Telehealth Market

Market Snapshot

Telehealth Market: By Component, Application, End-user, Hardware, Delivery, and Region

Market Synopsis:

Global Telehealth market is valued at USD 50.07 Billion in 2021 and is projected to attain a value of USD 424.29 Billion by 2028 at a CAGR of 35.7% during the forecast period, 2022–2028. Adoption of Telehealth in the global market has been growing by leaps and bounds. Today, healthcare providers are also recognizing that meeting the needs of their patients is part of their responsibility—and that Telehealth offers an effective way to do it. For example, after examining evidence demonstrating the safety and clinical effectiveness of remote patient monitoring, the Centers for Medicare & Medicaid Services added it as a benefit under the Medicare Telehealth benefit in 2014. As per our findings, more patients are turning to Telehealth due to burgeoning cost of healthcare and to increasing attention to receive better care.

Burgeoning Healthcare Cost to Drive Growth of the Cost-effective Telehealth Market

It has been witnessing that more patients are turning to Telehealth to receive high quality, more cost-effective healthcare service. The second is that aging populations will create an increasing burden of chronic disease requiring constant care. There is already a shortage of nurses and other frontline service providers in many countries causing long waiting times to access services. At the same time, demographics show that there are fewer young people entering the work force to take their place as they retire from practicing nursing and other health professions. This could lead to a 'double whammy' situation where it becomes even harder to gain access to care and staff shortages make it difficult to deliver services once accessed. Moreover, as healthcare costs have been rising, the global economy is facing the dual problem of cost and demand pressures.

Telehealth can help to address these issues and allow greater access to high quality services and improved continuity and integration of care by enabling patients, sometimes through mobile devices, the ability to connect with doctors and specialists remotely for assessment and support without having to travel long distances or wait in a queue at the doctor's office. In addition, Telehealth helps individuals maintain independence as they age by providing increased access to information such as electronic medical records (EMR), appointment scheduling etc.

Market Segmentation:

Global Telehealth market is segmented by Component (Software & Services, RPM, Real-Time), Application (Teleradiology, Telestroke, TeleICU), Hardware (Glucose Meters), End-User (Provider, Payer, patient), Delivery (On-Premise, Cloud) Region. North America is projected to dominate the global market due to strong presence of advanced healthcare facilities, favorable government policies, strong penetration insurance covering Telehealth , and adoption of Telehealth among patients.

Many physicians believe Telehealth is a Threat to Patient-Doctor Relationship

Telehealth offers immense benefits. However, not everyone is on board with this trend: Many physicians still see it as a threat to their patient relationships and time spent "in-office," while others still believe that widespread Telehealth adoption will require a significant overhaul in the way they practice. In some cases, they don't want to change anything—and that's fine too. In fact, according to a new survey from InterCall, Inc., healthcare professionals have many reasons for being hesitant about implementing various forms of Telehealth into their practices.

Many respondents cited that their work schedule didn't include enough hours of operation for Telehealth technologies. This can be solved by contracting doctors outside normal hours or allowing shifts of doctors to accommodate patient demand around the clock.

Telemedicine is still new and viewed as unproven. The truth is, technology has evolved so far so fast, many healthcare providers aren't comfortable with this change in medical care delivery, yet, they don't realize how it enhances quality of care for both physicians and patients.

North America to Continue Dominating the Telehealth Market

The penetration rate of Telehealth in North America is higher than many other industrialized countries due to the fact that, besides promoting healthcare reform and delivering quality care, it also benefits caregivers and their patients. Every year, the region is witnessing growing penetration rate of Telehealth , which is pegged at around 35%. In addition to this, favorable government policies and growing number of positive initiatives by government bodies are adding fuel to the overall market growth. For instance, Department of Veterans Affairs and Medicare supports the Telehealth and telemedicine market by allowing retired defense personal to take advantage Telehealth facility by sitting at their home without needing to visit the hospitals. This allows primary care physicians (PCPs) and specialists alike to provide top-notch healthcare to these beneficiaries without spending too much time and money on diagnostics.

In addition, many large hospitals in North America have been able to institute Telehealth programs that cover a wide-spectrum of services for all kind of patients. For instance, the University of Utah Health Care has an entire Telehealth Department that covers a wide-range of areas, such as psychiatry, neurology, cardiology and emergency medicine. The department drives Telehealth training programs to educate the healthcare professionals about how to use it for better care delivery. Also, in most regional markets like Canada and U.S., telemedicine is covered by various high-level insurance policies which further boosts the market penetration and growth.

USD 17.87 Billion

Key Players:

Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Philips N.V. (Netherlands), Cisco Systems, Inc. (US), Siemens Healthineers (Germany), American Well (US), Teladoc Health Inc. (US), AMC Health (US), Doctor on Demand (US), MDLive (US), Asahi Kasie Corporation (Japan), Medvivo Group Ltd (UK), Iron Bow Technologies (US), GlobalMed (US), Telespecialists Llc (US), MedWeb (US), Vsee (US), IMediplus Inc. (China), Zipnosis (US), and Chiron Health (US), among others.

The Telehealth is Segmented as Follows:

By Region (Revenue: USD Million, 2016 - 2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • U.K
  • France
  • Germany
  • Italy
  • Spain
  • Rest Of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest Of Asia Pacific
• Latin America
  • Brazil
  • Argentina
  • Rest Of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest Of Middle East & Africa