Global Telehealth Market Report and Forecast 2024-2032

Global Telehealth Market Outlook

The global telehealth market size was valued at USD 122.2 billion in 2023, driven by increased access to healthcare and increasing adoption of mHealth across the globe. The market size is anticipated to grow at a CAGR of 28.4% during the forecast period of 2024-2032 to achieve a value of USD 1155.3 billion by 2032.

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Global Telehealth Market Overview

Telehealth refers to the use of digital technologies, including computers and mobile devices, to deliver healthcare services remotely. It enables patients to access medical care, consultation, and monitoring from the comfort of their homes or other convenient locations, without the need for in-person visits to healthcare facilities. Telehealth encompasses a wide range of healthcare services, including virtual doctor's appointments (telemedicine), remote monitoring of patients with chronic conditions, digital access to medical records, and the exchange of healthcare information among healthcare professionals.

Telehealth leverages various communication methods, such as video calls, phone calls, secure messaging, and other digital tools, to facilitate interactions between patients and healthcare providers. It has become increasingly popular due to its ability to improve access to healthcare, particularly in underserved or remote areas, reduce healthcare costs, enhance patient convenience, and provide more timely healthcare services.

The telehealth market demand can be attributed to the shift towards a more patient-centric approach, with telehealth services becoming increasingly tailored to meet individual patient needs and preferences. This approach is not only enhancing the patient’s experience but also improving engagement and adherence to healthcare plans.

Furthermore, there is a substantial increase in access to healthcare services through telehealth, breaking down geographical barriers and ensuring that individuals can receive medical care conveniently, even from remote locations, further propelling the market growth. This trend has been further accelerated by favorable government policies and regulations that support the adoption and expansion of telehealth services.

Strategic Mergers and Acquisitions in the Market

The telehealth market demand is expected to be driven by mergers and acquisitions by major market players such as the acquisition of BigFoot Medical, a leading manufacturer of smart insulin management systems for diabetic patients, by Abbott in September 2023. This acquisition is expected to expand Abbott’s presence in diabetic care with its world-leading FreeStyle Libre® portfolio of continuous glucose monitoring technology. This expansion is expected to include personalization of diabetic care, real-time glucose monitoring data, and insulin delivery information allowing healthcare professionals to make informed decisions during telehealth consultations.

Further, Amazon's acquisition of One Medical in July 2022, a telehealth company, for a substantial USD 3.9 billion did set a pivotal roadmap for further market growth. Such mergers play a crucial role in the market as they are significantly helpful for the telehealth market growth. Such acquisitions enable major players to establish a solid presence in the expanding sector of telehealth. Overall, these trends are poised to provide a promising future for telehealth, with an increasing focus on patient-centric care, accessibility, and innovation.

Outstanding Opportunities for Telehealth Startups in the Market

In March 2023, The UCSF Rosenman Institute selected virtual care startups Welfie and Moving Analytics as awardees of the 2022 UCSF Rosenman ADAPT Program (ADAPT), providing them with funding and allowing them to collaborate with investors such as Blue Shield of California and UnitedHealth Group. As the receiver of this award, Welfie and Moving Analytics will each receive USD 100,000 in non-dilutive funding. The goal of the ADAPT program is to support the development, scaling, and adoption of new technologies to eliminate healthcare disparities. It introduces early-stage companies selected as awarded with prominent industry players and offers financial support.

Such opportunities not only provide financial support to these startups, but they are further enabled to invest in technical development and improvement of the platform. The opportunity to work with prominent industry players contributes to the startup’s credibility and may even attract more investors, providing as an evolving and continuously advancing domain, telehealth has a lot to improve and to adapt to contributing to the telehealth market share.

Rising Funding Activities

In July 2023, Indonesian health tech company Halodoc raised a whopping USD 100 million in a Series D funding round led by Astra Digital, a subsidiary of diversified conglomerate Astra International. The round was also joined by Openspace and Novo Holdings. Halodoc provides online integrated health services, which include telemedicine, medicine ordering, lab tests, doctor appointment booking, third-party health insurance purchases, and at-home health testing. It helps connect patients with more than 20,000 medical practitioners, 3,300 hospitals, and 4,900 pharmacies.

The available presence of this service on Android and iOS platforms plays a vital role as it has enabled many people to access telehealth. Millions of people use these platforms which clearly shows the massive expansion of telehealth and the potential adoption of these services which will contribute to telehealth demand in the forecast period.

Additionally, in October 2023, Allara, a telehealth platform for women with chronic hormonal conditions, raised USD 10 million in a Series A round led by Google Ventures with participation from Great Oaks Venture Capital, Humbition, Vanterra, Gaingels, and angel investors like One Medical founder Tom Lee and Maggie Sellers. Google Ventures’ general partner Frédérique Dame will join Allara’s board of directors. The new money brings its total capital raised to USD 17.5 million.

Telehealth has immense potential for growth and advancement and investors are increasingly interested in telehealth, indicating a growing telehealth market.

Global Telehealth Market Segmentations

Market Breakup by Products

• Hardware
  • Monitors
  • Medical Peripheral Devices
  • Blood Pressure Meters
  • Blood Glucose Monitors
  • Weighing Scales
  • Pulse Oximeters
  • Peak Flow Meters
  • ECG Monitors
  • Other Devices

• Software
  • Standalone Software
  • Integrated Software

• Services
  • Remote Patient Monitoring Devices
  • Medical Call Centers Manned by Healthcare Professionals
  • Real-Time Interactions
  • Store And Forward
  • Other Services

Market Breakup by Delivery Mode

• On-Premises

• Web-Based

• Cloud-Based

Market Breakup by Diseases Area

• Cardiology

• Psychiatry

• Diabetes

• Neurology

• Sleep Apnea

• Gastroenterology

• Oncology

• General Medicine

• Others

Market by End User

• Healthcare Providers

• Healthcare Consumers

• Payers

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Telehealth Market Regional Analysis

The market is experiencing robust growth driven by the increase in access to basic healthcare services, especially in underserved or remote areas, thanks to telehealth solutions. These platforms are enhancing healthcare quality by providing timely access to medical professionals and specialists, bridging geographical gaps. Moreover, the growing utilization of web- and cloud-based platforms for telehealth services is revolutionizing the healthcare landscape. This digital shift allows for seamless communication and data sharing between patients and healthcare providers.

Another significant driver is the rising prevalence of chronic conditions and an aging population, which is increasing the demand for continuous healthcare monitoring and management propelling the global telehealth market growth. Telehealth plays a pivotal role in addressing these needs, offering remote monitoring and timely interventions for chronic disease management. Additionally, the healthcare sector's digitalization initiatives and government support are contributing to the growth of telehealth, encouraging its integration into healthcare systems worldwide.

In March 2023, Avail Medsystems announced receiving a national group purchasing agreement for telehealth with Premier, Inc.

The agreement will allow Premier members to benefit from special pricing and terms pre-negotiated by Premier for the placement of Avail’s telepresence technology in operating rooms. They can also use Avail to livestream procedures to providers which can take place throughout a facility or across health systems for medical education, training, and clinical collaboration.  This agreement will enable the advanced technologies to be more accessible and further promote telehealth adoption in critical medical settings, contributing to the telehealth market share.

Global Telehealth Market: Competitor Landscape

In October 2023, Abbott launched its new vascular imaging platform powered by Ultreon 1.0 Software in India. This first-of-its-kind intra-vascular imaging software combines optical coherence tomography (OCT) with the power of artificial intelligence (AI) providing physicians with a comprehensive view of blood flow and blockages within coronary arteries.

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Teladoc Health, Inc.

• Koninklijke Philips N.V.

• Medtronic Plc

• Cisco Systems, Inc.

• IBM

• Oracle

• Siemens Healthineers AG

• F. Hoffmann-La Roche Ltd

• Tunstall Group

• American Well

• CareCloud, Inc.

• eClinicalWorks

• AMD Global Telemedicine

• GE Healthcare

• Cerner Corporation

• MD Live

• Olympus Corporation

• Toshiba Medical Systems

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report