The global telehealth services market facilitates remote healthcare services through video conferencing, remote patient monitoring, and electronic consultation. Telehealth enables virtual medical consultations, diagnosis, treatment monitoring, and other healthcare services. It provides convenience to patients by eliminating travel time and waiting periods for routine check-ups and emergencies. Telehealth services improve access to specialized care in rural and underserved areas by connecting patients to doctors located elsewhere.
The Global Telehealth Services Market Demand is estimated to be valued at US$ 12.47 BN in 2024 and is expected to exhibit a CAGR of 10.2% 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. Key players are focusing on innovative service offerings, strategic partnerships and collaborations to expand their consumer base.
The demand for telehealth services is growing significantly owing to increasing prevalence of chronic diseases, rising geriatric population, lack of physicians in rural areas, and benefits offered such as convenience, cost savings and improved healthcare outcomes. Government initiatives and favorable regulations in several countries are further supporting market growth.
Telehealth service providers are expanding their global footprint through acquisitions and partnerships to penetrate developing regions with inadequate accessibility and affordability of healthcare services. Market players are also focusing on big data analytics and AI to enhance the quality of healthcare delivery through telehealth.
Market key trends
Changing consumer preferences toward virtual care due to COVID-19 pandemic is a key trend in the global telehealth services market. During the pandemic, telehealth emerged as an effective solution to overcome barriers of physical distancing and facilitated continuum of care. As consumers experienced the convenience of telehealth, their preference for virtual medical consultations increased remarkably. This shift in behavior is expected to have a long term impact on the market. Furthermore, technological advancements in telehealth such as remote patient monitoring devices, mobile health apps and blockchain supported platforms are augmenting market growth by enhancing access, affordability, security and efficiency of telehealth services.
Porter’s Analysis
Threat of new entrants: High capital requirements for developing telehealth infrastructure and applications pose barriers to entry.
Bargaining power of buyers: Individual consumers and health insurance payers enjoy increased options and bargaining power through telehealth providers’ competitive market.
Bargaining power of suppliers: Telecommunications and medical device companies can potentially influence prices, but overall impact is moderate due to availability of substitutes.
Threat of new substitutes: Risk from new telehealth competitors and substitute healthcare modalities like in-person visits remain non-trivial over time.
Competitive rivalry: Significant as established telehealth firms compete aggressively through technological innovation and service portfolio diversification.
Geographical Regions
North America currently dominates the global telehealth services market in terms of value driven by supportive regulations, insurance coverage reforms, an aging population, and advanced telecommunications infrastructure in the US and Canada. The United States represents the single largest country market.
The Asia Pacific region is poised to register the fastest growth over the forecast period influenced by rising medical costs, shortage of physicians, increasing internet penetration, and government initiatives to incorporate telehealth services in rural healthcare delivery particularly in major developing economies such as India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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