Telehealth Market Sluggish Growth Rate Foreseen by 2023-2030

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The global telemedicine market size was USD 68.61 Billion in 2021 and is expected to register a revenue CAGR of 26.3% during the forecast period.

According to a new report by Reports and Data, the global Telehealth Market is forecast to reach USD 565.81 billion by 2030. Telehealth is experiencing prospective opportunities in the field as rising adoption of IT in healthcare domain, rising geriatric population, increasing prevalence of target diseases and majorly the advantage of maximum reach in case of different medical crisis such as pandemic outbreak of COVID-19 or untapped target of population (rural areas or bedridden patients). Geriatric population is rapidly rising across the globe, and Europe and North America have the highest share of population with age of over sixty-five years and above. Telehealth is emerging as crucial part of pandemic hit world, to remotely address many common medical conditions that are reflected among the old population such as Parkinson’s, diabetes, cardiovascular diseases, high blood pressure, and high cholesterol, arthritis and many more. According to the United Nations, in 2050, geriatric population are expected to account for 35% of the population in Europe, 28% in Northern America, 25% in Latin America and the Caribbean, 24% in Asia, 23% in Oceania and 9% in Africa. Traveling to hospitals for visits and unfamiliar environment of hospitals leads to non-compliance of patients to follow ups. Thus, tele-visits and Telehealth help in such situation to provide services remotely at their familiar environment.

In 2018, Europe in total had approximately 3 million dependent or bedridden patients. In such cases movement of patients is difficult wherein Telehealth or tele-visits need no shifting of critically ill patients leading to rising growth of Telehealth market. Additionally, favorable reimbursement policies for telehealth is one of the major factors driving the market growth. Insurance companies such as Medicare, Medicaid cover telehealth reimbursement. Medicare part B reimburses clinicians for E-visits, communication, or virtual check-ins. Recently, the center for Medicare Medicaid Services published coverage for COVID-19 telehealth resulting growing adoption of Telehealth. To approach the untapped market players are developing Telehealth solution resulting to enhance in the market demand. For instance, recently Texas AM Health launched Telehealth station for rural patients. Moreover, huge ongoing pipeline research of the platform solution is expected to fuell the market growth in future. For instance, Canniesburn Regional Plastic Surgery and Burns Unit, U.K. is engaged in developing 3D Telehealth to practice efficiently in the COVID-19 pandemic.

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Further key findings from the report suggest

  • To avoid the obstruction due to lack of usage knowledge of physicians or healthcare providers market players are developing reference guidelines to boost the adoption of technology. For instance, the American Medical Association (AMA) has launched the AMA Telehealth Quick Reference Guide, aimed at helping clinicians figure out best practices for implementing the tech. The guidelines cover everything from policy and coding to implementation
  • In April 2020, DrChrono launched fully integrated Telehealth app marketplace for patients. Over 10,000 medical providers on the DrChrono platform have access to more telehealth options and receive more inbound requests to provide virtual care visits to patients, especially during COVID-19
  • Towards broadening the clientele field players are engaged in developing Telehealth solution for different users with personalized plans. For instance, in January 2020, Cigna an insurer from the U.S. in partnership with MDLive has launched a telehealth platform that gives its 12 million members in employee-sponsored health plans access to primary care services
  • North America dominated the ovulation testing at home with a revenue of USD 17.63 billion in 2019. In North America, rising prevalence of target diseases, growing adoption of advanced technologies, high investment on IT in healthcare solutions are major factors driving market growth.
  • The segment of software type has accounted for the highest market share in 2019. Broadly adoption of Telehealth and digital platform in healthcare and several software developments by key players are major factors booming the market growth of Telehealth software
  • Based on end use diagnostic centers are estimated to grow at the CAGR 15.5%. Imaging being the primary procedure in overall healthcare management and significant growth of teleradiology are the major factors promoting Telehealth market growth in diagnostic centers

Key players of the market mentioned in the report are

MDLIVE, Teladoc, SteadyMD, Doctor on Demand, Maven Clinic, AMD Telehealth, Aerotel Medical Systems Ltd., iCliniq, Polycom, HealthTap, Cardio Net Inc., Amwell, CVS Health, Synapse Medicine, Practo.

End-use Outlook (Revenue, USD Billion; 2019-2030)

  • Hospitals and Healthcare Facilities
  • Homecare
  • mHealth
  • Others

Application Outlook (Revenue, USD Billion; 2019-2030)

  • Teleradiology
  • Telepathology
  • Teledermatology
  • Telecardiology
  • Telepsychiatry
  • Others

Mode of Delivery Outlook (Revenue, USD Billion; 2019-2030)

  • Cloud-based
  • On-Premise

To provide an in-depth analysis of the global Telehealth market with regards to its growth opportunities, production and consumption ratio, supply and demand, and export and import ratio, the market report offers key statistical data across the leading regions of the global Telehealth market.

Key Regions Covered in the Report:

  • North America (U.S., Canada, Mexico)
  • Europe (U.K., Italy, Germany, France, Rest of Europe)
  • Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Rest of Latin America)
  • Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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