Global Telehealth Services Market Research Report – Segmented By Deployment Mode (Cloud Based and On-Premise); By Application (Telemedicine, Patient Monitoring, Medical Education, and Others); By End User (Patients, Payers, and Providers); and Region- Size, Share, Growth Analysis | Forecast (2023 – 2030)

Telehealth Services Market Size (2024 – 2030)

The Global Telehealth Services Market was valued at USD 108.99 billion and is projected to reach a market size of USD 302.49 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 15.7%.

Telehealth services are primarily done through online mode using various devices like phones, tablets, and laptops. This has been around for a lot of decades. This is mainly used for consultation purposes with health specialists and other medical professionals. However, this field gained immense prominence during the pandemic that is 2020 owing to digital transformations. In the future, this market will experience tremendous growth with online work being the mainstream idea.

Key Market Insights:

As per a report, a study conducted by Cisco showed that 74% of the respondents were in favor of adopting virtual visits and teleconsultations over physical interactions.

In Australia, 85% of surgeons recently surveyed expressed a desire to continue providing access to telehealth, and in Canada, nearly 25% of physicians expect to increase their use of virtual care in the future.

A national poll of 1800 people conducted between 14‑17 May 2020, found that 91% of patients who connected with their doctor virtually during COVID‑19 were satisfied, which is 17 percentage points higher than the satisfaction rate for in-person emergency room visits.

More than 50% of healthcare organizations claimed that telemedicine improved the quality of patient care provided.

Data breaches in 2020 increased by around 80% affecting the healthcare industry. To address this, encryption models, authentic verifications, and other guidelines were implemented to ensure a hassle-free process.

Telehealth Services Market Drivers:

Technological advancements are paving the way for market success.

Several technologies which include AL, ML, video calling, Big Data, IoT, and other voice controls have seen significant improvements over the past ten years. They provide the same level of care as that of healthcare settings. Stable networks are being implemented in all households because it is a necessity in today’s world. Additionally, with the advent of the 5G network, seamless communication is enabled with 100% clarity. Moreover, data security is given the utmost importance. This encourages patients to take up remote monitoring services and improve the quality of their lives.

Increasing demand for convenient healthcare access is helping with the expansion.

Patients are seeking alternatives to traditional approaches. Many of them prefer to seek consultation and telemedicine services from the comfort of their home. Telehealth services are a boon for those patients who are unable to travel due to their health conditions. Many of them can seek opinions from international doctors who have immense experience and knowledge in their field of study. Additionally, there have been studies that show that a patient’s health is stable and balanced in their own home mainly because many of them fear the hospital environment. Moreover, chances of contamination from viruses, bacteria, and other fungi are avoided due to hospital and individual negligence. Furthermore, costs associated are significantly reduced because of factors like transportation, petrol, and other resources.

Telehealth Services Market Restraints and Challenges:

Regulatory & legal rules, technological glitches, cost reimbursement, training, and patient interaction are the main hurdles that are currently being faced.

Telehealth services are subjected to a lot of guidelines and protocols. They carry from state to state and internationally. For instance, few nations have laws against the sharing of data across international borders due to privacy and safety concerns. Obtaining special permits and licenses for the same is a long never-ending process. Ensuring and adhering to all these legislative laws can be a hindrance. Secondly, technological barriers are very common in this market. Network issues and access to devices are the main concerns that are usually faced. Thirdly, insurance providers may not reimburse telehealth costs leading to financial draining. Moreover, ensuring proper training of the staff to use these platforms is difficult to tackle. Adoption of new technologies can be difficult for the older generation due to understanding issues. Furthermore, patient engagement is very crucial for this market. A lack of interest can lead to severe repercussions.

Telehealth Services Market Opportunities:

Advancements in AI are expected to provide the market with an ample number of opportunities. With the help of this new technology, personalized plans can be created catering to specific patient needs. Virtual assistants and chatbots are helping in answering common health questions and providing detailed steps about diagnosing diseases like breast cancer in its early stages. Blockchain technology is helping to create of secure data ensuring the country’s protection and preventing misuse of the same. More prominence is given to building user-friendly platforms. Research activities are being carried out in aspects of Augmented Reality (AR) which enables monitoring and performing medical procedures as well as other services virtually. Startups are the new ongoing trend. They focus on targeting one particular disease and on ways to tackle the same virtually. Mental health apps and teleservices are being prioritized. Furthermore, Government initiatives and involvement in the form of funds are boosting the growth rate.

TELEHEALTH SERVICES MARKET REPORT COVERAGE:

Telehealth Services Market Segmentation: By Deployment Mode

• Cloud Based

• On-Premise

The cloud-based segment is the largest and fastest-growing deployment mode in this market. This is due to lower costs, scalability, accessibility, real solutions, easier maintenance, and lesser need for internal upkeep. More industries like pharmaceuticals, hospitals, and other research institutes are leaning towards the incorporation of this technology. They held a share exceeding 70% in the market.

Telehealth Services Market Segmentation: By Application

• Telemedicine

• Patient Monitoring

• Medical Education

• Others

Based on application, telemedicine is the largest growing in the market in terms of revenue. This is due to the emergence of new diseases, chronic conditions, changing lifestyles, and environment. Moreover, there the biotechnology and medical research fields have achieved milestones in finding new drugs and pathways improving the quality as well as access to these medicines. Patient monitoring is the fastest growing. This is due to greater demand, increasing adoption, ease, minimal costs, availability and access of technology, and usage of monitoring devices.

Telehealth Services Market Segmentation: By End User

• Patients

• Payers

• Providers

The provider segment is the largest growing end user in terms of revenue. They include hospitals and clinics. This is attributed to the increasing adoption of healthcare facilities, demand from patients, technological integration, and the ability to provide a wide range of services. The total revenue generation from providers was around 60% to 70%. However, patients are the fastest growing category holding around 35% revenue share. This is due to greater demand, easier access, a rise in prevalent diseases, extensive continual care, and convenience. During the forecast period, this segment will show tremendous growth. 

Telehealth Services Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

North America is the largest growing and is estimated to hold a share of around 35% of this market. The rapid technological advancement, presence of key players, economic development, advanced digital healthcare facilities, increased number of chronic cases, and easier internet access contribute to the market enlargement. The United States and Canada are at the forefront. Asia Pacific is the fastest growing region holding a share of approximately 24%. As per a report, in the Asia-Pacific region, insurers reported a 52% increase in the use of telehealth access to primary physician/general practitioner services from 4% to 56%. Factors like urbanization, increasing incomes, better quality of life and standard of living, rising investments, emerging startups, and IT advancements are helping the market. Countries like China, India, Japan, and South Korea are among the leading.

COVID-19 Impact Analysis on the Global Telehealth Services Market:

The pandemic had a positive impact on the market. Lockdowns, movement restrictions, and isolation were the new norm. Unless marked as an essential worker, many companies had to opt for the remote work-from-home option. People were scared to go to hospitals owing to the spread of the virus. Moreover, most of the clinics and medical facilities were filled with COVID-affected patients having no space. This caused a shift to online mode. Monitoring, consultation, and other such services could be accessed online. Proper treatment and safety of the individual was ensured. In comparison to the same time in 2019, the number of telehealth visits grew by 50% in the first quarter of 2020. Post-pandemic, the same trend has been continuing owing to health and well-being concerns.

Latest Trends/ Developments:

The companies in this market are motivated to achieve a higher market share by implementing different strategies, such as acquisitions, partnerships, and investments. Companies are also spending heftily to improve existing technologies alongside maintaining competitive pricing. This has further resulted in increased enlargement.

Ongoing developments include easier and quicker access for clinicians to telehealth EHR (Electronic Health Records) of the patients. IoMT and wearables are devices that can connect the patient to a licensed professional virtually allowing real-time exchange of data. R&D activities are being carried out to add new updates and user-friendly features. Big data analytics is being incorporated and is expected to generate incredible profits for the market.

Key Players:

1. Teladoc Health, Inc

2. Amwell

3. MDLive

4. Doctor On Demand

5. Cerner Corporation

6. CareClix

7. PlushCare

8. MeMD

9. Hims & Hers

10. Hale Health

In August 2020, Telehealth giant Teladoc acquired virtual care company Livongo in a deal valued at $18.5 billion to improve the delivery, access, and experience of healthcare for consumers around the world.

In July 2020, Doctor on Demand secured $75 million in a funding round led by General Atlantic. The investment was intended to support the company's expansion of its telehealth services.