How Big is the telehealth market?
The size of the global telehealth market is forecasted to worth USD 17.2 billion by 2025, showcasing a CAGR of 24.2% from 2020 to 2025.
Electronic information and telecommunication technologies are the major devices to distribute health care services through the internet, which is referred to as telehealth. These services allow the patient to contact long-distance healthcare professionals with the help of the internet. They can receive quality healthcare, even in rural areas where hospitals and other healthcare services are not available. Wireless technologies in the healthcare sector connect patients with healthcare professionals and seek advice for well-being.
Key market drivers:
The increasing aging population is certainly one of the major factors for the market to grow in this region. The growing prevalence of smartphones and raising awareness over the use of various fitness applications are also causing the market to grow enormously. The rise in the number of people with chronic diseases such as cancer, diabetes, cardiovascular diseases, and others is leveraging the telehealth market’s demand. According to the data collected by Canada’s government, it is estimated that more than 2.3 million children of age 12 are diagnosed with diabetes.
Also, the spread of coronavirus in many countries is stepping up the market demand to the extent as it is safer and efficient during these times. In addition, escalating expenditure on the healthcare and growing demand for the early detection of the diseases boost the growth rate of the market.
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Significant Challenges:
However, privacy concern among patients is degrading the demand of the telehealth market. Stringent rules and regulations by government organizations are also likely to hinder the growth rate of the market.
Impact of Covid-19 On the Global Telehealth Market:
During the COVID-19 outbreak, telehealth has been a safer technology to communicate with the doctors without getting exposure to the virus. World Health Organization (WHO) also announced that telemedicine should be a new model for clinical services and clinical decision management. Healthcare professionals are at higher risk during the COVID-19 outbreak, where telehealth helps to minimize the risk of getting infected. There is a surge in demand for telehealth with increasing awareness among people. These techniques are also adopted by government hospitals to eradicate the spread of coronavirus in many countries. Telehealth has helped a lot in flattening the curve of the spreading coronavirus in every country. Also, the COVID-19 patients isolated at home with mild symptoms are receiving effective care online.
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This research report on the global telehealth market has been segmented & sub-segmented into the following categories:
Telehealth Market – 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
Telehealth Market – By Delivery:
- Web-based
- Cloud-Based
- On-premise
Telehealth Market – By End Users:
- Providers
- Patients
- Payers
- Other End Users
Telehealth Market – By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Geographically, the telehealth market is having a huge impact in North America. North America is holding the highest shares in the market. The US is one of the countries with the highest COVID-19 cases, which led to a sudden surge in demand for the telehealth market. Also, growing diabetic patients is leveling up the growth rate of the market. In 2016, more than 52% of 110 million physicians conducted the consultation online by Kaiser Permanente, a leading integrated managed care consortium based in California.
The Asia Pacific is positioned second in holding the largest shares of the market. Increasing incidences of cancer and diabetes patients are ascribed to bolster the demand of the telehealth market. On-going research on the development of newer technologies in healthcare is also estimated to leverage the market’s demand.
Europe had the fastest growth rate in 2019 and is also to hit the highest CAGR in the coming years. Italy is ruling with the dominant shares of the market, which held 12.4% shares in 2018.
Latin America, and the Middle East and Africa are anticipated to witness prominent growth opportunities in the forecast period.
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Key Market Participants:
Notable companies dominating the global telehealth market analyzed in this report 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.
List of Tables and Figures of the report:
- Global Telehealth Market, By Region, From 2020 to 2025 (USD Million)
- Global Telehealth Market, By Services, From 2020 to 2025 (USD Million)
- Global Software Market, By Region, From 2020 to 2025 (USD Million)
- Global Hardware Market, By Region, From 2020 to 2025 (USD Million)
- Global Telehealth Market, By Delivery, From 2020 to 2025 (USD Million)
- Global Web-Based Market, By Region, From 2020 to 2025 (USD Million)
- Global Cloud-Based Market, By Region, From 2020 to 2025 (USD Million)
- Global On-Premise Market, By Region, From 2020 to 2025 (USD Million)
- Global Telehealth Market, By End-Users, From 2020 to 2025 (USD Million)
- Global Providers Market, By Region, From 2020 to 2025 (USD Million)
- Global Patients Market, By Region, From 2020 to 2025 (USD Million)
- Global Payers Market, By Region, From 2020 to 2025 (USD Million)
- Global Other End-Users Market, By Region, From 2020 to 2025 (USD Million)
- Global Telehealth Market, By Services, From 2020 to 2025 (USD Million)
- Global Remote Monitoring Market, By Region, From 2020 to 2025 (USD Million)
- Global Real-time Interactors Market, By Region, From 2020 to 2025 (USD Million)
- Global Store and forward consulting Market, By Region, From 2020 to 2025 (USD Million)
- Global Telehealth Market, By Software, From 2020 to 2025 (USD Million)
- Global Integrated Market, By Region, From 2020 to 2025 (USD Million)
- Global Standalone Market, By Region, From 2020 to 2025 (USD Million)
- Global Telehealth Market, By Hardware, From 2020 to 2025 (USD Million)
- Global Monitors Market, By Region, From 2020 to 2025 (USD Million)
- Global Medical peripheral devices Market, By Region, From 2020 to 2025 (USD Million)
- Global Telehealth Market, By Medical peripheral devices, From 2020 to 2025 (USD Million)
- Global Blood Pressure Monitors Market, By Region, From 2020 to 2025 (USD Million)
- Global Blood Glucose Meters Market, By Region, From 2020 to 2025 (USD Million)
- Global Weight Scales Market, By Region, From 2020 to 2025 (USD Million)
- Global Pulse Oximeters Market, By Region, From 2020 to 2025 (USD Million)
- Global Peak Flow Meters Market, By Region, From 2020 to 2025 (USD Million)
- Global ECG Monitors Market, By Region, From 2020 to 2025 (USD Million)
- Global Others Market, By Region, From 2020 to 2025 (USD Million)
+260 more
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