Pune, India, April 14, 2022 (GLOBE NEWSWIRE) -- The global telehealth market size is anticipated to reach USD 636.38 billion by 2028 and exhibit a CAGR of 32.1% during the forecast period. Rising adoption of telehealth services to combat the rapid spread of the COVID-19 infection will play a key role in boosting market growth. Fortune Business Insights™ presented this information in its report titled, “Telehealth Market, 2021-2028”. The market size stood at USD 144.38 billion in 2020.
Industry Developments-
January 2021: Teladoc Health Inc. and DexCom Inc. launched CGM technology and personal insights for Type-2 diabetics. The new launch is aimed to offers inclusive recommendations and health profiles for members suffering from diabetes.
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Telehealth leverages the power information and communication technology to provide remote healthcare services to patients. The COVID-19 outbreak has created immense pressure on existing healthcare infrastructures around the world, necessitating the employment of technologies that allow patients to contact with their doctors from distant locations. Moreover, since healthcare facilities are focused on dealing with coronavirus patients, treatments for other diseases have taken a backseat. In this context, telehealth technologies have enabled medical professionals to ensure that patients with chronic and other serious conditions are provided with the necessary medical care during the pandemic. Lastly, telemedicine tools have also safeguarded frontline healthcare professionals from getting infected, which have further augmented the prospects of this market.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2021 to 2028 CAGR | 32.1% |
| 2028 Value Projection | USD 636.38 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 144.38 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Application, Modality, end-Users and Geography |
| Growth Drivers | Effects of COVID-19: Pandemic has Surged the Demand for Telehealth Usage |
| Growing Number of Partnerships, Acquisitions, and Venture Capital Funding is a Vital Trend | |
| Active Government Initiatives for Telehealth Solutions is Set to Propel Growth |
Inorganic Strategies by Key Players to be Highly Prosperous for Growth
In terms of revenue, the leading position is held by Teladoc Health Inc. due to the huge client base, paid memberships, and escalating number of virtual visits. The key players in this market are focused on network expansion through inorganic growth strategies such as partnerships, collaborations, mergers, acquisitions, and others. For instance, in March 2020, the Ministry of Health and Family Welfare (MoHFW) collaborated with NITI Aayog and the Board of Governors (BoG) Medical Council of India (MCI) to issue guidelines for telemedicine practice in India.
The sudden emergence of the humanitarian crisis has created unprecedented challenges for the global economy and hampered the growth of several industries and markets. However, the demand for telehealth solutions has increased during the pandemic as people feared contracting the virus from doctors and physicians. Online consultation has augmented manifold during the pandemic. According to Teladoc Health Inc., nearly 8 million to 9 million virtual consultations were recorded in 2020, twice the number recorded in 2019.
Additionally, the increased government’s support for digital health platforms has led to the formation of new policies and reimbursement guidelines. These factors are expected to bolster the growth of the market in the coming years.
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Segmentation:
Based on type, the market is bifurcated into services and products. Based on application, the market is categorized into continuous medical education, patient monitoring, telemedicine, and others. Based on modality, the market is divided into remote patient monitoring, real-time (synchronous), and store-and-forward (asynchronous). By end-user, the market is segmented into healthcare facilities, home care, and others. Geographically, the market is classified into four major regions- North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Analysis
Increasing Preference for Teleconsultation to Fuel Growth in North America
North America is anticipated to witness the highest growth in the global telehealth market share. The favorable health reimbursements and the growing preference for teleconsultation are anticipated to boost the market's growth. Additionally, the strategic presence of key players is likely to stimulate market growth.
Europe is expected to gain striking growth in the coming years due to the swift remote monitoring device adoption and the favorable regulatory scenario.
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Surging Healthcare Costs to Propel Market Growth
The expanding geriatric population and the increasing prevalence of chronic diseases are expected to surge healthcare costs in the coming years. The Centers for Medicare and Medicaid Services projected an increase in the national healthcare expenditure in the U.S. from USD 3.81 trillion in 2019 to USD 4.01 trillion in 2020. Hence, the rising healthcare costs are anticipated to boost the global telehealth market growth.
Telehealth overcomes the distance barriers and ensures healthcare delivery across remote locations in developed and underdeveloped countries. The governments of numerous nations are forming policies and developing pilot projects to provide healthcare in rural areas. Hence, the increased government support is likely to boost the market growth.
Competitive Landscape
Partnership-based Innovations among Players to Intensify Market Competition
The healthcare information & technology domain has provided interested participants with a wide arena to innovate and expand their presence in the healthcare sector. Players in this market are exploiting these opportunities to the fullest by entering into collaborations to develop novel solutions through enhanced research capabilities.
A list of renowned telehealth providers operating in the global market:
- American Well (Boston, U.S.)
- MDLIVE Inc. (Sunrise, U.S)
- Teladoc Health Inc. (Purchase, U.S.)
- Doctor on Demand Inc. (San Francisco, U.S.)
- Dictum Health Inc. (Oakland, U.S.)
- Grand Rounds Inc. (San Francisco, U.S.)
- OpenTeleHealth (Balticagade, Denmark)
- Other Players
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Detail Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Chronic Diseases – For Key Countries
- Ageing Population Data
- Regulatory & Reimbursement Scenario – For Key Countries
- Internet Users & Penetrations Statistics
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Telehealth Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Services
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
- Market Analysis, Insights and Forecast – By Modality
- Real-time(Synchronous)
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Homecare
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Telehealth Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Services
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
- Market Analysis, Insights and Forecast – By Modality
- Real-time(Synchronous)
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Homecare
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Telehealth Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Services
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
- Market Analysis, Insights and Forecast – By Modality
- Real-time(Synchronous)
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Homecare
- Others
- Market Analysis, Insights and Forecast – By Countries/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
TOC Continued….!!!!
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