Published Date : 20 Jun 2022
The global telehealth market size was accounted at USD 41 billion in 2021 and is projected to worth around USD 224.8 billion by 2030, growing at a CAGR of 18.8% from 2021 to 2030.
Telehealth is the use of telecommunications technologies to deliver health-related solutions and data. When performing robotic surgery between healthcare centers spread around the world, the word refers to two healthcare specialists discussing a specific case over the telephone. The benefits of telehealth and telemedicine given the existing lack of physicians and care personnel, as well as developments in telecommunications, are driving growth in the telehealth and telemedicine industry. Patients' reliance on urgent care clinics, emergency departments, and retail clinics has increased as a result of the growing physician shortage, which has resulted in higher healthcare costs.This factor hinders the growth of global telehealth market. In addition, the growing penetration of mobile phones and smartphones with internet is providing growth prospects for the global telehealth market growth.
What are the key trends in the telehealth market?
The growing number of key strategies such as partnerships, collaborations, joint venture, and acquisition are driving the growth and development of global telehealth market. The major market players are collaborating with the government entities for the development of global telehealth market. Nowadays, the online video and audio consultation has become key trend in the global telehealth market. One of the major developments took place in the telehealth market is of Insights Partners. Insights Partners invested $50 million in Tyto Care, an Israeli startup, in April 2020 to grow its devices for remote clinical tests. In addition, growing government initiatives and funding such as tax benefits are providing growth prospects for the growth and development of global telehealth market. The Federal Communications Commission in the U.S. launched initiatives to assist healthcare institutions in deploying telemedicine technology in March 2020. Furthermore, the growing geriatric population is also driving the telehealth market growth. Another key factor driving the growth of telehealth market is rising healthcare costs. Not all people can afford to pay high expenses in the hospitals. As per the Centers for Medicare and Medicaid Services, national healthcare expenses in the U.S. are expected to reach $4.01 trillion in 2020, up from $3.81 trillion in 2019. Furthermore, a significant percentage of the $3.6 trillion is spent on people with mental and chronic illnesses. According to McKinsey and Company, since April 2020, telehealth utilization has risen to almost 17% of all outpatient visit claims involving evaluation and management services. Since June 2020, its utilization has remained pretty constant. There is also a difference in telehealth adoption by specialty with psychiatry around 50% and drug abuse therapy having the highest prevalence that is 30%. Thus, all of these factors are contributing towards the growth and expansion of global telehealth market.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 41 Billion |
| Revenue Forecast by 2030 | USD 224.8 Billion |
| CAGR | 18.8% from 2021 to 2030 |
| Market Segmentation |
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| Key Players | Teladoc Health, Inc., American Well, MDLive , Inc., Doctor on Demand, OpenTeleHealth, Grand Rounds, Inc., Dictum Health, Inc., AirStrip Technologies, INTeleICU, Masimo |
What are the challenges in the telehealth market?
One of the major challenges for the growth and expansion of global telehealth market is lack of advanced technology. The good technological infrastructure is very essential for the development of global telehealth market. But developing and underdeveloped regions lack proper infrastructure for the latest technology. This is directly hampering the growth of global telehealth market. In addition, the high costs of installation of telehealth also restricts the growth of global telehealth market. In the industry of telehealth, healthcare frauds are being observed on a large scale. The patients are victimized due to fraud claims made by telehealth operators. In addition, the extra cost is being imposed on the patients for treatment. Thus, all of these factors are hindering the growth of global telehealth market.
Which regions are driving thetelehealth trend?
North America region holds the largest market share in the global telehealth market. One of the key factors driving the growth of global telehealth market in the region is the existence of key market players. The growth of telehealth market in North America is also being driven by favorable reimbursement policies. According to McKinsey, the utilization of telehealth services in the U.S. will surge by May 2020. To avoid contact with the COVID-19, consumer usage of these services increased by 46% in 2020, opposed to 11% the year before. Thus, technological developments are paving way for the growth of telehealth market in the region.
Europe is the second region that holds the largest market share in the global telehealth market. The growth of telehealth market in Europe is attributed to the favorable government regulations for the expansion of healthcare sector. As per the Healthcare Information Technology News, the Digital Healthcare Act would allow doctors and healthcare practitioners in Germany to prescribe drugs and medicines to their patients through mobile applications starting in 2020. Thus, due to this factor, the growth of telehealth market in the region is expected in coming years. The Asia-Pacific region is growing steadily in the global telehealth market. The technological advancements in nations such as China and Japan as well as growing geriatric population are driving the growth of regional market.
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