The Global Telehealth Services Market size was valued at USD xx billion in 2019 and is anticipated to grow at a CAGR of xx% during the forecast period. Telehealth services can be defined as the use of a wide range of technology and tactics for providing virtual care, and health and education services. Telehealth is not a particular programme, but a set of means of strengthening the delivery of treatment and education. Telehealth services include the delivery of health care and knowledge through electronic information and telecommunication technology.
FIGURE 1: TELEHEALTH SERVICES MARKET
Telehealth refers to the use of digital information and communication technology to access healthcare facilities remotely for health management purposes. Telehealth links patients to basic healthcare facilities by remote control, video conferencing, electronic appointments, and wireless communication. Factors such as the growing prevalence of chronic diseases, the increase in geriatric population, and the scarcity of doctors are the main growth drivers for the Telehealth industry.
The modern world is moving from the age-old concept of traditional medical care to technologically well-equipped treatment facilities. The idea of telehealth services is thus becoming increasingly relevant. Telehealth systems share remote data between the patient at home and the doctor(s) to help diagnose and monitor patients with long-term illnesses. Among other methods, it includes fixed or mobile home units for calculating, evaluating and tracking body temperatures, blood pressure, sugar level and various other critical parameters for clinical assessment at remote locations using phones or wireless media.
Telehealth services can raise awareness among individuals about their own health by supporting patients and doctors alike. Telehealth decreases the frequency of hospital visits, thereby saving resources and time. It is a very cost-effective service and thus, can be availed by a large section of the population. Doctors and physicians, through this service, can continuously track and advise patients on their long-term disease, potentially reducing the mortality rate.
Telehealth has contributed to a dramatic decline in the rate of emergency admissions. With the rising cases of coronavirus along with chronic respiratory diseases, the adoption of telemedicine facilities has witnessed a surge. Patients with suspected flu-like symptoms have online access to different telemedicine networks for healthcare services. In addition, numerous telemedicine companies are witnessing an increase in virtual visits in the midst of the COVID-19 pandemic. These companies are, therefore, increasing their capability to handle thousands of virtual visits a day to meet the growing demand. This, in turn, propelling market growth.
This has changed the understanding of traditional medical practise, which is the key driver for the industry. Telehealth is not only limited to long-term diseases, but also has a wide variety of uses, such as in dentistry, counselling, physical and occupational therapy, disaster management, and consumer and professional education. Increasing prevalence of cardiovascular diseases and the delivery of healthcare through telehealth solutions could open up home monitoring of elderly patients with chronic diseases, improve health outcomes, and dramatically reduce healthcare costs.
Chronic illnesses such as stroke, heart disease, cancer, depression, diabetes, obesity. Telehealth is a valuable tool for reducing the mortality rate and for mitigating harmful health consequences associated with these chronic conditions. Telehealth uses information and communication technology (ICT) and handheld wireless technologies that have been used in different clinical diseases, to minimise medical costs and improve outcomes, especially in case of cardiovascular diseases.
There are protection and privacy problems related to telehealth services and lack of awareness about it in developed countries. Telehealth market players are pursuing collaborative strategies with the goal of expanding their business on a global scale to meet the growing demand. In addition, leading companies in the telehealth field are focused on mergers and acquisitions in order to achieve competitive strength. Companies are seeking to integrate new industrial concepts with a view to attracting more end customers. Fortune Business Insights expects industry partnerships to help businesses produce significant revenue from the telehealth market.
The rate of use of telehealth services is affected by many factors such as the availability and cost of current conservative health services to meet patient requirements, the demand for medical licencing, the policy of governments with regard to coverage, and the payment of telehealth services. New methods are used in the market for telehealth services, such as storage and forwarding in real time, online patient care, remote training, and electronic consultation. With the use of all these methods, the demand for telehealth services is gaining prominence. However, constraints such as high installation charges could impede market growth in the forecast period.
FIGURE 2: TELEHEALTH SERVICES MARKET SEGMENTATION
The Telehealth services Market segmentation is based on component, mode of delivery, applications, end user, and region.
FIGURE 3: TELEHEALTH SERVICES MARKET (USD MILLION), BY END-USER
The end user segment of the telehealth services can be divided into telehome, telehospital, assisted living, facility and worried well living, and others. Telehome emphasises on patient availing telehealth services from their respective home, while worried well living mainly focuses on the mental wellbeing of the patient.
Based on regions, the global telehealth services market has been segmented as North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. North America dominates the market for telehealth services due to the presence of best in class infrastructure, best in industry practise, increased use of technology by citizens and physicians, and increased spending on healthcare by citizens.
North America is followed by Europe and Asia-Pacific as the second and third largest markets for telehealth services. North America is holding the largest market share in the global market for telehealth. This is because of the presence of a well-developed healthcare infrastructure in the US, increasing prevalence of chronic illnesses, new regulatory policies, medical shortages, introduction of the Affordable Care Act (ACT) and increasing support for Telehealth.
As per the rising crisis of chronic diseases in the United States, the number is projected to be approximately 133 million Americans, i.e., about 45% of the population are affected by the chronic diseases. Asia Pacific is expected to have the highest growth due to the rapid development of medical infrastructure, the rise in medical tourism, increased spending, and increasing awareness about telehealth in developing nations of this region such as China and India.
Moreover, Europe is expected to witness significant market growth as a result of emerging policies on telehealth and the adoption of wearable remote monitoring devices. The Asia-Pacific region is also witnessing strong demand due to enhanced healthcare scenario, technical advances in digital imagery, and a high rural population.
The Americas is expected to dominate the global demand for telehealth. This can be attributed to the growing acceptance of telehealth services in the United States. For example, in 2016, Kaiser Permanente, a California-based Integrated Managed Care Consortium, performed more consultations than in person, i.e., almost 52% of the 110 million physician visits were through online portals, virtual visits, or apps.
The Asia-Pacific is expected to be the fastest-growing region in the global market due to an increase in geriatric population, a rise in the prevalence of chronic diseases, and lack of skilled workers. The Middle East & Africa is projected to see steady growth due to limited access and affordability of healthcare among the population.
The report analyses factors affecting the telehealth services market from both demand and supply side and further analyses market dynamics such as driver, restraints, opportunities, and future trends for the forecast years. The report also provides comprehensive Porter’s model analysis on the Telehealth Services Market for all six regions, viz, North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and the Rest of the world.
Key market players are adopting inorganic development strategies like acquisitions of local brands. Similarly, other business models such as joint venture and market entry strategies are helping prominent vendors to make their presence felt in the telehealth services market and increase their product portfolio. The key leading players in the market are Allscripts Healthcare Solutions, Inc., LifeWatch AG, CARDIOCOM, LLC, McKesson Corporation, Polycom, Inc., AMD Global Telemedicine, Inc., F. Hoffmann-La Roche Ltd., Cisco Systems, Honeywell HomMed LLC, InTouch Technologies, Inc., and Philips Healthcare, among others.
This report further includes the profiles of key telehealth services market companies, along with their SWOT analysis and market strategies. In addition, the competitive landscape provides a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments, and other latest industrial developments.
Key Developments in Telehealth Services Market:
- In January 2019, American Well introduced the American Well 760 Cart, which allows acute healthcare teams to carry remote specialists to the space. The new cart has been designed for health systems running telehealth using American Well software or an existing Cisco infrastructure.
- In November 2018, Boston Children's Hospital, part of Boston Science Company and 2nd.MD, a telehealth startup, launched a strategic alliance based on paediatric telemedicine. The alliance relied on 2nd.technology MD and employer and health plan network to provide patients with virtual access to physicians.
- In January 2018, Allscripts signed a final agreement and acquired a merger experience.
What Does This Report Provide?
This report provides a detailed understanding of the global telehealth services market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Telehealth Services Market Segmentation:
By Mode of Delivery:
- Primary Care
By End User:
- Hospitals and Clinics
- Diagnostic Centers
North America Telehealth Services Market
- North America, by Country
- North America, by Component
- North America, by Mode of Delivery
- North America, by Application
- North America, by End User
Europe Telehealth Services Market
- Europe, by Country
- The Netherlands
- Rest of Europe
- Europe, by Component
- Europe, by Mode of Delivery
- Europe, by Application
- Europe, by End User
Asia Pacific Telehealth Services Market
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Component
- Asia Pacific, by Mode of Delivery
- Asia Pacific, by Application
- Asia Pacific, by End User
Middle East & Africa Telehealth Services Market
- Middle East & Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Component
- Middle East & Africa, by Mode of Delivery
- Middle East & Africa, by Application
- Middle East & Africa, by End User
South America Telehealth Services Market
- South America, by Country
- Rest of South America
- South America, by Component
- South America, by Mode of Delivery
- South America, by Application
- South America, by End User
Reasons to Buy This Report:
- Market size estimation of the telehealth services market on a regional and global basis
- Unique research usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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