Allied Market Research published a new report, titled, “Telehealth Market Reach USD 851.0 Billion by 2032 Registering 25.7% CAGR .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global telehealth market is growing due to several factors such as the growing use of web and cloud-based platforms and the increase in healthcare digitalization activities and government initiatives are some of the main factors anticipated to propel the growth of the market. However, lack of knowledge or training acts as a restraint for the Telehealth market.
The global telehealth market size was valued at $108.5 billion in 2023, and is projected to reach $851.0 billion by 2032, growing at a CAGR of 25.7% from 2024 to 2032.
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The telehealth market size is segmented on the basis of component, delivery mode, application, end user, and region. On the basis of component, the market is categorized into hardware, software, and service. On the basis of delivery mode, the market is divided into on-premise, and cloud. On the basis application, the market is segregated into teleconsultation, telestroke, teleradiology, telepsychiatry, teledermatology, and others. On the basis of end user, it is divided into healthcare providers, payers, patients, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
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By component, the services segment held the highest market share in 2023. As healthcare facilities lack the resources and skill sets required for the deployment of digital health solutions, these services are outsourced. The growing need for telehealth applications in chronic disease management, real-time monitoring, rapid advancements in digital infrastructure, growing internet & smartphone penetration, and development in hardware & software components is driving segment growth.
By delivery mode, the on-premise segment held the highest market share in 2023. This is attributed to numerous advantages offered by on-premise deployment such as a high level of data security and safety. By application, the teleradiology segment held the highest market share in 2023. The segment growth is attributed to the growing patient demand for convenient and personalized medical advice, which teleradiology platforms effectively deliver.
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By end user, the healthcare providers segment held the highest market share in 2023. This is due to the increasing adoption of teleconsultation, telemedicine, and telehealth among healthcare professionals to reduce the complexity of healthcare facilities. Moreover, the increased convenience offered by these solutions for quick and seamless access to real-time quality reporting, and eHealth solutions is expected to increase the adoption of these services among the providers.
By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. This demand can be attributed to the rising need for internet services to address the increasing adoption of digital technologies in the healthcare sector. Individuals are choosing digital services to improve their knowledge and skills.
The major players operating in the telehealth market share include Cerner Corporation (Oracle) , GE Healthcare, Medtronic, Teladoc Health, Inc., CareCloud, Inc., MDLIVE, Siemens Healthcare Private Limited, Koninklijke Philips N.V., GlobalMedia Group, LLC, American Well Corporation.
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● Recent Key Strategies and Developments
In January 2024, Eli Lilly and Company launched LillyDirect, a new digital healthcare experience for patients in the U.S. living with obesity, migraine, and diabetes. LillyDirect offers disease management resources, including access to independent healthcare providers, tailored support, and direct home delivery of select Lilly medicines through third-party pharmacy dispensing services.
In March 2023, Royal Philips launched a comprehensive portfolio of flexible solutions and services to help health systems, providers, payers, and employer groups more meaningfully motivate and deeply connect with patients from virtually anywhere.
In September 2022, RxDefine launched RxTelehealth, its telehealth solution for life sciences brands. RxDefine’s mission is to ethically empower people to navigate their own health decisions, and the launch of RxTelehealth is a critical step toward living this mission.
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