The global telehealth market grew at a CAGR of around 20% during 2014-2019. Telehealth can be defined as the remote delivery of clinical as well as non-clinical services through tele- and digital communication technologies. It is also used by medical practitioners for various telemedicine services (consultation, mentoring and monitoring), for the training of medical staff, administrative meetings and imparting medical education. These services are usually provided using video conferencing, mobile health (mHealth) applications, electronic transmission of data and remote patient monitoring (RPM). These solutions enable healthcare providers to offer consultation, care management, diagnosis, and self-management services using information and communication technologies (ICT) and facilitate patients to get appropriate medical attention without traveling.
The increasing prevalence of chronic diseases across the globe is one of the key factors driving the growth of the market. Furthermore, rising geriatric population and the expanding demand for home monitoring devices, are also providing a boost to the market growth. There is widespread adoption of telehealth systems in the field of cardiology, radiology and online consultation for the treatment of various medical ailments, such as diabetes, cancer and cardiovascular diseases (CVDs), that require continual medical supervision. Additionally, various technological advancements, such as the development of health monitoring smartphone applications and user-friendly systems, are acting as another growth-inducing factor. Patients across the globe are using various wearable devices, such as smartwatches and bands, to keep a regular check on blood pressure, blood glucose levels, sleep patterns and chronic pain in the body. Other factors, including the rising health consciousness among the masses, along with extensive research and development (R&D) activities in the field of medical sciences and telecommunication technologies, are projected to drive the market further. Looking forward, IMARC Group expects the market to continue its double-digit growth during the next five years.
Breakup by Component:
Breakup by Communication Technology:
Breakup by Hosting Type:
Breakup by Application:
Breakup by End-User:
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The report has also analysed the competitive landscape of the market with some of the key players being Aerotel Medical Systems, Allscripts Healthcare LLC, AMD Global Telemedicine Inc., American Well Corporation, Biotelemetry Inc., Cerner Corporation, Cisco Systems Inc., GE Healthcare Inc. (General Electric), Honeywell Life Care Solutions, Medtronic Inc., Philips Healthcare, Teladoc Health Inc., etc.
Key Questions Answered in This Report
The global telehealth market was worth around US$ 8.6 Billion in 2019.
According to the estimates by IMARC Group, the global telehealth market will exhibit strong growth during the next five years
The rising adoption of telehealth systems during diagnostic procedures and treatment of numerous medical ailments that require continual medical supervision, represents one of the key drivers for the telehealth market growth.
Extensive research and development (R&D) activities in the field of medical sciences represent one of the key trends in the global telehealth market.
Sudden outbreak of the COVID-19 pandemic had led to the rising health concerns among masses, thereby catalyzing the market for telehealth.
On the basis of the component, the market has been classified into software, hardware, and services. Amongst these, services hold the largest market share.
On the basis of the communication technology, the market has been classified into video conferencing, mHealth solutions, and others. At present, mHealth solutions exhibit a clear dominance in the market.
On the basis of the hosting type, the market has been bifurcated into cloud-based and web-based, and on-premises. Currently, cloud-based and web-based hosting type accounts for the majority of the total market share.
On the basis of the application, the market has been classified into teleconsultation and telementoring, medical education and training, teleradiology, telecardiology, tele-ICU, tele-psychiatry, tele-dermatology, and others. Among these, teleradiology holds the largest market share.
On the basis of the end-user, the market has been classified into providers, payers, patients, and others. Among these, providers account the majority of the market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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