According to the latest report by IMARC Group, titled “Telehealth Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global telehealth market reached US$ 36.30 Billion in 2020. Telehealth refers to the delivery of several clinical and non-clinical healthcare services through electronic information and telecommunication technologies. It utilizes various technologies, which include streaming media, videoconferencing, store-and-forward imaging, mobile health (mHealth) applications, and wireless and terrestrial communications. Telehealth is used for educating medical personnel, remotely monitoring the health and digitally transferring the data of a patient through computers and mobile devices. It also aids healthcare providers in improving communication and coordination with the patient and providing consultation with on-the-go diagnosis.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Telehealth Market Trends:
The outbreak of coronavirus disease (COVID-19) is one of the primary factors influencing the global telehealth market growth. In order to avoid contact and thus combat the spread of the virus, a majority of the healthcare operations have been transferred online, including consultation, telemedicine and telehealth. This, in turn, is creating a positive outlook for the market significantly. The increasing prevalence of chronic diseases and the rising geriatric population, which is susceptible to such ailments, are acting as other major growth-inducing factor. The market is further driven by various technological advancements, such as health tracking mobile apps, which enable individuals to monitor and follow a healthy regime. In line with this, the widespread adoption of wearable devices that aid in keeping a regular check on blood pressure, blood glucose levels, sleep patterns and chronic pain in the body is also contributing to the market growth. Other factors, including rising health awareness and extensive research and development (R&D) activities in the fields of medical sciences and telecommunication technologies, are expected to drive the market growth further. Looking forward, the market value is projected to exceed US$ 264 Billion by 2026, expanding at a CAGR of 39.20% during 2021-2026.
- Based on the component, the market has been segregated into software, hardware, and services.
- On the basis of the communication technology, the market has been divided into video conferencing, mHealth solutions, and others.
- Based on the hosting type, the market has been bifurcated into cloud-based and web-based, and on-premises segments.
- Based on the end user, the market is segmented into providers, payers, patients, and others.
- On the basis of the application, the market has been segregated into teleconsultation and telemonitoring, telecardiology, teleradiology, medical education and training, tele-ICU, tele-psychiatry, tele-dermatology, and others.
- On a regional basis, the market has been spread across North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being American Well Corporation, Biotelemetry Inc., Cerner Corporation, Cisco Systems Inc., Aerotel Medical Systems, Allscripts Healthcare LLC, AMD Global Telemedicine Inc., Medtronic Inc., Philips Healthcare, Teladoc Health Inc., GE Healthcare Inc. (General Electric), and Honeywell Life Care Solutions.
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