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Global Telehealth Market size is expected to register a CAGR of 22.74% to reach USD 16,173.8 Million by 2024. Telehealth is the use of digital information and communication technologies to access healthcare services remotely for the management of health. Telehealth connects patients to fundamental healthcare services through remote monitoring, video conferencing, electronic consultations, and wireless communications. Factors such as the increasing prevalence of chronic diseases, the rise in geriatric population, and the shortage of physicians are the major drivers propelling the telehealth market growth. However, privacy and security concerns and stringent government rules for telehealth services could hamper market growth during the forecast period.
Impact 0f COVID-19 on the Telehealth Market
1.1 A HISTORICAL PERSPECTIVE
It did not take novel coronavirus for the telehealth industry to start gaining traction among healthcare providers and patients. Telehealth was already experiencing significant momentum and growth prior to this public health emergency, particularly over the past few years as the technology has become more streamlined and young tech-savvy generation is gaining interest in this care model. The appetite for telehealth is growing, but many consumers are confused or unsure about its availability.
We have observed the massive impact of novel coronavirus on people’s lives over the last five months. It has also impacted various industries across the globe, eventually affecting the global economy. Some industries have experienced negative growth, whereas some industries have experienced tremendous demand and have generated massive revenues in this period. Covid 19 Impact on Telehealth market is the one of the positive impact sector on global industry
Telehealth Market Dynamics
Telehealth could be effectively utilized for the diagnosis, treatment, and supportive care of chronic diseases such as diabetes and cancer. Chronic diseases reduce a person’s quality of life, especially if left undiagnosed or untreated. According to data by the Government of Canada, in 2017, about 2.3 million people aged 12 and older were diagnosed with diabetes. Additionally, according to the press release by Chiron Health published in June 2016, chronic diseases such as heart disease, stroke, cancer, depression, type 2 diabetes, obesity, and arthritis affected an estimated 117 million people in the Americas. Telehealth can be used to address the rising demand for healthcare services for cancer, diabetes, and other diseases in developing regions. Thus, the high prevalence of such diseases is estimated to drive market growth during the forecast period.
Telehealth Market Key Players
The prominent players in the global telehealth market are Boston Scientific Corporation (US), AMD Global Telemedicine Inc. (US), Siemens (Germany), Allscripts Healthcare Solutions (US), Right Health (Canada), American Well (US), GlobalMed (US), Care Innovations LLC (US), Honeywell International Inc. (US), InTouch Technologies Inc. (US), Medtronic PLC (Ireland), Philips Healthcare (Netherlands), Cerner Corporation (US), Dialogue (Canada), Maple (Canada), Cisco Systems Inc. (US), and Livecare Health (Canada).
Telehealth Market Segmentation
Global telehealth market report has been segmented into component, mode of delivery, application, and end user.
Global telehealth market analysis, by component, has been segregated into services, software, and hardware. The services segment accounted for the largest share owing to the increasing initiatives by key companies, whereas the software segment is expected to be the fastest-growing due to the growing inclination toward the usage of telehealth software. The market, by hardware, has been further sub-segmented into monitoring devices, medical peripherals, and others. The market, by monitoring devices, has been sub-segmented into stationary and wearable monitoring devices. The market, by medical peripherals, has been further divided into blood pressure monitors, ECG monitors, pulse oximeters, blood glucose meters, peak flow meters, otoscopes, and others. The market, by software, has been segregated into integrated software and standalone software. The market, by services, has been further classified as remote monitoring, real-time interactions, and store-and-forward consultations.
The global telehealth market, by mode of delivery, has been divided into web/cloud-based and on-premise. The web/cloud-based segment held a large share due to the wide preferability, whereas the on-premise segment is projected to be the fastest-growing due to the increasing awareness among hospital management.
The global telehealth market, by application, has been categorized as radiology, cardiology, primary care, neurophysiology, and others. The radiology segment held a major share owing to the increased use of telehealth technology in the radiology field, whereas the cardiology segment is projected to be the fastest growing owing to the rise in cardiovascular diseases.
The global telehealth market, by end user has been classified as hospitals and clinics, diagnostic clinics, home care, and others. Hospitals and clinics segment held a major share due to the increase in the number of hospitals employing the use of telehealth software, whereas the diagnostic clinics segment is expected to be the fastest-growing segment due to the rising inclination towards telehealth services.
Telehealth Market Regional Analysis
Global telehealth market share, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is estimated to dominate the global telehealth market. This can be attributed to the increasing adoption of telehealth services in the US. For instance, in 2016, Kaiser Permanente, an integrated managed care consortium based in California, conducted more consultations virtually than in person, i.e., nearly 52% of 110 million physician visits were via online portals, virtual visits, or apps.
The Europe market for telehealth is expected to be the second largest market. The paradigm shift toward more organized and continuous healthcare monitoring is projected to be the main factor for the growth of the market extensively. Italy held a share of 12.4% in the Western Europe telehealth market in 2018.
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Asia-Pacific is estimated to be the fastest-growing region in the global market due to the rise in geriatric population, an increase in the prevalence of chronic diseases, and the shortage of technical personnel.
The Middle East & Africa is expected to witness steady growth due to limited access and healthcare affordability among the population.
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