Telehealth Market Overview
Telehealth is a form of digitalized healthcare facility which is used to improve accessibility to healthcare services through digital consultations or remote monitoring. These are further used to perform monitoring tests and to record live patient data for testing the various parameters such as vital signs, cardiac events, respiratory, neurology, and other indications or for general physician consultation. The market for telehealth is projected to grow at a significantly high CAGR of 17.06% over the forecast period, i.e., 2021-2028. Moreover, the market accounted for a market value of USD 31,193.46 million in 2019 and is anticipated to grow further by 2028. This growth can be primarily attributed to the rising demand for advanced diagnostics across the world during this period.
Growth Highlights based on Region during 2018-2028
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, telehealth market is anticipated to hold the largest share in North America. The market in North America had a market share of 46.08% in the year 2019, which is anticipated to further grow in the next few years. The growth in this region can be attributed to the increase in investments towards healthcare from government and private entities to ensure high quality healthcare that is being provided by the numerous healthcare facilities. The market in the United States is projected to account for driving the growth in this region by attaining a market value of USD 13,064.87 million in 2019. On the back of rising adoption of innovative physician consultation services and patient monitoring methods, the market is expected to grow over the forecast period. The market in Asia Pacific region is predicted to grow at the highest rate with a CAGR of 18.01% over the forecast period. The increasing availability of advanced healthcare in this region, especially in countries such as China, Japan and India, along with rising number of service providers and manufacturers investing in these countries, the demand for telehealth products in Asia Pacific is anticipated to result in a rapid growth over the forecast period. On the other hand, the market in Europe is predicted to grow on the back of increasing innovation in healthcare and medical treatment methods, resulting in a rising demand for effective monitoring products in the region for time sensitive diagnosis.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Deployment
On the basis of deployment, the market is bifurcated into on-premise and cloud-based segments. Out of these, the cloud-based segment for telehealth products and services is presently generating the highest demand on account of rising adoption of cloud-based services in the healthcare industry. The cloud-based segment is anticipated to capture a significantly high market size by the end of 2028 and is expected to grow at the highest rate at a CAGR of 17.45% over the forecast period.
By Component
Based on component, the market is segmented into hardware, software and services. The segment for services is predicted to hold the leading share in the market as telehealth services are commonly used as compared to the hardware and software. This can be attributed primarily to their ease of handling along with improved patient friendly features. The services segment is anticipated to hold the largest market value of USD 85,427.78 million by the end of 2028 on account of these factors.
By Mode of Delivery
Based on the mode of delivery, the telehealth market is segmented into remote patient monitoring, telephone, video and others. On the basis of this segmentation, the video segment is anticipated to hold the leading share in the market on account of high demand for video-based telehealth products and services globally. Further, the segment is projected to grow at a significantly high CAGR of 17.52% over the forecast period.
By Application
Telehealth is gaining significant market growth on account of its large number of applications. According to the Centers for Disease Control and Prevention (CDC), an estimated 6 in 10 adults in the United States suffer from chronic diseases and around 4 out of 10 people have two or more such disorders. Based on applications, the market is segmented into radiology, cardiology, neurology, orthopedics, pediatrics, general physician applications and others. The segment for cardiology held the leading share in the market in 2019 and is estimated to continue to lead the market in the next few years. This can be attributed to the rise in cardiovascular disorders across the globe which is generating a high demand for frequent physician consultations and services such as cardiac telemetry for frequent monitoring.
By End User
On the basis of end user, the market is segmented into hospitals, clinics, diagnostic centers and others. The hospitals segment captured the largest market share with a value of USD 19,714.19 million in 2019 and it is anticipated to grow further by. The growth can be attributed to the high number of patients encountered by hospitals and large facilities in comparison to smaller facilities such as clinics. Further, on account of the increasing number of freestanding diagnostic centers offering comprehensive pathology & diagnostic imaging solutions which are not available at other healthcare facilities, the market is predicted to observe this growth.
Market Drivers and Challenges
Growth Indicators
The growing incidences of chronic diseases is one of the primary reasons for deaths that occur globally, as per the World Health Organization, which further states that 17.9 million people died in the year 2016 as a result of cardiovascular diseases. Moreover, the disease accounted for over three quarter of the total deaths in low and middle-income countries. The growing prevalence of cardiac deaths is anticipated to increase the demand for telehealth platforms across the globe. Telehealth platforms have been observed to improve the outcomes of patients suffering from various chronic diseases including heart diseases. These devices have been proved immensely accurate in detecting heart attacks and strokes. Moreover, telemedicine assists patients by monitoring their essential signs and actions remotely every day, managing their conditions and improving care. Additionally, huge investments are being made by different market players to improve their product portfolio by incorporating technological advances, leading to the expansion of their application range. This factor is projected to drive the growth of the market in the upcoming years.
Barriers
At times, the telehealth products and services used might not be secure. They might lead to problematic user authentication and thus create disturbances in obtaining correct data from a specific patient. There is a high risk of data leak from online sources as well as improper evaluation of data by registered users. In addition to this, the growing cyber crimes and hacks are estimated to risk the confidentiality of the patient reports along with data loss problems which are predicted to restrict the market growth. Further, shortage of clinical experts as well as professional physicians to evaluate and maintain the real time data analysis of the patient is predicted to create hindrance in the growth of the market.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global telehealth market are Teladoc Health, Aerotel Medical Systems, AMD Global Telemedicine, InTouch Technologies Inc., Vidyo, Siemens Healthineers AG, Medtronic, Resideo Technologies, Inc., Cerner Corporation, Philips Healthcare and Aerotel Medical Systems.
