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The global telehealth market exhibited strong growth during 2015-2020. 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 global telehealth market to grow at a CAGR of around 39% during 2021-2026.
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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.
We expect the global telehealth market to exhibit a CAGR of around 39% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the increasing demand for remote patient monitoring to mitigate the risk of coronavirus infection upon hospital visits, thereby catalyzing the global market for telehealth.
The rising adoption of telehealth systems during diagnostic procedures and treatment of numerous medical ailments that require continual medical supervision is currently driving the global telehealth market.
Based on the component, the market can be categorized into software, hardware, and services. Currently, services hold the majority of the market share.
Based on the communication technology, the market has been segregated into video conferencing, mHealth solutions, and others. mHealth solutions currently represents the largest segment.
Based on the hosting type, the market can be classified into cloud-based and web-based, and on-premises. Currently, cloud-based and web-based exhibits a clear dominance in the total market share.
Based on the application, the market can be divided into teleconsultation and telementoring, medical education and training, teleradiology, telecardiology, tele-ICU, tele-psychiatry, tele-dermatology, and others. Amongst these, teleradiology currently accounts for the majority of the total market share.
Based on the end user, the market can be categorized into providers, payers, patients, and others. Providers currently hold the majority of the total market share.
On a regional level, the market has been segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global telehealth market include 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.
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