Telehealth - Market Insights, Competitive Landscape and, Market Forecast - 2030

Telehealth Market by Type (Products [Hardware & Software, Devices, Other Products], Services [Teleconsulting and Telemonitoring]), Application (Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry, and Other Services), Mode of Delivery (On-Premise Delivery and Web & Cloud-Based Delivery), End-User (Healthcare Facilities and Homecare), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to the increasing demand for telehealth particularly for medical conditions necessitating regular check-ups such as chronic conditions, mental health disorders, pediatric care, dermatological conditions, and others, rise in the government initiatives to launch telemedicine to provide increased access among the patient population, the increase in proliferation of smartphones, high-speed internet, and wearable health devices has made telehealth more feasible and effective across the globe.

The telehealth market is estimated to grow at a CAGR of 31.57% during the forecast period from 2024 to 2030. The increasing medical conditions necessitating regular check-ups probably escalate the market of telehealth as regular therapy sessions, psychiatric consultations, children requiring frequent health check-ups for vaccinations, growth monitoring, and skin conditions often need ongoing evaluation and treatment adjustments which increases the demand for telehealth. Furthermore, the widespread use of smartphones with reliable and fast internet connections enables patients to access telehealth services conveniently through various apps and platforms. Devices like smartwatches, fitness trackers, and other health-monitoring gadgets provide real-time data on patients' vital signs, physical activity, and other health metrics. Additionally, many governments have relaxed regulations around telehealth, allowing healthcare providers to offer remote consultations more freely. Thus, these factors collectively boost the Telehealth market, during the forecast period from 2024 to 2030.

Telehealth Market Dynamics:

According to recent data provided by GLOBOCAN, in 2022 estimated new number of cancer cases was 20 million, and the projection is estimated to increase to 32.6 million by 2045.

Additionally, as per the recent data provided by the World Health Organization (2023), depression affects an estimated 3.8% of people worldwide, including 5% of adults (4% of men and 6% of women) and 5.7% of those aged 60 and above. Globally, about 280 million people live with depression. The incidence of depression is approximately 50% higher in women compared to men. Moreover, more than 10% of women during pregnancy and postpartum face depression.

Therefore, the growing prevalence of chronic conditions and mental disorders significantly boosts the telehealth market by driving demand for continuous, accessible, and efficient healthcare services. Chronic conditions like cancer, diabetes, and chronic pain often require regular monitoring and management, which telehealth facilitates through remote consultations and telemonitoring. Similarly, mental health disorders such as depression, anxiety, and bipolar disorder benefit from telehealth's ability to provide consistent access to therapy and psychiatric consultations, reducing barriers to timely care. This increased reliance on telehealth for managing chronic conditions and mental disorders is accelerating the adoption and expansion of telehealth services, making it a vital component of modern healthcare systems.

Additionally, the increase in launches on various platforms associated with telehealth is further boosting the market across the globe. For instance, in April 2022, Vital Start Health, a University of Pennsylvania startup and Microsoft for Startups member launched COURAGETM, a next-generation, multi-lingual platform offering comprehensive coaching and psychotherapy for maternal well-being throughout pre-pregnancy, pregnancy, and postpartum stages.

Furthermore, in March 2022, OncoHealth launched Iris(TM), a new consumer platform that brought digital telehealth services to people with cancer. Iris(TM) by OncoHealth combines human-centered design, mobile technology, data, empathy, and specially trained oncology experts to deliver personalized, oncology-specific, 24X7 telehealth support to patients and their families facing cancer.

Additionally, the proliferation of smartphones, high-speed internet, and wearable health devices has significantly boosted the telehealth market by making remote healthcare more accessible, convenient, and effective. For instance, in August 2023, Samsung announced the FDA clearance of irregular heart rhythm notification for the Galaxy Watch, a health monitor app.

Thus, owing to the above-mentioned factor the market of telehealth is expected to boost during the forecasted period.

However, privacy concerns such as data integrity and lack of awareness among the population living in remote areas may hinder the future market of telehealth.

Telehealth Market Segment Analysis:

Telehealth Market by Type (Products [Hardware & Software, Devices, and Other Products], Services [Teleconsulting and Telemonitoring]), Application (Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry, and Other Services), Mode of Delivery (On-Premise Delivery and Web & Cloud-Based Delivery), End-User (Healthcare Facilities and Homecare), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the application segment of the telehealth market, the telecardiology category is estimated to have a significant revenue share in the telehealth market in 2023. Telecardiology is significantly boosting the overall telehealth market by providing specialized and critical cardiac care remotely, addressing a growing need for efficient cardiovascular health management. With the rising prevalence of heart diseases, telecardiology offers patients timely access to cardiologists, reducing the need for frequent in-person visits.

According to the recent updates provided by the World Heart Federation (2023), more than half a billion people worldwide were affected by cardiovascular diseases, highlighting a significant global health challenge. It was recognized that up to 80% of premature heart attacks and strokes could have been prevented through effective preventive measures and early intervention strategies. Thus, by enabling remote monitoring, timely diagnosis, and personalized management of cardiac conditions, telecardiology enhances access to specialized care. This capability not only improves patient outcomes but also reduces severe outcomes.

Furthermore, by improving the management of chronic cardiac conditions, reducing hospital readmissions, increasing in launch of various platforms in telecardiology, and enabling efficient use of healthcare resources, telecardiology is driving the expansion and adoption of telehealth services, solidifying its role as a dominant factor in the telehealth market's growth. For instance, in January 2024, ihythm Technologies received European approval for its latest wearable ECG monitor, the Zio(R) monitor, and the ZEUS System. The Zio monitor expanded on the high performance of its predecessor, the Zio XT, enhancing long-term continuous cardiac monitoring services. It offered an improved end-to-end experience for patients with potential arrhythmias, demonstrating a 99% patient compliance rate with prescribed wear times.

Therefore, owing to the above-mentioned factors, the telecardiology category is expected to generate considerable revenue thereby pushing the overall growth of the global telehealth market during the forecast period.

North America is expected to dominate the overall telehealth market:

North America is expected to account for the highest proportion of the telehealth market in 2023, out of all regions. This can be attributed to factors including the rising prevalence of chronic conditions such as cancer, chronic pain, and other medical conditions that require frequent checkups, the increase in product launches, rising government initiatives in promoting telehealth, and the presence of key companies involved in the development of telehealth are expected to boost the market of telehealth across the region.

According to recent data from the GLOBOCAN, in 2022, North America saw an estimated 2.67 million new cases of cancer, with forecasts indicating a rise to 3.83 million by 2045. As per the same source, in Canada, the number of new cancer cases was around 292,000 in 2022, projected to reach 449,000 by 2045. Meanwhile, in Mexico, there were approximately 207,000 new cases of cancer in 2022, expected to increase to 360,000 by 2045. Thus, telehealth provides cancer patients and survivors with convenient access to remote consultations, monitoring, and supportive care from home, benefiting those in rural areas with limited access to specialized oncology centers. It enables multidisciplinary collaboration among healthcare professionals, ensuring comprehensive and coordinated care plans thereby boosting the market of telehealth.

According to the recent facts provided by the Policy Centre for Maternal Mental Health United States, in 2023, approximately 96% of birthing-aged women live in areas with a shortage of maternal mental health professionals. 70% of counties lack sufficient maternal mental health resources, with nearly 700 counties at high risk for maternal mental health disorders and over 150 counties in the Maternal Mental Health Dark Zone, characterized by both high risk and significant resource gaps. Hence, the concurrent rise in maternal mental health cases is driving the expansion of the telehealth market within the region. For instance, in April 2024, Curio's MamaLift Plus(TM), the first digital therapeutic for maternal mental health was approved by the FDA. Thus, approved products can influence health policy, leading to the inclusion of these treatments in standard care guidelines and protocols thereby boosting the market in the region.

Along with the presence of a large patient pool in the country, the increasing focus of manufacturers on launching new products in the market is expected to bolster the growth of the Telehealth market in the United States during the forecast period. For example, in March 2021, Abbott announced the U.S. launch of NeuroSphere(TM) Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed. Approved by the U.S. Food and Drug Administration, the NeuroSphere Virtual Clinic has the potential to increase access to optimal treatment for patients suffering from chronic pain or movement disorders who don't live close to a care provider, have difficulty accessing care, or are unable to go to the doctor

Therefore, the above-mentioned factors are expected to bolster the growth of the Telehealth market in the United States during the forecast period.

Telehealth Market Key Players:

Some of the key market players operating in the Telehealth market include Teladoc Health, Inc., Siemens, Cisco Systems, Inc., Koninklijke Philips N.V., IBM Corporation, Medtronic, Cerner Corporation, American Well, AMD Global Telemedicine, Joerns Healthcare., GlobalMed, OncoHealth, Allscripts Healthcare, LLC, Derma2go, SOCTelemed, Inc., Honeywell International Inc., Plantronics, Inc., Carium., Emmaus Life Sciences, Inc., Practo, and others.

Recent Developmental Activities in the Telehealth Market:

• In December 2023, Samsung Announces New Medications Tracking Feature for Samsung Health.
• In June 2022, Joerns Healthcare, a healthcare technology, and equipment services company, announced the addition of consulting telerespiratory services to its portfolio through an exclusive agreement with rtNOW. The telerespiratory will include registered, certified respiratory therapists to provide remote tele-connected delivery for proper device/therapy setup, ongoing use, and troubleshooting for caregivers and clinicians along the clinical pathway.
• In April 2022, Emmaus Life Sciences, Inc. launched a new full-service telehealth solution in collaboration with strategic partners Asembia LLC, US Bioservices Corporation, and UpScriptHealth. This program leverages the growing telemedicine landscape in the U.S., providing online access for patients and providers to Endari(R), the company's prescription-grade product.

Key Takeaways From the Telehealth Market Report Study:

• Market size analysis for current telehealth size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the telehealth market.
• Various opportunities available for the other competitors in the telehealth market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current telehealth market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for telehealth market growth in the coming future?

Target Audience who can be Benefited From This Telehealth Market Report Study:

• Telehealth product providers
• Research organizations and consulting companies
• Telehealth-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in telehealth
• Various end-users who want to know more about the telehealth market and the latest technological developments in the telehealth market.

Frequently Asked Questions for the Telehealth Market:

1. What is telehealth?

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.

2. What is the market for telehealth?

The telehealth market is estimated to grow at a CAGR of 31.57% during the forecast period from 2024 to 2030.

3. What are the drivers for the telehealth market?

The increasing medical conditions necessitating regular check-ups probably escalate the market of telehealth as regular therapy sessions, psychiatric consultations, children requiring frequent health check-ups for vaccinations, growth monitoring, and skin conditions often need ongoing evaluation and treatment adjustments which increases the demand for telehealth. Furthermore, the widespread use of smartphones with reliable and fast internet connections enables patients to access telehealth services conveniently through various apps and platforms. Devices like smartwatches, fitness trackers, and other health-monitoring gadgets provide real-time data on patients' vital signs, physical activity, and other health metrics. Additionally, many governments have relaxed regulations around telehealth, allowing healthcare providers to offer remote consultations more freely. Thus, these factors collectively boost the Telehealth market, during the forecast period from 2024 to 2030.

4. Who are the key players operating in the telehealth market?

Some of the key market players operating in Telehealth are Teladoc Health, Inc., Siemens, Cisco Systems, Inc., Koninklijke Philips N.V., IBM Corporation, Medtronic, Cerner Corporation, American Well, AMD Global Telemedicine, Joerns Healthcare., GlobalMed, OncoHealth, Allscripts Healthcare, LLC, Derma2go, SOCTelemed, Inc., Honeywell International Inc., Plantronics, Inc., Carium., Emmaus Life Sciences, Inc., Practo, and others.

5. Which region has the highest share in the telehealth market?

North America is expected to account for the highest proportion of the telehealth market in 2023, out of all regions. This can be attributed to factors including the rising prevalence of chronic conditions such as cancer, chronic pain, and other medical conditions that require frequent checkups, the increase in product launches, rising government initiatives in promoting telehealth, and the presence of key companies involved in the development of telehealth are expected to boost the market of telehealth across the region.