Telehealth Market By Component (Hardware, Software, Service) , By Delivery Mode (On-Premise, Cloud) By Application (Teleconsultation, Telestroke, Teleradiology, Telepsychiatry, Teledermatology, Others) By End Users (Healthcare Providers, Payers, Patients,

Telehealth Market By Component (Hardware, Software, Service) , By Delivery Mode (On-Premise, Cloud) By Application (Teleconsultation, Telestroke, Teleradiology, Telepsychiatry, Teledermatology, Others) By End Users (Healthcare Providers, Payers, Patients, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032

The telehealth market 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.

Telehealth refers to the use of digital communication technologies to deliver healthcare services and information remotely. It encompasses a broad range of services, including virtual doctor consultations, remote monitoring of patients' vital signs, teletherapy, and access to medical information via mobile apps or web platforms. Telehealth allows healthcare providers to offer clinical services without requiring the patient to visit a healthcare facility, improving accessibility and convenience, particularly for those in remote or underserved areas.

The growth of the global telehealth market is driven by surge in demand for remote healthcare services in remote and underserved areas where access to healthcare facilities is limited. This is attributed to the fact that telehealth bridges this gap, offering essential services like consultations and follow-ups without geographic limitations. A report from the U.S. Government Accountability Office (GAO) highlighted that telehealth programs had improved access to healthcare for over 60 million Americans living in rural areas, where medical facilities are scarce. In addition, alarming rise in chronic diseases significantly contributes toward the market growth. This is attributed to the fact that chronic conditions such as diabetes, heart disease, and hypertension require continuous monitoring and regular consultations. According to a study published by the World Health Organization in 2023, approximately 41 million deaths are reported each year due to chronic diseases. Moreover, increase in geriatric population acts as the key driving force of the global market. As the global population ages, there is an increased need for healthcare services for elderly patients who may face mobility issues. As per the World Health Organization, the number of people aged 60 years and older was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Telehealth offers a practical solution for regular check-ups and management of age-related conditions. Rise in consumer awareness and acceptance of digital healthcare services, from mental health consultations to routine check-ups. further augments the market growth. However, limited access to technology in rural or low-income areas due to lack reliable internet access or devices restrains the market growth. In addition, inconsistent reimbursement policies for telehealth services remain a major barrier, thus hampering the market growth. On the contrary, the development of high-speed internet, mobile devices, and telecommunication infrastructure has made telehealth services more accessible. Improved video conferencing, data security, and remote monitoring tools have enhanced the quality of care provided remotely. Such developments are expected to offer lucrative opportunities for the expansion of the global market during the forecast period.

The global 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. By delivery mode, it is divided into on-premise and cloud. Depending on application, it is segregated into teleconsultation, telestroke, teleradiology, telepsychiatry, teledermatology, and others. As per 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 & Africa.

Key Findings

By component, the services segment held the highest market share in 2023.

On the basis of delivery mode, the on-premise segment was the major shareholder in 2023.

Depending on application, the teleradiology segment garnered the largest share in 2023.

As per end user, the healthcare providers segment dominated the market, in terms of share, in 2023.

Region wise, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue from 2024 to 2032.

Competition Analysis

Competitive analysis and profiles of the major players in the global telehealth market include Cerner Corporation (Oracle), GE Healthcare, Medtronic, Teladoc Health, Inc., CareCloud, Inc., MDLIVE, Siemens Healthcare Private Limited, Koninklijke Philips N.V., GlobalMedia Group, LLC, and American Well Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to maintain a strong foothold in the competitive market.

Key Market Segments

By Component

Hardware
Software
Service

By Delivery Mode

On-Premise
Cloud

By Application

Teleconsultation
Telestroke
Teleradiology
Telepsychiatry
Teledermatology
Others

By End Users

Healthcare Providers
Payers
Patients
Others

By Region

North America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Colombia
Argentina
Rest of Latin America
MEA
Saudi Arabia
South Africa
UAE
Rest of MEA

Key Market Players

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