May 24, 2024
Telehealth Services Market

Global Telehealth Services Market Demonstrating Huge Growth by 2024

The global telehealth services market enables remote delivery of healthcare services through telecommunication technologies. Telehealth services provide access to quality healthcare regardless of location through virtual care delivery modes like video chat, voice calls and messaging. This enables diagnosis and treatment of a wide range of medical issues at lower costs for both patients and service providers.

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 key players are focusing on strategic partnerships and mergers and acquisitions to expand their Global Telehealth Services Market Demand presence.

The growing demand for telehealth services is driven by the rising prevalence of chronic diseases, increasing geriatric population, shortage of physicians worldwide, and improved access to broadband connectivity and mobile technologies. Telehealth enables remote diagnosis and treatment as well as remote monitoring of vital health parameters, thereby increasing access to healthcare.

With the growing acceptance of telehealth services, companies are expanding their operations globally. Market leaders are focusing on expanding into developing markets in Asia, Latin America, Middle East and Africa through strategic collaborations to tap the massive potential offered by these regions.

Market key trends

The increasing investments by healthcare IT companies and telecom service providers in telehealth infrastructure is a major trend. Companies are rapidly developing virtual healthcare delivery platforms and telecommunication networks to enable widespread access to quality healthcare through telehealth services. Advancements in technologies like AI, ML and IoT are further enhancing the capabilities of telehealth solutions. Growing deployment of telehealth robots and virtual assistants for diagnosis and treatment is another trend in the market.

Porter’s Analysis

Threat of new entrants: High capital requirements and regulatory barriers make it difficult for new players to enter the market.

Bargaining power of buyers: Large number of buyers like hospitals, physicians and patients leaves buyers with higher bargaining power.

Bargaining power of suppliers: A few major suppliers like telecommunication service providers and medical device manufacturers control the supply chain.

Threat of new substitutes: Alternate healthcare services like video conferencing tools pose a minimal threat as telehealth offers specialized healthcare services.

Competitive rivalry: The market consists of global players and regional players intensifying competition in terms of quality, price and service offerings.

Geographical Regions

North America dominates the global telehealth services market and is expected to continue its dominance during the forecast period. This is attributed to factors such as technological advancements, high smartphone and internet penetration, favourable reimbursement policies, the need to reduce healthcare costs and the growing geriatric population.

Asia Pacific region is poised to grow at the fastest rate owing to rising awareness about telehealth, increasing internet penetration, escalating healthcare costs, shortage of physicians and rapid digitization of the healthcare sector across emerging countries like India, China and South Korea. Government initiatives to promote digital health are further augmenting the market growth in Asia Pacific.

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