Telehealth Services Market: Current Analysis and Forecast (2022-2030)

Report Description

The Telehealth services market was valued at USD 26 Billion in 2022 & is expected to grow at a CAGR of 30% from 2023-2030 The telehealth services market refers to the sector of the healthcare industry that provides remote medical consultations, diagnoses, monitoring, and treatment through telecommunications technology. Telehealth services leverage various digital communication tools, such as video conferencing, mobile apps, secure messaging platforms, and remote monitoring devices, to connect healthcare professionals with patients who are not physically present in the same location. Telehealth services aim to improve access to healthcare by eliminating geographic barriers, reducing travel time and costs, and increasing convenience for patients. They enable individuals to consult with doctors, specialists, or other healthcare providers remotely, allowing them to receive medical advice, prescriptions, therapy, and follow-up care without the need for in-person visits. The growing demand for telehealth services can be attributed to increasing demand for remote healthcare services around the globe. Owing to this the need for convenience, improved access to healthcare in underserved areas, and the ability to receive medical care from the comfort of one’s home across the globe would contribute to the growth of the market in the forthcoming period as well. Furthermore, the telehealth services market is anticipated to grow on account of the rising shortage of healthcare workers is hampering the availability and accessibility of healthcare services. For instance, according to the WHO estimates, there is a shortage of 4.3 million healthcare personnel across the globe, and is anticipated to reach a deficit of 18 million by 2030. Moreover, Advances in telecommunications technology, including high-speed internet connectivity, mobile devices, video conferencing platforms, and remote monitoring devices, have made telehealth services more accessible and user-friendly has led to a growing demand for telehealth services. However, some of the restraints in the market including the gap in access to technology and internet connectivity and data security and privacy concerns are impeding the growth of this market all over the world.

Some of the major players operating in the market include Koninklijke Philips N.V., Siemens Healthineers, Cerner Corporation, GE Healthcare, Medtronic PLC., Teladoc Health Inc., American Well, Doctor on Demand, GlobalMed, MDLive  . Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst delivery mode, the web-based segment held a significant share of the market in 2021.”

Based on delivery mode, the market is bifurcated into web-based, cloud-based, and others. Among them, the web-based segment is expected to grow at a higher CAGR in the market. This is due to the availability of numerous virtual care applications and telehealth platforms on the internet. Users have direct access to care solutions via web-based platforms. The evolving smartphone sector, together with improved internet access in rural regions, is driving the segment’s expansion

“Amongst end-user, the patients segment held the higher CAGR in the market in 2021.”

Based on end-user, the market is bifurcated into providers, payers, and patients. Among them, the patient segment is expected to grow at a higher CAGR in the market because of the increasing popularity of virtual care platforms and telehealth applications, care solutions have become more convenient, affordable, and accessible. The patients category is expected to develop at the fastest rate in the coming years. This is due to increased awareness and health consciousness, smartphone penetration and internet access, an increase in technologically savvy people, and an increase in the number of active subscriber.

“North America dominated the Telehealth services market in 2021.”

North America, particularly the United States, is a hub for biotechnology and pharmaceutical research. The demand for telehealth services in North America has surged due to the COVID-19 pandemic, as patients sought safe and convenient alternatives to in-person visits. Companies like Teladoc Health (now known as Livongo) experienced significant growth during this period, with increased utilization of their telehealth platforms. Moreover, Advances in telehealth technology have facilitated the growth of the market. In 2021, companies like Amwell and Doctor On Demand expanded their telehealth offerings and enhanced their platforms to provide seamless virtual consultations and improved user experiences. The telehealth services market in North America has attracted significant investments from venture capitalists and healthcare organizations. For instance, in 2021, companies like Ro and 98point6 secured substantial funding to expand their telehealth platforms and services, signaling investor confidence in the market’s growth potential.

Telehealth services Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Telehealth services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Telehealth Services Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Telehealth services market were the three major steps undertaken to create and analyze the adoption of Telehealth services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Telehealth services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Telehealth services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Telehealth services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as service, delivery mood, end-user, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Telehealth services market. Further, we conducted factor analysis using dependent and independent variables such as service, delivery mood, end-user, and application of the telehealth services market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Telehealth services market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Telehealth services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Telehealth services market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Telehealth services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global telehealth services market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the service, delivery mood, end-user, and application in the global Telehealth services market.

The main objective of the Global Telehealth services Market Study

The current & future market trends of the global Telehealth services market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Telehealth services market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the service, delivery mood, end-user, and application.
• Define and analysis of the regulatory framework for the Telehealth services industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Telehealth services market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Telehealth services market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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