April 12, 2024
Telehealth Services Market

Global Telehealth Services Market is Estimated to Witness High Growth Owing to Rising Adoption of Telecommunications Technology

The Global Telehealth Services Market encompasses care delivery and virtual health systems and allows physicians or healthcare professionals to evaluate, diagnose and treat patients remotely. Telehealth technology enables the exchange of medical information to provide services like health assessment and monitoring, diagnosis and advice using telecommunications. Telehealth helps avoid travel costs for both patients and healthcare providers and improves accessibility of medical services to people in remote locations.

The Global Telehealth Services Market Demand is estimated to be valued at US$ 12.47 BN in 2024 and is expected to exhibit a CAGR of 10.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Telehealth Services are Teladoc Health, Doctor On Demand, MDLIVE, Grand Rounds, eVisit, Cliquent, Ping An Good Doctor, Habit Health, American Well Corporation, Murata Vios, Doximity, Hims & Hers Health, Inc. and Other Prominent Players. Telehealth provides opportunities for better chronic disease management by enabling remote patient monitoring. Growing government support in the form of favorable reimbursement policies is another key opportunity bolstering market growth. Technological advancements like 5G networks, AI and machine learning are enabling higher quality audio-video communication and improved clinical workflows in telehealth.

Market Drivers

Rising prevalence of chronic diseases coupled with increasing geriatric population susceptible to such conditions is a key factor driving demand for telehealth services. Telehealth helps manage chronic diseases more effectively through remote patient monitoring and management of high-risk patients from home. Cost-effectiveness of telehealth compared to in-person visits is another major growth driver. Telehealth eliminates costs associated with travel and waiting time, bringing down overall healthcare expenditures.

Current challenges in the Global Telehealth Services Market:

The global telehealth services market is facing several challenges currently which are limiting its growth potential. Some of the major challenges include lack of awareness about telehealth services and their benefits among general public as well as healthcare providers. There is still significant lack of understanding about how telehealth works and what services can be delivered effectively through virtual mode. This leads to lower adoption rates currently. Another major challenge is the lack of reimbursement policies for telehealth services by insurance providers and governments. Due to this, the access to these services remains limited only to certain services and population. Rising security and privacy concerns regarding confidential patient data being shared over internet and mobile networks is also hurting the growth trajectory of this market.

SWOT Analysis
Strength: Telehealth allows remote delivery of healthcare services which improves access for patients in remote areas or with limited mobility. It provides 24/7 access to care.
Weakness: Lack of awareness and understanding about telehealth among users. Legacy healthcare systems have been slow to adopt new telehealth technologies.
Opportunity: Ageing population and rising lifestyle disease burden points to growing demand for virtual healthcare services. The COVID-19 pandemic has accelerated the acceptance of telehealth globally.
Threats: Concerns around data privacy and security can undermine user confidence in these virtual services. Reimbursement policies remain an impediment in many countries.

Geographical Regions:

North America currently accounts for the largest share of the global telehealth services market, both in terms of value and volume. This is due to factors like favourable regulations, availability of high-speed internet, advanced healthcare infrastructure and growing awareness in the region. Another fast growing market for telehealth is Asia Pacific due to rising healthcare needs of its huge population and technological developments in countries like India, China and South Korea.

Fastest growing region:

Asia Pacific region is poised to emerge as the fastest growing regional market for telehealth services over the coming years. This rapid growth can be attributed to increasing healthcare expenditure, adoption of digital technologies in healthcare systems, rise of non-communicable diseases, growing medical tourism and expanding health insurance coverage in emerging countries of Asia Pacific. Initiatives by governments to promote telehealth through investments and favourable policies will further support the growth of virtual healthcare market in Asia going forward.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it