Connected Telehealth Devices Market Size (2024 - 2030)

The global market for Connected Telehealth Devices demonstrated a valuation of USD 103.54 Billion in 2023 and is anticipated to achieve USD 466.7 Billion by 2030, with a compound annual growth rate (CAGR) of 24.0% during the forecast period spanning from 2024 to 2030.

Telehealth refers to the delivery of healthcare services through communication technologies, allowing healthcare providers and patients to interact remotely. Latest advancements in communication technologies, computer science, informatics, and medical technologies have made telehealth a valuable tool in the healthcare industry. Telehealth is a helpful solution for patients who may have difficulty accessing conventional in-person healthcare services due to location, mobility, or time constraints. Telehealth commonly includes the use of healthcare devices that record measurements like blood pressure and heart rate, which are then sent electronically to healthcare professionals for remote monitoring. Smartphones and other mobile devices are also becoming more popular for gathering, sharing, and analyzing health information, even in areas that may have limited access to conventional healthcare services. This is highly beneficial, especially for individuals living in remote or underserved communities, as it enables them to receive medical attention and monitoring from a distance.

Many different technologies are utilized to improve patient care in the field of telehealth. These include teleconsultations, remote patient monitoring (RPM), and telehomecare (THC). Through teleconsultations, a patient in a remote location can get guidance on unique or complex conditions from a healthcare specialist located elsewhere. Such consultations can be conducted over the phone. They increasingly involve the sophisticated sharing of medical data from scans like CT, MRI, or ultrasound. The local doctor can collect these images, add them to an electronic health record, and send them to the specialist for evaluation and possible treatment options. Remote patient monitoring, or RPM for short, makes it possible to monitor patients outside of clinical settings, like at home. In order to remotely gather and communicate physiological data to healthcare specialists, patients use or wear sensors. RPM can greatly enhance a person's quality of life. The real-time transmission of blood glucose levels, for instance, enables healthcare professionals to respond when necessary and prevent acute episodes and hospitalizations in the management of diabetes. Telehomecare is a type of remote care that allows individuals with chronic conditions, dementia, or a high risk of falling to live independently in their own homes. The goal of this approach is to quickly respond to emergencies and provide assistance when needed. Sensors are used to monitor changes in a person's chronic conditions and other potential risks, such as floods, fires, and gas leaks. For individuals with dementia, sensors can even detect if they leave the house. When a sensor is triggered, a monitoring center is immediately alerted and can take appropriate action, such as notifying a caregiver or dispatching emergency services. By leveraging technology to monitor individuals remotely, telehomecare can improve safety and quality of life for those who might otherwise require more intensive care. 

Global Connected Telehealth Devices Market Drivers:

The rising incidence of chronic illnesses is fueling the growth of the global connected telehealth devices market.

The incidence of chronic illnesses like diabetes, high blood pressure, heart disease, and obesity, is rising globally. A practical and affordable method of keeping track of patients with chronic illnesses is telehealth. To keep a daily record of their vitals such as blood pressure readings, blood glucose levels, and pulse or heart rate, patients can be provided with home monitoring equipment. This type of access will be extremely beneficial to doctors in managing their patients' health and taking rapid action in the event of any health emergency. Therefore, this factor drives the demand for connected telehealth devices.

The flexible practice of telehealth services is another factor contributing to the growth of the global connected telehealth devices market.

Telehealth smartphone applications offer benefits to both healthcare providers and patients. With the ability to conduct health check-ups remotely, doctors are no longer required to maintain long clinic hours. This saves time and costs associated with keeping the clinic open. Likewise, patients benefit from not having to travel to the clinic, which can be particularly helpful for those who reside in rural or remote areas. Therefore, this factor also drives the demand for connected telehealth devices.

Global Connected Telehealth Devices Market Challenges:

The global connected telehealth devices market is encountering challenges, primarily in terms of difficulty in building rapport with patients. Developing a rapport with patients can be difficult when doctors offer telehealth services. Although telehealth is undoubtedly more convenient for patients, it may not provide the personalized experience that some patients need, particularly for new patients who are not familiar with the medical practice of the healthcare practitioner. Gathering and organizing patients' medical histories can be complex as patient data is not always easily transferable between different practices. Moreover, for telehealth services to work effectively, some requirements need to be in place. A reliable internet connection is necessary for both patient and doctor, and remote patient monitoring require patients to be equipped with specialized healthcare devices. Some patients may also not be familiar with the technical aspects of the smartphone applications and telehealth software that healthcare professionals use. Thus, these challenges inhibit the growth of the global connected telehealth devices market.

Global Connected Telehealth Devices Market Opportunities:

The global market for connected telehealth devices has profitable prospects as a result of the advancement of sensor technology and the integration of cutting-edge technologies. Given the rising demand for connected telehealth devices owing to improved access to healthcare, increased patient engagement, improved patient outcomes, and reduced patient costs, businesses specializing in connected telehealth devices can stand to gain significantly from this opportunity by integrating AI, ML, and improved sensor technology in connected telehealth devices, which will allow for capturing more precise and comprehensive health data and will enable the delivery of more personalized and specific insights and recommendations based on patient's health data. This could potentially result in more accurate diagnoses, early detection of health issues, and better treatment recommendations. 

COVID-19 Impact on the Global Connected Telehealth Devices Market:

The outbreak of the COVID-19 pandemic substantially impacted the global connected telehealth devices market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of connected telehealth devices. These factors negatively impacted the growth of the global connected telehealth devices market. However, as patients sought ways to monitor their health from home and communicate with healthcare practitioners remotely, the pandemic accelerated the adoption of remote healthcare services like teleconsultations, telehomecare (THC), and remote patient monitoring (RPM). For instance, remote monitoring of chronic conditions using connected telehealth devices helped to prevent disease exacerbations and reduce the need for in-person visits. These factors positively impacted the market's growth. Therefore, the global connected telehealth devices market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global Connected Telehealth Devices Market Recent Developments:

• In January 2024, Koninklijke Philips N.V., a Netherlands-based multinational conglomerate corporation, and Masimo Corporation, a US-based medical technology company, unveiled an expansion of their partnership to include the Masimo W1 advanced health tracking watch for enhancing patient monitoring capabilities in home telehealth applications. The W1 will advance telemonitoring and telehealth by integrating with Philips' enterprise patient monitoring ecosystem.
• In October 2022, Aster MIMS Hospital, a super-specialty hospital located in Kozhikode, India, and India Medtronic Pvt. Ltd., a wholly-owned subsidiary of Medtronic plc, unveiled that they would work together to create a comprehensive stroke treatment program in Kerala. Aster MIMS will establish a network of selected hospitals in and around Calicut and provide them with teleconsultation support and resources as part of the program's hub-and-spoke model in order to mobilize stroke patients who are in critical condition and require treatment right away.
• In May 2022, Pulsenmore, an Israel-based healthcare company providing homecare ultrasound solutions, unveiled a partnership with GE HealthCare Technologies, Inc., a US-based multinational medical technology company, including an agreement to distribute Pulsenmore's products in key markets and invest up to $50 million in the company. The objective of this investment is to make Pulsenmore's homecare ultrasound solutions more widely used.

Global Connected Telehealth Devices Market Segmentation:

Global Connected Telehealth Devices Market Segmentation: By Product Type

• Peripheral Devices
• Laptops
• Tablets
• Smartphones
• Monitors
• Wearables
• Digital Camera
• Digital Scopes
• Others

As of 2022, the peripheral devices category emerged as the leading segment within the market. This growth can be attributed to the escalating demand for remote healthcare services, encompassing real-time virtual consultations, remote patient monitoring, and store-and-forward practices. Real-time virtual consultations, involving two-way communication (either via video or telephonic means) between patients and healthcare professionals, stand out as the most prominent form of telehealth service. Widely utilized across diverse healthcare settings, from hospitals to private practices, these consultations facilitated by video conferencing extend healthcare access to remote rural areas, thereby reducing commute time and alleviating stress for both patients and practitioners.

Global Connected Telehealth Devices Market Segmentation: By End-User

• Healthcare Providers
• Patients
• Payers

Segmented by end-user, the global connected telehealth devices market comprises providers, patients, and payers. In 2022, the healthcare providers segment claimed the largest market share. This surge can be attributed to the increasing adoption of telehealth services among healthcare professionals, encompassing remote patient monitoring (RPM), teleconsultations, and telehomecare (THC), aimed at alleviating the strain on healthcare facilities. Telehealth services enhance the convenience for healthcare professionals by enabling quick access to patient health records and offering real-time quality reporting, streamlined data management, and informed decision-making.

Global Connected Telehealth Devices Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

In 2022, North America emerged as the dominant region in the global connected telehealth devices market. The region's growth is propelled by the increasing prevalence of chronic illnesses, such as sleep apnea, diabetes, cardiovascular diseases, hypertension, and obesity, alongside the presence of robust healthcare industries in countries like the United States and Canada. Furthermore, the early and extensive adoption of modern technologies, including telemedicine and telehealth services, further fuels the region's expansion. Notably, North America hosts several key market players, including GE Healthcare, McKesson Corporation, Teladoc Health, Inc., CareCloud, Inc., and AMD Global Telemedicine, Inc.

Anticipated to witness the fastest growth rate over the forecast period, the Asia-Pacific region is driven by the rising adoption of handheld devices like smartphones, tablets, and laptops, increasing internet penetration, and the growing prevalence of health conditions.

Global Connected Telehealth Devices Market Key Players:

1. Medtronic plc (Ireland)
2. Koninklijke Philips N.V (Netherlands)
3. GE Healthcare (United States)
4. Siemens Healthineers AG (Germany)
5. McKesson Corporation (United States)
6. Teladoc Health, Inc. (United States)
7. Cisco Systems, Inc. (United States)
8. CareCloud, Inc. (United States)
9. InTouch Health Technologies, Inc. (United States)
10. Telemedicine, Inc. (United States)