Telehealth Market Size Worth $787.4 Billion By 2028 | CAGR: 36.5%: Grand View Research, Inc.

SAN FRANCISCO, Jan. 17, 2022 /PRNewswire/ --

The global telehealth market size is expected to reach USD 787.4 billion by 2028, registering a CAGR of 36.5% over the forecast period, according to a new report by Grand View Research, Inc. The development and evolution of smartphones and the strengthening of internet connectivity have made telehealth and telemedicine more affordable and accessible, and thereby contributed to its growing adoption rate.

Key Insights & Findings from the report:

• The market is anticipated to have significant growth due to the advancements in digital infrastructure across the globe and growing awareness among healthcare providers, payers, and patients
• Services dominated the product type segment in 2021 owing to the growing disease burden and constant technological advancements in the virtual care solutions space
• The web-based delivery mode segment led the market in 2021 due to the availability of a large number of web-based telehealth solutions that can be easily accessed from remote locations
• The providers end-use segment accounted for the dominant share of the global revenue in 2021
• The high share was due to the increased convenience offered by telehealth applications in real-time monitoring and seamless access to patient health records
• North America led the market in 2021 due to the advancements in digital infrastructure, increased number of smartphone users, excellent internet connectivity, high prevalence of chronic disease, and the presence of several key players in the region

Read 110 page market research report, "Telehealth Market Size, Share, & Trends Analysis Report By Delivery Mode (Cloud-based, Web-based), By Product Type (Software, Services), By End Use (Providers, Patients), By Region, And Segment Forecasts, 2022 - 2028", by Grand View Research

Advancements in digital infrastructure are allowing users to seamlessly monitor their health & fitness, book appointments, and avail themselves of medical assistance conveniently. For instance, several platforms and applications, such as Doctor on Demand, MDLive, and Lemonaid, are available for booking appointments, monitoring personal health, honoring medical prescriptions, tracking consultations, and storing healthcare information.

Due to the COVID-19 pandemic, providers and patients are readily adopting teleconsultation and telemedicine services. The ongoing pandemic exposed the shortcomings of the existing healthcare systems and burdened global healthcare facilities & resources, thereby driving the demand for telehealth solutions. The government-imposed travel restrictions and lockdowns to curb the transmission rate led to patients shifting from physical visits to teleconsultation & telemedicine. For instance, as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, telehealth services received USD 200 million funding to provide connected & continuum healthcare services to patients in remote locations. Healthcare providers and patients are portraying readiness in adopting digital health and virtual care solutions.

In addition, healthcare payers, such as insurance companies, are collaborating with key market players to provide free consultation services to their customers. For instance, in Singapore, AIG and Cigna partnered with Doctor Anywhere to provide free consultation services to their customers across Singapore, Thailand, and Vietnam. Advancements in digital infrastructure, a surge in public-private partnerships, a rise in government initiatives, and the growing adoption of digital health technologies are expected to boost the demand for virtual care services and applications. Several key players, such as Siemens Healthineers, GlobalMed, and Doctor Anywhere, witnessed a significant rise in business revenue earnings and growth in active subscribers during the pandemic.

The services segment dominated the global market in 2021 on account of the increased preference for teleconsultation and telemedicine to reduce physical visits and minimize rising healthcare costs. The development of digital infrastructure is also boosting the services segment growth. The web-based delivery mode segment dominated the global market in the past owing to the high usage recorded among patients and healthcare providers. The healthcare providers end-use segment accounted for the largest revenue share in 2021 due to the increased adoption of telemedicine & teleconsultation platforms by providers to reduce the burden on healthcare facilities & resources.

Market Segmentation:

Grand View Research has segmented the global telehealth market based on product type, delivery mode, end-use, and region:

• Telehealth Product Type Outlook (Revenue, USD Million, 2016 - 2028)
• Hardware
• Monitors
• Medical Peripheral Devices
• Blood Pressure Meters
• Blood Glucose Meters
• Weighing Scales
• Pulse Oximeters
• Peak Flow Meters
• ECG Monitors
• Others
• Software
• Standalone Software
• Integrated Software
• Services
• Remote Patient Monitoring
• Real-Time Interactions
• Store and Forward
• Others
• Telehealth Delivery Mode Outlook (Revenue, USD Million, 2016 - 2028)
• Web-based
• Cloud-based
• On-premises
• Telehealth End-user Outlook (Revenue, USD Million, 2016 - 2028)
• Providers
• Payers
• Patients
• Telehealth Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Russia
• Asia Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• UAE
• Saudi Arabia

List of Key Players of Telehealth Market

• Koninklijke Philips N.V.
• Siemens Healthineers
• Cerner Corp.
• GE Healthcare
• Medtronic PLC
• Teladoc Health, Inc.
• American Well
• Doctor on Demand
• GlobalMed
• MDLive

Check out more studies related to telehealth, published by Grand View Research:

• Telemedicine Market – The global telemedicine market size was estimated at USD 55.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.4% from 2021 to 2028. The market holds many opportunities to grow during the forecast period owing to the lack of access to care and rising provider adoption of telemedicine, rising consumer demand and patient acceptance, and enhanced quality of care.
• South East Asia Telehealth Market – The South East Asia telehealth market size was valued at USD 194.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2021 to 2028. Increasing penetration of the internet and the constant evolution of smartphones and tablets have made accessing telehealth services more convenient and are expected to contribute to the growing demand.

Browse through Grand View Research's coverage of the Global Healthcare IT Industry.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.