Telehealth Market Size, Share & Trends Analysis Report By Product Type (Hardware, Software, Services), By Delivery Mode (On-Premise, Web-based), By End-use, By Disease Area, By Region, And Segment Forecasts, 2024 - 2030

Telehealth Market Size, Share & Trends Analysis Report By Product Type (Hardware, Software, Services), By Delivery Mode (On-Premise, Web-based), By End-use, By Disease Area, By Region, And Segment Forecasts, 2024 - 2030

Telehealth Market Growth & Trends

The global telehealth market size is anticipated to reach USD 455.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 24.3% over the forecast period of 2024 - 2030. Rising penetration of internet and evolution & development of smartphones are factors that have contributed to the market’s growth. COVID-19 pandemic and associated lockdowns & social distancing norms are major factors driving the market growth. As governments globally announced social distancing norms to prevent spread of disease, number of visitors & active members on telehealth platforms rapidly increased between 2019 & 2020.

Advancement of smartphone technology for enhancing disease diagnostics is a key driver for market expansion. According to the GSM Association report, The Mobile Economy 2022, the global number of individuals connected to mobile services was 5.3 billion in 2021, and this figure is projected to reach 5.7 billion by 2025, constituting 70% of the global population as unique mobile subscribers. There is also a notable increase in smartphone penetration, reaching 75% in 2021 and expected to reach 84% by 2025, as highlighted in The Mobile Economy 2022. This growing prevalence of smartphones among consumers is fueling the growth of various mHealth applications in the market. In addition, the continuous enhancement of network infrastructure and expanding network coverage contribute to the rising demand for telehealth services.

Furthermore, the number of health apps has increased significantly in recent years. As per data published by MobiusMD, as of 2021, there were 350,000 health, medical, and fitness apps in the market. Health apps facilitate effective communication between patients living in remote locations and healthcare professionals. Moreover, the usage of mobile devices is rising among physicians. As per a report by BMC Health, around 82% of people use mobile phones for patient engagement. Thus, rising importance of mobile phones and mHealth for improving health outcomes & patient care is driving the market growth.

Furthermore, insurance firms and healthcare payers are engaging in partnerships with key market players to offer complimentary consultation services to patients. For instance, the collaboration between AIG and Cigna with Doctor Anywhere in Singapore. This collaboration aims to provide free consultation services to patients in Thailand, Singapore, and Vietnam. In addition, the increasing prevalence of public-private partnerships, advancements in digital infrastructure, government initiatives, and continuous progress in digital health technologies are expected to drive the demand for virtual care applications and services. Several major players such as Siemens Healthineers, Doctor Anywhere, and GlobalMed have reported significant increases in revenue and active users during the pandemic.

Telehealth Market Report Highlights

• Based on product type, services segment held the largest revenue share of 47.2% in 2023. This large share is attributed to the increased adoption of telehealth services to manage chronic conditions, monitor health combined with advancements in digital healthcare infrastructure, which have contributed to the segment growth
• In terms of delivery mode, web-based delivery segment dominated the market in 2023 with the largest revenue share. Factors such as rising adoption of web-based solutions by the healthcare professionals as well as patients to access healthcare services positively impacted the market growth
• In terms of end-use, provider segment held the largest share in 2023, due to increasing adoption of teleconsultation, telemedicine, and telehealth among healthcare professionals to reduce burden on healthcare facilities
• Based on disease area, radiology segment emerged as the largest segment in 2023 with a revenue share of 12.7%. However, psychiatry segment is anticipated to grow at the fastest CAGR over the forecast period owing to increase in patients with anxiety, stress, and mental illnesses
• In terms of region, North America contributed the largest share in 2023 due to the availability of favorable government initiatives and digital infrastructure to provide digital solutions to the patients. Asia Pacific is expected to witness the fastest CAGR over the forecast period
• Players in the market are adopting various strategies including collaboration, service launches, partnerships to maintain a competitive edge. For instance, in May 2023, CareSpan Health, Inc. and ChopraX, LLC signed a Memorandum of Understanding to collaborate and develop, and launch a global telehealth platform, the Proposed ChopraX-CareSpan Telehealth Platform

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