GLOBAL TELEHEALTH SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Challenges And Opportunities

Global Telehealth Services Market- Drivers

• Growing prevalence of chronic diseases: The growing prevalence of chronic diseases across the globe is one of the major factors propelling the growth of the global telehealth services market. Telehealth also enables improvements in care for elderly population who have limited mobility. The growing geriatric population is more vulnerable to chronic diseases. According to the United Nations Population Fund 2022, the number of people aged 65 years or over is projected to increase from 703 million in 2020 to 1.5 billion in 2050. Virtual visits allow elderly patients to consult with doctors without having to travel long distances or wait in crowded hospital queues which can increase their risk of infections. Telehealth provides safe, contactless care to this section during the ongoing COVID-19 pandemic.
• Increasing internet penetration: The widespread availability and growing use of internet has been a major driver for telehealth services globally. With more people owning smartphones and getting online, the accessibility of telemedicine consultations from any location has increased tremendously. According to data published by the International Telecommunication Union, in 2021, over 51% of the global population used internet by late 2021, a substantial rise from previous years. With higher internet subscriptions especially in developing nations, more patients are open to the idea of virtual visits with doctors and other healthcare providers.

Global Telehealth Services Market- Opportunities

• Untapped markets in developing regions: Untapped markets in developing regions present a tremendous opportunity for growth in the global telehealth services market. As access to healthcare infrastructure and medical professionals remains limited in many developing nations, telehealth can play a pivotal role in improving healthcare delivery and access to quality care. According to WHO 2022, 57% of doctor positions in sub-Saharan Africa remain vacant due to challenges in recruitment and retention of qualified medical professionals in rural and remote areas as of 2023. This is where telehealth can be transformative as it allows patients in underserved communities to consult with doctors and nurses located elsewhere via video call or remote patient monitoring tools. This overcomes geographical barriers and reduces travel times. For example, India's "eSanjeevani" telemedicine initiative has enabled over 500,000 online medical consultations across rural towns since its launch in 2020.
• Integration of advanced technologies like IoT, AI and blockchain: The integration of blockchain into telehealth platforms brings added benefits around security and transparency. Blockchain acts as a distributed ledger that tracks all transactions and data exchanges in a secure, immutable record. This allows different healthcare providers to securely and privately share patient health records with each other as needed. It also gives patients full control and visibility over how their personal data is used. As reported by the World Health Organization in 2021, over the past two decades, the overall number of authenticated blockchain implementations in health and healthcare has grown exponentially, indicating its potential to revolutionize how medical information is stored and shared globally.

Global Telehealth Services Market- Restraints

• Resistance from healthcare professionals: Resistance from healthcare professionals is one of the major factors restraining the growth of global telehealth services market. Many doctors and nurses are hesitant to adopt telehealth technologies as they feel it may decrease the personal interaction between the patient and provider. There is a long-held tradition of in-person visits and physical examinations in the healthcare sector. Some professionals feel telehealth cannot replace the human touch element of traditional consultations.
• Concerns related to privacy and data security: Concerns around privacy and security of personal health data is one of the major barriers restraining the growth of global telehealth services market. When patients consult doctors and receive care through online platforms, they have to share very sensitive personal medical information such as medical history, symptoms, diagnostic reports, and others. Any breach of this data or unauthorized access to it can compromise patients' privacy and even become a means for identity theft. This understandably makes many patients reluctant to adopt telehealth services.