Telehealth Market size was valued at more than USD 123.9 billion in 2024 and is expected to grow at 12.9% CAGR from 2023 to 2032 driven by rising demand for remote patient monitoring services.
Industry Dynamics
The industry is dominated by a high level of innovation, as new methods and technologies are introduced. Implementing artificial intelligence (AI) and machine learning (ML) in telehealth platforms is transforming the way healthcare is provided. These technologies give healthcare practitioners the ability to review patient information remotely, allowing them to deliver personalized and effective treatment. For example, in June 2024, MetroHealth and MUSC Health introduced Ovatient, the first virtual health company. Ovatient links hospital systems and patients’ health records through Epic and MyChart, delivering a customized patient experience that equips care teams with nearly real-time information.
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Some of the industry players, including Cerner Corporation (Oracle), GE Healthcare, Siemens Healthineers, and Medtronic, are actively pursuing acquisitions and mergers. With M&A, these entities can broaden their geographic reach and expand to new markets. For example, in January 2024, 98point6 Technologies acquired Bright.md. to speed the launch of 98point6’s asynchronous care module. This advancement allows healthcare organizations to license an integrated, purpose-designed clinician solution for multiple care delivery models.
| Segments covered | Component, Mode of Delivery, Specialty, Applications, End-use. |
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Telehealth Market Share
The key players have undertaken initiatives to drive market size during the COVID-19 pandemic, such as
- Cisco Systems
- Koninklijke Philips N.V
- Allscript Healthcare Solution
- Oracle corpotation (Cerner)
- McKesson Corporation
- GlobalMed
- AMD Global Telemedicine,
- Amwell.
Teladoc Health Inc. reporting most of the market due to year-on-year growth and increasing funding and initiatives by governments. The Biden-Harris Administration announced an investment of USD 19 million to improve healthcare delivery and address gaps in care faced in rural areas. Key players have also been strategizing and focusing on collaborations, mergers, and acquisitions to gain a competitive edge and expand their product portfolio and business footprint, exemplified by PointClickCare Technologies acquiring Collective Medical to expand its care services and offerings.
Section of this Report
By Components
- Software
- Integrated
- Stand-alone
- Hardware
- Services
By Mode Of Delivery
- Web-based/cloud-based
- On premises
By Speciality
- Cardiology
- Gynecology
- Neurology
- Orthopedics
- Dermatology
- Mental health
- Other specialties
By Application
- Tele diagnostics
- Tele screening and monitoring
- Teleconsultations
- Telepsychiatry
- Other applications
By End-Use
- Payers
- Providers
- Patients
- Other end-uses
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U.S. Telehealth Market Trends
The U.S. telehealth industry led the North American market due to cutting-edge software development, sophisticated healthcare management, and the operations of various players across segments, including mobile and network operations. Growing awareness about the presence of digital health solutions, like mHealth and telehealth, is fueling their adoption rate. For example, per statistics released by Harvard Health Letter, nearly 50 million Americans utilize remote patient monitoring devices.
Europe Telehealth Market Trends
Europe telehealth market is seen significant growth in 2023. The market is driven by the introduction of the Telehealth Quality of Care Tool by the World Health Organization (WHO) in March 2024. It is a major step towards the evolution of telehealth in Europe. Through the facilitation of trust, alignment of regulations, and the promotion of evidence-based practice, the tool is anticipated to contribute to a stronger and more sustainable telehealth ecosystem, which will fuel the expansion of the market and enhance access to quality healthcare for everyone.
UK telehealth market is expected to post the high growth rate over the forecast period. The universal usage of technology and high-speed internet across the UK has increased the convenience and accessibility of telehealth for patients. This has boosted the usage of telehealth services among patients, thus fueling the growth of the UK telehealth market.
Germany telehealth market led Europe overall market. The German Digital Healthcare Act (DVG) that was launched in December 2019 has the potential to positively influence the telehealth market. The legislation is designed to enhance patient treatment and access to healthcare services by increasing the extent of digital health application and telemedicine use, thus propelling the market’s growth in Germany.
Latin America Telehealth Market Trends
Latin American telehealth market is expected to grow substantially. Chronic diseases, including cardiovascular disease, arthritis, and cancer, have a high incidence in the region and require continuous medical care, and increased investment is propelling the use of telehealth in Latin America. For example, the government of Argentina has allocated USD 63.89 million in 2020 to invest in a Federal Digital Health Program over three years.
Brazil’s telehealth market is expected to experience a high growth over the forecast period. The enactment of the Brazilian Telehealth Act in February 2021 is a prime growth driver for the market in Brazil. The act sets a legal framework for the application of telehealth services, such as remote consultation, diagnosis, and treatment. It also sets standards for data privacy and security for patient confidentiality.
