The global Telehealth market is rising continually, improving supportive care for various chronic diseases. Besides, significant benefits offered by telehealth, such as improved outcomes and enhanced care-coordination, drive the market growth, improving clinical efficiency consumer engagement. Moreover, the recent COVID-19 outbreak has given a healthy boost to the telehealth market.
Technology is the core of telehealth, as it enables patients to connect with medical professionals from their homes' safety and comfort. When some HIPPA regulations waived due to the coronavirus pandemic, telehealth assisted patients using a HIPPA-compliant platform, such as Simple Practice or Zoom for Healthcare. Furthermore, the paradigm shift toward more organized and continuous healthcare monitoring accelerates the growth of the market.
Acknowledging the potential of the market to increase further, Market Research Future (MRFR) in its recently published study report asserts that the global telehealth market will perceive a splendid growth by 2023 registering a double-digit CAGR of 29.8% during the forecast. The patients' journey is unlikely to change since users of telehealth services will need to be seamlessly integrated into the familiar payer/provider constructs (access, reimbursement, etc.) to drive the utilization.
Additionally, factors such as the increasing geriatric population, technological advances in the healthcare sector, and growing cases of patients affected by chronic diseases worldwide are expected to drive the growth of the market. Rising RD spending and aggressive growth strategies adopted by top players, such as new product launches, contribute to the increase of the market.
On the other hand, the lack of adequate reimbursement policy and high costs involved in the deployments of telehealth devices are the factors estimated to impede the growth of the market. Nevertheless, the rising uptake of telehealth would support market growth throughout the assessment period.
Global Telehealth Market - Segments
The market can be segmented into four key dynamics for the convenience of understanding;
By Components: Software and Hardware {Monitors (blood glucose, blood pressure, and ECG monitors, others.), Medical Devices, and others}, among others.
By Types : On-Premises, Web-Based, and Cloud-Based.
By End-Users : Pharmaceutical Companies and Hospitals Clinics, among others
By Regions : North America, Europe, APAC and the Rest-of-the-World.
Global Telehealth Market - Regional Analysis
The North American region accounts for the leading market for telehealth, globally, accounting for the significant market share. Factors such as favorable government policies and the fastest adoption of telemedicine along with the increased incentives drive the market growth in the region. Simultaneously, well-developed healthcare infrastructure and high healthcare expenditure to substantiate the market growth, allowing a suitable environment for the development and adoption of technologies.
The US and Canada backed by their successfully implemented telehealth facilities are expected to boost the market growth in the region over the forecast period. Furthermore, favorable government initiatives in executing telehealth, regulatory framework, and innovations in the region are expected to propel the market growth.
Europe accounts for the second-largest market for telehealth which is expected to grow at a considerable CAGR. Favorable governmental support and initiatives drive the growth in the market extensively. The proliferating healthcare sector in the region, backed by the resurging economy is fostering the market growth radiantly.
Germany among other European countries leads the connected healthcare deployments in the region. A number of solutions are being offered, and services are being delivered through varied means, ranging from simple messages to exceedingly complex apps. Increased digitization along with the increasing focus on data quality management, data integration, and data governance would drive the growth of telehealth market in Europe.
The Asia Pacific region accounts for a substantial market for telehealth. Factors such as the huge development opportunities along with the constantly developing healthcare infrastructure in the Asia Pacific region is propelling the market growth. The market in the APAC observes the increased adoption of telehealth in healthcare facilities. Countries such as India, China Japan account for the wide adoption of these management products and services; driving the market growth in the region.
Global Telehealth Market – Competitive Analysis
The global telehealth market appears to be highly competitive. Key players are focusing on optimizing situational awareness towards customers to ensure their mission success. Matured players are increasingly seeking market expansion through various strategic activities such as MA, innovation, increasing investments in RD and cost-effective product portfolio. These players are investing substantially to bring innovations and to expand their market presence.
Key Players
Identified and profiled in MRFR analysis, some of the key players in the global telehealth market report include - Medtronic (Ireland), General Electric Company (UK), Koninklijke Philips N.V. (the Netherlands), Care Innovations, LLC. (US), Cerner Corporation (US), McKesson Corporation (US), Siemens Healthcare Private Limited (US), AMD Global Telemedicine, Inc. (US), GlobalMedia Group, LLC (US), and InTouch Technologies, Inc. (US).
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