The global telehealth market size was valued at around USD 40.3 billion in 2020 and is anticipated to reach more than USD 700 billion by 2028, expanding at a CAGR of around 35% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing usage of smart devices and internet by consumers.
Telehealth is defined as use of electronic information and telecommunication technologies to assist remote clinical health care, health-related education, and health administration. Telehealth usually refers to clinical as well as non-clinical services. Telehealth technologies include internet, videoconferencing, streaming media, store-and-forward imaging, terrestrial communications, and wireless communications.
Telehealth has emerged as an essential factor in healthcare system in recent years. Growing usage of smart devices and widely available internet made healthcare easily available to patients. Healthcare consumers are inclining towards telehealth due to its flexibility, convenience, and rapid results. Rising healthcare costs and technological innovations aids in the growth of the global telehealth market.
Market Trends, Drivers, Restraints, and Opportunities
- The COVID-19 pandemic situation drives the telehealth due to social distancing, travel restrictions or limitations, and lack of in-person visits.
- The advancements in digital infrastructures and increasing numbers of telehealth platforms propel the market.
- Growing prevalence of chronic diseases and conditions as well as rising geriatric population is expected to boost the market during the forecast period.
- Usage of telehealth to train medical staff, conduct administrative meetings, and imparting medical education is expected to boost the market.
- Increasing inclination of consumers towards user-friendly smartphone applications and wearable devices is expected to drive the market.
- Variations in telehealth policies in different regions is anticipated to hinder the market growth.
- Issues and frauds related to data put on smartphone applications, cloud repositories, and others can obstruct the market growth.
- Increasing awareness about telehealth with its cost-effectiveness and easy access among consumers expected to create lucrative opportunities for the global telehealth market.
Telehealth Market Scope
The report on the Telehealth market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Telehealth Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Components (Hardware, Software, and Services), Applications (Telemedicine, Teleradiology, Telepathology, Telecardiology, Patient Monitoring, Continuous Medical Education, and Others), Delivery Modes (Cloud-Based Delivery Mode, Web-Based Delivery Mode, and On-Premise Delivery Mode), End-Users (Healthcare Providers, Healthcare Consumers, Payers, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AMC Health; Teladoc Health Inc.; American Well; MDLIVE, Inc.; Doctor on Demand, Inc.; Siemens Healthineers; Cisco Systems, Inc.; Cigna Corporation; Koninklijke Philips N.V.; GE Healthcare; Medtronic; Asahi Kasei Corporation; iCliniq; and Others
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Telehealth Market Segment Insights
Software segment is expected to drive the market
On the basis of components, the market is divided into hardware, software, and services. The software segment is expected boost the market during the forecast period. Several of key players are developing new software for virtual consults and remote monitoring.
The healthcare providers are adopting telehealth software continuously in their services to patients. Key players are trying to broaden their reach by incorporating unique specialties such as dermatology, mental health, cardiology, and others in their software developments.
Telemedicine segment dominates the market
Based on applications, the market is segmented into Telemedicine, Teleradiology, Telepathology, Telecardiology, Patient Monitoring, Continuous Medical Education, and Others. The telemedicine segment is expected to expand at a significant rate during the forecast period due to the rising healthcare awareness and increasing acceptance of cloud-based technologies in telemedicine.
Telemedicine improves access of care to every person as well as offers flexibility and convenience to patients and healthcare providers alike. COVID-19 pandemic has propelled the market with the need for social distancing, travel restrictions, and lack of in-person consultations.
Web-based delivery mode accounts for the large share of the market
Based on the delivery modes, the market is segregated into cloud-based delivery mode, web-based delivery mode, and on-premise delivery mode. The web-based delivery mode is expected to drive the market during the forecast period. Rising demand for e-visits, that comparatively costs less than face-to-face consultations, is fueling the market. Technological advances, strategic collaborations, and developments of innovative products aid key players to expand the web-based delivery mode segment.
Healthcare consumer segment is estimated to grow at a rapid speed
On the basis of end-users, the market is segmented into healthcare providers, healthcare consumers, payers, and others. The healthcare consumers are expected to drive the market during the forecast period. Growing number of geriatric population and increasing usage of smart devices and applications to health boosts healthcare consumer segment in the telehealth market.
North America accounts for the largest share in the global telehealth market
On the basis of regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America holds the largest share in the market owing to federal mandates to increase healthcare facilities, increasing focus on improving quality of care, and growing need to reduce COVID-19 cases.
Telehealth solutions are adopted in the region to lessen the increasing load on hospitals and manage patient data. Asia Pacific market is expected to grow during the forecast period as well due to increasing number of chronic diseases.
Segments
The global telehealth market has been segmented on the basis of
Components
- Hardware
- Software
- Services
Applications
- Telemedicine
- Teleradiology
- Telepathology
- Telecardiology
- Patient Monitoring
- Continuous Medical Education
- Others
Delivery Modes
- Cloud-Based Delivery Mode
- Web-Based Delivery Mode
- On-Premise Delivery Mode
End-users
- Healthcare Providers
- Healthcare Consumers
- Payers
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- AMC Health
- Teladoc Health Inc.
- American Well
- MDLIVE, Inc.
- Doctor on Demand, Inc.
- Siemens Healthineers
- Cisco Systems, Inc.
- Cigna Corporation
- Koninklijke Philips N.V.
- GE Healthcare
- Medtronic
- Asahi Kasei Corporation
- iCliniq
- Others
Competitive Landscape
Key plyers in the global telehealth market are AMC Health; Teladoc Health Inc.; American Well; MDLIVE, Inc.; Doctor on Demand, Inc.; Siemens Healthineers; Cisco Systems, Inc.; Cigna Corporation; Koninklijke Philips N.V.; GE Healthcare; Medtronic; Asahi Kasei Corporation; iCliniq; and Others. They use business strategies like mergers, acquisitions, collaborations, partnerships, and product development and launches to strengthen their hold on the market. For example, in January 2020, Teladoc Health Inc. entered in a contract to acquire In Touch Health to boost telemedicine line and extend its presence across health systems.
In 2022, a telehealth firm, Docty, is planning to open 100 digital health kiosks across three states of India, which are Maharashtra, Telangana, and Andhra Pradesh. Docty has partnered with several offline states, pharmacies, internet cafes, photo-copy centers and others to launch their kiosks where customers can access online consultations with doctors and receive prescriptions.