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The global telehealth market size valued at USD 49.8 Billion in 2018 and is projected to reach USD 266.8 Billion by 2026, exhibiting a CAGR of 23.4% between 2018 and 2026
Information and communication technology holds the capability to address the challenges in providing high quality, accessible, and affordable healthcare services in developed and developing countries. Telehealth uses information and communication technology to overcome distance barriers and improve access to healthcare. Telehealth is emerging as a modern method to cater to the health needs of the patient population.
The rate of adoption of telehealth is gradually increasing, especially in the field of radiology, cardiology, and online consultation, augmenting the telehealth market growth. The market is also gearing up with increasing startups funding and launch of products, especially for telehealth services. For example, in April 2019, InTouch Health announced the launch of Solo, an end-to-end fully integrated virtual care platform, which is suitable for any user type in any healthcare setting. In addition to this, the emerging telehealth policies and telehealth services providers are poised to surge the market during the forecast period. This, in turn, will boost the telehealth market revenue over the projected horizon.
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"High Unmet Patient Needs expected to Drive the Market Growth during the forecast period "
Telehealth has been successful in overcoming the distance barrier and ensuring healthcare delivery in remote locations. Majority of the population in underdeveloped countries live in rural areas which represents the population with unmet healthcare needs. Government of many countries is now focusing on providing healthcare facilities in rural areas through telehealth, which is one of the major factors driving the market.
Against this backdrop, the market size is likley to grow in the forecast duration. Huge start-up funding, increase in a number of service providers, strategic collaborations between major players, rapid adoption of e-consultation, and gradual increase in mobile health apps users are some of the factors likely to augment the market during the forecast period. Furthermore, introduction and rapid uptake of wearable devices which aid in remote patient monitoring are also expected to boost the global telehealth market share.
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Based on the type, the global market segments include products and services. The services segment accounted for the maximum share in 2018 and is estimated to dominate the market throughout the forecast period owing to the increasing preference for teleconsultation, emerging telemedicine policies, and rapid adoption in healthcare settings.
Based on application, the global market segments include telemedicine, patient monitoring, continuous medical education, and others. Based on modality, the market segments include store-and-forward (asynchronous), real-time (synchronous) and, remote patient monitoring. Based on end user, the global market segments include healthcare facilities, homecare, and others.
"Increasing Number of e-visits will make North America as a Dominating Segment in the Market"
North America dominated the telehealth market growth rate, with USD 21.2 Bn and is expected to continue the same throughout the forecast duration. The gradual increase in a number of e-visits and preference for online consultation is the primary reasons responsible for the expansion of the market in North America. In addition, the strategic presence of the major players in this region and favorable health reimbursement for telehealth services is anticipated to fuel the North America market.
In Europe, the market is projected to expand owing to the emerging telehealth policies and adoption of wearable remote monitoring devices. Asia Pacific is anticipated to register a remarkable growth during the forecast period owing to the improving healthcare scenario, technological advancements in digital imaging, and high rural population. Furthermore, the entry of GlobalMed Telemedicine in China after the exclusive distribution agreement in February 2017 is expected to render China as a lucrative market for telehealth. High unmet patient population and increasing healthcare spending are estimated to favor the growth of the market in Latin America and Middle East and Africa.
North America Telehealth Market Size, 2018
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"Teladoc Health, American Well, and Doctor On Demand Together Accounted for the Maximum Telehealth Market Share"
Teladoc Health, American Well and Doctor On Demand are estimated to have a leading position in the market, owing to their huge client base and number of online consultation. The companies are striving for acquisitions and collaborations with domestic players to increase their market share. Some of the other player operating in the market are GlobalMed, Dictum Health, Inc., LLC, InTouch Technologies, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD, SnapMD, Inc., and other players.
Telehealth is emerging as a modern method for catering to the health needs of the patient population. Telehealth refers to the use of technologies for the delivery of healthcare, medical education, public health services by connecting to multiple users located at different locations. Telehealth is a broad term which incorporates diagnosis and treatment of diseases through telemedicine, remote patient assessment, and monitoring and health education.
Telehealth includes use of various telecommunications devices, information technology, video conferencing and digital imaging standards and technologies, which help to overcome the distance barrier in the delivery of care. Telehealth is reeving active government support through funding and policies as it is cost-effective accessible, affordable for the majority of the population, which is positively impacting the market.
The report provides qualitative and quantitative insights on the telehealth industry trends and detailed analysis of market size and growth rate for all possible segments in the market. The market segments include type, application, modality, end user, and geography. On the basis of the type, the global market segments include products and services. Based on application, the global market is segmented into telemedicine, patient monitoring, continuous medical education, and others.
Based on modality, the global market is segmented into store-and-forward (asynchronous), real-time (synchronous) and, remote patient monitoring. Based on end user, the global market is segmented into healthcare facilities, homecare, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the telehealth market report analysis includes market dynamics and competitive landscape. Various key insights provided in the report are the regulatory scenario for key countries, health reimbursement overview, telehealth services overview, new product launches, an overview of countries with telehealth policies, technological advancements, recent industry developments such as mergers & acquisitions, and others.
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Fortune Business Insights says that the telehealth market is projected to reach USD 266.8 Billion by 2026.
In 2018, the market was valued at USD 49.8 Billion.
Growing at a CAGR of 23.4%, the market will exhibit faster growth in the forecast period (2019-2026).
Telehealth Services in the Type segment is expected to be leading in the market during the forecast period.
Unmet patient needs to drive the global telehealth market.
Teladoc Health, American Well, and Doctor On Demand are the top players in the telehealth market.
North America is expected to hold the highest market share in the market.
Patient monitoring, psychiatric consultation, preference for e-visits, and adoption of mobile health are the trends expected to increase the market value of telehealth.
Emerging health reimbursement policies, improved accessibility & affordability, and upcoming Public Private Partnership (PPP) models to drive the adoption of telehealth services.
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