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Telehealth Market to Propel Gradually by Achieving a Valuation of USD 504.24 Billion by 2030 with a CAGR of 19.7% during the Forecast Period

June 27, 2023 | Healthcare

The telehealth market size is projected to grow from USD 142.96 billion in 2023 to USD 504.24 billion by 2030. As per a report by Fortune Business Insights™ titled, “Telehealth Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services), By Application (Telemedicine, Patient Monitoring, Continuous Medical Education, and Others), By Modality (Real-time (Synchronous), Store-and-forward (Asynchronous), and Remote Patient Monitoring), By End-user (Hospital Facilities, Homecare, and Others), and Regional Forecast, 2023-2030”, the market stood at USD 128.12 billion in 2022. It is set to exhibit a CAGR of 19.7% during 2023-2030.


COVID-19 Pandemic has Increased the Demand for Telehealth Usage


Due to the rapid spread of the COVID-19 pandemic, the world was brought to a standstill. The world experienced pressure, especially on healthcare professionals and hospitals, due to this pandemic. During the pandemic, as stringent restrictions were imposed on people’s movement, virtual consultations increased by many folds during the COVID-19 pandemic.


Growing Healthcare Cost to Foster Market Growth


Due to increase in geriatric population and the rising prevalence of chronic diseases, there is need for technology-driven platforms that also can deliver quality healthcare and reduce cost burden. As telehealth successfully satisfies all the requirements, there is rising demand for its deployment.


DexCom Inc. and Teladoc Health, Inc. Declared their Collaboration to Drive the Market


Teladoc Health, Inc. and DexCom Inc. announced bringing new CGM-powered insights, a set of features and reports to assist members more easily visualize their health information. Combining DeXcom CGM data with CGM-powered insights offers members an inclusive health profile and recommendations that support ongoing diabetes management.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/telehealth-market-101065


Competitive Landscape:


Massive Client Base to Help Teledoc Health to Hold the Largest Position


Teledoc, in terms of revenues held the top position, which can be credited to the massive client base of the company and the growing numerous virtual visits and paid partnerships. Teledoc is recording a notable rise in the number of teleconsultations due to favorable health reimbursement and the COVID-19 pandemic crisis.


Notable Industry Development:



  • January 2023: Sound Physicians Telemedicine and Health Services Management declared partnerships to deliver services in Florida and Texas.


List of the Companies Profiled in the Report:



  • American Well (U.S.)

  • MDLIVE Inc. (U.S)

  • Teladoc Health Inc. (U.S.)

  • Doctor on Demand Inc. (U.S.)

  • Dictum Health Inc. (U.S.)

  • Grand Rounds Inc. (U.S.)

  • OpenTeleHealth (Denmark)


Further Report Findings:



  • North America is anticipated to witness the highest telehealth market share, owing to the growing preference for favorable health reimbursement, teleconsultation, and the strategic presence of key players.

  • The Europe market is predicted to grow due to favorable regulatory scenario, speedy adoption of remote monitoring devices, and adequate infrastructure.

  • Asia Pacific is estimated to record noteworthy telehealth market growth during the projected period due to improving technological advancements in digital imaging, high rural population, and healthcare scenario.


Table of Segmentation:






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 19.7% from 2023-2030



Unit



Value (USD billion)



Segmentation



By Type, Application, Modality, End-user, and Geography



By Type




  • Products

  • Services



By Application




  • Telemedicine

  • Patient Monitoring

  • Continuous Medical Education

  • Others



By Modality




  • Store-and-forward (Asynchronous)

  • Real-time (Synchronous)

  • Remote Patient Monitoring



By End-user




  • Healthcare Facilities

  • Homecare

  • Other



By Geography




  • North America (By Type, By Application, By Modality, By End-user, and By Country)

    • U.S. (By Type)

    • Canada (By Type)



  • Europe (By Type, By Application, By Modality, By End-user, and By Country/Sub-Region)




    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Scandinavia (By Type)

    • Rest of Europe (By Type)




  •  Asia Pacific (By Type, By Application, By Modality, By End-user, and By Country/Sub-Region)




    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Australia (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific (By Type)




  • Latin America (By Type, By Application, By Modality, By End-user, and By Country/Sub-Region)




    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)




  • Middle East & Africa (By Type, By Application, By Modality, By End-user, and By Country/Sub-Region)




    • GCC (By Type)

    • South Africa (By Type)

    • Rest of MEA (By Type)



Telehealth Market
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  • 2019-2021
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