Telehealth Market Size Worth $2.17 billion in 2022 with the Highest Contribution from North America – GlobalData Plc

The telehealth market size was valued at $2.17 billion in 2022. The telehealth market research report provides insights into key business strategies by understanding the trends shaping and driving the telehealth market. It will also help drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the telehealth market in the future.

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Telehealth Market FAQs

• What was the telehealth market size in 2022?
  The telehealth market size was valued at $2.17 billion in 2022.
• What are the key segments of the telehealth market?
  The key segments of the telehealth market are devices/equipment and service/software.
• What are the main regions of the telehealth market?
  The key regions of the telehealth market are North America, Europe, Asia-Pacific, South and Central America, and Middle East and Africa.
• Which are the key companies in the telehealth market?
  Some of the leading telehealth market companies are Philips Healthcare, American Well Corp, Teladoc Health Inc, and Siemens Healthineers AG.
• Which company dominated the telehealth market share in 2022?
  Teladoc Health Inc dominated the telehealth market share and revenue in 2022.

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Telehealth Market Dynamics

Telehealth has provided much-needed solace for both patients and medical professionals over the last decade. Doctors can provide patients with their medical opinion depending on the symptoms they have shown, thanks to remote patient monitoring technologies made possible via Telehealth. To avoid a delay in starting therapy, doctors can also analyse patients’ medical test results and explain their diagnosis. When patients and clinicians are physically separated, telehealth is a developing an efficient method of providing mental health care. It facilitates the use of two-way telecommunications tools like computers, tablets, or mobile phones for long-distance clinical health care. This can increase patient and provider flexibility and improve access to mental health care.

During COVID-19 pandemic, the use of Telehealth grew significantly. The utilization of the services in 2020 was about 38 times higher than in 2019. Utilization of telehealth services is still 13–17 times higher than it was at any point in 2019 or 2018, even after it steadied following the pandemic’s initial wave. Telehealth makes it easier and more affordable for consumers and providers to obtain high-quality medical treatment. Consumers who value the convenience and enhanced access to care have increased their demand for telehealth services.

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Telehealth Market Highlights

• The telehealth market has been segmented into devices/equipment and service/software. In 2022, the device/equipment segment dominated the telehealth market share while generating the highest revenue.
• In terms of region, North America led the telehealth market share in 2022, followed by Europe, and Asia-Pacific, respectively. The region is also expected to retain its position during the forecast period. In addition, the US holds the largest contribution to the regional market. Some of the reasons that contributed to the growth of the market in the region include greater healthcare IT spending and higher internet and smartphone penetration in the region.
• Additionally, the market is anticipated to grow because of the rising burden of chronic illnesses and the high awareness of digital health and virtual care platforms among healthcare professionals and patients. The adoption of telehealth platforms in the region is also being aided by the presence of important players as well as the new start-ups.
• Some of the leading telehealth market players include Philips Healthcare, American Well Corp, Teladoc Health Inc, and Siemens Healthineers AG among others. In 2022, Teladoc Health Inc accounted for the highest revenue and share. Teladoc Health Inc is the leading player of Telehealth in US followed by American Well Corp and Siemens Healthineers AG. Philips Healthcare introduced Telehealth products as a marketing strategy expected to boost revenues.

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Telehealth Market Scope Coverage

Telehealth Market Regional Outlook (Value, $ Billion, 2015-2030)

• North America
• Europe
• Asia Pacific
• South Central America
• Middle East and Africa

Telehealth Market Segments Outlook (Value, $ Billion, 2015-2030)

• Device/Equipment
• Services/Software

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