Pune, July 29, 2020 (GLOBE NEWSWIRE) -- The global telehealth market is expected to grow astonishingly in the near future on account of the rising preference for e-visits. They provide easy access to the required doctors, lower outpatient department (OPD) waiting times, and are cost-effective. Fortune Business Insights™ published this information in a new report, titled, “Telehealth Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services), By Application (Telemedicine, Patient Monitoring, Continuous Medical Education, and Others), By Modality (Real-time (Synchronous), Store-and-forward (Asynchronous), and Remote Patient Monitoring), By End User (Hospital Facilities, Homecare, and Others), and Regional Forecast, 2020-2027.” The report further mentions that this market size was USD 61.40 billion in 2019 and is projected to reach USD 559.52 billion by 2027, exhibiting a CAGR of 25.2% during the forecast period.
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This Report Answers the Following Questions:
- How are key companies planning to promote usage of telehealth?
- Will the COVID-19 pandemic surge the demand for such platforms?
- What are the market growth drivers, obstacles, and dynamics?
- Which segment is expected to lead in the coming years?
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Drivers & Restraints-
Rising Need to Maintain Social Distancing amidst COVID-19 will Favor Growth
The outbreak of the COVID-19 pandemic has reduced the demand for medical devices owing to the rising burden on healthcare professionals and hospitals, as well as reduced hospital visits. Besides, several cases of elective surgery have been postponed. This has opened doors to new opportunities for these platforms and software solutions. Hence, the demand for virtual consultations is anticipated to surge on account of the current scenario.
Telehealth is considered to be a very powerful weapon to battle the coronavirus pandemic. To avoid virus transmission while traveling to hospitals and clinics, people are rapidly inclining towards these digital platforms. Teladoc Health Inc., for instance, stated that as compared to the fourth quarter of 2019, the overall number of virtual consultations surged up to 60% and reached 2 million from January 2020 to March 2020. This proves that people are actively adopting remote monitoring and telehealth services worldwide to keep up with social distancing between the doctors and the patients.
The emergence of the COVID-19 pandemic is causing tremendous losses for a wide range of industries. Though most of them were completely shut since the past few months, a few of them have resumed their operations by following reduced workforce and social distancing measures. Our special research reports would help you in providing the best possible strategy that you can adopt to overcome this difficult phase.
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Segment-
Services Segment to Lead Backed by Rising Number of Virtual Consultations
In terms of type, the market is bifurcated into services and products. Out of these, the services segment is set to dominate by generating the highest telehealth market share in the near future. This growth is attributable to the introduction of reimbursement policies for teleconsultations, rising fundings by various start-up companies, and increasing number of virtual consultations. The products segment is expected to grow steadily because of the high demand for numerous telecommunication devices, such as tablets.
Regional Analysis-
High Rural Population to Augment Growth in Asia Pacific
Based on geography, in 2019, North America procured USD 26.14 billion in terms of revenue. This growth is attributable to the presence of favorable health reimbursement policies, as well as several reputed companies in the region. Apart from that, the region is adopting the latest technologies in the field of telehealth at a fast pace. Asia Pacific, on the other hand, is anticipated to grow remarkably in the near future on account of high rural population, technological advancements in digital imaging, and enhancements in healthcare scenario.
Competitive Landscape-
Key Players Focus on Acquisition & Investment Strategies to Intensify Competition
The market consists of several enterprises that are presently aiming to follow the strategies, such as investments and acquisitions to gain a competitive edge. Some of them are also launching their own platforms owing to the current pandemic of COVID-19. Below are a couple of the latest industry developments:
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- January 2020: Teladoc Health announced its plans to acquire InTouch Health. The latter is a renowned provider of telehealth solutions for hospitals. This acquisition would help Teladoc in strengthening its position in the space of virtual care. InTouch Health has partnered up with more than 450 hospitals.
- June 2019: Zava, a digital healthcare provider raised USD 32 million in a Series A investment. It was raised from HPE Growth. The company’s main aim is to create reliable and accessible healthcare by reducing costs at the same time. Since its founding, the company has provided more than 3 million consultations in Europe.
Fortune Business Insights™ lists out the names of every telehealth provider operating in the global market. They are as follows:
- 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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Detailed 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
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