EU-funded research projects and joint ventures are enhancing the use of telehealth and telemedicine solutions. The telehealth & telemedicine market in the Middle East is gaining traction due to government-led initiatives and a rising number of tech-savvy consumers demanding immediate access to medical consultations. The telehealth market in Africa is nascent compared to other regions, hindered by infrastructural and resource constraints. However, its huge potential lies in addressing access challenges, especially for rural communities. The telehealth & telemedicine market in the APAC is growing, underpinned by government support and technological advancements. Asian consumers are exhibiting a need for more accessible healthcare, with a surge in online health consultations. The development of AI and 5G technologies are among the key focuses in patents, and major investments are shaping a more sophisticated telemedicine ecosystem. Government bodies in emerging economies are promoting telemedicine to enhance home care for the elderly and rural populations. Moreover, with a vast population and uneven healthcare service distribution, Asia-Pacific is investing highly in the telehealth & telemedicine market to bridge this gap.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Telehealth & Telemedicine Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Telehealth & Telemedicine Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Telehealth & Telemedicine Market, highlighting leading vendors and their innovative profiles. These include Advanced Monitored Caregiving, Inc., Amazon.com, Inc., American Well Corporation, Cigna Healthcare, Cisco Systems, Inc., Doctor On Demand by Included Health, Inc., Doximity, Inc., GE HealthCare Technologies Inc., GlobalMedia Group, LLC, GoodRx, Inc., HealthTap, Inc., Hims & Hers Health, Inc., Honeywell International Inc, iCliniq by Orane Healthcare India Private Limited, International Business Machines Corporation, Iron Bow Healthcare Solutions, Koninklijke Philips N.V., MDLIVE, Inc., Medtronic PLC, Medweb by Nexsys Electronics, Inc., Microsoft Corporation, ORA, Oracle Corporation, PlushCare, Inc. by Accolade, Inc., Practo Technologies Pvt. Ltd., RaiseHand Inc., Sesame, Inc., Siemens Healthineers AG, Teladoc Health, Inc., TeleSpecialists, Tunstall Healthcare Group, Veradigm LLC, Vonage Holdings Corp. by Telefonaktiebolaget LM Ericsson, VSee Lab, Inc., and Zipnosis by Florence Inc..

Market Segmentation & Coverage

This research report categorizes the Telehealth & Telemedicine Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Hardware
  - Endpoints
  - Network Hardware
  - Remote Patient Monitoring Hardware

Services
- Deployment & Integration
- Support & Maintenance
- Training

Software
- Real-time Telemedicine Software
- Remote Patient Assessment and Monitoring Software
- Store-and-forward Software for Telemedicine
- Videoconferencing Software

Diagnostic Devices
- Blood Glucose Meters
- Blood Pressure Devices
- Digital Otoscopes
- Digital Thermometers
- EKG Monitors
- Pulse Oximeters
- Smartwatches
- Telemedicine Kiosks
- Virtual Stethoscopes
- Wireless Scales

End-User
- Healthcare Facilities
- Homecare

Application
- Tele-Consulting
- Tele-Education
- Tele-Monitoring
- Tele-Pathology
- Tele-Psychiatry
- Tele-Radiology
- Tele-Surgery

Mode of Delivery
- On-Cloud
- On-Premise

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Telehealth & Telemedicine Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Telehealth & Telemedicine Market?

3. What are the technology trends and regulatory frameworks in the Telehealth & Telemedicine Market?

4. What is the market share of the leading vendors in the Telehealth & Telemedicine Market?

5. Which modes and strategic moves are suitable for entering the Telehealth & Telemedicine Market?

Product Code: MRR-8C74ADFC10F2

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing prevalence of chronic diseases with rising geriatric population globally
  - 5.1.1.2. Surging need for self-care and home monitoring devices in the remote care of patients
  - 5.1.1.3. Growing popularity for video consulting and mHealth
- 5.1.2. Restraints
  - 5.1.2.1. Shortage of healthcare professionals and limited reimbursement policies
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing integration of novel technologies in telehealth and telemedicine
  - 5.1.3.2. Significant investments for expanding reach of telehealth and telemedicine solutions
- 5.1.4. Challenges
  - 5.1.4.1. Privacy and security concerns associated with telehealth
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing utilization of software owing to manage real-time telemedicine operations
- 5.2.2. Diagnostic Devices: Elevated preference for smartwatches to advance telemedicine applications
- 5.2.3. End-User: Increasing use of telehealth and telemedicine solutions by homecare facilities
- 5.2.4. Application: Rising consumer awareness and adoption of tele-consulting solutions to reduce the need for physical visits
- 5.2.5. Mode of Delivery: Upsurging penetration of cloud-based telehealth and telemedicine solutions
5.3. Market Trend Analysis
- 5.3.1. Substantial investments to improve access for telehealth & telemedicine solutions in the Americas
- 5.3.2. Supportive government initiatives for digitalization coupled with an emphasis on expanding remote healthcare solutions in the APAC
- 5.3.3. Government efforts and initiatives to improve the use of digital healthcare solutions in the EMEA region
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Telehealth & Telemedicine Market, by Component

6.1. Introduction
6.2. Hardware
6.3. Services
6.4. Software

7. Telehealth & Telemedicine Market, by Diagnostic Devices

7.1. Introduction
7.2. Blood Glucose Meters
7.3. Blood Pressure Devices
7.4. Digital Otoscopes
7.5. Digital Thermometers
7.6. EKG Monitors
7.7. Pulse Oximeters
7.8. Smartwatches
7.9. Telemedicine Kiosks
7.10. Virtual Stethoscopes
7.11. Wireless Scales

8. Telehealth & Telemedicine Market, by End-User

8.1. Introduction
8.2. Healthcare Facilities
8.3. Homecare

9. Telehealth & Telemedicine Market, by Application

9.1. Introduction
9.2. Tele-Consulting
9.3. Tele-Education
9.4. Tele-Monitoring
9.5. Tele-Pathology
9.6. Tele-Psychiatry
9.7. Tele-Radiology
9.8. Tele-Surgery

10. Telehealth & Telemedicine Market, by Mode of Delivery

10.1. Introduction
10.2. On-Cloud
10.3. On-Premise

11. Americas Telehealth & Telemedicine Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Telehealth & Telemedicine Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Telehealth & Telemedicine Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. U.P. Launch 'Digital Doctor' Initiative to Improve Healthcare Access
- 14.3.2. Costco Opens Sesame Telehealth Partnership
- 14.3.3. Allianz Partners and Doctor Anywhere Collaborate for Telehealth in SEA
- 14.3.4. Avel eCare Acquires Virtual Hospitalist Provider Fident Health
- 14.3.5. Nipah OPD Under Telemedicine System Launched in Kerala
- 14.3.6. Apollo Telehealth Launches Tele-Emergency, Icu Services At 9 Ntpc Plants
- 14.3.7. MediBuddy Acquires Telehealth Player vHealth by Aetna
- 14.3.8. Palatin Announces Direct-to-Consumer Telehealth Partnership with UpScriptHealth for Vyleesi
- 14.3.9. AMD Global Telemedicine and Collain Healthcare Announce Strategic Partnership
- 14.3.10. Faye Launches Telemedicine Product With Air Doctor
- 14.3.11. Florence Acquires Zipnosis to Solve Clinical Capacity Constraints and Create Omnichannel Transformation Across Telehealth and Hybrid Care
- 14.3.12. Philips Virtual Care Management Offers a Comprehensive Approach to Telehealth for Patients, Providers and Payers
- 14.3.13. Love. Life Acquires Plant-Based TeleHealth to Make Lifestyle Medicine More Accessible
- 14.3.14. Philips and Masimo Expand Partnership to Improve Telehealth for Patients and Clinicians Around the World
- 14.3.15. Amazon Completes One Medical Acquisition

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio