Telehealth Market (2022-2029)
The Telehealth Market is expected to grow at a CAGR of 21.6% from 2022 to 2029 to reach $539.73 billion by 2029.
- Published
- Dec 2022
- Pages
- 203
- Format
- PDF + Excel
- Report ID
- MRHC - 10462
- Base year
- 2021
- 2029 · FORECAST
- $539.7B
- 2029
- $539.7B
- CAGR 2022–2029
- 21.6%
2021 baseline · 2022–2029 forecast at 21.6% CAGR · hover a bar for the value
Key highlights
The Telehealth Market is expected to grow at a CAGR of 21.6% from 2022 to 2029 to reach $539.73 billion by 2029.
The services segment is expected to account for the largest share of 73% of the global telehealth market.
The healthcare providers segment is expected to account for the largest share of the global telehealth market.
In 2022, the U.S. is expected to account for the largest share of 35% of the global telehealth market. In the U.S., the adoption of telehealth services has been on the rise over the last decade.
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022–2029 |
| Market Size (2029) | USD 539.73 billion |
| CAGR (2022–2029) | 21.6% |
| Format | PDF, Excel & Cloud Portal · 203 pages |
| Segments Covered | By Component: Services Real-time, Store & Forward, Remote Monitoring, Cloud/Web-based, On-premise, Medical Peripheral Devices Blood Pressure Monitors, Blood Glucose Monitors, Pulse Oximeters, Weighing Scales, Peak Flow Meters, ECG Monitors, Other Devices · By Application: Psychiatry, Radiology, Cardiology, Primary Care, Dermatology, Remote ICU, Other Applications · By End User: Healthcare Providers, Healthcare Payers, Patients, Other End Users |
| Countries Covered | Europe (RoE), Asia-Pacific (RoAPAC) |
| Key Companies | Cerner Corporation, Medtronic Public Limited, Koninklijke Philips N.V., AMD Global Telemedicine, Inc., American Well Corporation, Cisco Systems, Inc., Doctor On Demand, Inc., MDlive Inc., Siemens Healthineers AG, Teladoc Health, Inc., Zipnosis, Inc., Medtronic PLC |
Report overview
Segments covered: component, application, end user. Regions: Europe, Asia-Pacific.
Telehealth or teleconsultation refers to the use of digital information and communication technologies, such as computers and mobile devices, to access and manage healthcare services remotely. Teleconsultation involves delivering healthcare, health education, and health information services through remote technologies. Telehealth has several benefits, including reduced unnecessary hospitalizations, medical treatment wait times, and significant financial savings. It allows patients and physicians to engage over great distances and provide care, counseling, reminders, education, intervention, monitoring, and remote admissions. Telehealth involves videoconferencing, transmission of still images, e-health, remote monitoring of vital signs, continuing medical education, and nurse call centers. Both primary and specialized care providers benefit from teleconsultation because it allows them to broaden their reach and treat patients everywhere there is an Internet connection.
The key factors driving the global telehealth market are favorable government initiatives and reforms/policies, a shortage of healthcare professionals worldwide, and increasing awareness about the benefits of telehealth. In addition, the use of artificial intelligence and virtual assistants and the development of telerobots are expected to provide great growth opportunities for the market in the coming years.
Report infographic
Market dynamics
2 factors across 2 forcesUse of Artificial Intelligence & Virtual Assistants
Artificial intelligence (AI) is broadening the scope of telemedicine technology to include radiology, pathology, dermatology, and psychiatry, among other fields. Artificial intelligence-driven smart solutions, including care-assistive apps and prediction algorithms, allow for more than just remotely evaluating patients' diagnostic needs. They help healthcare professionals (HCPs) reduce workloads by automatically translating prescriptions into Electronic Health Records (EHRs) and generating medical reports, particularly in times of crisis. For instance, DrFirst (U.S.), a healthcare technology start-up, has developed a patented SmartSig AI technology that accurately converts patient medication history into hospitals' and health systems' EHRs without the need for human involvement.
Healthcare professionals can use AI-enabled EHRs to increase data interoperability and improve remote patient monitoring. Furthermore, AI-based networking models can shorten the time it takes to find specialists, reducing patient waiting times. Clinicians at the Los Angeles County Department of Health Services, for instance, reduced visits to specialized care providers by more than 14,000 by introducing telemedicine examinations for diabetic retinopathy at the department’s security net facilities.
AI-enabled healthcare chatbots are also gaining traction around the world. These bots can chat with people in the virtual plane, answering their questions, educating them about sickness symptoms, and assisting them in scheduling appointments with doctors. Engagely AI (U.S.), for instance, has developed a smart telemedicine bot that assists hospitals in checking pharmaceutical inventories, suggesting alternative treatment choices, and following up with patients for routine check-ups. It also allows healthcare professionals to verify a patient's medical history, perform remote diagnoses, and create digital prescriptions.
Thus, the use of artificial intelligence and virtual assistants in telemedicine is creating growth opportunities for the players in this market.
Table of contents
12 chapters · 282 sections · 203 pages · click to expandSegmental analysis
| Segment | Largest share (2022) | Fastest growth (2022–2029) |
|---|---|---|
| Other segments | Services | — |
| By Application | — | — |
| By End User | Healthcare Providers | — |
Other segments
- The services segment is expected to account for the largest share of 73% of the global telehealth market.
- The large share of this segment is attributed to the increasing utilization of telehealth services in remote/rural areas, shortage of physicians & specialists, increasing remote patient monitoring for chronic diseases, and growing adoption & awareness about telehealth solutions.
- Telehealth services are divided into teleconsultation and telemonitoring.
- Teleconsultation involves communication between the doctor and the patient remotely.
- This communication could be done via video conferencing or telephonic communication.
- Teleconsultation is also useful for routine drug prescriptions, medical diagnostics, and screening, or medical advice on specific situations.
- Telemonitoring refers to digital patient monitoring that may be used remotely with the appropriate device and software.
By Application
- Radiology and Psychiatry Applications Will Exhibit a Greater Uptake in the Telehealth Market
- The radiology and psychiatry specialties have a higher uptake of telehealth products & services.
- The high penetration of telehealth in the radiology segment can be attributed to the shortage of radiologists, the high number of diagnostic imaging procedures performed per year, and the high prevalence of chronic diseases such as cancer.
- The growing uptake of telehealth in the psychiatry segment can be attributed to the shortage of primary psychiatric care and the outbreak of the COVID-19 pandemic.
- Telepsychiatry services have proven efficient and effective in improving access, quality, and efficiency in mental healthcare, contributing to its rapid adoption.
By End User
- The healthcare providers segment is expected to account for the largest share of the global telehealth market.
- This segment's large share is attributed to factors such as the high demand for convenient healthcare, a dearth of medical professionals, advanced telehealth infrastructure in hospitals, and an increase in the focus and availability of provider-specific telehealth solutions.
Geographic analysis
North America
Largest shareIn 2022, the U.S. is expected to account for the largest share of 35% of the global telehealth market. In the U.S., the adoption of telehealth services has been on the rise over the last decade. This is due to its greater convenience to physicians and specialists. The increasing adoption of telehealth has led to healthcare payers becoming more interested in covering telehealth services. Several insurance companies, as well as certain government-funded programs, have modified their policies to include telemedicine. Since 2018, Medicaid has expanded its scope of telehealth and telemedicine services in several states. Thus, high adoption of telehealth services, high prevalence of chronic diseases, presence of top players in the country, and favorable government initiatives support the largest share of the market. U.S. to Account for the Largest Market Share in 2022
Competitive landscape
- Cerner Corporation
- Medtronic Public Limited
- Koninklijke Philips N.V.
- AMD Global Telemedicine, Inc.
- American Well Corporation
- Cisco Systems, Inc.
- Doctor On Demand, Inc.
- MDlive Inc.
- Siemens Healthineers AG
- Teladoc Health, Inc.
- Zipnosis, Inc.
- Medtronic PLC
Frequently asked questions
The telehealth market report covers the market size & forecasts for various components, applications, end users, and geography. It also involves the value analysis of various segments and sub-segments of telehealth at the regional and country levels.
Cite this report
Meticulous Research. (2022). Telehealth Market - Global Opportunity Analysis and Industry Forecast (2022-2029) (Report No. MRHC - 10462). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/telehealth-market-4174