Telehealth Services Market Size, Share & Trends Analysis Report By Service Type (Remote Patient Monitoring, Real Time Interactions), By Delivery Mode (Web-based, Cloud-based), By Application, By End Use, By Region, And Segment Forecasts, 2024 - 2030

Telehealth Services Market Size, Share & Trends Analysis Report By Service Type (Remote Patient Monitoring, Real Time Interactions), By Delivery Mode (Web-based, Cloud-based), By Application, By End Use, By Region, And Segment Forecasts, 2024 - 2030

Telehealth Services Market Growth & Trends

The global telehealth services market size is anticipated to reach USD 291.37 billion by 2030, growing at a CAGR of 30.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing technological advancements in healthcare, the shortfall of healthcare professionals, and supportive government initiatives drive the market demand. Technological advancements in telehealth include the internet, store-and-forward imaging, videoconferencing, streaming media, and wireless and terrestrial communications.

Telehealth technologies are altering the way of delivering care to underserved individuals or populations who otherwise experience burdensome travel and hefty expenses to receive specialty care. Moreover, transportation may be an obstacle for patients with chronic diseases; telehealth provides continuous care to such patients overcoming the obstacles of transportation, time, and cost. Health status can be accessed conveniently with the help of technologies such as video conferencing and real-time connectivity via chat, text, and audio.

Many companies are adopting such technologies to provide better care to patients. For instance, in February 2024 , Yellowcross Healthcare Commerce, a provider of telemedicine practice management services, launched a new consultancy service designed to empower medical groups and healthcare facilities to enhance their remote care capabilities. This new venture, founded by experienced telemedicine professionals, aims to support healthcare providers in addressing the growing shortage of radiologists and improving patient care through the adoption of innovative telemedicine solutions.

Telehealth services have expanded healthcare accessibility, particularly for individuals in remote or underserved areas. Patients who previously had limited access to healthcare facilities can now receive medical consultations and follow-ups without the need to travel long distances. This convenience not only improves patient outcomes but also reduces the burden on physical healthcare infrastructure, leading to more efficient resource allocation.

In addition, the growing prevalence of chronic diseases such as diabetes, hypertension, and heart disease has fueled the demand for telehealth services. Continuous monitoring and management of these conditions often require regular medical consultations, which can be effectively managed through telehealth. A study published by the NIH in April 2023 investigated telehealth chronic disease visits among low-income groups. The analysis, included records for 52,904 unique patients, with 31,999 being female, and 49% having at least one telehealth visit. Remote monitoring devices and wearable technology enable healthcare providers to track patient health metrics in real time, allowing for timely interventions and personalized care plans.

Telehealth Services Market Report Highlights

• Based on delivery mode, the web-based segment held the largest revenue share of 45.78% in 2023. The demand for web-based delivery services is due to the availability of various telehealth platforms and virtual care applications on the web.
• Based on the service type, the real-time interactions segment accounted for the largest revenue share of 28.33% in 2023. The dominance of the segment is due to the overall adoption to address chronic conditions, advances in digital health infrastructure, growing demand for real-time monitoring, the rising number of mobile internet users, and increasing demand to minimize healthcare expenditure
• Based on application, the teleradiology held the largest revenue share of 24.33% in 2023 due to the rising diagnostic imaging centers, the rapid incorporation of tele-radiology workflow by healthcare providers, and the introduction of supporting tele-radiology practices.
• Based on end user, the patients' segment accounted for a revenue share of 44.18% in 2023 and is anticipated to grow at the fastest CAGR from 2024 to 2030. The segment's dominance is due to the increasing adoption rates of telehealth applications and virtual care platforms and increased affordability, convenience, and accessibility of care solutions
• North America dominated the overall global market and accounted for the 51.24% revenue share in 2023. This is attributable to the rise in healthcare IT expenses, the presence of prominent market players, advances in health infrastructure, high-quality network connectivity, and the growing incidence of chronic conditions.
• The major companies are undertaking various strategies such as new product development, collaborations, acquisitions, mergers, and regional expansion to serve the unmet needs of their customers.

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