Telehealth Market & Telemedicine Market to Hit USD 180.86 Billion by 2030 with 11.5% CAGR
The Telehealth Market & Telemedicine market valued at US$ 83.62 Billion in 2023, is forecasted to grow at a robust CAGR of 11.5%, reaching US$ 94.14 Billion in 2024 and an impressive US$ 180.86 Billion by 2030. The telehealth and telemedicine market are experiencing significant growth primarily driven by the growing geriatric and medically underserved (especially rural) populations, the growing prevalence of chronic conditions, the benefits of telehealth & telemedicine given the current shortage of physicians and care personnel, and advancements in telecommunication technologies, and expansion of remote patient monitoring (RPM) systems. However, regulatory variations across regions, the rise in fraud and abuse within healthcare systems, and behavioural reluctance to adopt new technologies are expected to restrain the market growth during the forecast period.
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Government initiatives to improve access to healthcare also play a vital role, often providing funding and resources to strengthen telehealth infrastructure, especially in underserved regions. Collaboration between technology firms and healthcare delivery organizations is a very important determinant that will have innovative solutions towards enhancing service delivery and engaging the patient to improved health outcomes. Together, these determinants drive growth in the market and change the face of the healthcare delivery scene to become responsive to patient needs and preferences.
By component, the software component is expected to capture the largest share of telehealth & telemedicine market during the forecast period. This would be due to the increasing demand for the digital health solution, which could be used for remote consultations, monitoring, and patient management. The software segment includes different tools and platforms, such as electronic health records (EHR), telemedicine applications, and patient management systems, which are important for providing virtual healthcare services. The product will increase productivity in the hands of healthcare providers through proper communication, real-time tracking of information, and inclusion into other service offerings. Moreover, the cloud-based platform and AI machine learning in application software also support their adoption by enriching the features of diagnosis, treatment plans, and predictive analytics. The healthcare systems that are increasingly adopting digital transformation will be dominated by software solutions in terms of scalability, flexibility, and improved patient outcomes.
By Age group, adults segment is dominated the telehealth & telemedicine market. This is due to the steadily rising prevalence rate of chronic diseases and the growing desire for healthcare care among adults. Adults, especially those above age 40, normally require regular and continued monitoring management of conditions for diabetes, high blood pressure as well as cardiovascular-related diseases, which telehealth can be very useful. Telemedicine is easy and convenient for adults to access healthcare services without the need for frequent in-person visits, which is very helpful for people with mobility issues, busy schedules, or limited access to healthcare facilities. Moreover, adults are more likely to embrace technology and use digital health solutions for managing their health, thus contributing to the dominance of the segment in the telehealth and telemedicine market.
The major players in the telehealth & telemedicine market with a significant global presence are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Epic Systems Corporation (US), Oracle (US), Doximity, Inc. (US), Teladoc Health, Inc. (US), American Well (US), Siemens Healthineers AG (Germany), Cisco Systems Inc. (US), Included Health, Inc. (Doctor on Demand, Inc.) (US), AMC Health (US), TeleSpecialists (US), Walgreen Co. (US), Caregility (US), CVS Health (US), EverNorth Health, Inc. (US), Elation (US), Iron Bow Healthcare Solutions (US), and Zoom Communications, Inc. (US), Timedoc Health (US), Cerebral Inc. (US), Kindbody (US), Transcarent (US), and Caresimple, Inc. (US). The market players have adopted strategies such as acquisitions, collaborations, partnerships, mergers, product/service launches & enhancements, and approvals to strengthen their position in the telehealth & telemedicine market. The product and technology innovations have helped the market players expand globally by providing telehealth & telemedicine solutions.
These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence. With the increasing adoption of telehealth and telemedicine in various healthcare applications, these players can focus on developing innovative virtual care platforms and adaptive trial design advanced remote patient monitoring solutions, and integrated telemedicine services.
These market players offer a diverse range of products and services worldwide. They rely on technological advancements to develop innovative products and services and increase their global footprint. Increasing focus on acquisitions, collaborations, partnerships, mergers, product/service launches and enhancements, and approvals, facilitate the market players to expand their global reach and develop advanced telehealth & telemedicine solutions to sustain their market positions.
Koninklijke Philips N.V
Koninkliike Philips N.V. is a diversified technology-based company in the healthcare and consumer lifestyle markets. It is one of the leading companies in the healthcare sector with a strong presence in cardiac care, acute care, and home healthcare. The company operates through four segments: Personal Health, Diagnosis & Treatment, Connected Care, and Others. The telehealth and telemedicine services fall under the connected care segment. The connected care segment consists of following business's monitoring, sleep & respiratory care and enterprise informatics. The telehealth solutions are used by providers and patients. The company operates in North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In November 2024, Philips has received FDA approval for remote scanning and protocol management features in its Radiology Operations Command Centre (ROCC), allowing radiologists to assist with scans remotely. In January 2023, Philips and Masimo expanded their partnership to enhance telehealth by integrating the Masimo W1 health-tracking watch with Philips' monitoring systems for better patient care at home.
Medtronic
Medtronic is one of the largest medical technology, services, and solutions companies globally. The company operates through four principal segments, namely, Cardiovascular, Diabetes, Medical Surgical, and Neuroscience. The company extends telehealth solutions across all four segments. Within the Cardiac and Vascular segment, it offers products and services to diagnose, treat, and manage cardiac rhythm disorders and cardiovascular diseases. Medtronic's portfolio encompasses remote monitoring platforms and patient-cantered software through its products and Medtronic Care Management Services. The telehealth solutions offered by the company cover glucose management and cardiac condition management. Medtronic's telehealth device offerings include Bluetooth-enabled and direct-connect peripherals. These devices comprise weight scales, glucometers, blood pressure monitors, pulse oximeters, pedometers, and activity trackers. Medtronic serves its customers in ~160 countries worldwide. The company operates in North America, Latin America, Europe, Asia Pacific, Middle East and Africa and Russia.
Epic Systems Corporation
Epic Systems is a software development, installation, and support company that also provides consulting services. The company establishes healthcare management software that combines financial and clinical information from inpatient, ambulatory, and payer technology systems. The company's core competency is to provide EHR software solutions. Epic Systems Corporation is integrating Al into telehealth and telemedicine through strategic partnerships with Microsoft and generative Al technologies. Epic aims to improve productivity and patient care in virtual healthcare settings by combining its EHR solutions with Microsoft's Azure OpenAl Service. This encompasses improving workflows, enabling generative Al to compose message responses, and supporting natural language queries. Epic's Al efforts also focus on enhancing self-service reporting tools, maintaining financial integrity, and improving clinical outcomes, all of which will enhance global telehealth and telemedicine systems. It operates its offices in the US, UK, Canada, Denmark, the Netherlands, Norway, Saudi Arabia, the UAE, Finland, Ireland, Australia, Singapore, and Switzerland.
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