Telehealth Market 2020 Global Trends, Key Vendors, Regional Analysis, Import & Export, Revenue by Forecast 2025
Telehealth Market Highlights
The Global Telehealth Market is expected to register a CAGR of 22.74% during the forecast period with a market value of USD 16,173.8 Million till 2025. Telehealth connects patients to fundamental health care services through remote monitoring, video conferencing, electronic consultations, and wireless communications. The increasing occurrences of chronic diseases along with rising elderly population are projected to drive the market growth. However, privacy and security concerns, as well as a lack of awareness about telehealth, is likely to hamper the growth of the market during the assessment period.
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The rapid development of sophisticated telecommunications solutions to enable refined and smooth telehealth networking is also likely to be a major driver for the global telehealth market over the forecast period. The telecommunications industry has enjoyed robust growth over the last few years due to the growing consumer demand, which has driven a rising amount of investment in the upgradation and enhancement of operations. This has led to the development of wireless connectivity across major regions, enabling easy installation of telehealth equipment in rural areas, where the need for telehealth solutions is most keenly felt. The sustained growth of the telecommunications industry is likely to be a major driver for the global telehealth market over the forecast period, as the availability of sophisticated equipment is a must for effective implementation of telehealth solutions.
Telehealth Market Competitive Analysis:
The leading players in the global telehealth market include InTouch Technologies Inc., AMD Global Telemedicine Inc., Siemens Healthcare Private Limited, GlobalMedia Group LLC, Cerner Corporation, Care Innovations LLC, McKesson Corporation, General Electric Company, Medtronic, and Koninklijke Philips N.V.
Telehealth Market Segmentation:
The global telehealth market is segmented on the basis of components, types, end use, and region.
On the basis of component, the global telehealth market is segmented into hardware, software, and others. The hardware segment is further sub-segmented into monitors, medical devices, and others; monitors are further segmented into blood glucose monitors, blood pressure monitors, ECG monitors, and others.
On the basis of types, the market is segmented into web-based, on-premise, and cloud-based.
On the basis of end use, the telehealth market is segmented into hospitals and clinics, pharmaceutical companies, and others.
Telehealth Market Regional Analysis:
The global telehealth market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas is likely to remain the leading revenue generator over the forecast period due to the widespread availability of telehealth services in the region. The region accounted for 40% of the global telehealth market in 2017 and is likely to retain a similar level of dominance throughout the forecast period. The strong position of the telecommunications industry in the U.S. and Canada is likely to be a major boost to the telehealth market in the region.
Key Findings of the Study
- The Global Telehealth Market is estimated to grow at USD 16,173.8 million by 2025 at a CAGR of 22.74% during the assessment period
- Americas accounted for the largest share of the global market due to the presence of key market players in the US and Canada
- Based on component, the services segment accounted for the largest market share of 93% in 2018
- Based on mode of delivery, the web/cloud-based segment accounted for the largest market share of 6% in 2018
- On the basis of application, the radiology segment accounted for the largest market share of 32.6% in 2018
- On the basis of end user, the hospitals and clinics segment accounted for the largest market share of 39.4% in 2018
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Telehealth Industry Updates:
In April 2019, the Medical University of South Carolina received a federal grant of USD 3.6 million to create a nationwide database of pediatric telehealth research. In the same month, the Arizona government passed a law extending telehealth insurance to all medical specialties.
Government support in the form of regulatory initiatives and monetary support is likely to play a key role in the development of the global telehealth market over the forecast period.
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