Telehealth Market to Grow by USD 368.7 Billion from 2024-2028, Driven by Rising Chronic Disease Cases, AI-Powered Market Evolution- Report by Technavio

NEW YORK, Aug. 26, 2024 /PRNewswire-PRWeb/ — The global telehealth market  size is estimated to grow by USD 368.7 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 40.06%  during the forecast period. Increasing cases of chronic diseases is driving market growth, with a trend towards growing demand for technology. However, privacy and data security concerns  poses a challenge. Key market players include Aerotel Medical Systems Ltd., American Well Corp., Appello Careline Ltd., Cisco Systems Inc., Dictum Health Inc., Enghouse Systems Ltd., Evernorth Health Inc., General Electric Co., GlobalMedia Group LLC, Hewlett Packard Enterprise Co., Honeywell International Inc., Included Health Inc., Iris Telehealth, Koninklijke Philips N.V., Medvivo Group Ltd., Oracle Corp., Resideo Technologies Inc., Siemens AG, Teladoc Health Inc., and Tunstall Healthcare Group Ltd..

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Key Market Trends Fueling Growth

The telehealth market is experiencing significant growth due to advancements in healthcare technology. Healthcare professionals are utilizing these technologies to deliver remote patient care of high quality. Mobile health (mHealth) is a leading technological approach in this field, driven by the expansion of wireless communications. MHealth enables healthcare providers to monitor patients’ medical conditions and communicate easily with them. For instance, researchers at New York’s Rochester Institute of Technology are developing a sensor-embedded toilet seat for monitoring heart stroke volume, blood pressure, and peripheral blood oxygenation. This technology could reduce hospital readmission rates for patients with concurrent heart failure. Artificial intelligence (AI), machine learning, and the Internet of Things (IoT) are essential tools for healthcare providers, enhancing medical decision-making and improving efficiency. The increasing adoption and integration of these analytical tools are due to their ability to provide improved patient care in less time, offer intelligent assistance for tracking and assessing healthcare data, and expand remote patient monitoring (RPM) capabilities. Vendors are focusing on enhancing their analytical tools and integrating them with telehealth solutions to offer better healthcare services. Philips, for example, provides Sentry Score, a predictive algorithm for adult intensive care units (ICUs), which predicts patient health risks using vital sign data, offering insights for earlier intervention. These factors are expected to fuel the growth of the global telehealth market. 

Telehealth market is booming with trends like Physician Telehealth and Home Telehealth leading the charge. Telecommunications and digital technology enable Virtual consultations, Remote monitoring, Teletherapy, Telepharmacy, and Telemedicine. Healthcare providers use these solutions for Cardiovascular diseases, Diabetes, Respiratory illnesses, and Musculoskeletal conditions monitoring. Vital signs are tracked via Mobile health applications and mHealth applications. Wearable devices and Health monitoring tools feed into Electronic Health Records and Remote monitoring platforms. Hospitals, Clinics, and Service providers offer cost-effective solutions with AI functionalities like Deep learning and Machine learning for personalized patient care. Healthcare systems adopt these technologies to improve patient outcomes, especially for Cancer prevalence. AI adoption in healthcare is a game-changer, with Web-based delivery mode making services accessible to all. Healthcare professionals leverage these tools to enhance patient care and streamline operations. 

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Market Challenges

Telehealth has emerged as a viable solution for delivering healthcare services beyond traditional methods. Advanced technology expands the reach of healthcare, enabling better patient care. Data collection, including patient health information and clinical records, is crucial in telehealth. Patients share this data through medical devices or mobile apps for remote monitoring. Security and confidentiality are essential in telehealth, building trust between patients and healthcare providers. Regulations like HIPAA ensure the protection of medical records shared with third parties. However, unauthorized access, data theft, breaches, and hacking pose threats to telehealth, potentially hindering its growth. Adhering to regulatory guidelines and implementing robust security measures are necessary to mitigate these risks and foster market expansion.Telehealth market is growing rapidly, offering healthcare services through web-based delivery mode. Hospitals and clinics are adopting telehealth for cost-effective solutions, especially for chronic diseases management and real-time patient monitoring. Deep learning and machine learning AI functionalities enable personalization and improve patient outcomes. Service providers offer online consultation, teleradiology, and telepsychiatry in the radiology and psychiatry segments. The provider, payers, and geriatric population segments are key markets. Hardware and software integrated systems facilitate group and individual purchase of telehealth services. Challenges include AI adoption, digital health integration, and regulatory compliance. Radiology, cardiology, behavioral health, pathology, neurology, dermatology, surgery, gynecology, orthopedics, ophthalmology, and hospital telehealth segments are expanding. Cost savings, improved access, and better patient care drive the market growth.

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Segment Overview 

This telehealth market report extensively covers market segmentation by

Product 1.1 Services1.2 SolutionsEnd-user 2.1 Healthcare providers2.2 Payers2.3 PatientsGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 Services-  Telehealth market refers to the use of digital information and communication technologies to provide and receive healthcare services remotely. This includes virtual consultations, remote monitoring, and telepharmacy. The market has grown significantly due to the convenience it offers to patients and the ability to reduce healthcare costs. Telehealth solutions enable remote diagnosis and treatment, improving access to healthcare services, especially in rural areas. Companies like Teladoc, American Well, and MDLive are leading players in this market. Telehealth adoption is increasing as more insurers cover these services, making it an attractive business opportunity.

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Research Analysis

The Telehealth market is revolutionizing healthcare services by offering cost-effective solutions through advanced technologies such as deep learning and machine learning. AI functionalities enable personalized care, making it an ideal choice for hospitals, clinics, radiology, cardiology, behavioral health, and various specialties. Telehealth encompasses online consultation, patient monitoring, and real-time communication, allowing remote healthcare solutions for chronic diseases management. Hardware and telecommunication or software-based systems are integral to this industry, with integrated systems offering cloud-based delivery mode and on-premise options. Group purchase and individual purchase models cater to diverse clientele needs, making telehealth an essential component of modern healthcare, transforming general consultation and specialist services alike.

Market Research Overview

The Telehealth market encompasses a range of healthcare services delivered via digital technology, including radiology, psychiatry, cardiology, behavioral health, and more. It offers cost-effective solutions for hospitals, clinics, and service providers, enabling real-time and store-and-forward consultations. Deep learning and machine learning AI functionalities enable personalization and improved patient outcomes, particularly for chronic diseases such as cancer, cardiovascular diseases, diabetes, and respiratory illnesses. The market includes hardware, software, and integrated systems for online consultation, patient monitoring, and remote patient monitoring. Telehealth caters to various segments, including providers, payers, and the geriatric population, and encompasses digital health, mHealth applications, and telecommunications. It includes teleradiology, teletherapy, telepharmacy, and telemedicine services for general consultation, pathology, neurology, dermatology, surgery, gynecology, orthopedics, ophthalmology, and more. The market is driven by the adoption of digital technology, virtual consultations, and remote monitoring, with a focus on improving patient care and reducing healthcare costs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductServicesSolutionsEnd-userHealthcare ProvidersPayersPatientsGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio