The telehealth services are expected to increase by 85−90% by 2025.
Arizton’s recent market research report on the global telehealth market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by modality (real-time virtual health, remote patient monitoring, and store-and-forward), components (services, hardware, and software), delivery modes (web/application-based, cloud-based, and on-premise telehealth), end-users (healthcare providers, patients and individuals, employers and government organizations, and payers), and geography (North America, APAC, Europe, Latin America, and MEA).
The global telehealth market is expected to reach around $40 billion by 2024, growing at a CAGR of more than 25% during 2018–2024.
The introduction of telehealth has led to the availability of cost-effective treatment, adoption of home healthcare services, and low expenditure on infrastructure development. The application of telemedicine will continue to grow due to improved quality assurance of healthcare services. The global telehealth market report by Arizton suggests that the telehealth services are expected to increase by around 85−90% by 2025.
The top three drivers and trends propelling the global telehealth market are discussed below:
Growth in chronic diseases boosting telehealth services
Telehealth is a proven way of providing care to patients with chronic diseases in an efficient and cost-effective manner. Globally, around 60% of all reported deaths are due to chronic conditions.
It has been projected that chronic diseases will account for almost three-quarters of all reported deaths worldwide by 2020.
It is predicted that around 165 million people in the US will have some form of chronic diseases by 2025. These chronic diseases include diabetics, cancer, asthma, COPD, seizures, heart diseases, strokes, type 2 diabetes, arthritis, and obesity. The rate of chronic disease in low middle-income countries and high-income countries exceed more than 50%. The increasing burden of chronic diseases, the demand for virtual visits and remote patient monitoring, the popularity of mHealth, and the increasing elderly population are driving the global telehealth market.
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Rising demand for mHealth Fueling Telehealth Adoption
mHealth majorly includes online healthcare services and healthcare-related smartphone applications marketed directly to consumers. It is majorly used in healthcare call centers, emergency telephone services, mobile patient records, emergency and disaster management, and health surveys. The consumer interest in the adoption of mHealth applications has witnessed a surge due to advances in technology, usage of internet and smartphones, and increased awareness about self-disease management. Mobile applications enable providers for continuous monitoring of the patient’s condition along with the ability to personalize care for each patient. In the global telehealth market, service providers are developing a broad range of applications, which are compatible with wearable medical devices and telemedicine services for enhancing the outcome of patient care. Abbott introduced FreeStyle Libre system, which is a glucose monitoring system that reads glucose information using a sensor and eliminates the need for finger pricking.
Advancement in technology and growth of telemedicine robots
As the demand for telehealth is growing at a significant rate, vendors are focusing on inventing new technological platforms, innovating new products, and improving existing ones to enhance the overall outcome of healthcare services to patients. In November 2015, Medtronic received the US FDA approval and US commercial availability of its MyCareLink Smart Monitor, which is the world's first application-based remote monitoring system for patients with implantable pacemakers. It allows patients with a Medtronic pacemaker to use their own smartphones or tablets to securely transmit data from their pacemakers to the physician using cellular or Wi-Fi services. These wearable medical devices collect, encrypt, and send clinical data (vitals and health information of patient) to the physician. In the global telehealth market, wireless health solution providers are offering innovative end-to-end two-way technological platforms for end-users.
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Hospitals and healthcare centers are investing in telehealth robotic platforms that can be used to attend the patient in case of unavailability of physicians. The usage of the advanced technology platform is accelerating the adoption of healthcare robots that are sophisticated, efficient, precise, and affordable. iRobot, a leader in delivering robotic solutions, made the first autonomous remote navigation robot RP-VITA (Remote Presence Virtual Independent Telemedicine Assistant). This telemedicine robot combines the mobility feature with the audio/video communication platform, thereby providing instant access to the patient’s medical records. It is also being used in the emergency department and primary care visits and is providing telemedicine services to connect patients and specialists through the robot.
AMD Global Telemedicine, American Well, Biotelemetry, Global Media Group, Honeywell Life Care Solutions, MEDTRONIC, Philips Healthcare, Teladoc Health, and InTouch Technologies are the major vendors in the global telehealth market.
The complete overview of the latest market research report on the global telehealth market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market size and forecast for major geographical regions and key countries.
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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