As per our analysis report, the global telehealth market size is forecasted to reach USD 17.2 Billion by 2025, witnessing a compound annual growth rate (CAGR) of 24.1% from 2020 to 2025. Leading telehealth companies like Teladoc Health, American Well, and Doctor on Demand are currently dominating the most the global telehealth market share.
Providing health-related solutions and data via communication technology is called telehealth. The term is simply because two medical professionals discuss a specific case over the phone when robotizing between health centers in different parts of the world. Some other factors leading the market are rising healthcare costs, technological innovation, increased telemonitoring of patients, and increased chronic illness burden.
American Hospital Association (AHA) study report found that approximately 67% of U.S. hospitals are connected remotely to doctors and patients via video and other communication technologies in 2016. The sudden global outbreak of coronavirus is remote because these solutions help caregivers effectively communicate with patients and find better answers to their health concerns during pandemics, boosting medical use. Due to the social distances practiced in different countries worldwide, virtual care provision is an effective solution for safe and excellent communication. World Health Organization (WHO) mentioned telehealth as one of the critical services in the COVID-19 emergency policy response.
In the pandemic situation caused by Coronavirus, telehealth plays a vital role in reducing the virus's spread. In these challenging times, many health providers support telehealth to lower the direct contact between the patients and doctors.
In March 2020, the cases rose across the globe, and the front-liners like doctors and physicians faced many challenges like lack of personal protection kits and others. While researchers are in the process of developing a new vaccine, the authorities are promoting telehealth services.
In the U.S, health and Human Services has approved new guidelines for healthcare services to use telehealth. Many companies are adopting different software applications to provide quality treatment services. Of course, the charge through telehealth is also the same as in-patient medical services. For the patients suffering from chronic diseases, artificial intelligence systems are helping in assisting the patients.
Though telehealth is familiar in some parts of the world, it is everyday practice before the coronavirus outbreak. In quarantine times, telehealth is also useful to take care of mental health-related issues such as depression, anxiety, and post-traumatic stress disorder. Telehealth is experiencing a strong positive response in these situations and benefits the patients through virtual assistance.
According to Forrester, telehealth is a boom in this pandemic situation, and the demand for it goes on steadily for several years. In the U.S, approximately 24% of the hospitals have already adopted virtual care programs from January 2020. It is explosive growth for the telehealth market where people are showing interest in video consultancy rather than going to hospitals. However, remote care demand may get into a routine once the pandemic situation comes into control.
As per the IDC report, 83.9% of patients were new to the telehealth platform, and the health providers are offering excellent care online.
MARKET DRIVERS:
Growing usage of the internet across the world, rising incidences of various chronic diseases, and the geriatric population, leading to a rise in the number of deaths worldwide, are primarily driving the global telehealth market growth.
Additionally, a shortage of healthcare professionals worldwide, telehealth benefits, and telecommunication infrastructure advancements are further accelerating the telehealth market growth. The increasing adoption rate of connected devices for managing chronic diseases and the growing requirement for affordable treatment options due to rising healthcare costs is projected to increase telehealth market growth.
R & D organizations and academic institutions are focusing on developing innovative products with advanced technology to enhance the efficiency of healthcare services, the growing rate of chronic diseases among people, and a rising number of HCIT programs to drive the global telehealth growth market.
Furthermore, on-going research on developing new technologies in favor of ordinary people and increasing medical tourism in emerging countries like India, Singapore, Malaysia, Australia, and China if further stimulating the telehealth market's growth.
MARKET RESTRAINTS:
Poor internet in rural areas, lack of consumer knowledge, especially in undeveloped countries, and increased cost of installation of telehealth solutions are significant restraints that significantly impact the telehealth market growth.
Payment constraints, misdiagnosis, less implementation, intense competition among vendors, and successful usage of business strategy and human resources are the main challenges in the global telehealth market. Reimbursement and coverage for telemedicine services comparable to in-person services are a big challenge for the telehealth market.
Asia Pacific Telehealth market is likely to experience the fastest growth. Factors driving market development in the region include improved healthcare infrastructure, increased chronic illness, increased demand for technologically advanced healthcare facilities, and a growing elderly population.
According to the United Nations (UN) data, a total of 549.2 million people in the Asia-Pacific region were over 60 in 2017. Also, this number reaches 1,272 million by 2050. With the aging population and the prevalence of chronic illness in the APAC Telehealth Market, there is a growing need to find new ways to improve medical outcomes and increase healthcare opportunities and reduce healthcare costs.
Healthcare providers, insurance companies, and governments reduce healthcare costs through remote patient monitoring, which collects information remotely using equipment and transfers it to a remote diagnostic test facility for interpretation. Therefore, these factors increase the Asia Pacific Telehealth market.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Component, Delivery, End Users, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Challenges, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global telehealth market segmented and sub-segmented based on component, delivery, end-users, and region.
Telehealth Market - By Component:
Based on the component, the services segment contributes a significant share of revenues to the global market. It is likely to grow at a high pace during the forecast period due to technological developments in telecommunication, the increasing incidence of remote monitoring technologies by patients, and the introduction of ACA and similar legislations in the U.S.
The software segment is increasing among end-users and witnessing growth at a high rate during the forecast period due to rising telehealth adoption. Companies operating in the market introduced their products with innovative technology services. The adoption of standalone software and integrated software helps to grow the Telehealth global market.
The hardware segment is estimated to grow at a robust CAGR during the forecast period due to its focus on monitoring devices such as wearable and stationary type devices systems.
Telehealth Market - By Delivery:
Based on the delivery, the web and cloud-based mode delivery segments held the majority market shares in the telehealth market in the year 2019. They projected to escalate their dominance in the market. Besides, the On-premise segment is estimated to grow at a healthy CAGR in the coming years due to hospital management availability.
Telehealth Market - By End Users:
In 2019, the provider's segment held the most shares in the global telehealth market based on end-users. The increasing adaption of new technologies in the telehealth market, aged population, and introduced advanced services for patients' reliability is the growing factor in the healthcare provider market segment.
Telehealth Market - By Region:
Geographically, the North American telehealth market is dominating with over 60% of the shares in the market, and continuing the trend during the forecast period due to in surge of investments for telehealth, increasing prevalence of chronic diseases. Within North America, the United States telehealth market is leading the market, followed by Canada. Increasing awareness of telehealth among people, the emergence of smartphones, and advanced digital devices escalate the telehealth market's growth in North America.
The European Telehealth market is leading the market next to North America. This region union has begun to promote the usage of telemedicine for the improvisation of healthcare access while saving resources. The U.K. telehealth market is one of the largest markets in the European region, with a large number of the population who are privately insured. Increasing disposable income in urban areas is also a factor promoting the market's growth in this country. Germany to grow steadily during the period.
The Asia Pacific telehealth market contributed a significant share to the global market and is expected to grow at the highest CAGR of 24.2% during the forecast period due to emerging economies of the developing countries. Populated countries like India and China are expected to showcase the market's enormous growth scope to grow in the coming years.
Companies playing a promising role in the global telehealth industry are American Well, GlobalMed, Teladoc Health, Inc., Dictum Health Inc., InTouch Technologies, Inc. Doctor On Demand, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD, and SnapMD, Inc.
RECENT MARKET DEVELOPMENTS:
In April 2018, American Well completed the acquisition of Avizia Limited to expand its product portfolio regarding the telehealth industry.
InTouch has developed a virtual platform for providing enhanced healthcare solutions called 'solo,' which has 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 the telehealth market.
Nutrimedy is a new type of telemedicine that provides patients with evidence-based clinical nutrition management directly at home. With this solution, companies can create personalized patient programs offered by clinical professionals, combined with customized interventions to support the patient population proactively; that thing makes this company unique. The Top Telehealth Company Nutrimedy is an early start-up company that improves clinical nutrition care models through telemedical web and mobile platforms. A clinical dietitian can provide personalized care outside the walls of the hospital in over 50 conditions.
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