Telehealth Market Worth $539.73 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
Similarly, reluctance to migrate from traditional systems, chances ofmisdiagnosis, and technological barriers in developing countries may pose challenges to market players.
REDDING, Calif., Aug. 17, 2022 /PRNewswire/ -- According to a new market research report titled, 'Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer, Patient) - Global Forecast to 2029', published by Meticulous Research®, the telehealth market is expected to reach $539.73 billion by 2029 at a CAGR of 21.6% from 2022 to 2029.
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Telehealth is the term used to describe the delivery of medical services remotely using telecommunications technologies. It involves distributing health-related services and information using electronic information and telecommunications technology. It enables long-distance interactions between patients and clinicians, as well as remote admissions, intervention, guidance, and reminders. The delivery of care through telehealth includes curative, preventive, and promotive aspects. Telehealth benefits primary and specialized care professionals since it expands their patient base and enables them to treat patients everywhere there is an Internet connection.
The rising geriatric population, favorable government initiatives and reforms/policies, a global shortage of healthcare professionals, and growing awareness about the benefits of telehealth are the key factors driving the global telehealth market. Furthermore, the use of artificial intelligence and virtual assistants, as well as the development of telerobots, are expected to provide the market with significant growth opportunities in the coming years.
However, the lack of health standards compared to the traditional health system and patient privacy and confidentiality concerns may limit the market's growth to some extent. Similarly, reluctance to migrate from traditional systems, chances of misdiagnosis, and technological barriers in developing countries may pose challenges to market players.
The Impact of COVID-19 on the Telehealth Market
The outbreak of the COVID-19 pandemic in March 2020 led to severe restrictions on movement and lockdowns in many countries. Due to this, many hospitals, doctor's offices, and other healthcare professionals could not see their patients in person due to concerns about the virus spreading. Doctors needed a way to communicate with patients with health issues without requiring them to visit their facilities. Telehealth provided a solution to this problem, and its use has skyrocketed since the outbreak.
Governments worldwide encouraged healthcare facilities and providers to provide clinical services via virtual means such as telehealth. In the U.S., during the first quarter of 2020, the number of telehealth visits increased by 50%, compared with the same period in 2019, with a 154% increase in visits noted in surveillance week 13 in 2020 compared with the same period in 2019 (Source: CDC). Thus, the outbreak of the COVID-19 pandemic significantly boosted the growth of the telehealth market.
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The telehealth market is segmented on the basis of component [services (real-time, store & forward, remote monitoring), software (cloud/web-based, on-premise), hardware (medical peripheral devices {blood pressure monitors, blood glucose monitors, pulse oximeters, weighing scales, peak flow meters, ECG monitors, other devices}, telemedicine carts, monitors, telemedicine kiosk)]; application [psychiatry, radiology, cardiology, primary care, dermatology, remote ICU, other applications]; end user [healthcare providers, healthcare payers, patients, other end users]; and Geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on component, the services segment is estimated to account for the largest share of the market in 2022. The large market share of this segment is attributed to the increased utilization of telehealth services owing to the outbreak of the COVID-19 pandemic, ease of use & convenience experienced by the patient for using telehealth services, and high utilization in remote/rural areas, and shortage of physicians & specialists.
Based on application, the telehealth market is segmented into psychiatry, radiology, cardiology, primary care, dermatology, remote ICU, and other applications. Telehealth technology is observed to have deeper penetration in the radiology and psychiatry specialties. The increasing use of telehealth in psychiatry can be attributed to a shortage of primary psychiatric care and the outbreak of the COVID-19 pandemic. Telepsychiatry services have been shown to improve access, quality, and efficiency in mental healthcare, contributing to their rapid adoption.
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Based on end user, the healthcare providers segment is estimated to account for the largest share of the market in 2022. The high demand for convenient healthcare, a shortage of skilled medical professionals, and advanced telehealth facilities in hospitals contribute to the largest share of this segment.
Geographically, in 2022, North America is estimated to account for the largest share of the telehealth market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The largest share of North America is primarily attributed to the high awareness of the benefits and convenience of telehealth, favorable government policies and initiatives, an increased prevalence of chronic diseases in the region, and a robust healthcare infrastructure. However, Asia-Pacific is expected to be the fastest-growing region of the global telehealth market. The changing technological landscape in developing economies, rising government support for telehealth adoption, and an increasing need for convenient and high-quality health care are some of the key factors driving the growth of the Asia-Pacific telehealth market.
The report includes a competitive landscape based on an extensive assessment of the geographic presence and key strategic developments of leading market players during 2019–2022. The telehealth market has witnessed several new product launches, approvals, partnerships & agreements, and acquisitions in recent years.
The key players operating in the telehealth market are Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic Public Limited Company (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine, Inc. (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.).
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Scope of the Report:
Telehealth Market, by Component
- Services
- Real-time
- Store & Forward
- Remote Monitoring
- Software
- Cloud/Web-based
- On-premise
- Hardware
- Medical Peripheral Devices
- Blood Pressure Monitors
- Blood Glucose Monitors
- Pulse Oximeters
- Weighing Scales
- Peak Flow Meters
- ECG Monitors
- Other Devices
- Telemedicine Carts
- Monitors
- Telemedicine Kiosks
Telehealth Market, by Application
- Psychiatry
- Radiology
- Cardiology
- Primary care
- Dermatology
- Remote ICU
- Other Applications
(Other applications include telehealth in pharmacy, dentistry, audiology, neurology, rehabilitation, pathology, surgery, etc.)
Telehealth Market, by End User
- Healthcare Providers
- Healthcare Payers
- Patients
- Other End Users
(Other end users include government bodies and employer groups)
Telehealth Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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