The global telehealth market research report covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The study includes insights on segmentation based on modality (real-time virtual health, remote patient monitoring and store-and-forward), components (services, hardware, and software), delivery modes (web/app-based, cloud-based, and on-premise), end-users (healthcare providers, patients, employer groups and government bodies, and payers), and geography (North America, Latin America, Europe, APAC, and MiddleEast and Africa).
Telehealth Market: Overview
The introduction of new healthcare modalities is driving the telehealth market
Remote healthcare is one of the new-age medical services that provide a digital platform to avail healthcare services starting from diagnosis to medication. Facilities such as real-time (virtual, store-and-forward, and remote patient monitoring (RPM)) area few evolving features that are providing new dimensions to the global telehealth market.
The access to telehealthcare has improved medical treatment and helped in cost-reduction, which has significantly increased the reach of the global telehealth market. The demand for virtual visits, remote patient monitoring, and mHealth is growing at a phenomenal rate, which, in turn, is driving the growth of the global telehealth market. The market is highly dynamic and competitive; local vendors offer a wide range of hardware and software solutions. For example, Verizon is investing in network services for telehealth clinical trials. Hardware manufacturers are collaborating with software/application developers and healthcare providers to enhance health quality service in the healthcare market. The presence of diversified global and local vendors; international players would increase their footprint in the remote healthcare sector. The global telehealth market is expected to reach around $40 billion, growing at a CAGR of 25% during 2018–2024.
Telehealth Market: Dynamics
Mergers and acquisitions among leading vendors are expected to increase the scope of the market
Globally, many vendors are focusing on collaborations that can help to extend their brand's visibility in the global telehealth market. For example, UCLA Health recently partnered with the city of Zhengzhou in China to establish the Zhengzhou International Telemedicine Center (ZITC).
For instance, Teladoc, one of the leading companies acquired Advanced Medical in 2018 to strengthen the former’s global footprint as the latter works with more than 300 multinational insurers and employers in the US, South America, Europe, and Asia to provide patients with telehealth services. Similarly, BioTelemetry acquired Geneva Healthcare to provide more world-class healthcare services to users. Other vendors such as Honeywell Life Care Solutions, American Well, GlobalMedia Group, Philips Healthcare, and AMD Global Telemedicine with extensive infrastructure and R&D support are rapidly expanding their footprints globally.
Currently, the global telehealth market is witnessing the advent of various new-age facilities such as mHealth, virtual visits, and tele-ICUs. The industry players such as InTouch Health, iRobot, and Vecna Technologies have developed robots that serve as the physician’s stand-in in remote clinics, which are expected to provide new dimensions to the market in the coming years.
Telehealth Market: Segmentation
This market research report includes a detailed segmentation of the global market by modalities, components, delivery modes, end-users, and geographies.
Telehealth Market - By Modality
Video-based doctor visit, an emerging trend in the virtual health market
In terms of modality, the global telehealth market is classified into real-time virtual health, remote patient monitoring, and store-and-forward. The real-time virtual health segment occupies around half of the worldwide market, growing at a CAGR of around 33% during the forecast period. It provides a platform for patients and consumers to communicate with physicians through personal computers (PCs), tablets, or smartphones. Real-time virtual visits include video visits, audio visits, and chat consultation; video visits can also be performed via a kiosk. The video visits market is expected to grow due to expanding health insurance coverage. For instance, UnitedHealthcare, one of the largest insurers in the US, announced that it will enter a partnership with NowClinic, Doctor on Demand and American Well to cover video-based doctor visits like it covers in-person visits.
Remote Patient Monitoring (RPM) uses digital technology to collect medical data and transfer it from one location to another. The increase in the use of smartphones is contributing to the popularity of remote monitoring applications that are integrated with monitoring devices. These mobile applications help in recording and transmitting the patient’s health-related data to the healthcare provider in a real-time.
Store-and-forward is evidence-based care, where healthcare providers can collect the complete information of the patient, which is later on analyzed, matched with evidence-based care to start the treatment accordingly.
Telehealth Market - Components
Users prefer a one-stop solution for healthcare services, starting from consultation to medication
The global telehealth market by components is divided into services, hardware, and software. In 2018, the services segment captured nearly half of the global market share, which is expected to grow at a CAGR of around 30% during the forecast period. This segment includes services such as conducting and processing virtual visits, offering online consultations of patients, interacting with other healthcare professionals, and monitoring the patient on a real-time basis. It also provides end-to-end solutions that are offered by the companies to healthcare providers such as hospitals, clinics, and home care settings.
Hardware and infrastructure providers act as a medium for the facilitation of remote healthcare services worldwide. They provide operational platforms to enable virtual visits, store-and-forward, and RPM. They also offer video-conferencing solutions, cloud-based servers, security encryption, secured bandwidth, network to service providers, supporting systems to have a seamless connection between physicians and patients.
Telehealth Market –Delivery Modes
The increased usage of smartphones has made users to access telehealth services through healthcare applications
The global telehealth market by modes of delivery is broadly categorized into web/application-based, cloud-based, and on-premise. The web/application-based segment captures nearly one-third of the global market and expected to flourish at a CAGR of around 24% during the forecast period. The web-based delivery model requires minimal software and hardware components for delivering remote healthcare solutions. The demand for this model is expected to gain new dimensions due to budding web-based telehealth, especially in emerging economies. The launch of new-age cellular devices such as tablets and smartphones has further accelerated the use of application-based services. The market is witnessing the competition based on technology, services offered, user-friendly interfaces, product differentiation, and pricing.
With endless options to choose from, cloud-based health solutions can achieve seamless scalability in line with the growing demand for remote healthcare services globally. On-premise platforms are available with all functions and features that are needed to practice any form of medicine suitable for enhancing care. These platforms are not only strengthening security for patients and healthcare providers but also essentially creating a complete digital health system in healthcare settings.
Telehealth Market - End-users
Cost-effectiveness is a major factor driving employees and government organizations toward telehealth services
Healthcare providers, patients, employer groups and government bodies, and payers are the major end-users of the global telehealth market. Healthcare providers are the largest end-users and captured approximately half of the global market. Among all healthcare providers, hospitals are the most significant revenue contributors. The global telehealth market is influencing the healthcare delivery system by enabling healthcare providers to connect with consulting practitioners and patients from long distances.
In terms of revenue, the patients and individuals segment is the second largest contributor. Provider shortages and increased consultation wait times are also driving the demand for Direct-to-consumer(DTC) telehealth services. Employers and government organizations are increasingly relying on remote health platforms for providing healthcare services to employees. A high number of employees are opting telehealth services due to cost-effectiveness.
Telehealth Market - Geography
The availability of world-class infrastructure and healthcare services has made North America as one of the growing healthcare markets
Based upon geography, the global telehealth market is divided into North America, Latin America, Europe, APAC, and MiddleEast and Africa (MEA). North America is the largest healthcare market that offers significant growth opportunities for global players, and the market is growing at a CAGR of around 27%. The availability of sophisticated healthcare infrastructure, the presence of reimbursement coverage, and the introduction of multiple government initiatives and reforms promoting digital and virtual health are factors responsible for the growth of the telehealth market. Further, the introduction of remote patient monitoring devices, smart gadgets, and virtual visits will boost revenues in the US telehealth market.
Europe is the second major revenue contributor in the market as several European countries are opting for telehealth services. MEA has also started to promote the use of remote healthcare to improve healthcare access and save resources in the region. The EU is also funding several health projects and pilot programs. ELECTOR, THALEA, and MOMENTUM are some of the major EU-funded health projects conducted in Europe for encouraging the use of telehealth in several healthcare settings.
Key Countries Covered in the report:
Key Vendor Analysis
The advent of advanced technologies such as robotics, real-time virtual health, remote patient monitoring is expected to revolutionize the telehealth market. Local as well as global industry players are adopting the latest technology to increase their global footprint. There is a significant rise in the demand for web/application-based solutions as they enable users to consult the doctor instantly, maintain their healthcare records and access the world-class treatment.
Major Vendors in the Global Market:
- AMD Global Telemedicine
- American Well
- GlobalMedia Group
- Honeywell Life Care Solutions
- Philips Healthcare
- Teladoc Health
- InTouch Technologies
Other prominent vendors are AirStrip Technologies, iMDsoft, A&D Company, Abbott, BIOTRONIK, Boston Scientific, Biotricity, Cisco, Chiron Health, edgeMED Healthcare, eVisit, GE Healthcare, INTeleICU, iSelectMD, Masimo, MDLIVE, Capsule Technologies, MedXCom, Virtual Health Care, Vidyo, VSee, Spacelabs Healthcare, and Zipnosis.
Key Market Insights Include
- An analysis of the global telehealth market in terms of market sizing and growth opportunities for the forecast period 2019–2024
- Comprehensive insights on current industry trends, trend forecast, and growth drivers about the global telehealth market
- Discussion on the latest analysis of market enablers, growth drivers, challenges, and investment opportunities
- A complete overview of market segments and the regional outlook of the global telehealth market
- A detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain a competitive advantage in the worldwide market
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