Telehealth Market Outlook
According to the report by Expert Market Research (EMR), the global telehealth market Size reached a value of approximately USD 79.5 billion in 2022. Aided by the rising adoption of digital health platforms and the growing need for remote patient monitoring, the market is projected to further grow at a CAGR of 25.58% between 2023 and 2031 to reach a value of USD 614.6 billion by 2031.
Telehealth leverages digital information and communication technologies, such as computers and mobile devices, to manage health and well-being. It provides a wide array of services, from virtual doctor consultations and patient monitoring to health education services. It facilitates access to healthcare services, particularly for remote patient populations and individuals with limited mobility.
One significant driver of the global telehealth market growth is the growing preference for digital health platforms. As patients increasingly seek comfort and convenience, digital health platforms provide an efficient alternative to traditional in-person health consultations. This shift is leading to a surge in demand for telehealth services.
Moreover, the growing geriatric population and the associated increase in chronic diseases are compelling healthcare providers to look for innovative ways to offer patient care. Here, telehealth presents a cost-effective and efficient solution, enabling healthcare professionals to monitor and manage patients remotely.
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Another contributing factor to the telehealth market expansion is the proliferation of smart devices and advancements in ICT infrastructure. With increasing smartphone penetration and improved internet connectivity worldwide, accessing telehealth services has become easier for a broader population base. The trend towards patient-centric care is also significantly influencing the market. As patients become more involved in managing their health, telehealth platforms that offer personalised care, continuous patient engagement, and immediate healthcare access are seeing increased demand.
In addition, the COVID-19 pandemic has further underlined the importance of telehealth services. Amid lockdowns and the necessity of social distancing, telehealth provides a critical solution to continue healthcare services while minimising the risk of virus transmission. The incorporation of cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) is set to revolutionize the telehealth market further. These technologies can offer advanced analytics, better diagnosis, and improved patient care, creating significant growth opportunities for the telehealth market development.
Telehealth Market Segmentation
The market can be divided based on product type, delivery mode, disease area, end user, and region.
Market Breakup by Product Type
• Hardware
o Monitors
o Medical Peripheral Devices
-
- Blood Pressure Meters
- Blood Glucose Monitors
- Weighing Scales
- Pulse Oximeters
- Peak Flow Meters
- ECG Monitors
- Other Devices
• Software
o Standalone Software
o Integrated Software
• Services
o Remote Patient Monitoring Devices
o Medical Call Centres Manned by Healthcare Professionals
o Real Time Interactions
o Store and Forward
o Other Services
Market Breakup by Delivery Mode
• On-Premises
• Web-Based
• Cloud-Based
Market Breakup by Disease Area
• Cardiology
• Psychiatry
• Diabetes
• Neurology
• Sleep Apnea
• Gastroenterology
• Oncology
• General Medicine
• Others
Market Breakup by End User
• Healthcare Providers
• Healthcare Consumers
• Payers
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global telehealth companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Koninklijke Philips N.V.
• Abbott
• Medtronic
• Apple, Inc.
• AirStrip Technologies Inc.
• AliveCor India
• Omron Corporation
• BioTelemetry, a Philips Company
• Athenahealth, Inc.
• AgaMatrix
• Withings
• iHealth Labs, Inc.
• Cerner Corporation
• ZTE Corporation
• Cisco Systems, Inc.
• AT&T Intellectual Property
• Qualcomm Technologies, Inc.
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