The global telehealth market accounted for a value of USD 35.2 billion in 2019 and is projected to register growth at a CAGR of 31.1% during forecast period.
COVID-19 has impacted the telehealth market. Corona virus has drastically affected human health and economic of various countries. The cases of corona virus are increasing across the world and it creates huge opportunities for telehealth market solutions. It helps in maintaining social distancing which reduces spread of corona virus. Telehealth ensure affordable and safe healthcare to patients across the world. The market for telehealth care is likely to witness immense growth due to pandemic.
For more details, visit: Global Telehealth Market By Type (Tele-home and Tele-hospitals), By Application (Teleradiology, Telepsychiatry, Others.), By Mode of Delivery (On-Premise and Cloud), By Component, By End-Users, By Region, Forecast & Opportunities to 2026
The increase in transmission of corona virus leads to adoption of various technologies around the world. The demand for better and improved healthcare technologies is increasing worldwide. Various technologies such as chatbots, robots and telemedicine are widely used in healthcare due to spread of corona virus. This drives growth in telehealthcare market during forecast period.
On the basis of component, the telehealthcare market is segmented into software & services and hardware. The software & services segment is estimated to hold largest market share in 2019. The hardware segment is estimated to register growth at highest CAGR during forecast period. The adoption of hardware is increasing in telehealthcare market. It is very useful in healthcare. It ensures safety and improved healthcare solutions. This drives growth in hardware segment during forecast period.
On the basis of application, the telehealthcare market is segmented into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology and others. The teleradiology segment is accounted for largest market share in 2019 and it is estimated to maintain its dominance during forecast period. The demand and adoption is increasing for imaging practices and workflow by healthcare providers. The streamlining and regulation of teleradiology is increasing across the world. This is likely to drive growth in teleradiology segment during forecast period.
On the basis of type, the telehealthcare market is segmented into tele-home and tele-hospitals. The tele-hospitals segment accounted to for largest market share in 2019. The adoption of tele-hospitals is increasing in various regions of the world and telemedicine services are also widely adopted by various countries. However, the tele-home segment is estimated to register highest growth during forecast period. The need for remote monitoring of patients is increasing. The government is taking various initiatives to promote tele-home services. The increasing use of internet has increased awareness about health and this drives growth in tele-home solutions during forecast period.
North America region accounted for largest market share in 2019. The chronic diseases are increasing in this region at rapidly and the adoption of telehealthcare is increasing at fastest rate. However, Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The population in very high in this region and the chronic disease cases are increasing at rapid rate. The outbreak of corona virus has also lead to growth of telehealthcare segment in this region. The government has adopted several policies to increase healthcare facilities during COVID-19. The government is mainly focusing on improving the quality care for patient and this leads to high rate adoption of telehealthcare segment. This drives growth in Asia-Pacific region during forecast period.
The key market players in telehealthcare market are Koninklijke Philips, Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers AG, Cisco Systems, Asahi Kasei Corporation, Iron Bow Technologies, American Well, Teladoc Health, Medvivo Group, AMC Health, Telespecialists, Doctor On Demand, MDLIVE, Globalmed, Medweb and VSEE.
- What are the expected industry trends over the next three to five years?
- Which of the telehealth type is likely to lead by 2025?
- Which of the end user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?