May 23, 2024
Global Telehealth Services Market

Global Telehealth Services Market is Estimated to Witness High Growth Owing to Increased Adoption of Telehealth During COVID-19 Pandemic

The Global Telehealth Services Market involves the delivery of healthcare services remotely using telecommunication technologies which provides medical examinations, treatment and advice through audiovisual media. Telehealth enables doctors and patients to connect via video, phone or internet and helps monitor health conditions from a distance. Factors like advancement in technology, rising demand for convenient healthcare solutions and shortage of physicians have boosted the adoption of telehealth. The onset of COVID-19 pandemic has further accelerated the reliance on telehealth solutions due to social distancing restrictions and overburdened healthcare systems.

The Global Telehealth Services Market is estimated to be valued at US$ 12.47 Bn in 2024 and is expected to exhibit a CAGR of 10% 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. These companies are focusing on geographical expansion through strategic collaborations and introducing advanced Global Telehealth Services Market Demand platforms integrated with AI & VR technology to gain competitive edge.

The key opportunities in the market include increasing health awareness among consumers, rising investment by governments & hospital systems in telehealth infrastructure and growing penetration of smartphones enabling real-time monitoring and consultation.

Globally, Asia Pacific region is witnessing high adoption of telehealth due to rising population, increasing prevalence of chronic diseases and ever increasing demand for quality healthcare. Countries like China, India, Japan and South Korea are emerging as high potential markets providing scope for market expansion for key players.

Market Drivers

Technological advancements in telecommunication industry enabling high quality audio-visual experience. Growing geriatric population and rising cases of long term health conditions driving the need for telehealth monitoring and care. Shortage of physicians especially in rural areas increasing the reliance on telehealth for quality healthcare access. Favorable regulations by governments worldwide promoting virtual healthcare delivery. COVID-19 pandemic compelling the shift towards telemedicine due to social distancing norms and overburdened hospitals.

PEST Analysis

Political: Regulations related to telehealth services has improved the development and availability of telehealth services. However regulatory differences between countries and states still pose challenges.

Economic: Cost effective healthcare delivery increased demand for telehealth services. It reduces unnecessary ER visits and hospitalizations.

Social: Growing prevalence of chronic diseases increased the focus on preventive healthcare and remote patient monitoring. Higher acceptance of technology aided healthcare delivery methods.

Technological: Advancements in telecommunication networks, remote monitoring devices and mobile health applications increased access to quality healthcare virtually. Integration of AI and IoT further enhances telehealth solutions.

Geographical regions where the telehealth services market is concentrated in terms of value:
North America holds the largest share of the market currently due to early technology adoption and supportive regulations. Growing geriatric population drives demand.

Fastest growing region for the telehealth services market: Asia Pacific region is expected to witness highest growth over the forecast period owing to rising healthcare infrastructure development, increasing internet penetration and government initiatives for telehealth integration. Growing healthcare needs of large population in countries like India and China provides opportunities.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.