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Telehealth Market to Exhibit 25.2% CAGR till 2027; Rising Video & Audio Consultation with Physicians to Boost Growth

July 29, 2020 | Healthcare

The global telehealth market size is projected to reach USD 559.52 billion by 2027. It is set to gain momentum from the rapid inclination of the masses towards audio and video consultation with the physicians. This information is given by Fortune Business Insights™, in a recently published 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 states that the global market stood at USD 61.40 billion in 2019. But, it would exhibit a CAGR of 25.2% during the forecast period between 2020 to 2027.


MoHFW Releases Guidelines to Encourage Adoption of Telehealth in India amidst Covid-19


In March 2020, the Ministry of Health and Family Welfare (MoHFW) joined hands with the Board of Governors (BoG) Medical Council of India (MCI), and NITI Aayog to unveil the guidelines of telemedicine in India. This would enable the licensed physicians to use teleconsultation services efficiently in the current era of the COVID-19 pandemic. Owing to the lockdown measures implemented by the regulatory bodies, numerous pharmacies, hospitals, governments, and corporates have started using these platforms.


This new development would aid in protecting patients and doctors from the rapid transmission of the virus by remotely consulting from any part of the country. It would also not be able to disrupt the preventive measures, such as stay-at-home and lockdown. The new guidelines consist of all channels of communication with the patient, such as digital, text, audio, and video data exchange. It would also enable the doctors to prescribe medicines.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/telehealth-market-101065


Rising Government Initiatives to Bring Telehealth in Rural Areas will Drive Growth


Telehealth is experiencing high popularity across the globe owing to its ability to ensure healthcare delivery in rural areas, as well as to overcome distance barriers. In the underdeveloped countries, the majority of the population lives in remote locations. In such places, the access to quality healthcare is absent. Therefore, the governments of these countries are taking various initiatives to offer healthcare facilities in rural areas. This is done with the help of virtual care platforms.


However, the adoption of these platforms requires the deployment of high storage capacity, more bandwidth, high-speed internet, and the latest telecommunication devices. Unavailability of these in the developing countries may hamper the telehealth market growth in the coming years.


Key Players Focus on Launching New Platforms to Prevent Spread of Coronavirus


The market houses a large number of domestic and international players. Out of those, Teladoc Health is in the dominant position owing to its possession of a large consumer base and rising number of paid memberships. The others are also working persistently to introduce new platforms and software solutions in the market to prevent the spread of coronavirus.   


Fortune Business Insights™ presents a list of all the providers 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 prominent players


Some of the Notable Industry Developments-



  • April 2019: InTouch Health launched Solo, its latest end-to-end, fully-integrated virtual care platform. It provides patient-centric, scalable telehealth for the usage in every possible setting. The company’s main aim was to offer an integrated solution that would help physicians in interacting with their patients from any location- whether they are at clinics, hospitals, emergency rooms, or homes. Solo will be able to fulfil this need.

  • October 2019: The Optum division of UnitedHealth Group announced the acquisition of Vivify Health, a patient monitoring start-up. The latter provides connected devices and other similar technologies to track patients who are at risk, right at their homes. The demand for such tools is increasing and this acquisition would help UnitedHealth in generating more revenue in the space of remote patient monitoring.


Further Report Findings-



  • North America generated USD 26.14 billion in terms of revenue in 2019. This growth is attributable to the presence of favorable health reimbursement policies and industry giants in this region. Also, the surging preference for teleconsultation is set to boost growth in this region.

  • Europe is expected to showcase significant growth stoked by the availability of adequate infrastructure, higher adoption of remote monitoring devices, and favoring regulatory scenarios in this region.

  • Based on type, the services segment is set to dominate the market in the coming years by procuring the largest telehealth market share. This growth is attributable to the increasing start-ups fundings, rising number of virtual consultations, and introduction to several new reimbursement policies for telehealth practices.


The global market can be segmented in the following way:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Type



  • Products

  • Services



By Application



  • Telemedicine

  • Patient Monitoring

  • Continuous Medical Education

  • Others



By Modality



  • Real-time (Synchronous)

  • Store-and-forward (Asynchronous)

  • Remote Patient Monitoring



By End User



  • Hospital Facilities

  • Homecare

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)


Telehealth Market
  • PDF
  • 2019
  • 2016-2018
  • 160

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