Global Telehealth/Telemedicine Market By Component (Software & Services, Hardware), By Mode of Delivery, By Application, By End-User, By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Telehealth/Telemedicine Market Overview:

The Telehealth/Telemedicine Market is projected to reach a valuation of USD 814.26 Bn by 2032 at a CAGR of 25.7%, from USD 41.63 Bn in 2021.

Telehealth is defined as the delivery and facilitation of health and health-related services, including medical care, provider and patient education, health information services, and self-care via telecommunications and digital communication technologies.

Live video conferencing, mobile health apps, “store and forward” electronic transmissions, and Remote Patient Monitoring (RPM) are examples of advanced technologies used in telehealth. Telemedicine encompasses the use of technologies and telecommunication systems to administer healthcare to geographically separated patients from providers.

For example, a radiologist may read and interpret the imaging results for a patient in a different county whose hospital does not currently have a radiologist. Or a physician may conduct an urgent-care consultation via video for a non-life-threatening condition. Therefore, telehealth can be considered a broader concept of telemedicine that includes technology used to collect and transmit patient data, such as telephones, email, and RPM devices to provide health education or ancillary healthcare services.

Over the past several decades, improvements in technology have dramatically increased the accessibility and quality of care available digitally. Despite this, telemedicine has yet to be widely implemented due to heavy regulatory laws and a lack of supportive payment structures. In the face of the current pandemic, providers have been forced to increase their utilization of telehealth services at the expense of traditional face-to-face patient appointments.

Over the past several years, researchers have been exploring the advantages and disadvantages of telemedicine compared with traditional patient consultations. During the current pandemic, telemedicine has the potential to significantly improve access to quality healthcare, and affordable care for patients while maintaining physical distancing for the safety of both patients and providers. In addition to virtual visits, text, email, and mobile phone applications, the data from wearable devices can be used to share information between patients and medical practitioners.

The growing emphasis on continuous patient monitoring for adults, elevation in medical data integration, and the launch of wearable remote monitoring devices are driving the patient monitoring segment. Managing chronic diseases requires constant monitoring and therapy to slow their progress.

Telehealth applications are successful to reduce the chances of adverse events and symptoms going to be unnoticed and delivering apt care to patients.

Product Insights

Increasing accessible healthcare delivery solutions along with improved healthcare quality and patient safety by early detection and diagnosis are primary factors for driving the telehealth market growth. And also improved the affordability of healthcare for patients. Rising costs of basic healthcare services and shortage of healthcare professionals, increasing prevalence of chronic diseases and infectious diseases, and the growing need to monitor population health accurately and in real-time are supporting the adoption of software solutions and applications.

Delivery mode Insights

Penetration of the internet in remote and rural locations and innovation in the smartphone industry are major factors for boosting the growth of the web-based delivery segment. The seamless user interface and cost-effectiveness of web-based virtual care platforms are supports the telehealth market growth.

The Introduction of technologically advanced solutions, increasing awareness among people and healthcare providers, easy accessibility, high bandwidth, enhanced data privacy, and security are boosting the cloud-based delivery segment. Due to the adoption of cloud-based technologies, telehealth market growth will increase during the forecast period.

Telehealth/Telemedicine Market Dynamics

In the telehealth market, Telemedicine has been rapidly evolving over the past several decades. Issues with regulations and reimbursements have prevented its complete immersion into the healthcare system. During the current pandemic, centers for Medicare and Medicaid services have expanded access to telemedicine services.

Despite the increase in the utilization of telemedicine services, legal and regulatory challenges prevent its further expansion. The advantages of telemedicine technology moving forward include its cost-effectiveness, the ability to extend access to specialty services, and the potential to help mitigate the shortage of skilled physicians.

Disadvantages include a lack of available technological resources in certain parts of the country, issues with the security of patient data, and challenges in performing a traditional patient examination. Behavioral barriers may not be the most obvious restricting factor but still pose significant telehealth and telemedicine adoption barriers.

Physicians and patients often lack familiarity with new practices and do not readily give up existing (conventional) practices. The elderly may also refuse to use telehealth and telemedicine services due to unfamiliarity with this technology. It is critically vital that changes are made to fully immerse telemedicine services into the healthcare landscape to be prepared for future pandemics and to reap the benefits of this service in the future. Advanced digital health solutions would overcome the gap in care provision and communication between healthcare providers and patients.

Moreover, federal agencies, paying patients, and large commercial insurers have expanded telehealth access amid the pandemic. A majority of them are struggling to ensure that telehealth is being applied to the right patients for the right healthcare needs, increasing efficacy and efficiency in care delivery.

The increasing demand for medical and healthcare assistance in a rural area and remote locations are driving major companies to develop innovative telehealth solutions to serve the rising demand. The adoption of health apps increases the adoption of connected devices, and high internet connectivity, increasing smartphone users and growing active subscribers on telehealth platforms driving the fastest growth during the forecast period.

Furthermore, telehealth applications witnessed the worldwide telehealth market’s rapid adoption rate among consumers and rapid adoption of connected devices and increasing technological advancements in internet connectivity during the COVID-19 pandemic. The social distancing between the patient and the physicians is one of the major key factors for telehealth market growth. In recent years, The number of internet applications in healthcare has grown exponentially.

To promote the usage of digital health platforms, in many countries governments are actively coming up with new policies and reimbursement guidelines. Moreover, the governments of many nations support the incorporation of electronic intensive care units, high-speed internet, and electronic devices.

In that regard, there appears to be significant potential in analytics, AI, and machine learning, as care delivery adapts to the extensive use of telehealth. Big data analytics can process data collected from telehealth modalities, including both objective (vital signs, ambient environment) and subjective data (symptoms, patient behavior), along with historical data to enable risk prediction and management. Data-driven analytics thus forms an essential component of ensuring the efficacy and efficiency of telehealth.

Detailed Segmentation

The telehealth market is categorized on the basis of Component, Mode of Delivery, Application, End-User, and Region.

Based on Component

• Software & services
• Hardware

Based on the Mode of Delivery

• Cloud-based
• On-Premise

Based on Application

• Teleradiology
• Tele-consultation
• Tele-ICU
• Tele-stroke
• Tele-psychiatry
• Tele-dermatology
• Other Applications

Based on End-User

• Providers
• Payers
• Patients
• Other End Users

Based on Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Recent Developments

• Philips, Launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring.
• Koninklijke Philips formed a collaboration with the American Telemedicine Association (ATA) (US); this collaboration helped increase the adoption of telehealth across acute, post-acute, and home care settings.
• BioTelemetry acquired the On. Demand RPM and coaching platform, operated by Envolve People Care Inc., a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry’s current suite of acute care-connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.
• American Well® and Cisco to Expand Telehealth at home via the TV.
• Cleveland Clinic announced that it is forming a telemedicine joint venture with American Well to expand the reach of its doctors to patients globally using virtual visits and American Well’s digital platform.

Competitive Landscape:

Major key players in the telehealth market are Koninklijke Philips N.V., GE Healthcare, Cerner Corporation, Siemens Healthineers, Teladoc Health Inc., Koninklijke Philips, Koninklijke Philips N.V, Teladoc Health Inc., American Well, AMC Health, Doctor on Demand, MDLive, Medvivo Group Ltd., Asahi Kasie Corporation, Iron Bow Technologies, Teladoc Health (US) and others.

Global Telehealth/Telemedicine Market Key players:

• Koninklijke Philips N.V.
• Medtronic
• GE Healthcare
• Cerner Corporation
• Siemens Healthineers
• Cisco Systems Inc.
• Teladoc Health Inc.
• American Well
• AMC Health
• Doctor on Demand
• MDLive
• Medvivo Group Ltd.
• Asahi Kasei Corporation
• Iron Bow Technologies
• Telespecialists Llc
• GlobalMed
• MedWeb
• IMediplus Inc.
• Vsee
• Chiron Health
• Zipnosis