The Global Telehealth Market is projected to reach $54.23 billion by 2026, growing at a CAGR of 13.5% during the forecast period 2020-2026.
Telehealth clinical services deals in video conferencing and remote patient monitoring, which include usage of electronic devices and internet connection to transmit health information between patient and healthcare providers. In other words, it is a type of video conferencing between patient and healthcare providers to provide real-time consultations. It saves the cost of travelling and is easy to reach the doctors and other related service providers especially in the cases of chronic diseases and helps to make the health sector more resilient.
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The global telehealth market growth is driven by various growth-driven factors that include increasing geriatric population, rising prevalence of life-threatening diseases and continuous technological advancements in the healthcare sector.
Telehealth services provide easy accessibility of quality-care to elderly-aged people and boost the demand of health care check-ups at home. Also, increasing demand for affordable and cost-effective treatment and advancements in telecommunication infrastructure are expected to propel the growth of telehealth market. However, poor connectivity of internet in developing countries, security concerns over patient data, and other privacy, legality, and security issues related to usage of technology and sharing of personal data may hinder the market growth over the forecast period.
COVID-19, the illness caused by the coronavirus boosted the demand of virtual healthcare. As per the analysis, COVID era will influence the sustained development of teleservices. Telemedicine help to maintain the lockdown and supported patients to remain inside their places and slowdown the spread of virus. On the other side, it also helps hospitals to better prepare for surge in number of patients into intensive care units and emergency rooms. In cases of coronavirus, where the disease can easily spread, doctors, physicians and other healthcare service providers are required to wear personal protection equipment suits (PPE suits). Telehealth services allow to attend patients virtually and save many PPE suits that are required to change in every patient visit. Virtual health services are saving the precious PPE suits, reducing risk of spread of coronavirus, compressing less required crowd in hospitals, supporting social distancing and highly contributing to combat COVID-19.
Segmentation Overview of the Global Telehealth Market
The global telehealth market is segmented on the basis of various market segments such as component, deployment and end-user. These major market segments are further categorized into various sub-segments to study the market in detail.
The Component Segment of the Global Telehealth Market is Sub-Segmented into:
The Deployment Segment of the Global Telehealth Market is Sub-Segmented into:
The End-User Segment of the Global Telehealth Market is Sub-Segmented into:
- Other End Users
Geographical Overview of the Global Telehealth Market
On the basis of geographical segmentation, the global telehealth market was studied across North America (U.S., Canada); Europe (Germany, UK, France); Asia Pacific (China, India, Japan); Latin America (Brazil, Mexico); Middle East & Africa. As per the analysis, the North American market hold the highest market share in the year 2019 and expected to dominate the market over the forecast period, owing to rapid technological adoption in the region and high internet penetration among the population of North America. Whereas, the Asia-Pacific is estimated to grow fastest considering the telehealth market and anticipated to register the highest CAGR during the forecast period. The regional growth is attributed to growing economies and increasing healthcare expenditure. Also, the continuous growth of the healthcare industry in the APAC region and increasing funding of Australian Government towards telehealth is expected to boost the growth of the regional market during the forecast period.
Key Players Insights
Honeywell Life Care Solutions, General Electric Company, Cisco Systems, Inc., Care Innovations, LLC, Vidyo, Inc., Medvivo Group Ltd., AMD Global Telemedicine, Inc., Tunstall Healthcare Group Ltd., McKesson Corporation, Koninklijke Philips N.V. and Medtronic plc among others are some key players included in the research study of the global telehealth market. The market players are adopting various key strategies to withhold the market position for the long-term.
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