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Telehealth Market to Reach $636.38 Billion by 2028; Surging Healthcare Cost to Propel Market Growth Worldwide

September 03, 2021 | Healthcare

The global telehealth market size is projected to exhibit monumental growth by hitting USD 636.38 billion by 2028. Fortune Business Insights™ in its 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, 2021-2028,” observes that market size stood at 144.38 billion in 2020 and is expected to exhibit a CAGR of 32.1% between 2021 and 2028. The growing adoption of telehealth in online consultation, behavioral health, cardiology, and radiology, coupled with the increasing start-ups funding, is expected to boost the growth of the market.


Teladoc Health Inc. and DexCom Inc.’s New CGM Technology & Personal Insights for Type 2 Diabetics to Incite Development


In January 2021, Teladoc Health Inc. and DexCom Inc. launched CGM technology and personal insights for Type-2 diabetics. Teladoc Health Inc. is the first and only comprehensive virtual care system, and DexCom Inc. is a leader in real-time continuous glucose monitoring or CGM.  The eligible members will receive CGM-powered insights that contain reports and new sets of features to help members visualize their health information and make lifestyle decisions that enhance their blood glucose levels. The new launch is aimed to offers inclusive recommendations and health profiles for members suffering from diabetes. The two companies will launch a pilot demonstration of the CGM-powered insights’ impact for Type-2 diabetics. The companies aim to offer a safe, easy, and affordable consumer experience while managing their health with confidence. Such innovations would bolster the demand for telehealth services.


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


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


Surging Healthcare Costs to Propel Market Growth


Telehealth overcomes the distance barriers and ensures healthcare delivery across remote locations in developed and underdeveloped countries. Governments of numerous nations are forming policies and developing pilot projects to provide healthcare in rural areas. The expanding geriatric population and the increasing prevalence of chronic diseases are expected to surge healthcare costs in the upcoming 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.


Inorganic Growth Strategies 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. Key players in the 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.


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.


Key Players in this Market are:



  • 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)


Further Report Findings-



  • The market in North America stood at USD 62.72 billion in 2020 and is expected to gain 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.

  • North America is also anticipated to accumulate high growth in this industry due to the strategic presence of key players such as American Well, MDLIVE Inc., Teladoc Health Inc, Doctor on Demand Inc., and Dictum Health Inc.



  • Based on type, the service segment is anticipated to witness the highest growth in the market due to the increasing start-ups funding, emerging reimbursement policies for teleconsultations, and the surging number of virtual consultations.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD billion)



Segmentation



  Application, Modality, End User and Geography



By Type




  • Products

  • Services



By Application




  • Telemedicine

  • Patient Monitoring

  • Continuous Medical Education

  • Others



By Modality




  • Store-and-forward (Asynchronous)

  • Real-time (Synchronous)

  • Remote Patient Monitoring



By End User




  • Healthcare Facilities

  • Homecare

  • Other



By Geography




  • North America (the 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)

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


Telehealth Market
  • PDF
  • 2020
  • 2017-2019
  • 160

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