Telehealth Services

Telehealth Services

The telehealth services market is expected to register a CAGR of approx. 30% over the period of 2022-2030. The telehealth services market refers to the sector of the healthcare industry that provides remote medical consultations, diagnoses, monitoring, and treatment through telecommunications technology. Telehealth services leverage various digital communication tools, such as video conferencing, mobile apps, secure messaging platforms, and remote monitoring devices, to connect healthcare professionals with patients who are not physically present in the same location. Telehealth services aim to improve access to healthcare by eliminating geographic barriers, reducing travel time and costs, and increasing convenience for patients. They enable individuals to consult with doctors, specialists, or other healthcare providers remotely, allowing them to receive medical advice, prescriptions, therapy, and follow-up care without the need for in-person visits. The growing demand for telehealth services can be attributed to increasing demand for remote healthcare services around the globe. Owing to this the need for convenience, improved access to healthcare in underserved areas, and the ability to receive medical care from the comfort of one's home across the globe would contribute to the growth of the market in the forthcoming period as well. Furthermore, the telehealth services market is anticipated to grow on account of the rising shortage of healthcare workers is hampering the availability and accessibility of healthcare services. For instance, according to the WHO estimates, there is a shortage of 4.3 million healthcare personnel across the globe, and is anticipated to reach a deficit of 18 million by 2030. Moreover, Advances in telecommunications technology, including high-speed internet connectivity, mobile devices, video conferencing platforms, and remote monitoring devices, have made telehealth services more accessible and user-friendly has led to a growing demand for telehealth services. However, some of the restraints in the market including the gap in access to technology and internet connectivity and data security and privacy concerns are impeding the growth of this market all over the world.

• Based on service, the market is segmented into remote patient monitoring, real-time interactions, video/ audio consultation, and others. Among them, the real-time interactions segment captured a significant share of the market in 2021 owing to widespread usage in chronic illness management, rising demand for real-time monitoring, developments in digital health infrastructure, rising number of mobile internet users, and rising demand to reduce rising healthcare costs.
• Based on delivery mode, the market is bifurcated into web-based, cloud-based, and others. Among them, the web-based segment is expected to grow at a higher CAGR in the market. This is due to the availability of numerous virtual care applications and telehealth platforms on the internet. Users have direct access to care solutions via web-based platforms. The evolving smartphone sector, together with improved internet access in rural regions, is driving the segment's expansion.
• Based on end-user, the market is bifurcated into providers, payers, and patients. Among them, the patient segment is expected to grow at a higher CAGR in the market because of the increasing popularity of virtual care platforms and telehealth applications, care solutions have become more convenient, affordable, and accessible. The patients category is expected to develop at the fastest rate in the coming years. This is due to increased awareness and health consciousness, smartphone penetration and internet access, an increase in technologically savvy people, and an increase in the number of active subscribers.
• Based on application, the telehealth services market has been classified into tele-radiology, tele-psychiatry, tele-cardiology, tele-dermatology, tele-pathology, and others. Among them, the tele-radiology category grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period because of the rapid adoption of tele-radiology workflow by healthcare facilities, the expansion of diagnostic imaging centers, and the implementation of beneficial tele-radiology practices. Medical imaging is one of the first sectors in medicine to embrace virtual care and telehealth technologies.
• For a better understanding of the market adoption of telehealth services, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America, particularly the United States, is a hub for biotechnology and pharmaceutical research. The demand for telehealth services in North America has surged due to the COVID-19 pandemic, as patients sought safe and convenient alternatives to in-person visits. Companies like Teladoc Health (now known as Livongo) experienced significant growth during this period, with increased utilization of their telehealth platforms. Moreover, Advances in telehealth technology have facilitated the growth of the market. In 2021, companies like Amwell and Doctor On Demand expanded their telehealth offerings and enhanced their platforms to provide seamless virtual consultations and improved user experiences. The telehealth services market in North America has attracted significant investments from venture capitalists and healthcare organizations. For instance, in 2021, companies like Ro and 98point6 secured substantial funding to expand their telehealth platforms and services, signaling investor confidence in the market's growth potential.
• Some of the major players operating in Koninklijke Philips N.V., Siemens Healthineers, Cerner Corporation, GE Healthcare, Medtronic PLC., Teladoc Health Inc., American Well, Doctor on Demand, GlobalMed, MDLive among others. Several M&A’s along with partnerships have been undertaken.