Telehealth Market Trends, Size and Growth Analysis By Component (Hardware, Software and Services), By Mode of Delivery (Web/Cloud-Based and On-Premise), By Application (Radiology, Cardiology, Primary Care, Neurophysiology and others), By End User (Hospitals and Clinics, Diagnostic Centers, Home Care and others)
The global telehealth market is growing pervasively mainly due to the range of advantages the telehealth it offers. Main five benefits of telehealth include improved outcomes, enhanced care-coordination that maximizes clinical efficiency driving consumer engagement, and all this at much-reduced costs. The uptake of Telehealth is on the rise as more users view telehealth as a viable alternative to traditional, in-person visits. As patients’ acceptance increases, the telehealth market will be evaluated in terms of value.
Acknowledging the potential of the market to increase further, Market Research Future (MRFR) in its recently published study report asserts that the global telehealth market will perceive a splendid growth by 2023 registering a double-digit CAGR of 29.8% during the forecast. The patients' journey is unlikely to change since users of telehealth services will need to be seamlessly integrated into the familiar payer/provider constructs (access, reimbursement, etc.) to drive the utilization.
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Telehealth is garnering enormous prominence in the healthcare industry as patients, providers, payers, employers, and legislators have begun to acknowledge its significant capabilities that enhance the quality of life of patients and their caregivers with the cost-effective solutions. Resultantly, the telehealth market is expected to grow substantially as patients actively balance cost and quality of care, continually gaining momentum.
The ever-increasing population is the key driving force acting as a tailwind to the market growth. Moreover, factors such as the proliferation of internet, smartphones and portable connected devices, and developments in telemedicine technologies will influence the market growth of telehealth.
Furthermore, the wide range of clinical applications is also providing impetus to the growth, allowing distant patient care, advice, reminders, monitoring, intervention, remote admissions, and clinical education.
Specialized offerings and SaaS platforms will bring about growth in products. Vendors providing ‘Full service’ offerings will shift to robust technology utilizing SaaS business models. Superior technology platforms will go surpass facilitating remote connections and integrate into their technology stack. Successful infrastructure/SaaS will be customized to both the buyer and the clinical use case.
Global Telehealth Market - Segments
The market can be segmented into four key dynamics for the convenience of understanding;
By Components: Software and Hardware {Monitors (blood glucose, blood pressure, and ECG monitors, others.), Medical Devices, and others}, among others.
By Types : On-Premises, Web-Based, and Cloud-Based.
By End-Users : Pharmaceutical Companies and Hospitals Clinics, among others
By Regions : North America, Europe, APAC and the Rest-of-the-World.
Global Telehealth Market - Regional Analysis
The North American region accounts for the leading market for telehealth, globally, accounting for the significant market share. Factors such as favorable government policies and the fastest adoption of telemedicine along with the increased incentives drive the market growth in the region. Simultaneously, well-developed healthcare infrastructure and high healthcare expenditure to substantiate the market growth, allowing a suitable environment for the development and adoption of technologies.
The US and Canada backed by their successfully implemented telehealth facilities are expected to boost the market growth in the region over the forecast period. Furthermore, favorable government initiatives in executing telehealth, regulatory framework, and innovations in the region are expected to propel the market growth.
Europe accounts for the second-largest market for telehealth which is expected to grow at a considerable CAGR. Favorable governmental support and initiatives drive the growth in the market extensively. The proliferating healthcare sector in the region, backed by the resurging economy is fostering the market growth radiantly.
Germany among other European countries leads the connected healthcare deployments in the region. A number of solutions are being offered, and services are being delivered through varied means, ranging from simple messages to exceedingly complex apps. Increased digitization along with the increasing focus on data quality management, data integration, and data governance would drive the growth of telehealth market in Europe.
The Asia Pacific region accounts for a substantial market for telehealth. Factors such as the huge development opportunities along with the constantly developing healthcare infrastructure in the Asia Pacific region is propelling the market growth. The market in the APAC observes the increased adoption of telehealth in healthcare facilities. Countries such as India, China Japan account for the wide adoption of these management products and services; driving the market growth in the region.
Global Telehealth Market – Competitive Analysis
The global telehealth market appears to be highly competitive. Key players are focusing on optimizing situational awareness towards customers to ensure their mission success. Matured players are increasingly seeking market expansion through various strategic activities such as MA, innovation, increasing investments in RD and cost-effective product portfolio. These players are investing substantially to bring innovations and to expand their market presence.
Key Players
Identified and profiled in MRFR analysis, some of the key players in the global telehealth market report include - Medtronic (Ireland), General Electric Company (UK), Koninklijke Philips N.V. (the Netherlands), Care Innovations, LLC. (US), Cerner Corporation (US), McKesson Corporation (US), Siemens Healthcare Private Limited (US), AMD Global Telemedicine, Inc. (US), GlobalMedia Group, LLC (US), and InTouch Technologies, Inc. (US).
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