With rapid advances in telecommunication technology, telehealth is considered as the future of medicine. The growing incidence of chronic medical conditions such as diabetes and hypertension is influencing market growth worldwide. Telehealth is one of the useful tools for continuous monitoring of chronic conditions and treatment. The adoption of telemedicine is likely to rise with the penetration of smart gadgets. Telemonitoring is used to monitor congestive heart failure (CHF), tele stroke for stroke condition, and tele-pulmonology for chronic obstructive pulmonary disease.
With the eruption of the COVID-19 pandemic, health service providers are utilizing telehealth services that connect doctors and patients remotely. As social distancing and nationwide lockdown in several countries have recently been implemented as a preventive measure for the spread of the virus, these services have become the most effective way for disease management without visiting healthcare centers physically.
- The UK telehealth market size is expected to reach over $2 billion by 2025 due to favorable government initiatives and the adoption of advanced treatment modalities.
- The US telehealth market size in 2020 is likely to reach approx. $9.5 billion. It is projected to achieve phenomenal growth because of the presence of robust reimbursement policy.
- The telemedicine market size in India is growing at a CAGR of over 23% during the period 2019–2025. The market is likely to achieve growth due to the increasing patient pool and the increased demand for advanced healthcare infrastructure, particularly in rural areas.
- The web/app-based segment is projected to touch revenue of over $50 billion by 2025. The growth can be associated with the proliferation of internet technology and the increased awareness of self-disease management.
TELEHEALTH MARKET SEGMENTATION
This research report includes a detailed segmentation by modality, component, delivery mode, end-user, and geography.
INSIGHTS BY MODALITY
The real-time virtual health segment is expected to grow at the highest CAGR during the forecast period. The growing incidence of chronic diseases such as cardiovascular disease and strokes impacts the market growth for real-time virtual health. Telemedicine is one of the useful tools for monitoring health conditions and treatment. The adoption of telemedicine is expected to rise with advances in technology and high penetration of smart gadgets across the world. The segment is further categorized into video, audio, and chat/e-mail.
The remote patient monitoring (RPM) segment is likely to grow at a significant rate due to the growing popularity of personal emergency response systems (PERSs). With the rising number of COVID-19 cases globally, patients requiring hospitalization, ventilator assistance, and death rates continue to rise. The implementation of RPM for COVID-19 patients serves many potential positive benefits, thereby further fueling the market growth.
INSIGHTS BY COMPONENT
The services segment is expected to reach a revenue of over $38 billion by 2025. In 2019, the services segment accounted for 51% of the global market. The increase in the prevalence of chronic conditions is another major factor driving the growth of the telehealth services market. Patients are increasingly choosing telehealth services to cut down costs and reduce the burden of hospital visits.
The hardware segment is likely to grow due to the increasing prevalence of chronic diseases. The growing demand for connected medical devices and remote patient monitoring systems, the rising geriatric population, the increasing number of product approvals, and the high awareness of advanced connected medical devices are driving the growth.
The software segment is an integral part of telehealth solutions, which work as an interface between end-users and telehealth database. Although the software segment accounts for a small share in the market, it is an important segment. The market is growing at a relatively slow rate as several web-based and mobile-based applications do not generate high revenue opportunities. However, the software segment is expected to grow at a steady pace during the forecast period due to the increasing popularity of mobile applications.
INSIGHTS BY DELIVERY MODE
The market is expected to grow at a healthy rate due to the growing demand for web-based telehealth, especially from emerging economies. These countries are embracing telehealth technology to provide access to health care services in remote and rural areas. Web-based technology aims to focus on building an easy-to-use interface that can be operated by individuals irrespective of their age. The launch of new-age cellular devices such as tablets and smartphones is further accelerating the use of app-based services.
The implementation of next-generation healthcare technology such as cloud-based telehealth is taking precedence as healthcare providers seek to manage the influx of patients, provide health information, and meet consumer-friendly healthcare expectations. Cloud-based platforms eliminate the burden of maintaining a locally installed native system while delivering benefits and security of cloud computing. Hence, healthcare providers are increasingly adopting cloud-based systems and solutions. The on-premise telehealth delivery model is growing at a slow rate because a wide majority of end-users prefer either web-based or cloud-based services.
INSIGHTS BY END-USER
Healthcare providers are the major end-users using virtual health platforms to improve the quality of patient care. They are increasingly deploying telehealth services to patients in rural areas and offering high-quality care to individuals with complex conditions at reduced costs. Hospitals are focusing on enhancing infrastructure as the demand for telehealth services and remote patient monitoring devices is increasing. The patient segment accounted for over 23% of the global telehealth market share in 2019.
INSIGHTS BY GEOGRAPHY
North America is the largest market and offers significant growth opportunities for global and local players. In 2019, the region accounted for a share of 43.35% of the global telehealth market. With the outbreak of the coronavirus in North America, particularly in the United States, health agencies have urged hospitals to expand the use of telehealth services to prevent the spread of the virus. Radiology and cardiology are the two leading applications in the region. The telehealth market in US is likely to grow at a CAGR of 29% during the forecast period
Europe is the second-largest market globally. It is growing at a healthy rate and is expected to grow at a similar pace during the forecast period. UK, France, Germany, Italy, Spain, and the Netherlands, are the major revenue generators in the region. The changing socio-economic factors and growing favorable policies and initiatives are some of the factors driving the market in this region.
INSIGHTS BY VENDORS
The global telehealth market is highly dynamic and fragmented due to the presence of several medical device manufacturers, software/application providers, and telehealth service providers. Medical device manufacturers are collaborating with software/application developers and service providers to enhance the quality of care to patients. The rapidly changing technological environment has a significant impact on the overall market as patients and clinicians are looking for remote healthcare platforms with innovative and advanced features. As the industry is witnessing a surge in technological advances in the field of telecommunications, vendors are focusing on invest in integrating hardware and software to improvise remote healthcare services to end-users.
The global telehealth market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Real-time Virtual Health
- Remote Patient Monitoring
- Store and Forward
By Delivery Mode
- Healthcare Providers
- Employer Groups and Government Organizations
- The Netherlands
- South Korea
Middle East & Africa
- South Africa
- Saudi Arabia