Market Outlook:

The Telehealth & Telemedicine market size is poised to reach USD 82,768.84 Million by 2024, with a projected escalation to USD 178,947.77 Million by 2032, reflecting a compound annual growth rate (CAGR) of 11.5% during the forecast period (2024-2032). 

Telemedicine experiences rapid expansion throughout current times. Digital health technology benefits have doctors and medical facilities eager to adopt these systems into their medical practice. The rise of telehealth has led governments to define rules and pay systems related to online healthcare. The healthcare sector now provides affordable medical services to everyone across the country. Changes in healthcare delivery such as telemedicine and expanded radiology services enabled the development of fresh business models in healthcare. The healthcare field now faces strong competition among different companies who use many funded new entrants to launch their platforms. OpenLoop announced in March 2023 its collection of USD 15 million from series A funding to support its expanded virtual care services. The company created a nationwide insurance payment network that lets its customers receive reimbursement services. The quick emergence of COVID-19 made digital health tools acquire widespread use by people. The scheduled medical appointments and surgeries had to be put off allowing many providers to start using telehealth to treat their patients. The use of e-medicine solutions will keep rising over the next years thanks to all their benefits.

Market Dynamics:

Driver:

Older people now make up more of the worldwide population. Research shows earth's population growth numbers reduce significantly today. Based on projection estimates the global population reaches 9.7 billion by 2050 then continues climbing to hit 10.4 billion during 2080. According to forecasts India will replace China as the planet's largest country in population numbers by 2023. WHO reports the whole world's health care system confronts a large challenge due to these changes. According to forecasts 80% of elderly people will live in countries with lower middle income economies by the year 2050. Health care needs to improve because of urgent demands. More people now reach their 60th birthday than their 5th birthday which drives a need for health care system transformation. Using telehealth and telemedicine services has become a required solution to address this growing trend. The upcoming 2030 period will see six percent of global inhabitants reach their senior years so new healthcare methods and expanded medical systems are essential today to handle this population group. Population aging across all nations requires global health teams to partner in making Telehealth essential for elderly health care.

Restraint:

The telehealth and telemedicine industry grows slowly because organizations need to spend a lot on building their network first. Building an advanced telehealth system requires numerous expensive tools including medical testing devices plus video chat systems with protected servers that work with privacy rules and analysis tools. Small health care sites in rural areas struggle to afford these infrastructure costs especially when located in low developed regions. The high equipment costs block telemedicine from fully reaching patients in developing countries. Healthcare facilities struggled with the situation because they had insufficient IT understanding. The advanced software programs used in telemedicine require specialized staff with IT expertise to maintain strong security and solve technical problems. The 2022 Healthcare Provider IT Report from Bain & Company shows IT now ranks among top three business strategies for about 40% of healthcare organizations and among top five strategies for almost 80%. Healthcare organizations now place higher value on IT systems for medical care. The 2023 HIMSS Healthcare Cybersecurity Survey reports that budgetary shortages become a big obstacle for 42.79% of healthcare organizations when hiring qualified cybersecurity experts. Limited resources damage our ability to build and sustain the advanced IT systems needed for telemedicine work. Healthcare providers who lack IT skills create operational problems and unhappy patients which lowers their trust in telehealth services. Telemedicine needs scalable low-cost solutions plus training methods that properly teach IT skills to healthcare professionals.

Opportunity:

The telehealth and telemedicine industry grows slowly because organizations need to spend a lot on building their network first. Building an advanced telehealth system requires numerous expensive tools including medical testing devices plus video chat systems with protected servers that work with privacy rules and analysis tools. Small health care sites in rural areas struggle to afford these infrastructure costs especially when located in low developed regions. The high equipment costs block telemedicine from fully reaching patients in developing countries. Healthcare facilities struggled with the situation because they had insufficient IT understanding. The advanced software programs used in telemedicine require specialized staff with IT expertise to maintain strong security and solve technical problems. The 2022 Healthcare Provider IT Report from Bain & Company shows IT now ranks among top three business strategies for about 40% of healthcare organizations and among top five strategies for almost 80%. Healthcare organizations now place higher value on IT systems for medical care. The 2023 HIMSS Healthcare Cybersecurity Survey reports that budgetary shortages become a big obstacle for 42.79% of healthcare organizations when hiring qualified cybersecurity experts. Limited resources damage our ability to build and sustain the advanced IT systems needed for telemedicine work. Healthcare providers who lack IT skills create operational problems and unhappy patients which lowers their trust in telehealth services. Telemedicine needs scalable low-cost solutions plus training methods that properly teach IT skills to healthcare professionals. The use of public-private funds will reduce the costs for healthcare providers in areas with lower adoption rates.

Key Players:

• Koninklijke Philips N.V. (Netherlands)
• Medtronic (Ireland)
• GE Healthcare (US)
• Epic Systems Corporation (US)
• Oracle (US)
• Doximity, Inc. (US)
• Teladoc Health, Inc. (US)
• American Well (US)
• Siemens Healthineers AG (Germany)
• Cisco Systems Inc. (US)
• Included Health, Inc. (Doctor on Demand, Inc.) (US)
• AMC Health (US)
• TeleSpecialists (US)
• Walgreen Co. (US)
• Caregility (US)
• CVS Health (US)
• EverNorth Health, Inc. (US)
• Elation (US)
• Iron Bow Healthcare Solutions (US)
• ZoomCommunications, Inc. (US)
• Timedoc Health (US)
• Cerebral Inc. (US)
• Kindbody (US)
• Transcarent (US)
• Caresimple, Inc. (US)

Recent Development:

• In April 2023, The joint collaboration between Oracle and Zoom expanded by developing an integrated solution that combines Zoom telehealth features with Oracle Cerner Millennium to provide EHR-backed access for patient appointments. The new streamlined solution helps boost workflows while furnishing efficient operation and providing secure large-scale telehealth services. 

• In January 2023, The partnership between Philips and Masimo grew when they united their technologies through the Masimo W1 health-tracking watch integration with Philips' monitoring systems to improve home patient treatment. 

• In May 2023 Doximity Inc. established an integration with MEDITECH which stands as the leading electronic health record (EHR) system in the United States to offer its services. The integration enables healthcare providers to start Doximity Dialer audio or video telehealth consultations directly from the MEDITECH Expanse Now system.

Segment Insights:

By Function

The telehealth and telemdicine market includes clinical care management alongside preventive care management , diagnostics and treatments, remote patient monitoring/patient monitoring, rehabilitation and recovery, administrative work, analytics reporting, patient engagement and other functional submarkets. Clinical Care Management proved to be the dominant segment for telehealth & telemedicine throughout the forecast period because doctors began applying virtual visits and tracking chronic diseases more frequently. Telemedicine platforms empower healthcare providers to provide prompt medical care while directing treatment plans to enhance patient results during virtual care sessions. The segment grows stronger because healthcare providers use telehealth to manage acute and chronic conditions alongside better patient care accessibility and cost reductions achieved through medical care visits reduction. These factors drive market growth in this segment.

By End-Use

The telehealth and telemdicine market incorporates an application segment which includes primary care alongside specialty care (Teleradiology, Telecardiology, Teleneurology, Diabetesrespiratory, Respiratory Disorders Hypertension, Teledermatology, Telestroke, Telepsychiatry, and Others) and TeleICU, Virtual sitting & Nursing but also has additional specific applications. The telehealth and telemedicine market experienced its biggest share during the forecast period from Specialty Care segment mainly because people need specialized medical service more often and there are additional possibilities to conduct remote expert consultations. Through telemedicine patients can consult specialized healthcare providers in teleradiology, teledermatology and telestroke as well as telepsychiatry beyond geographic restrictions while waiting time for expert care shrinks back. Specialized disease management requires intensive monitoring so the segment grows rapidly because of rising chronic conditions across the population. The advancement of telecommunication technologies combined with healthcare delivery efficiency demands created affordable specialty care services that boosted its market dominance.

Regional Insights:

The North American telehealth market reached USD 46.61 billion value during 2023. This region experiences market expansion because it has strong government backing and rising teleconsultation volume and major players including Teladoc and MDLive among others. In 2022 physicians confirmed to the American Medical Association that digital health tools demonstrated clear advantages to their practice (93% acceptance rate). This number was 85% in 2016. Telehealth visits recorded a substantial growth from 14% in 2016 to 28% in 2019 before reaching 80% in 2022. Market growth in North America will experience an upward trend due to these factors. The European market will hold the position as the second-largest regional segment worldwide thanks to supportive governmental policies regarding digital health and the rising prevalence of persistent diseases. Each year the British Skin Foundation identifies at least 100,000 new cases of skin cancer among UK patients. The expense requirement for the nation grows as a result of this. The U.K government established Telederm as a tele-dermatology system to treat more than 50,000 skin cancer patients every year without traditional hospital visits thus leading to monetary savings for the nation. The regional market expansion is projected to increase because of this factor. Smartphones and cameras have created new market opportunities enabling various start-up businesses like InstaDoc and FirstCheck along with others establish their presence in Asia Pacific which will enhance market development in this region. The Latin America and Middle East & Africa areas will demonstrate notable market growth because telemedicine is being increasingly deployed to compensate for physician shortages in addition to rising pilot project numbers.

Segmentation:

By Function

• Teleconsultation
• RPM
• Diagnostics & Treatment
• Analytics
• Administrative

By Application

• TelelCU
• Teleradiology
• Telecardiology
• Diabetes

By End-use

• Hospital
• ASC
• Payer

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Telehealth & Telemedicine market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Telehealth & Telemedicine market.

3. Leading company profiles reveal details of key Telehealth & Telemedicine market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Telehealth & Telemedicine market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Telehealth & Telemedicine Market?

• Increasing investments in Renewable Energy industry is driving the market Growth.

2) What would be the CAGR of the Global Telehealth & Telemedicine Market over the forecast period?

• The Global Telehealth & Telemedicine Market is poised to grow at a CAGR of 11.5% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Telehealth & Telemedicine Market in the future?

• The North America region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Telehealth & Telemedicine Market?

• Owens Corning (US), Rockwool A/S (Denmark), Covestro AG (Germany), Armacell (Luxembourg), Huntsman Corporation (US), Saint-Gobain ISOVER (France), Rogers Corporation (US), Recticel Group (Belgium), Aspen Aerogels Inc (US), Morgan Advanced Materials PLC (UK), Knauf Insulation (US), Johns Manville (US), L'Isolante K-Flex S.p.A (Italy), Kingspan Group (Ireland), Others

5) What are the segments in the Global Telehealth & Telemedicine Market?

• By Function, By Application, By End-use, are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Telehealth & Telemedicine Market in 2032?

The estimated revenue for the Global Telehealth & Telemedicine Market in 2032 is USD 178,947.77 Million.