The telehealth Software market is projected to expand its roots at a strong CAGR of 15.7% during the forecast period. The market is likely to hold a revenue of USD 6.85 billion in 2023 while it is anticipated to cross a value of USD 29.56 billion by 2033.
The growing adoption of various telehealth software such as real-time communication software, store and forward telehealth software, and remote patient monitoring telehealth software is driving the demand for the telehealth software market.
The growing adoption of mobile wireless technologies and mHealth solutions for public health is spurring global demand. Integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning, the Internet of Medical Things (IoMT), smart health devices, and Big Data in telehealth software boosts the market growth.
| Attributes | Details |
|---|---|
| Telehealth Software Market CAGR (2023 to 2033) | 15.7% |
| Telehealth Software Market Size (2023) | USD 6.85 billion |
| Telehealth Software Market Size (2033) | USD 29.56 billion |
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The telehealth software market demand is estimated to rise at 15.7% CAGR between 2023 and 2033 in comparison with the 13.8% CAGR registered from 2018 to 2022. The global telehealth software market is anticipated to witness an increase in revenue from USD 6.85 billion in 2022 to USD 29.56 billion by 2030.
Future Market Insights identifies North America, followed by Europe, as the leading market. Expansion in North America is supported by the region’s developed infrastructure and the large presence of telehealth software providers in the United States.
Telehealth software is a simple platform that is used by providers to connect with patients remotely and shares video and images and consult for healthcare services.
Telehealth software integrates with scheduling systems and providers’ electronic health records (EHR). It gives physicians a secure and organized system for:
Growing adoption of advanced technology such as AI and Big data analytics in telehealth software is driving the global demand. Big data helps to process data which is collected from telehealth modalities such as subjective data (symptoms and patient behavior) and objective (vital signs and ambient environment) along with historical data.
It enables risk management and prediction. AI and machine learning creates significant potential in the telehealth software market. Telehealth and telemedicine improve:
Due to such advantages, the demand for the telehealth software market has increased over the years.
| Countries | Revenue Share % (2022) |
|---|---|
| The United States | 21.3% |
| Germany | 8.7% |
| Japan | 5.4% |
| Australia | 4.1% |
| North America | 37.2% |
| Europe | 24.3% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 16.2% |
| India | 17.2% |
| The United Kingdom | 15.2% |
The market in the United States is anticipated to be valued at around USD 3.85 billion by 2030. The country might expand at a CAGR of 12.9% from 2023 to 2033. The market holds a market share of 21.3% in 2023 while North America held the leading share of 37.2% in 2022.
The United States is one of the prominent countries in telehealth software solutions sales. As per the United States CDC, chronic diseases such as cancer, heart disease, and diabetes are the leading causes of disability and death in the United States. It leads to USD 3.8 trillion in annual healthcare costs.
Thus, the increasing prevalence of chronic conditions, increase in healthcare expenditure of the country, and increasing geriatric population spur the demand for the telehealth software market.
The market for telehealth software in Germany held a value of around USD 1.01 billion in 2022. Germany’s telehealth software market held a market share of 8.7% in 2022 while Europe itself held a share of 24.3% in the same year.
Germany witnessed developed infrastructure for the healthcare industry due to the increasing penetration of smart technologies such as AI, ML, and AR/VR across the healthcare sector.
According to the international trade administration, Germany’s medical device market is expected to show significant growth worldwide accounting for roughly USD 35.8 billion annually, and 25.6% of the total Europe market. Thus, such development in Germany’s healthcare sector is ultimately propelling the demand for the telehealth software market.
As per FMI, overall telehealth software spending in India is likely to increase at a rate of almost 17.2% from 2023 to 2033. It held a market value of around USD 780.2 million in 2022.
As per IBEF, India’s healthcare market increased three-fold to USD 133.44 billion in 2022 and public expenditure by the government on the healthcare sector stood at 1.2% of the total GDP. Therefore, such development and government initiatives toward the healthcare sector are expected to drive the demand for the telehealth software market in India.
| Category | By Component Type |
|---|---|
| Leading Segment | Software |
| Market Share (2022) | 58.7% |
| Category | By Deployment Type |
|---|---|
| Leading Segment | On-Premises |
| Market Share (2022) | 57.6% |
By component, the software segment is expected to expand 2.2X by 2033 and is expected to register a leading CAGR of 16.2% from 2023 to 2033. The segment held a notable market share of 58.7% in 2022. Telehealth software is used for:
The rising adoption of telehealth software by many healthcare providers is augmenting the demand for the telehealth software market.
As per FMI, by deployment, the on-premise segment showcased a leading market share of around 57.6% in 2022. Moreover, the cloud-based segment is set to expand at a high CAGR of 17.1% from 2023 to 2033.
On-premise telehealth software provides several advantages such as timely delivery of patient information, accurate patient information, better professional satisfaction, and efficient treatment of many patients at any given time.
Moreover, the adoption of cloud services across the globe has increased in recent years, thus the demand for cloud-based telehealth software services is expected to increase during the forecasted period.
By end-user, the healthcare providers segment showcased an impressive market share of 58.0% in 2021 and it is set to expand at a high CAGR of 18.5% between 2023 and 2033.
Telehealth software helps healthcare providers reduce costs, and raise productivity, and profitability in healthcare practice. It also offers convenience and quality care to patients.
It provides additional functions such as data security, a multi-platform approach, registration and patient profile, mobile payment, and others. Owing to such advantages, the demand for telehealth software among healthcare providers is boosting.
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Telehealth Software providers are continuously focusing on cost reduction of the product and improved service for the consumer by implementing different strategies.
The companies try to improve the quality of logistics operations and responsiveness to personalize customer service and increase the efficiency of their logistics and warehousing operations.
Market Developments:
The 2023 market value is USD 6.85 billion.
The market will flourish at a 15.7% CAGR through 2033.
Europe holds a 21.3% revenue share in the market.
Key players are Aerotel Medical System, Koninklijke Phillips NV and Teladoc Inc.
The market will reach USD 29.56 billion in 2033.
| Base year Market Value (2022) | USD 921.3 million |
|---|---|
| Projected year Market Value (2033) | USD 1,976.1 million |
| CAGR (2023 to 2033) | 7.3% |
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