Telehealth Market

Global Telehealth Market Size & Growth (2020 - 2025)

The size of the Global Telehealth Market is projected to hit USD 17.2 Billion by 2025, witnessing a CAGR of 24.1% during 2020 to 2025. Leading telehealth companies like Teladoc Health, American Well, and Doctor on Demand are occupying majority of the market shares.

Telehealth is the application of digital data and advanced technologies, such as smart computers, laptops, tablets and smart phones, which have highly improved the accessibility of health care services remotely. Hospitals and clinics are providing appointments through online or by videoconferencing which helps saving lot of time for patients, and to receive ongoing care from the hospital when an in-person visit isn't possible or necessary.

The major advantages of telehealth are providing access to professionals in medical, better communication and coordination of care between a health care team and a patient, convenient and accessible for people with less transport options, time and minimal mobility, it helps in creating a bridge between health care services and people especially living in isolated or rural communities, it helps in self-management of healthcare. Advancements of Smart phones and tablets which are integrated with sensors predicted to the demand for the Global Telehealth Market. 

Key Market Dynamics

• Expansion of telehealth market and increasing medical tourism in emerging countries like India, Singapore, Malaysia, Australia, and China are creating more opportunities for the growth of telehealth market during the forecast period. 

• Increasing incidences of various chronic diseases and geriatric population which are leading to a rise in the number of deaths across the world are significant factors for the Global Telehealth Market. (+ve)

• Shortage of healthcare professionals worldwide is accelerating the growth (+ve)

• Benefits of telehealth and advancements in telecommunication infrastructure (+ve)

• Increasing adoption rate of connected devices for the management of chronic diseases is additionally leveraging the growth rate of the global telehealth market. (+ve)

• Increased requirement for affordable treatment options owing to increasing healthcare costs (+ve)

• R & D organizations and academic institutions are focusing on developing innovative products with the advanced technology in order to enhance the efficiency of healthcare services which is expected to boost the telehealth market at a global level. (+ve)

• Increasing rate of chronic diseases among people and increasing number of HCIT programs are anticipated to drive the growth for the Global Telehealth Market. (+ve)

Key happenings in this market in the recent past:

• In April 2018, American Well has completed the acquisition of Avizia Limited to expand their product portfolio regarding telehealth industry.
• InTouch has developed a virtual platform for providing enhanced healthcare solutions called ‘solo’ which is integrated with services such as direct-to-customer, direct-to-patient and improved emergency care solutions. InTouch has launched the product in 2019 which is contributing to the growth of telehealth market.

REPORT COVERAGE:

This research report on the Global Telehealth Market segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2024.

Telehealth Market Analysis – By Component

• Services
  • Remote monitoring
  • Real time interactors
  • Store and forward consulting
• Software
  • Integrated
  • Standalone
• Hardware
  • Monitors
  • Medical Peripheral Devices
    • Blood Pressure Monitors
    • Blood Glucose Meters
    • Weight Scales
    • Pulse Oximeters
    • Peak Flow Meters
    • ECG Monitors
    • Others

On the basis of component, the services segment is contributing major share of revenues to the global market and is likely to grow at high pace during the forecast period owing to factors such as the technological developments in telecommunication, increasing incidence of remote monitoring technologies by patients, and introduction of ACA and similar legislations in the U.S. 

The software segment is growing rapidly among end users and is expected to witness the growth at high rate during the forecast period owing to increasing adoptions of telehealth.

Telehealth Market Analysis – By Delivery

• Web -based
• Cloud-Based
• On-premise

Telehealth Market Analysis – By End Users

• Providers
• Patients
• Payers
• Other End Users

Telehealth Market Analysis – By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle  East and Africa

Regionally, North American telehealth market is dominating the global market  and is expected to continue the trend during the forecast period due to in surge of investments for telehealth, increasing prevalence of chronic diseases. Increasing awareness of telehealth among people, emergence of smart phones and advanced digital devices are expected to escalate the growth of telehealth market in North America.

Asia Pacific telehealth market is contributing significant share to the global market and expected to grow further during forecast period owing to emerging economies of the developing countries.

Top companies in the Global Telehealth Market

American Well, GlobalMed, Teladoc Health, Inc., Dictum Health, Inc., InTouch Technologies, Inc., Doctor on Demand, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD and SnapMD, Inc. are few of the companies playing a key role  in the Global Telehealth Market.