In a recent published report, Kenneth Research has updated the market report for Telehealth Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $2104.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $10.0 billion from March 2020 till March 2021 whilest imports increased by $20.10 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Telehealth Market products.
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Kenneth Research has recently added a report titled Telehealth Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.010% in 2001 to 9.104% in 20110. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.104 in 20110. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 10% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 10.10 trillion in 20110, which was an increase by USD 0.2 trillion from the recorded value of USD 10.6 trillion in 2016.
Recently, a significant growth in healthcare spending have been observed in the low- and middle-income nations. In the middle-income nations, healthcare spending rose by 6.3% a year between 2000 and 20110, while the economy rose by 5.9% a year. Additionally, health spending in low-income countries also observed a growth by 10.10% a year in the same period. The growth in the healthcare spending of these nations can be attributed to the increasing focus of the governments in these nations to meet the laid down targets of the Sustainable Development Goals (SDGs) of 2030. Such factors are anticipated to drive the growth of the Telehealth Market during the forecast period.
The Global Telehealth Market is expected to register a CAGR of 22.104% to reach 16,1103.10 Million by 2024. Telehealth is the use of digital information and communication technologies to access healthcare services remotely for the management of health. Telehealth connects patients to fundamental healthcare services through remote monitoring, video conferencing, electronic consultations, and wireless communications. Factors such as the increasing prevalence of chronic diseases, the rise in geriatric population, and the shortage of physicians are the major drivers propelling the market growth. However, privacy and security concerns and stringent government rules for telehealth services could hamper market growth during the forecast period.
In 20110, the worldwide GDP stood at USD 104,1040.3 Billion as compared to the GDP of USD 100,144.5 Billion in 20110, marked a growth of 5.103% in 20110 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Keyword market over the period 2019-2026.
The Telehealth Market report also focuses on the analysis on the basis of geography which includes North America (U.S. and Canada), Latin America (Mexico, Brazil, Argentina, Rest of Latin America), Europe (Germany, UK, France, Spain, Italy, NORDIC, BENELUX, Poland, Russia, Hungary, Rest of Europe), Asia Pacific (China, Japan, India, Australia, New Zealand, South Korea, Malaysia, Indonesia, Rest of Asia Pacific) and Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa).
In U.S., the GDP per capita was valued at USD 62,606 in 20110 as compared to USD 59,1095 marked in 20110, observed a growth of 4.53% in 20110 over previous year. Rise in GDP per capita has intensified the growth of this market in the country.
Telehealth could be effectively utilized for the diagnosis, treatment, and supportive care of chronic diseases such as diabetes and cancer. Chronic diseases reduce a person’s quality of life, especially if left undiagnosed or untreated. According to data by the Government of Canada, in 20110, about 2.3 million people aged 12 and older were diagnosed with diabetes. Additionally, according to the press release by Chiron Health published in June 2016, chronic diseases such as heart disease, stroke, cancer, depression, type 2 diabetes, obesity, and arthritis affected an estimated 1110 million people in the Americas. Telehealth can be used to address the rising demand for healthcare services for cancer, diabetes, and other diseases in developing regions. Thus, the high prevalence of such diseases is estimated to drive market growth during the forecast period.
The global telehealth market has been segmented into component, mode of delivery, application, and end user.The global telehealth market, by component, has been segregated into services, software, and hardware. The services segment accounted for the largest share owing to the increasing initiatives by key companies, whereas the software segment is expected to be the fastest-growing due to the growing inclination toward the usage of telehealth software. The market, by hardware, has been further sub-segmented into monitoring devices, medical peripherals, and others. The market, by monitoring devices, has been sub-segmented into stationary and wearable monitoring devices. The market, by medical peripherals, has been further divided into blood pressure monitors, ECG monitors, pulse oximeters, blood glucose meters, peak flow meters, otoscopes, and others. The market, by software, has been segregated into integrated software and standalone software. The market, by services, has been further classified as remote monitoring, real-time interactions, and store-and-forward consultations.
The global telehealth market, by mode of delivery, has been divided into web/cloud-based and on-premise. The web/cloud-based segment held a large share due to the wide preferability, whereas the on-premise segment is projected to be the fastest-growing due to the increasing awareness among hospital management.The global telehealth market, by application, has been categorized as radiology, cardiology, primary care, neurophysiology, and others. The radiology segment held a major share owing to the increased use of telehealth technology in the radiology field, whereas the cardiology segment is projected to be the fastest growing owing to the rise in cardiovascular diseases.The global telehealth market, by end user has been classified as hospitals and clinics, diagnostic clinics, home care, and others. Hospitals and clinics segment held a major share due to the increase in the number of hospitals employing the use of telehealth software, whereas the diagnostic clinics segment is expected to be the fastest-growing segment due to the rising inclination towards telehealth services.
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The global telehealth market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.The Americas is estimated to dominate the global telehealth market. This can be attributed to the increasing adoption of telehealth services in the US. For instance, in 2016, Kaiser Permanente, an integrated managed care consortium based in California, conducted more consultations virtually than in person, i.e., nearly 52% of 110 million physician visits were via online portals, virtual visits, or apps.
The Europe market for telehealth is expected to be the second largest market. The paradigm shift toward more organized and continuous healthcare monitoring is projected to be the main factor for the growth of the market extensively. Italy held a share of 12.4% in the Western Europe telehealth market in 20110.
Asia-Pacific is estimated to be the fastest-growing region in the global market due to the rise in geriatric population, an increase in the prevalence of chronic diseases, and the shortage of technical personnel.The Middle East & Africa is expected to witness steady growth due to limited access and healthcare affordability among the population.
The prominent players in the global telehealth market are Boston Scientific Corporation (US), AMD Global Telemedicine Inc. (US), Siemens (Germany), Allscripts Healthcare Solutions (US), Right Health (Canada), American Well (US), GlobalMed (US), Care Innovations LLC (US), Honeywell International Inc. (US), InTouch Technologies Inc. (US), Medtronic PLC (Ireland), Philips Healthcare (Netherlands), Cerner Corporation (US), Dialogue (Canada), Maple (Canada), Cisco Systems Inc. (US), and Livecare Health (Canada).Some of the key strategies followed by players operating in the global telehealth market were innovation, product development, and acquisition & mergers.
In January 2019, American Well launched the American Well 1060 Cart, which allows acute care teams at health systems to bring remote specialists into the room. The new cart was designed for health systems running telehealth on American Well’s software or an existing Cisco infrastructure
In November 20110, Boston Children’s Hospital, a part of Boston Scientific Corporation and 2nd.MD, a telehealth startup, initiated a strategic partnership focused on pediatric telemedicine. The alliance relied on 2nd.MD’s technology and employer and health plan network to give patients virtual access to doctors.In January 20110, Allscripts signed a definitive agreement and acquired Practice Fusion
Global Telehealth Market, by Component
- Remote Monitoring
- Real-Time Interactions
- Store-and-Forward Consultations
- Monitoring Devices
- Medical Peripherals
- Blood Pressure Monitors
- ECG Monitors
- Pulse Oximeters
- Blood Glucose Meters
- Peak Flow Meters
- Integrated Software
- Standalone Software
Global Telehealth Market, by Mode of Delivery
Global Telehealth Market, by Application
- Primary Care
Global Telehealth Market, by Region
- North America
- Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Middle East
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Available Additional Customizations
- Company Profiles of Other Key Players
- Advanced TeleHealth Solutions
- Arcadian Telepsychiatry
- Axs Healthcare
- Dictum Health
- Hodei Technology
- MLS Telehealth
- Telehealth Market, Industry Trends
- Investment Opportunities
- Intended Audience
- Pharmaceutical companies
- Research & development organizations
- Academic institutes
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