The Global Telehealth Market size is expected to reach around US$ 20 Bn by 2026 and is expected to register a CAGR of above 13% over the forecast period 2019 to 2026.
Healthcare standards are changing globally this is impacting the healthcare service sector to a greater end. With rapid digitization in developed and developing country access to healthcare service via computers and mobile devices is easy. Telehealth is use of this device/technology in order to access advanced healthcare care and manage it accordingly and adoption from doctors of these technology is to improve healthcare service.
Factors attributed to the growth of the global telehealth market are increasing number of patient suffering from chronic diseases, increase in number of geriatric population and inclination towards home healthcare. In addition, favorable reimbursement policies in developed companies and developed healthcare infrastructure for adoption of advanced medical devices are among other factors further impacting the growth of target market.
Rapid urbanization in developing countries, high penetration of mobile phones and introduction of various apps based services are some other factors expected to support the growth of the target market. In 2019, Intouch launched SOLO a fully integrated end-to-end virtual platform in order to provide enhanced patient care. In addition, with the advent of new user-friendly technology demand for remote monitoring services and video assistance services is expected to further support the growth of the target market.
Technological advancement in healthcare products & services and introduction of advanced products has fuelled the growth of global market. With the advent of user friendly systems is contributing to the demand which is further supporting the growth of the global telehealth market to a certain extent.
However, lack of regulatory scenario and favorable policies in developing countries is expected to limit the adoption of these services thus hampering growth of global telehealth market. Moreover, no definite required infrastructure to support the adoption of advanced devices is expected restrain the growth of global market.
Factors driving the growth of target market over the forecast period are players approach towards offering advanced services, along with introduction of novel products and developing healthcare regulations.
Global market is fragmented into type, application, end use, and region. The service market is expected to account for major revenue share owing to rising home healthcare approach among consumers. Geriatric population is suffering from various old age problems and prolongs stay in hospitals is not affordable due high cost of healthcare. This is growing patient’s inclination towards adoption of home healthcare services.
Segment Analysis by Region
The North America market as compared to other region is anticipated to account high revenue share, this can be attributed to well-developed healthcare infrastructure in order to provide advanced services. In addition, increasing number of patient suffering from chronic diseases such as cancer, asthma, etc., coupled with approach towards adoption of home healthcare services in order to avoid expensive hospitals stay are some other factors expected to boost the growth of the target market in this region. In 2017, for population of 325 million, the US spent US$3.5 trillion on health care.
Furthermore, merger and acquisition activates by major players to strengthen its position in the galobal market will further support the target market growth. The acquisition between American Well and Avizia Limited that took place in 2018 will help American Well to strengthen its position in North America market and expand product portfolio
The Asia Pacific market is expected to observer faster growth in the next few years, owing to high government spending on healthcare sector. In addition, rising patient pool suffering from various chronic diseases and presence of prominent players offering various services is expected to further support the growth of the target market in this region.
Telehealth is vastly competitive market due to high presence of players operating worldwide. In addition, approach towards business development through strategic mergers and acquisitions will help the company to increase their presence, customer base, and enhance product portfolio is creating a more competition.
The market research study on “Telehealth Market (Type: Product and Services; Application: Radiology, Cardiology, Urgent Care, Remote ICU, Psychiatry, and Dermatology; End use: Healthcare Facilities, Homecare, and Others)– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, offers a detailed insights on the global telehealth market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global telehealth market, its type, application, end use segment and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global telehealth market size and segment markets by type, application, end use, and geography along with the information on companies operating in the market. The telehealth market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report include American Well, GlobalMed, Teladoc Health, Inc., Dictum Health, Inc., LLC, InTouch Technologies, Inc., Doctor On Demand, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD, and SnapMD, Inc.
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