According to the recent report by IMARC Group, titled “Telehealth Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global telehealth market grew at a CAGR of about 20% during 2014-2019. Telehealth refers to the distribution of health-related clinical as well as non-clinical services via electronic information and telecommunication technologies. This method helps monitor the patient’s health remotely and digitally transfers the related data through computers and mobile devices. Some of the technologies utilized in telehealth are streaming media, videoconferencing, store-and-forward imaging, mobile health (mHealth) applications, and wireless and terrestrial communications. Telehealth is also used to impart medical education, train medical staff, and offer telemedicine services. It aids healthcare providers to improve communication and coordination with the patient and provide proper consultation with diagnosis on-the-go.
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 the coronavirus disease (COVID-19) is one of the major factors influencing the growth of the market. The pandemic has reduced the number of hospital visits and delayed medical surgeries, which have increased the responsibilities and burden on the healthcare providers. As a result, there is an increased inclination toward online consultations like telehealth and telemedicine that offer contactless services without visiting the physician. In line with this, several countries are introducing new policies and reimbursement guidelines to bolster the growth of digital health platforms. For instance, the Centers for Medicare & Medicaid Services (CMS) in the United States has extended the reimbursement for telehealth. Similarly, the Ministry of Health and Family Welfare (MoHFW) in India has introduced guidelines for telemedicine practice. Furthermore, technological innovations and the advent of new applications are contributing to the market growth. In 2019, InTouch Technologies, Inc., a US-based telehealth company, introduced a fully integrated end-to-end virtual platform named SOLO to offer advanced patient care. On account of these factors, the market is expected to experience strong growth during the forecast period (2020-2025).
- Based on the component, the market has been segregated into software, hardware, and services.
- On the basis of 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.
- On the basis of the application, the market has been segmented into teleconsultation and telementoring, telecardiology, teleradiology, medical education and training, tele-ICU, tele-psychiatry, tele-dermatology, and others.
- Based on the end user, the market has been categorized into providers, payers, patients, and others.
- Region-wise, the market has been classified into Asia Pacific (China, Japan, India, Australia, South Korea, Indonesia, and Others), North America (United States and Canada), Latin America (Brazil, Mexico, and Others), Europe (Germany, France, Italy, Russia, United Kingdom, Spain, and Others), and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, 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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