Telehealth Market Growth & Trends
The global telehealth market size is expected to reach USD 787.4 billion by 2028, registering a CAGR of 36.5% over the forecast period, according to a new report by Grand View Research, Inc. The development and evolution of smartphones and the strengthening of internet connectivity have made telehealth and telemedicine more affordable and accessible, and thereby contributed to its growing adoption rate. Advancements in digital infrastructure are allowing users to seamlessly monitor their health & fitness, book appointments, and avail themselves of medical assistance conveniently. For instance, several platforms and applications, such as Doctor on Demand, MDLive, and Lemonaid, are available for booking appointments, monitoring personal health, honoring medical prescriptions, tracking consultations, and storing healthcare information.
Due to the COVID-19 pandemic, providers and patients are readily adopting teleconsultation and telemedicine services. The ongoing pandemic exposed the shortcomings of the existing healthcare systems and burdened global healthcare facilities & resources, thereby driving the demand for telehealth solutions. The government-imposed travel restrictions and lockdowns to curb the transmission rate led to patients shifting from physical visits to teleconsultation & telemedicine. For instance, as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, telehealth services received USD 200 million funding to provide connected & continuum healthcare services to patients in remote locations. Healthcare providers and patients are portraying readiness in adopting digital health and virtual care solutions.
In addition, healthcare payers, such as insurance companies, are collaborating with key market players to provide free consultation services to their customers. For instance, in Singapore, AIG and Cigna partnered with Doctor Anywhere to provide free consultation services to their customers across Singapore, Thailand, and Vietnam. Advancements in digital infrastructure, a surge in public-private partnerships, a rise in government initiatives, and the growing adoption of digital health technologies are expected to boost the demand for virtual care services and applications. Several key players, such as Siemens Healthineers, GlobalMed, and Doctor Anywhere, witnessed a significant rise in business revenue earnings and growth in active subscribers during the pandemic.
The services segment dominated the global market in 2021 on account of the increased preference for teleconsultation and telemedicine to reduce physical visits and minimize rising healthcare costs. The development of digital infrastructure is also boosting the services segment growth. The web-based delivery mode segment dominated the global market in the past owing to the high usage recorded among patients and healthcare providers. The healthcare providers end-use segment accounted for the largest revenue share in 2021 due to the increased adoption of telemedicine & teleconsultation platforms by providers to reduce the burden on healthcare facilities & resources.
Telehealth Market Report Highlights
- The market is anticipated to have significant growth due to the advancements in digital infrastructure across the globe and growing awareness among healthcare providers, payers, and patients
- Services dominated the product type segment in 2021 owing to the growing disease burden and constant technological advancements in the virtual care solutions space
- The web-based delivery mode segment led the market in 2021 due to the availability of a large number of web-based telehealth solutions that can be easily accessed from remote locations
- The providers end-use segment accounted for the dominant share of the global revenue in 2021
- The high share was due to the increased convenience offered by telehealth applications in real-time monitoring and seamless access to patient health records
- North America led the market in 2021 due to the advancements in digital infrastructure, increased number of smartphone users, excellent internet connectivity, high prevalence of chronic disease, and the presence of several key players in the region
Koninklijke Philips N.V
GE Healthcare
Cerner Corporation
Siemens Healthineers
Medtronic
Teladoc Health Inc
American Well
MD Live
Doctor On Demand
Global Med
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- Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Market Segmentation & Scope
- 1.3. Market Definition
- 1.4. Information Procurement
- 1.4.1. Purchased Database
- 1.4.2. GVR’s Internal Database
- 1.4.3. Secondary Sources & Third-Party Perspectives
- 1.4.4. Primary Research
- 1.5. Information Analysis
- 1.5.1. Data Analysis Models
- 1.6. Market Formulation & Data Visualization
- 1.7. Data Validation & Publishing
- Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Market snapshot
- Chapter 3. Telehealth Market Variables, Trends & Scope
- 3.1. Penetration and Growth Prospects Mapping
- 3.2. Telehealth Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.3. Telehealth Industry Analysis - Porter’s
- 3.3.1. Supplier Power
- 3.3.2. Buyer Power
- 3.3.3. Substitution Threat
- 3.3.4. The threat of New Entrants
- 3.3.5. Competitive Rivalry
- 3.4. Telehealth Industry Analysis - PEST
- 3.4.1. Political & Legal Landscape
- 3.4.2. Economic Landscape
- 3.4.3. Social Landscape
- 3.4.4. Technology Landscape
- 3.5. Major Deals & Strategic Alliances Analysis
- 3.6. Impact of COVID-19 Pandemic on Telehealth Market
- Chapter 4. Telehealth Market: Product Type Estimates & Trend Analysis
- 4.1. Service Product type Movement Analysis & Market Share, 2020 & 2028
- 4.2. Market Size & Forecasts and Trend Analysis, 2016 to 2028 for the following:
- 4.2.1. Hardware
- 4.2.1.1. Monitors
- 4.2.1.2. Medical Peripheral Devices
- 4.2.1.2.1. Blood Pressure Meters
- 4.2.1.2.2. Blood Glucose Meters
- 4.2.1.2.3. Weighing Scales
- 4.2.1.2.4. Pulse Oximeters
- 4.2.1.2.5. Peak Flow Meters
- 4.2.1.2.6. ECG Monitors
- 4.2.1.2.7. Others
- 4.2.2. Software
- 4.2.2.1. Standalone Software
- 4.2.2.2. Integrated Software
- 4.2.3. Services
- 4.2.3.1. Remote Patient Monitoring
- 4.2.3.2. Real-Time Interactions
- 4.2.3.3. Store and Forward
- 4.2.3.4. Other Services
- Chapter 5. Telehealth Market: Delivery Mode Estimates & Trend Analysis
- 5.1. Delivery Mode Movement Analysis & Market Share, 2020 & 2028
- 5.2. Market Size & Forecasts and Trend Analysis, 2016 to 2028 for the following:
- 5.2.1. On-premises
- 5.2.2. Web-based
- 5.2.3. Cloud-based
- Chapter 6. Telehealth Market: End-user Estimates & Trend Analysis
- 6.1. End-user Movement Analysis & Market Share, 2020 & 2028
- 6.2. Market Size & Forecasts and Trend Analysis, 2016 to 2028 for the following:
- 6.2.1. Providers
- 6.2.2. Payers
- 6.2.3. Patients
- Chapter 7. Telehealth Market: Regional Estimates & Trend Analysis
- 7.1. Telehealth Market Share, 2020 & 2028
- 7.2. Market Size & Forecasts and Trend Analysis, 2016 to 2028 for the following:
- 7.2.1. North America
- 7.2.1.1. U.S.
- 7.2.1.2. Canada
- 7.2.2. Europe
- 7.2.2.1. U.K.
- 7.2.2.2. Germany
- 7.2.2.3. Spain
- 7.2.2.4. France
- 7.2.2.5. Italy
- 7.2.2.6. Russia
- 7.2.3. Asia Pacific
- 7.2.3.1. China
- 7.2.3.2. Japan
- 7.2.3.3. India
- 7.2.3.4. South Korea
- 7.2.3.5. Australia
- 7.2.4. Latin America
- 7.2.4.1. Brazil
- 7.2.4.2. Mexico
- 7.2.4.3. Argentina
- 7.2.5. Middle East & Africa
- 7.2.5.1. South Africa
- 7.2.5.2. Saudi Arabia
- 7.2.5.3. UAE
- Chapter 8. Competitive Analysis
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company/Competition Categorization (Key innovators, Market leaders, Emerging Players)
- 8.3. Company Market Position Analysis
- 8.4. List of Key Emerging Companies /Technology Disruptors/Innovators
- Chapter 9. Competitive Landscape
- 9.1. Company Profiles
- 9.1.1. Koninklijke Philips N.V
- 9.1.1.1. Company Overview
- 9.1.1.2. Financial Performance
- 9.1.1.3. Product Benchmarking
- 9.1.1.4. Strategic Initiatives
- 9.1.2. GE Healthcare
- 9.1.2.1. Company Overview
- 9.1.2.2. Financial Performance
- 9.1.2.3. Product Benchmarking
- 9.1.2.4. Strategic Initiatives
- 9.1.3. Cerner Corporation
- 9.1.3.1. Company Overview
- 9.1.3.2. Financial Performance
- 9.1.3.3. Product Benchmarking
- 9.1.3.4. Strategic Initiatives
- 9.1.4. Siemens Healthineers
- 9.1.4.1. Company Overview
- 9.1.4.2. Financial Performance
- 9.1.4.3. Product Benchmarking
- 9.1.4.4. Strategic Initiatives
- 9.1.5. Medtronic
- 9.1.5.1. Company Overview
- 9.1.5.2. Financial Performance
- 9.1.5.3. Product Benchmarking
- 9.1.5.4. Strategic Initiatives
- 9.1.6. Teladoc Health Inc
- 9.1.6.1. Company Overview
- 9.1.6.2. Financial Performance
- 9.1.6.3. Product Benchmarking
- 9.1.6.4. Strategic Initiatives
- 9.1.7. American Well
- 9.1.7.1. Company Overview
- 9.1.7.2. Financial Performance
- 9.1.7.3. Product Benchmarking
- 9.1.7.4. Strategic Initiatives
- 9.1.8. MD Live
- 9.1.8.1. Company Overview
- 9.1.8.2. Financial Performance
- 9.1.8.3. Product Benchmarking
- 9.1.8.4. Strategic Initiatives
- 9.1.9. Doctor On Demand
- 9.1.9.1. Company Overview
- 9.1.9.2. Financial Performance
- 9.1.9.3. Product Benchmarking
- 9.1.9.4. Strategic Initiatives
- 9.1.10. Global Med
- 9.1.10.1. Company Overview
- 9.1.10.2. Financial Performance
- 9.1.10.3. Product Benchmarking
- 9.1.10.4. Strategic Initiatives
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