Cloud-based Telehealth Market Size (2024 - 2030)

In 2023, the Global Cloud-based Telehealth Market was valued at $60 billion, and is projected to reach a market size of $302.51 billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 26%.

Telehealth revolutionizes healthcare delivery by utilizing communication technologies to connect healthcare providers and patients remotely. This invaluable tool has gained significance owing to advancements in communication technologies, computer science, informatics, and medical technologies. It serves as a practical solution for individuals facing challenges accessing in-person healthcare owing to location, mobility, or time constraints. Telehealth often involves the utilization of healthcare devices to capture vital measurements like blood pressure and heart rate, which are electronically transmitted for remote monitoring by healthcare professionals. The extensive utilization of smartphones and other mobile gadgets further facilitates the gathering, sharing, and analysis of health information, even in regions with restricted availability of traditional healthcare services. This empowers individuals in remote or underserved communities to receive essential medical attention and monitoring from a distance. Telehealth integrates a diverse array of technologies to elevate the level of patient care, encompassing teleconsultations, remote patient monitoring (RPM), and telehomecare (THC). Teleconsultations enable patients in remote areas to receive guidance on complex conditions from healthcare specialists through phone consultations. Advanced medical data sharing, including CT, MRI, or ultrasound scans, is becoming more prevalent. RPM allows the monitoring of patients outside clinical settings using sensors to gather and transmit physiological data, improving their quality of life. Real-time transmission of blood glucose levels, for instance, aids in managing diabetes. Telehomecare enables individuals with chronic conditions or high risks to live independently by monitoring changes and risks through sensors, ensuring prompt response and assistance. This technology-driven approach improves safety and quality of life for those who require remote monitoring.

Global Cloud-based Telehealth Market Drivers:

The rising incidence of chronic diseases is fueling the growth of the global cloud-based telehealth market.

The rampant surge of chronic illnesses, encompassing diabetes, hypertension, heart disease, arthritis, and obesity, is escalating on a global level. Telehealth services, including teleconsultations, remote patient monitoring (RPM), and telehomecare (THC), offer highly beneficial and economically efficient means to monitor individuals with chronic ailments. Individuals can be equipped with cutting-edge home monitoring devices to record their vital signs daily like blood pressure measurements, blood glucose levels, and pulse or heart rate. This access will greatly benefit healthcare practitioners in effectively managing their patients' health and responding promptly to medical emergencies. Therefore, this factor drives the demand for cloud-based telehealth solutions.

The improved access to healthcare services in remote areas is another factor contributing to the growth of the global cloud-based telehealth market.

In certain geographically distant and remote locations, or after a natural disaster, accessing consistent healthcare services is a challenge. However, with the emergence of telehealth services, the provision of urgent medical care can be expedited. This innovative technology is exceptionally valuable for individuals residing in remote locations that present formidable challenges in terms of accessibility. Instead of having to undertake a strenuous journey to reach a hospital, telehealth solutions allow patients to receive clinical healthcare services from the comfort of their own homes. Undoubtedly, this avant-garde technology has demonstrated to be an invaluable resource for individuals who would otherwise lack access to vital medical care. Therefore, this factor also drives the demand for cloud-based telehealth solutions.

Global Cloud-based Telehealth Market Challenges:

The global cloud-based telehealth market is encountering challenges, primarily in terms of building trusting relationships with patients and technical limitations. Establishing and sustaining connections with patients can be a challenge when healthcare providers offer remote consultations. Telehealth services may be undeniably convenient, but they may not be the appropriate option for all types of patients - especially for new patients who do not have prior experience with the medical practice of the doctor. Moreover, collecting and sorting patient records can pose a difficulty as they cannot always be exchanged among different medical practices. For telehealth services to be successfully implemented, there must be certain requirements fulfilled - reliable internet connection for both healthcare provider and patient, and access to specialized healthcare devices for remote patient monitoring. Many patients may not be familiar with the technical elements of the smartphone applications and software that healthcare professionals employ. Thus, these challenges inhibit the growth of the global cloud-based telehealth market.

Global Cloud-based Telehealth Market Opportunities:

Market expansion strategies present a lucrative opportunity in the global cloud-based telehealth market. Given the rising demand for cloud-based telehealth services owing to their advantages, including improved healthcare access, comfort, and convenience for both patients and healthcare providers, cost savings, and effective chronic condition management, businesses specializing in the provision of cloud-based telehealth services can stand to gain significantly from this opportunity by expanding their services to underdeveloped countries.

COVID-19 Impact on the Global Cloud-based Telehealth Market:

The outbreak of the COVID-19 pandemic substantially impacted the global cloud-based telehealth market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the deployment of cloud-based telehealth solutions. These factors negatively impacted the growth of the global cloud-based telehealth market. However, as patients sought ways to monitor their health from home and communicate with healthcare practitioners remotely, the pandemic accelerated the adoption of remote healthcare services like teleconsultations, telehomecare (THC), and remote patient monitoring (RPM). For instance, remote monitoring of chronic conditions using telehealth devices helped to prevent disease exacerbations and reduce the need for in-person visits. These factors positively impacted the market's growth. Therefore, the global cloud-based telehealth market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global Cloud-based Telehealth Market Recent Developments:

• In May 2023, Siemens Healthineers AG, a Germany-based medical device company, unveiled its partnership with Scorpio Labs, an Israel-based company providing digital cell morphology imaging and AI solutions for hematology microscopy and diagnostics, to distribute its full-field digital cell morphology technology. The technology will allow lab technicians to examine patient blood cell samples digitally, using the Scopio X100 and Scopio X100HT imaging platforms. 

• In January 2023, Koninklijke Philips N.V., a Netherlands-based multinational conglomerate corporation, and Masimo Corporation, a US-based medical technology company, unveiled an expansion of their partnership to include the Masimo W1 cutting-edge health tracking watch for enhancing patient monitoring capabilities in home telehealth applications. The W1 will advance telemonitoring and telehealth by integrating with Philips' enterprise patient monitoring ecosystem.

• In April 2020, Omron Healthcare, Inc., a distinguished powerhouse in personal cardiovascular health and well-being technology from Japan, joined forces with AliveCor, an innovative medical device and artificial intelligence corporation from the United States, to establish a ground-breaking global alliance. This strategic partnership amalgamates AliveCor's cutting-edge ECG technology with OMRON's unrivaled blood pressure devices, aiming to deliver unparalleled customer service and expand the availability of remote patient care on a global scale.

CLOUD-BASED TELEHEALTH MARKET REPORT COVERAGE:

Global Cloud-based Telehealth Market Segmentation: By Product Type

• Software

  • Integrated Software

  • Standalone Software

• Services

  • Real-Time Virtual Consultations

  • Remote Patient Monitoring

  • Store and Forward

  • Others

In 2022, the services segment held the highest market share. The growth can be ascribed to the increasing demand for remote health services, including real-time virtual consultations, remote patient monitoring, and store and forward practices. Real-time virtual consultations, characterized by two-way communication between patients and healthcare professionals through video or telephonic means, are extensively recognized and utilized by doctors and healthcare practitioners alike. They enable healthcare access in rural areas with limited options, reducing travel time and stress for both patients and practitioners. Remote patient monitoring collects health information from patients and electronically sends it to healthcare experts for evaluation, proving valuable in senior care facilities for fall prevention and vital sign monitoring. Store-and-forward telehealth service eliminates the need for in-person visits, allowing practitioners to access and analyze medical images, benefiting specialties like dermatology, radiography, and pathology. When properly implemented, store-and-forward practices save time and enhance patient care.

Global Cloud-based Telehealth Market Segmentation: By Therapeutic Area

• General Consultation

• Cardiology

• Dermatology

• Gynecology

• Neurology

• Oncology

• Others

In 2022, the general consultation segment held the highest market share. The growth can be ascribed to the increasing number of individuals seeking medical guidance and care for non-specialized health issues. General consultation or teleconsultation frequently involves straightforward consultations, check-ups, and monitoring of chronic conditions. This type of telehealth service is easy for healthcare practitioners to implement.

Global Cloud-based Telehealth Market Segmentation: By End User

• Providers

• Patients

• Payers

In 2022, the provider segment held the highest market share. The growth can be ascribed to the rising adoption of telehealth services, including teleconsultations, remote patient monitoring (RPM), and telehomecare (THC), among healthcare providers to lower the burden on healthcare facilities. Telehealth services greatly amplify the convenience of healthcare providers, enabling rapid and effortless access to patient health records, along with real-time delivery of top-tier reporting, enhanced data administration, and elevated decision-making capabilities.

Global Cloud-based Telehealth Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The region of North America held the largest share of the global cloud-based telehealth market in the year 2022. The rising incidence of chronic illnesses, including sleep apnea, diabetes, cardiovascular diseases, hypertension, and obesity among others, the presence of well-established healthcare infrastructure in nations, such as the United States and Canada, and the early and wide adoption of modern and cutting-edge healthcare technologies, including telemedicine, mHealth, and telehealth, are some of the factors propelling the region's growth. Furthermore, North America is home to several renowned market players, encompassing GE HealthCare Technologies Inc., Teladoc Health, Inc., Cisco Systems, Inc., American Well Corporation, and CareCloud, Inc. The region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period owing to the surging prevalence of chronic maladies, the burgeoning technological progress in healthcare industries of nations, such as China, India, and Japan, the escalating internet penetration, and the rising adoption of mobile gadgets, encompassing smartphones, tablets, laptops, and wearable devices.

Global Cloud-based Telehealth Market Key Players:

1. GE HealthCare Technologies Inc. (United States)

2. Medtronic plc (Ireland)

3. Koninklijke Philips N.V. (Netherlands)

4. Siemens Healthineers (Germany)

5. Teladoc Health, Inc. (United States)

6. Cisco Systems, Inc. (United States)

7. American Well Corporation (United States)

8. Doxy. me (United States)

9. CareCloud, Inc. (United States)

10. McKesson Corporation (United States)