Telehealth Market is Predicted to Reach $298.6 billion by 2030, Product, Technology, Application, Region, End-Use, Opportunity, Supply and Demand Side Analysis

Delvens published an exclusive market intelligence report, titled “Global Telehealth Market”, Revenue, Share & Trends Analysis Report by Product (Hardware, Software, Services), By Technology (Remote Patient Monitoring, mHealth, and Video Telemedicine), By Application, By Disease Area, By End-Use, By Region, and Segment Forecasts, 2023-2030

Washington, D.C., April 19, 2023 (GLOBE NEWSWIRE) — The Telehealth Market is expected to reach USD 298.6 billion by 2030, at a CAGR of 18.2% during the forecast period 2023-2030. Some of the major players are Teladoc Health, Inc. (U.S.), Siemens (Germany), Cisco Systems, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), IBM (U.S.).

Download Sample Copy of the Telehealth Market Report with Graphs and Charts at: https://www.delvens.com/get-free-sample/telehealth-market-trends-forecast-till-2028

The global telehealth market report delivers a holistic analysis to understand the development scope and derive the growth rate for the forecast period. The report particularizes the market condition and forecasts the market size in the future. The report further studies the opportunities, influencers, driving factors, and limitations, through a thorough study of the leading market players of the telehealth market from the different global regions, their product/service types, and application markets. The prime aim of the report is to determine the revenue growth, market value, market share, CAGR, scope, challenges, growth promoters, etc.

The convenience of filling in the gaps in telehealth service delivery and access is made possible by the growing internet penetration and smartphone innovation. The COVID-19 pandemic and the limits put in place to contain the virus have also contributed to the explosive surge in demand for telehealth services over the past year.

Telehealth Market Overview

Telehealth is the diagnosis, analysis, and monitoring of diseases and symptoms through the use of both medical instruments and communication technologies. By connecting several users in various locations, the telehealth market leverages digital technology to deliver medical services and health education. Diagnosis, treatment, evaluation, monitoring, communication, and education are all included in telehealth services. The industry has advanced thanks to developments in communication and medical technology, including wearable self-monitoring gadgets and digitalized medical imaging.  Additionally, an aging population vulnerable to chronic disease, a healthcare system with soaring expenses, and an impending doctor scarcity have all contributed to industry revenue growth. Many medical professionals have chosen to embrace telehealth as a safer alternative that reduces the possibility of patients getting sick or spreading the virus.

Telehealth Market Segmentation Analysis

One of the most lucrative sectors of the industry for telehealth services is telehealth hardware. The majority of the products in this area are implantable gadgets that can transmit patient data directly to medical professionals. Pacemakers and glucose monitors for diabetic people are among these gadgets. Telehealth equipment is more expensive than conventional medical devices because of their higher level of sophistication. Medical equipment manufacturers have created new products that include telemedicine as telehealth has become more and more popular.

This industry regularly uses virtual doctor appointments, which can take place over the phone or the Internet. As consumer telecommunications technology has advanced, a large portion of the telehealth industry’s growth has been driven by virtual doctor appointments. Because hospitals and other healthcare facilities have urged patients to use telemedicine services to stop the virus’s spread, this sector has profited from COVID-19. Physicians now primarily use virtual visits as a technique for dispensing care as a result.

The applications utilized by consumers and medical devices in telehealth services are referred to as telehealth software. Since the data transmitted by telehealth devices are particularly sensitive and vulnerable to hacking, the telehealth software utilized by implanted devices must be exceedingly secure. To make sure it cannot be hacked, telehealth software needs to be regularly updated and checked. This section also covers mobile applications that make use of telehealth technologies.

Due to the growing usage of telehealth, teleconsultation, and telemedicine among healthcare professionals to lessen the pressure on healthcare facilities, End-use Insights’ provider segment accounted for the greatest revenue share of 55.2% in 2022. The ease with which these solutions allow healthcare professionals to access patient health records quickly and easily, as well as the real-time quality reporting, improved data management, improved decision-making, and eHealth solutions, are additional factors that are anticipated to drive up the adoption of these services among professionals.

Regional Insights

With a share of 48.7% of the total sales in 2022, North America dominated the market. Some of the reasons that contributed to the growth of the market include rising healthcare IT spending and higher penetration of internet & smartphone users in the region. Future expansion of the region is anticipated to be fueled by the rising burden of chronic illnesses and the high awareness of digital health & virtual care platforms among healthcare professionals & patients. The adoption of telehealth platforms in the region would also be influenced by the presence of important firms there as well as the rise of start-ups.

During the forecast period 2023-2030, the Asia Pacific region is expected to experience the fastest growth rate. It is projected that the area will increase as a result of the rising senior population in nations like India and Japan, as well as developments in the field of digital health and research initiatives conducted by the key players. The market is also anticipated to increase favorably as a result of favorable government initiatives to improve internet access and the rising need for healthcare and medical support in rural areas.

Telehealth Market outlook

The aging population, which is anticipated to increase demand for medical care, a shortage of doctors, and rapidly rising healthcare costs are all expected to have a positive impact on the Telehealth Services industry over the five years leading up to 2030. Numerous studies have validated the notion that the sector can deliver high-quality care to many patients more cheaply. In addition, patients, healthcare professionals, and business players stand to gain from the application of current federal law and greater federal and state funding for telehealth services. Additionally, even after the US recovers from the COVID-19 (coronavirus) pandemic, there will likely be a significant demand for telehealth services because many people who tried them during the pandemic are likely to continue using them. As a result, it is anticipated that industry revenue would grow at a rate of 18.2% over the following four years.

For More Information or Query or Customization Before Buying, Visit at: https://www.delvens.com/Inquire-before-buying/telehealth-market-trends-forecast-till-2028

Post-Covid Scenario

Telehealth use has greatly increased as a result of COVID-19. From 11% of US customers using telehealth in 2019 to 46% of the consumer now using telemedicine to replace postponed medical visits, consumer adoption has soared. Providers have expanded their services quickly, and they are now seeing 50–175 times more patients via telehealth than they did previously. The largest vendors were concentrated in the “virtual urgent care” segment, assisting consumers in obtaining on-demand, immediate telehealth visits with physicians (most likely with a physician with whom they have no prior relationship). Before COVID-19, the total annual revenues of US telehealth players were estimated to be $3 billion.

While the immediate motivation for using telehealth has been to avoid exposure to COVID-19, which has resulted in more than 70% of in-person visits being canceled, a survey found that 76 percent of respondents were highly or moderately likely to use telehealth in the future, and 74 percent of telehealth users reported high satisfaction.

With the Centres for Medicare & Medicaid Services (CMS) temporarily approving more than 80 new services, removing restrictions on the originating site, allowing Medicare Advantage plans to conduct risk assessments via telehealth, and adding other regulatory flexibility to increase access to virtual care, the types of services available for telehealth have significantly increased.

Under COVID-19, the Telehealth market has increased.

Consumer preferences for access to care will keep changing, and the integration of virtual health into the healthcare system may deepen. However, difficulties persist. According to Delvens, providers’ worries regarding telehealth relate to its security, workflow integration, effectiveness in comparison to in-person visits, and future financial viability. Similar disparities exist between consumer interest in telehealth (75%) and usage (44%) among consumers. The causes of this gap include things like a lack of knowledge about telehealth services, inadequate training on the kinds of care needs that can be satisfied remotely, and an inadequate grasp of insurance coverage.

What adjustments are necessary to fully utilize telehealth?

• Increase the number of visits to totally virtual offices.
• Increase utilization of virtual urgent care
• Provide home care services online
• Include “near virtual” office visits in the continuum of care.
• Home medicine administration with technology
• Strengthen the technology and analytics framework
• Include virtual health in the method of providing care.
• Include virtual health in the creation of new products.

Considerations for investors, health service providers, and technology companies include:

• Create scenarios for the development of virtual health.
• Determine the effects of various virtual health solutions/services kinds.
• Create potential solutions
• Identify the resources and skills needed to put these alternatives into practice.
• Implement, Implement, Implement

Delvens Industry Expert’s Standpoint

Healthcare providers need integrated, user-friendly, scalable solutions for telemedicine programs to be successful. Patients and providers can easily join calls using the technology they are most familiar with thanks to modern telehealth solutions. To join, patients frequently use a mobile device or web browser, where they can do so with just one click through a web portal, by downloading an app, or by dialing a phone number. For doctors, joining is simple a computer in the office, a tablet, a video system in the conference room, or even a telemedicine cart.

Collaboration between groups of doctors is also facilitated by video conferencing technology because several participants can simply join a call and contribute to the conversation. Organizations may increase usage and acceptance of the telehealth application and, consequently, the return on investment from their solution by integrating it into these workflows. Utilizing close linkages with the technologies already used by healthcare organizations, the technology platform should also be compatible with the workflows and user interfaces that users are already accustomed to. Organizations can expand their brand to patients with the use of distinctive customization possibilities, resulting in a smooth platform experience.

Survey Trends in Telehealth Use in 2022:

Telehealth uses increased dramatically during the COVID-19 pandemic, but Delvens’ research suggests that access to telehealth was not equitable across different population subgroups.

• Most demographic groupings had similar telehealth utilization rates (22-28%), although those without insurance (9.1%) and young adults (18.3%) had substantially higher rates.

• Medicaid and Medicare beneficiaries experienced the highest rates of telehealth visits (30% and 28%, respectively).

• The proportion of visits among telehealth users that made use of video services was highest among young adults (18 to 24 years old), those making at least $100,000 (69%), those with private insurance (66%), and White people (62%). The rates of video telehealth were lowest among those without a high school graduation (38.7%), persons over 65 (45%), and Latinos and Asians (51% and 51.6%, respectively).

• To guarantee that inequities that surfaced during the pandemic do not persist, policy initiatives to provide fair access to telehealth, in particular video-enabled telemedicine, are required.

• Overall, we discovered that during the study period, 25% of respondents (one in four) reported using telehealth services in the previous four weeks.

Key Companies & Market Share Insights

Some of the key players operating in the global telehealth market are Teladoc Health, Inc. (U.S.), Siemens (Germany), Cisco Systems, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), IBM (U.S.), Oracle (U.S.), Medtronic (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Tunstall Group (United Kingdom), American Well (U.S.), CareCloud, Inc. (U.S.), eClinicalWorks (U.S.), and AMD Global Telemedicine (U.S.) among others. 

Recent Developments

• In 2023, with a new app, Teladoc Health introduces a fully integrated whole-person care experience. The launch of the fully integrated experience coincided with the introduction of Teladoc Health’s new brand identity, which was created to represent the company’s emphasis on the execution of its whole-person care strategy and objective of enabling everyone to live their healthiest lives. The brand-new aesthetic builds on Teladoc Health’s “Connector” emblem, which symbolizes the ongoing relationship between patients and the care they require to reach new heights of health.

• In 2023, for patients, providers, and payers, Philips Virtual Care Management offers a thorough approach to telemedicine. Diabetes, hypertension, heart disease, chronic kidney disease, chronic obstructive pulmonary disease (COPD), as well as gestational programs for diabetes and hypertension, are now included in Philips Virtual Care Management’s condition-specific protocols.

• In 2023, to enhance telehealth for patients and physicians globally, Philips and Masimo are extending their relationship. This expansion of our collaboration with Philips benefits both patients and medical professionals worldwide and is a key component of our multi-year ambition to expand access to high-quality hospital care while bringing the greatest hospital monitoring to the home. 

• In 2022, the Launch of a complete digital health platform by GE Healthcare. Healthcare providers and outside developers should be able to easily deploy their applications using open and documented APIs, and the platform should facilitate integrating those applications into current workflows.

Market share concentration is minimal in the Telehealth Services sector. In 2022, it is predicted that the top four businesses would generate 29.6% of the sector’s income. The industry has some entry barriers, and potential competitors may have trouble finding expertise for software and product development. Additionally, this sector is moderately protected by patents, thus new businesses must create telehealth services that don’t infringe on any active patents. Despite this, the industry has grown quickly, with the number of businesses growing at an annualized rate of 42% to 780 operators over the five years leading up to 2020. For instance, InTouch Health says it already provides telehealth services to more than 1,000 institutions and makes one new telehealth service device available every day.

Global Telehealth Market Table of Contents

Product Outlook

• Hardware
  • Monitors
  • Medical Peripheral Devices
  • Blood Pressure Meters
  • Blood Glucose Meters
  • Weighing Scales
  • Pulse Oximeters
  • Peak Flow Meters
  • ECG Monitors
  • Others
• Software
  • Standalone Software
  • Integrated Software
• Services
  • Remote Patient Monitoring
  • Real-Time Interactions
  • Store and Forward
  • Others

Delivery Mode Outlook (Revenue, USD Million, 2016 – 2030)

• • On-premise
  • Web-based
  • Cloud-based

Application Outlook

• • Teledermatology,
  • Teleradiology, Telecardiology,
  • Telepathology, and Others
  • (Teleaudiology and
  • Teleophthalmology

Technology Outlook

• • Remote Patient Monitoring,
  • mHealth, and Video
  • Telemedicine

End-use Outlook

• • Payers
  • Providers
  • Patients

Disease Area Outlook

• • Psychiatry
  • Substance Use
  • Radiology
  • Endocrinology
  • Dermatology
  • Gastroenterology
  • Neurological Medicine
  • ENT
  • Cardiology
  • Oncology
  • Dental
  • Gynecology
  • General Medicine
  • Others

Regional Outlook 

• • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • Austria
    • Finland
    • Belgium
    • Turkey
    • Russia
    • Poland
    • Hungary
    • Czech Republic
    • Switzerland
    • Netherlands
    • Rest of Europe
  • North America
    • U.S.
    • Canada
    • Mexico
  • Asia-Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Vietnam
    • New Zealand
    • Philippines
    • Thailand
    • Malaysia
    • Hong Kong
    • Taiwan
    • Singapore
    • Indonesia
    • Sri Lanka
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Chile
    • Colombia
    • Rest of South America
  • Middle East And Africa
    • South Africa
    • U.A.E.
    • Saudi Arabia
    • Oman
    • Qatar
    • Iran
    • Egypt
    • Rest of Middle East and Africa

Key Players of the Telehealth Market 

• • Teladoc Health, Inc. (U.S.)
  • Siemens (Germany)
  • Cisco Systems, Inc. (U.S.)
  • Koninklijke Philips N.V. (Netherlands)
  • IBM (U.S.)
  • Oracle (U.S.)
  • Medtronic (Ireland)
  • F. Hoffmann-La Roche Ltd (Switzerland)
  • Tunstall Group (United Kingdom)
  • American Well (U.S.)
  • CareCloud, Inc. (U.S.)
  • eClinicalWorks (U.S.)
  • AMD Global Telemedicine (U.S.)

Direct Purchase of Global Telehealth Market Research Report at: https://www.delvens.com/checkout/telehealth-market-trends-forecast-till-2028

Browse Related Reports: 

Home Healthcare Market – Trends Forecast Till 2028

Digital Pharmacy Market – Trends Forecast Till 2030

Healthcare IT Market – Trends Forecast Till 2028

About Delvens

Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports, and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide information on the country, regional, and global business environment. We have a database for more than 45 industries in more than 115+ major countries globally. We use AI and machine learning to make existing offerings quicker and cheaper, as well as to offer new services which couldn’t have been dreamt of a few years ago. From creating concepts to implementing them, we have the best-proven strategies that will help the organization and are assisting the organization to overcome the prevailing challenges and recognize recent opportunities before their competitors. We are capable of providing tailor-made research services keeping because of your specific requirements. We assure to provide the best possible services for all our clients. Our analysts are available for your assistance and will perfectly understand your needs and demand.

Delvens database assists clients by providing in-depth information on crucial business decisions. Delvens offers significant facts and figures across various industries namely Healthcare, IT & Telecom, Chemicals & Materials, Semiconductor & Electronics, Energy, Pharmaceutical, Consumer Goods & Services, and Food & Beverages. Our company provides an exhaustive and comprehensive understanding of the business environment.

To find out more, visit https://www.delvens.com/ or follow us on Twitter, LinkedIn and Facebook.

CONTACT: Varsha Chaudhari
Delvens Private Limited
Unit No. 2126, Tower B, 21st Floor
Alphathum, Sector 90 Noida 201305, IN
D: +44 20 8638 5055 | C: +91 9561827515 | P: +0120 4569 248
varsha.chaudhari@delvens.com | sales@delvens.com 
Website: https://www.delvens.com/