Telehealth Services Market size to surpass $26.64 billion by 2031, at a CAGR of 10.2%, says Coherent Market Insights

Burlingame, April 08, 2024 (GLOBE NEWSWIRE) — The Global Telehealth Services Market in terms of revenue was estimated to be worth $12.47 billion in 2023 and is poised to reach $26.64 billion by 2031, growing at a CAGR of 10.2% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Telehealth services involve delivery of healthcare and sharing of medical information using digital technologies such as internet, mobile devices, and telecommunication. Key services include telemedicine, telenursing, and telediagnosis. Telehealth allows patients to receive care from remote locations without actually visiting a hospital or doctor’s office.

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Market Dynamics:

The Telehealth Services market is driven by the increasing adoption of telemedicine solutions by healthcare providers to improve patient outcomes and reduce healthcare costs. Additionally, the growing prevalence of chronic diseases and the need for remote patient monitoring are expected to fuel the demand for telehealth services during the forecast period.

Global Telehealth Services Market Report Coverage

Report Coverage Details
Market Revenue in 2023 $12.47 billion
Estimated Value by 2031 $26.64 billion
Growth Rate Poised to grow at a CAGR of 10.2%
Historical Data 2019–2023
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Component, By Type, By Specialty, By Delivery Mode, By End User
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers • Growing prevalence of chronic diseases

• Increasing internet penetration

• Shortage of healthcare professionals

• Advancements in telecommunication technologies

Restraints & Challenges • Resistance from healthcare professionals

• Concerns related to privacy and data security

• High infrastructure cost

Market Trends:

One key trend in the Telehealth Services market is the integration of artificial intelligence (AI) and machine learning (ML) algorithms to enhance telemedicine platforms. These technologies help in diagnosing medical conditions, providing personalized treatment plans, and improving the overall patient experience. Another trend is the rise of virtual health platforms that offer a wide range of healthcare services, such as online consultations, digital prescriptions, and remote monitoring, making healthcare more accessible and convenient for patients.

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Recent Developments:

On January 4, 2024, Eli Lilly and Company, a U.S.-based pharmaceutical company, announced the launch of new telehealth service for patients with diabetes, migraines and obesity. The LillyDirect website connects people with independent telehealth providers, tailored support and other disease management resources. The website also allows patients to have some medications delivered directly to their home.

In 2023, Apollo Telehealth, part of Apollo Group of Hospitals, launched tele-emergency and tele-ICU services at nine plants of the National Thermal Power Corporation (NTPC) in India. The services are available at NTPC plants at Ramagundam, Kaniha, Korba, Vindhyachal, Dadri, Barh, Solapur, North Karanpura, and Mauda.

Market Key Takeaways:

As the healthcare industry continues to evolve, one market opportunity that has been growing rapidly is the telehealth services market. With a market size of USD 12.47 billion in 2023 and a projected CAGR of 10.2% during the forecast period 2024-2031, telehealth services are poised for significant growth in the coming years.

By Component: Services is the dominating segment in the telehealth services market, as more and more healthcare providers are offering telehealth services to patients. Services include virtual consultations, remote monitoring, and digital prescriptions, among others. This segment is expected to hold a dominant position in the market due to the convenience and accessibility it offers to both patients and healthcare providers.

By Type: Real-time telehealth services are the dominating type in the market, allowing for live video consultations between patients and healthcare providers. Other types include store and forward, remote patient monitoring, and mHealth applications. Real-time services are popular due to their immediacy and ability to provide real-time care to patients.

By Specialty: Dermatology is the dominating specialty in the telehealth services market, as it is well-suited for remote consultations and diagnosis. Other specialties include ophthalmology, mental health, urgent care, and primary care. Dermatology services are expected to hold a dominant position in the market due to the ease of diagnosis and treatment through telehealth platforms.

By Delivery Mode: On-premise delivery mode is dominating in the telehealth services market, as some healthcare providers prefer to have control over their telehealth infrastructure. Cloud-based delivery mode is also popular, offering scalability and flexibility to providers. On-premise delivery mode is expected to continue dominating the market due to security and privacy concerns.

By End User: Patients are the dominating end users in the telehealth services market, as they are the ones seeking healthcare services. Payers, providers, and pharmacies also utilize telehealth services to improve access to care and streamline operations. Patients are expected to remain the dominating end users in the market due to the increasing demand for convenient and affordable healthcare services.

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Detailed Segmentation:

By Component:

  • Services
  • Hardware
  • Software

By Type:

  • Real-time
  • Store and Forward
  • Remote Patient Monitoring
  • mHealth

By Specialty:

  • Dermatology
  • Opthalmology
  • Mental Health
  • Urgent Care
  • Primary Care

By Delivery Mode:

  • On-premise
  • Cloud-based

By End User:

  • Patients
  • Payers
  • Providers
  • Pharmacies

By Region:

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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CONTACT: Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com

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