Published June 29, 2021
According to Facts and Factors market research report, the Global Telehealth Market size & share revenue is expected to grow from USD 62.45 Billion in 2020 to reach USD 475.50 Billion by 2026, at 26.5% annual CAGR growth during forecast period of 2021-2026. The top market companies profiles included in report with their sales, revenues and strategies are American Well, MDLIVE, Inc., Teladoc Health, Inc., Doctor on Demand, Inc., Dictum Health, Inc., Grand Rounds, Inc., OpenTelehealth, Medtronic and others.
Telehealth is a technological form of delivering healthcare services over a range of communicative technologies such as mobile devices and computers from a remote location. Telehealth services are often considered as the primary source of providing healthcare services to people living in rural areas and consumers with sources presiding with limited mobility, time, and transportation capabilities. The driving factors behind the significant growth of the telehealth market can be contributed to an increased adoption rate of telehealth technology in the field of radiology, cardiology, and behavioral health among others.
Furthermore, a rising trend of online consultation services will further propel the growth of the global telehealth market towards a positive outlook. Additional factors include the increasing rate of elective surgeries and reduced hospital visits for regular checkups will further increase the footprint of the market during the forecast. The advent of COVID-10 has tightened social distancing norms which increases the value of telehealth products and solutions during the forecast. The rise in population, increased demand for expanding healthcare access, growing prevalence of chronic diseases and conditions among others will further nudge the market toward a ballooned state.
Industry Major Market Players
- American Well
- MDLIVE Inc.
- Teladoc Health Inc.
- Doctor on Demand Inc.
- Dictum Health Inc.
- Grand Rounds Inc.
- GE Healthcare
- Cerner Corporation
- Teladoc Health Inc.
- Asahi Kasie Corporation
- Iron Bow Technologies
- Telespecialists LLC
The global telehealth market can be divided into telemedicine, patient monitoring, continuous medical education, and others on the basis of type. The telemedicine segment can be further broken down into teleradiology, teleconsultation, tele-ICU, telestroke, telepsychiatry, and teledermatology. The segment of telemedicine is expected to witness the largest market share during the forecast owing to a surge of physicians joining telehealth platforms coupled with increased adoption of software and growing emphasis on continuous patient care.
The global telehealth market can be divided into healthcare facilities, home care, and others on the basis of end-users. The healthcare facilities segment will account for the largest market share during the forecast in terms of global revenue contribution. Factors contributing to the dominant position of the market are increasing telehealth solutions in order to lessen the burden on medical specialists and a rise in government expenditure for similar applications.
Global Telehealth Market: Segmentation
The global telehealth market can be segmented into type, application, modality, mode of delivery, end-users, and regions.
On the basis of type, the global telehealth market can be divided into hardware, software, & services. The service segment is expected to witness the largest market share during the forecast due to contributing factors such as increased virtual consultations, teleconsultation reimbursements by government policies, and increased funding for the technology to name a few. On the basis of application, the global telehealth market can be fragmented into telemedicine, patient monitoring, continuous medical education, and others. The telemedicine segment can be further broken down into teleradiology, teleconsultation, tele-ICU, telestroke, telepsychiatry, and teledermatology, among others. The telemedicine segment is expected to witness the largest market share during the forecast owing to increased adoption of software, an increasing number of physicians joining virtual consultation applications, and a growing emphasis on continuous patient monitoring solutions. On the basis of modality, the global telehealth market can be fragmented into store-and-forward, real-time, and remote patient monitoring. The real-time segment is expected to witness the largest market share during the forecast owing to rising demands of e-visits and less cost compared to face-to-face consultation.
North America Is Expected To Exhibit Highest Market Share During the Forecast Period
North America is expected to witness the largest market share during the advent of the forecast in terms of market share. Factors contributing to the dominant position of the region can be due to the presence of key players in the region, increased prevalence of healthcare facilities, improving technological advancements, and increased government facilities for the same will further boost the market footprint during the forecast. Asia-Pacific is expected to witness the fastest growing CAGR during the forecast period.