Telehealth Market size is set to grow by USD 368.7 billion from 2024-2028, Increasing cases of chronic diseases boost the market, Technavio

NEW YORK, July 30, 2024 /PRNewswire/ — The global telehealth market size is estimated to grow by USD 368.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 40.06% during the forecast period. Increasing cases of chronic diseases is driving market growth, with a trend towards growing demand for technology. However, privacy and data security concerns poses a challenge. Key market players include Aerotel Medical Systems Ltd., American Well Corp., Appello Careline Ltd., Cisco Systems Inc., Dictum Health Inc., Enghouse Systems Ltd., Evernorth Health Inc., General Electric Co., GlobalMedia Group LLC, Hewlett Packard Enterprise Co., Honeywell International Inc., Included Health Inc., Iris Telehealth, Koninklijke Philips N.V., Medvivo Group Ltd., Oracle Corp., Resideo Technologies Inc., Siemens AG, Teladoc Health Inc., and Tunstall Healthcare Group Ltd..

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Market Driver

The telehealth market is experiencing significant growth due to the healthcare industry’s technological advancements. Healthcare professionals are utilizing these technological tools to deliver effective, remote patient care. Mobile health (mHealth) is a leading technological approach, driven by wireless communications, allowing healthcare providers to monitor patients’ medical conditions and communicate easily. Research institutes are focusing on developing advanced mHealth technology, such as sensor-embedded toilet seats, for remote patient monitoring (RPM). AI, machine learning, and the Internet of Things (IoT) are essential tools for healthcare providers to enhance medical decision-making and streamline the healthcare system. The adoption and integration of these analytical tools are increasing due to improved patient care in less time, intelligent assistance for tracking and assessing healthcare data, and increased RPM capabilities. Vendors are expanding their analytical tools’ capabilities and integrating them with telehealth solutions to offer superior healthcare services. For instance, Philips’ Sentry Score, a predictive algorithm for adult intensive care units (ICUs), uses vital sign data to predict patient health risks, enabling earlier intervention. These factors are expected to fuel the global telehealth market’s growth during the forecast period. 

Telehealth market is booming with trends like Physician Telehealth and Home Telehealth leading the way. Telecommunications and digital technology enable Virtual consultations, Remote monitoring, Teletherapy, Telepharmacy, and Telemedicine. Healthcare providers use these tools for Cardiovascular diseases, Diabetes, Respiratory illnesses, and Musculoskeletal conditions monitoring. Vital signs are tracked via Mobile health applications and mHealth applications. Wearable devices and Health monitoring tools provide real-time data. Electronic Health Records and Remote monitoring platforms streamline healthcare provider systems. Hospitals, Clinics, and Service providers offer cost-effective solutions. Deep learning, Machine learning, and AI functionalities add personalization. Patient outcomes improve for Cancer prevalence through web-based delivery mode. Healthcare systems and professionals adopt AI to enhance services. 

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Market Challenges

Telehealth has emerged as a valuable alternative to conventional healthcare delivery methods, leveraging technological advancements to expand the reach and quality of patient care. Patient data, including health details and clinical information, is crucial for effective telehealth services. This data is gathered from medical devices and mobile applications for remote monitoring. Security and confidentiality are paramount in telehealth, with regulations like HIPAA ensuring protection of medical records shared with third parties. However, threats such as unauthorized access, data breaches, and hacking pose challenges to the telehealth industry’s growth. Adherence to regulatory guidelines, like HIPAA, is essential for secure communication channels between healthcare professionals and patients. Despite these challenges, the telehealth market continues to expand, offering significant opportunities for innovation and improved patient care.Telehealth market is witnessing significant growth as healthcare providers seek cost-effective solutions for delivering services during the ongoing health crisis. Deep learning and machine learning technologies, along with AI functionalities, are driving personalized care and improving patient outcomes. Hospitals and clinics are adopting telehealth for remote patient monitoring, especially for chronic diseases like cancer. Service providers in the radiology and psychiatry segments are leveraging teleradiology and online consultation, respectively. The provider, payers, and geriatric population segments are major buyers of telehealth solutions. Hardware and software integrated systems are key offerings, with group purchase and individual purchase options available for hospitals, clinics, and healthcare professionals. Telehealth solutions include real-time online consultation, store-and-forward, remote patient monitoring, and specialized services like pathology, neurology, dermatology, surgery, gynecology, orthopedics, and ophthalmology. Digital health companies are focusing on AI adoption, web-based delivery mode, and real-time patient monitoring to cater to the growing demand for healthcare services.

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Segment Overview 

This telehealth market report extensively covers market segmentation by  

Product 1.1 Services1.2 SolutionsEnd-user 2.1 Healthcare providers2.2 Payers2.3 PatientsGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 Services-  The telehealth market is growing significantly as more businesses adopt remote healthcare solutions. This trend is driven by the convenience and accessibility telehealth offers, allowing patients to consult with healthcare professionals from the comfort of their homes. Telehealth services include virtual consultations, remote monitoring, and electronic prescription services, which improve patient care and reduce healthcare costs. Companies are investing in telehealth technology to meet the increasing demand for remote healthcare services.

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Research Analysis

The Telehealth market is revolutionizing healthcare services by providing cost-effective solutions for hospitals, clinics, radiology, cardiology, behavioral health, and various specialties. Leveraging advanced technologies like deep learning and machine learning, telehealth offers AI functionalities for personalized patient care. Online consultation, patient monitoring, and real-time remote healthcare solutions are transforming the management of chronic diseases. Telecommunication or services and software, integrated with hardware, form the backbone of this industry. Cloud-based delivery mode and on-premise delivery modes cater to diverse client needs. Group purchase and individual purchase options make telehealth accessible to all. The market encompasses store-and-forward and remote patient monitoring systems, catering to the needs of various healthcare sectors.

Market Research Overview

The Telehealth market encompasses a range of healthcare services delivered via digital technology, including radiology, psychiatry, cardiology, behavioral health, and more. This sector offers cost-effective solutions through AI functionalities such as deep learning and machine learning, enabling personalized care for hospitals, clinics, and service providers. Patient outcomes are improved through real-time online consultation, remote patient monitoring, and store-and-forward systems. The market caters to various segments like providers, payers, and the geriatric population. Radiology and teleradiology are significant segments, with telecommunications and digital technology playing crucial roles. AI adoption in telehealth is transforming sectors like pathology, neurology, dermatology, surgery, gynecology, orthopedics, and ophthalmology. Telehealth solutions are beneficial for chronic diseases management, including cardiovascular diseases, diabetes, respiratory illnesses, and musculoskeletal conditions. Telehealth encompasses hardware, software, and integrated systems for group and individual purchase. It includes general consultation, virtual consultations, teletherapy, telepharmacy, and telemedicine. Healthcare providers leverage telehealth for remote monitoring of vital signs using mHealth applications and wearable devices, enhancing the overall efficiency of healthcare systems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductServicesSolutionsEnd-userHealthcare ProvidersPayersPatientsGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio