Prominent Players Covered in the Telehealth Market Research Report are American Well (Boston, U.S.), MDLIVE Inc. (Sunrise, U.S), Teladoc Health Inc. (Purchase, U.S.), Doctor on Demand Inc. (San Francisco, U.S.), Dictum Health Inc. (Oakland, U.S.), Grand Rounds Inc. (San Francisco, U.S.), OpenTeleHealth (Balticagade, Denmark), and others
The global “telehealth market” is slated to reach USD 266.8 billion 2026, exhibiting a CAGR of 23.4% during the forecast period. One of the main drivers of this is the high prevalence of stark inequalities in rural healthcare, especially in developing and underdeveloped countries where majority of the population lives in villages. For example, the World Health Organization Health Report 2018 states that in 2015, 303,000 women died across the world due to poor pre and post- natal healthcare.
Industry developments:
- January 2020: Teladoc Health announced its plans to acquire InTouch Health. The latter is a renowned provider of telehealth solutions for hospitals. This acquisition would help Teladoc in strengthening its position in the space of virtual care. InTouch Health has partnered up with more than 450 hospitals.
- June 2019: Zava, a digital healthcare provider raised USD 32 million in a Series A investment. It was raised from HPE Growth. The company’s main aim is to create reliable and accessible healthcare by reducing costs at the same time. Since its founding, the company has provided more than 3 million consultations in Europe.
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Fortune Business Insights profiles some of the important participants in the telehealth market:
- Dictum Health, Inc.
- SnapMD, Inc.
- American Well
- MDLIVE Inc.
- GlobalMed
- Doctor on Demand, Inc.
- Encounter Telehealth
- Teledoc Health, Inc.
Drivers and Restraints-
Rising Need to Maintain Social Distancing amidst COVID-19 will Favor Growth
The outbreak of the COVID-19 pandemic has reduced the demand for medical devices owing to the rising burden on healthcare professionals and hospitals, as well as reduced hospital visits. Besides, several cases of elective surgery have been postponed. This has opened doors to new opportunities for these platforms and software solutions. Hence, the demand for virtual consultations is anticipated to surge on account of the current scenario.
Telehealth is considered to be a very powerful weapon to battle the coronavirus pandemic. To avoid virus transmission while traveling to hospitals and clinics, people are rapidly inclining towards these digital platforms. Teladoc Health Inc., for instance, stated that as compared to the fourth quarter of 2019, the overall number of virtual consultations surged up to 60% and reached 2 million from January 2020 to March 2020. This proves that people are actively adopting remote monitoring and telehealth services worldwide to keep up with social distancing between the doctors and the patients.
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Tangible Benefits of Telemedicine to Boost the Market
Telehealth refers to a healthcare delivery system that is not limited by distance between the doctor and patient. The expansion of the telehealth market size is premised on the host of advantages that telehealth market services offer and growing awareness of these benefits. They are very visible benefits and has already led to positive outcomes. For example, according to a study published in Medicine Journal of Australia, effective telemedicine provision has reduced hospital readmission by 24% and has brought down mortality by 20%. Moreover, telemedicine care helped patients save close to 19% of what they would have spent on inpatient care. The National Institutes of Health (NIH) in the US states that telehealth has noticeably positive impact on the mental and physical health of patients. For example, the NIH estimates that emergence of telehealth services has led to around 38% reduction in hospital admissions. Lastly, telehealth can help governments in underdeveloped countries to provide quality healthcare to the rural population in these regions.
Regional Analysis-
High Rural Population to Augment Growth in Asia Pacific
Based on geography, in 2019, North America procured USD 26.14 billion in terms of revenue. This growth is attributable to the presence of favorable health reimbursement policies, as well as several reputed companies in the region. Apart from that, the region is adopting the latest technologies in the field of telehealth at a fast pace. Asia Pacific, on the other hand, is anticipated to grow remarkably in the near future on account of high rural population, technological advancements in digital imaging, and enhancements in healthcare scenario
Key Segmentation of Telehealth Market
Telehealth Market Segments by Type
- Products
- Services
Telehealth Market Segments by Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
Telehealth Market Segments by Modality
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Remote Patient Monitoring
By End User
- Healthcare Facilities
- Homecare
- Others
By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
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Detail Table of Content:
- Global Telehealth Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast By Type
- Products
- Services
- Market Analysis, Insights and Forecast By Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
- Market Analysis, Insights and Forecast By Modality
- Real-time(Synchronous)
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast By End User
- Healthcare Facilities
- Homecare
- Others
- Market Analysis, Insights and Forecast By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Telehealth Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast By Type
- Products
- Services
- Market Analysis, Insights and Forecast By Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
- Market Analysis, Insights and Forecast By Modality
- Real-time(Synchronous)
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast By End User
- Healthcare Facilities
- Homecare
- Others
- Market Analysis, Insights and Forecast By Country
- U.S.
- Canada
TOC Continued…
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To view the original version on The Express Wire visit Telehealth Market Worldwide Growth, Latest Innovation, Size, Share, Industry Insights, Revenue, Forecast 2022-2029
