Telehealth Market Expected to Reach $851.0 Billion by 2032

According to a new report published by Allied Market Research, titled, “Telehealth market size, by Component (Hardware, Software, Service), by Delivery Mode (On-Premise, Cloud) by Application (Teleconsultation, Telestroke, Teleradiology, Telepsychiatry, Teledermatology, Others) by End Users (Healthcare Providers, Payers, Patients, Others): Global Opportunity Analysis and Industry Forecast, 2024-2032" was valued at $108.5 billion in 2023, and is projected to reach $851.0 billion by 2032, growing at a CAGR of 25.7% from 2024 to 2032.

Telehealth is defined as the use of communications technologies to provide health care at a distance. Telehealth has become a valuable tool due to advancements in communications, computer science, informatics, and medical technologies. Telehealth often involves remote monitoring of blood pressure, heart rate, and other measurements obtained by a device worn by the patient and electronically sent to medical personnel. Smartphones and other smart personal devices are increasingly utilized for the collection, dissemination, and analysis of health status due to their increasing presence around the globe, even in remote, underserved communities. 

Moreover, the proliferation of affordable Android devices has made smartphones and tablets accessible to a broader demographic, thereby increasing the number of potential telehealth solutions. Additionally, the rise in the trend of mobile applications, subscription-based services, and digital healthcare solutions on smartphone devices is expected to significantly boost the telehealth market. The combination of these factors ensures that the market will witness substantial growth in the forecast period. 

On the basis of the application, the teleradiology segment is expected to grow at the highest growth rate during the forecast period. One significant driver of this growth is the global shortage of radiologists, which has led healthcare facilities to seek remote solutions to meet the growing need for timely and accurate diagnostic imaging. However, the teleconsultation segment is expected to exhibit the highest growth during the forecast period, driven by several factors. The ongoing advancements in digital health technologies and the increasing acceptance of remote healthcare services have significantly contributed to the growth of the market. 

On the basis of region, North America attained the highest growth in 2023. The presence of prominent players such as Cerner Corporation (Oracle) , GE Healthcare, Medtronic, Teladoc Health, Inc, and others has influenced the growth of the telehealth market in North America. Moreover, the rise in government initiatives to strengthen smart infrastructure across the region is further expected to drive the demand for telehealth market analysis. However, Asia-Pacific is projected to be the fastest-growing segment during the forecast period, owing to the availability of cost-effective digital solutions and the rise in the amount of data generation across organizations. In addition, the proliferation of advanced smart health technologies escalates the healthcare sector and reduces delays in smart operations.  

Furthermore, the rise in the trend of cloud computing in several industries including the telehealth industry is anticipated to create numerous opportunities for market growth. As cloud-based solutions offer scalability, flexibility, and accessibility, that enhance healthcare operations. For instance, in June 2022, GoMeyra launched a new telehealth platform, GoVirtual Clinic. This single-interface cloud-based solution allows labs, physicians, or nurses to administer medical tests and consult with patients over a secure remote platform. Therefore, numerous strategies adopted by businesses further help to accelerate the global telehealth industry growth globally. 

KEY FINDINGS OF THE STUDY 

• By component, the services segment accounted for the largest telehealth market share in 2023. 

• By delivery mode, the on-premise segment accounted for the largest telehealth market share in 2023. 

• By application, the teleradiology segment accounted for the largest telehealth market share in 2023. 

• By end user, the healthcare providers segment accounted for the largest telehealth market share in 2023. 

• Region-wise, North America generated the highest revenue in 2023. 

The market players operating in the telehealth market size are Cerner Corporation (Oracle) , GE Healthcare, Medtronic, Teladoc Health, Inc., CareCloud, Inc., MDLIVE, Siemens Healthcare Private Limited, Koninklijke Philips N.V., GlobalMedia Group, LLC, American Well Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the telehealth market forecast.