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Telehealth Market: Overview

The telehealth market is riding on the wave of growth. This is because telehealth is no longer an option, but a necessity due to the increasing dangers of COVID-19. The crisis is serving as an opportunity for the telehealth market to grow at a rapid pace. During this uncertain COVID-19 pandemic, telehealth serves as a boon. With a large populace forced to stay at home due to the lockdowns imposed to flatten the curve of the SARS-CoV-2 pandemic, telehealth technology plays an important role for routine clinical follow-ups and treatment.

Competitors and key players in the telehealth market are coming up with technologies and innovations that are crucial in finding new ways to communicate with various patients to adjust to unprecedented times. Technological improvements related to smartphones and enhanced internet connectivity can also have a positive influence on the telehealth market.

The post-lockdown scenario is also of great importance for the telehealth market. Novel technologies will sprout up to reduce visits of the patients to the clinic. Long queues outside the clinic or hospital for consulting with the doctor should be avoided in the post-COVID-19 world, especially for the elderly, who are in the constant need for clinical advice and treatment. Telehealth technologies will also protect clinicians and healthcare professionals from the transmission of the virus. Hence, telehealth technologies will prove to be of great benefit, eventually leading to an increase in the growth rate of the telehealth market.

The global telehealth market is predicted to expand at a CAGR of 13% across the forecast period of 2017 to 2025 and was valued at US$ 6bn in 2016. The telehealth market is growing at a rapid rate and expects to continue to do the same throughout the forecast period. Consistent government support for the telehealth market through acts like the Health Insurance Portability and Accountability Act of 1996 protects patient privacy, which further gives a push to the telehealth market toward growth. 

telehealth market

Cardiology Segment to Account Promising Growth

Based on the application, the telehealth market is classified into radiology, remote ICU, dermatology, psychiatry, and cardiology. The cardiology segment is proving to be a stellar growth generator for the telehealth market. This can be attributed to the rising prevalence of cardiovascular diseases as well as cutting-edge technological innovations taking place in the telehealth market. Cardiac Insight Inc. launched [email protected] ECG Test Kit to address the telehealth demands of the cardiology segment. It consists of Cardea SOLO Sensor, which the patient wears for a brief period and the results are then mailed to the clinician. The clinician then carries out the diagnosis and creates an ECG report within a time frame of just 5 minutes.

Investors and key players are also showing interest in cardiology telehealth platforms. Optum Ventures recently led an $8.2 million Series A funding to Heartbeat Health, a data-based cardiology platform. Such funding can also bring the cardiology segment in the telehealth market to the forefront. Transparency Market Research predicts the cardiology segment to acquire nearly 19 percent share contribution to the telehealth market across the forecast period.

The psychiatry segment is also expecting a successful run in the forecast period as isolation and social distancing have taken a toll on the mental health of numerous individuals across the globe. In addition, the COVID-19 infected patients also need psychological help to overcome the stress and depression faced due to fear and panic. To avoid direct contact with a COVID-19 patient, telehealth technology is a great option to provide psychiatric help. Furthermore, assisting individuals who are at home through telehealth technology fulfills all the conditions for preventing the spread of SARS-CoV-2. Thus, the telehealth market looks forward to exponential growth from this segment as well.

North America to Emerge as a Star Contributor for Growth of Telehealth Market

Regional segments in the telehealth market are Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. North America seems to dominate the telehealth market and will continue its dominating streak throughout the forecast period. The U.S. has the largest number of COVID-19 cases in the world. Hence, the need for telehealth technology is of utmost importance to the region as the need for home healthcare is considerably rising. In addition, merger and acquisitions by key players to strengthen their position in the region is also proving to be a growth generator for the telehealth market.

Asia Pacific also predicts substantial growth owing to a rise in government spending on the healthcare sector across the region and the awareness for preventing overcrowding of beds due to individuals displaying mild or very-mild symptoms of any chronic disease or disorder. Lack of regulations in developing regions may prove as an Achilles heel in growth of those regional markets. Europe expects steady growth due to ease in regulations by the government for promoting the use of telehealth technologies sensing the rising threat of COVID-19. Also, the increasing use of wearable medical devices is proving to be a growth multiplier for the telehealth market in Europe.

Regions like Africa can serve as a hotbed of opportunities for the telehealth market. The telehealth market can observe humungous growth in areas like Africa because resources are limited and it lacks good health infrastructure. Therefore, the telehealth technology can be a game-changer for the region, especially during pandemics like COVID-19.

Key players involved in the telehealth market are Royal Philips, Honeywell International Inc., Medtronic, American Well, and Aerotel Medical Sytems Ltd.

Global Telehealth Market: Overview

This report studies the current as well as future prospects of the global telehealth market. Stakeholders of this report include companies and intermediaries engaged in the manufacture and commercialization of various telehealth products, software, and services as well as new players planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered within the scope of the study. This section also provides the overall information and data analysis of the global telehealth market with respect to the leading market segments based on major components, significant applications, key end-users, and regions.

The telehealth market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments of the market. It also provides information and data analysis of the global market with respect to the segments based on component, application, end-user, and region. A detailed qualitative analysis of drivers and restraints of the market and opportunities has been provided in the market overview section. Additionally, the section comprises competitive matrix and company profiles with business overview to understand the competitive landscape in the market. This section of the report also provides market attractiveness analysis by region and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global telehealth market.

Global Telehealth Market: Key Segments

Based on component, the global telehealth market has been segmented into hardware, software and services. The software segment has been bifurcated into integrated and standalone. The services segment has been divided into real-time, store & forward, remote monitoring, and others. The market size and forecast for each of these sub-segment have been provided for the period from 2015 to 2025, along with their respective CAGRs for the forecast period from 2017 to 2025, considering 2016 as the base year.

In terms of application, the global telehealth market has been segmented into radiology, cardiology, urgent care, remote ICU, psychiatry, dermatology, and others. Increasing research and development in mobile medical imaging systems and it’s allow patients to take diagnostic images from smartphone and share it with the physician. This factor is responsible for the continuing dominance of the sub-segment.The market size and forecast for each of these sub-segment have been provided for the period from 2015 to 2025, along with their respective CAGRs for the forecast period from 2017 to 2025, considering 2016 as the base year.

Based on end-user, the global telehealth market has been classified into payers, providers, patients, and others. Increase in adoption of technologically advanced products and advantages of heart rate monitors such as provision of real-time health data, thereby allowing patients to track heart rate from anywhere anytime and consult with doctors/physicians in case of emergency through there smartphones are projected to boost the growth of the telehealth market during the forecast period. The market size and forecast for each of these sub-segment have been provided for the period from 2015 to 2025, along with their respective CAGRs for the forecast period from 2017 to 2025, considering 2016 as the base year.

Global Telehealth Market: Regional Outlook

Geographically, the global telehealth market has been segmented into five major regions and  key countries in respective region: North America (U.S., Canada), Europe (U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (South Africa, GCC Countries, Israel, and Rest of Middle East & Africa). The market size and forecast for each of these regions and the mentioned countries have been provided for the period from 2015 to 2025, along with their respective CAGRs for the forecast period from 2017 to 2025, considering 2016 as the base year. The research study also covers the competitive scenario in these regions.

Companies Mentioned in Report

The report also profiles major players in the global telehealth market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The major players in this market are Teladoc, Inc., American Well, BioTelemetry, Inc., Medtronic, Aerotel Medical Systems Ltd., InTouch Technologies, Inc., Koninklijke Philips N.V., Honeywell International, Inc., GE Healthcare, and AMD Global Telemedicine, Inc.

The global telehealth market has been segmented as below:

by Component

  • Hardware
  • Software
    • Integrated
    • Standalone
  • Services
    • Real-time
    • Store & Forward
    • Remote Monitoring
    • Others

by Application

  • Radiology
  • Cardiology
  • Urgent Care
  • Remote ICU
  • Psychiatry
  • Dermatology
  • Others

by End-user

  • Payers
  • Providers
  • Patients
  • Others

by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • Italy
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC countries
    • South Africa
    • Israel
    • Rest of Middle East & Africa

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Telehealth Market

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