The global telehealth market size is likely to project a CAGR of 35.1% during the forecast years 2021-2028. Telehealth services are an important tool for providing better health services for the community. The services are important for the regions which lack the healthcare facilities such as specialty hospitals, diagnostic centers, clinic, and others. Prior to telehealth services, the treatment for the individual is an important task for the healthcare professional due to lack of transportation or the lack of information with respect to the patients. Telehealth reduces the bulk of the healthcare professional by maintaining easy contact with the patients with the help of technology. The technology also assists in providing quality services for an individual.
The present and future telehealth market progress is summarized to conclude the attractiveness of the entire market. Factors such as surging geriatric population and rise in chronic disorders are key factors driving the market growth for telehealth. Telehealth enables remote monitoring of patients through wireless technologies and video consultations which reduces cost, time and need for physical visits. Moreover, adoption of telehealth surged during the last two years owing to COVID-19 pandemic. Such factors are predicted to boost the telehealth market over the forecast years.
Telehealth is an important tool which connects the healthcare services to the patients via video conferencing, electronic consults following with wireless communication. Telehealth ensures the patients by offering the quality services at right time in right place. It is seen in the global trend, there is rising adoption of telehealth services in the hospitals. As per the study, it is observed that in 2018 more than 70% of the hospitals in the United States are connected with telehealth compared with 35% in the year 2010. All these factors are anticipated to drive the growth of the telehealth market over the forecast years.
Adroit Market Research report on global telehealth market gives a holistic view of the market, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for the period 2019 to 2028, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global telehealth market have been studied in detail.
Based on product, the telehealth market is categorized into hardware, software and services. The hardware segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. Hardware pieces to assess and integrate are items for instance, personal devices medical tablets, bedside terminals, and medical carts. These are ultimate pieces to include into a package as they can be portable. Medical carts let healthcare providers carry medical records whereas medical tablets offer the flexibility to look up to patients and access condition information. Moreover, bedside terminals and the tele-intensive care unit improves healthcare delivery quality, decreases clinical decision time, and provides real-time access to a patient's medical records.
Europe is projected to grow at a CAGR of 33.9% over the forecast period. This growth is expected to be driven by the adoption of telehealth by individual governments rather than sweeping EU telehealth policy. According to a 2017 survey by Joint Action to Support the eHealth Network (JASEHN) and the Health Programme of the European Union, 91% of telehealth funding mechanisms in Europe are public. Moreover, two countries leading the growth in the European telehealth market are the U.K. and Germany. The UK National Health Service (NHS) teamed with telehealth provider Babylon Health to create a free Direct-to-Consumer telehealth program called GP at Hand. All these factor are expected to drive the telehealth market over the next few years.
The major players of the global telehealth market are Koninklijke Philips N.V., Siemns Healthineers AG, McKesson Corporation, AMD Global Telemedicine, Inc., Honeywell International, Inc., IBM, Intel and others. The telehealth market has experienced significant M&A activity in the past several years as larger players invest in opportunities which expand their service capabilities and patient reach. Most of the acquirers pursue investments with three objectives: to expand into telemedicine, to expand product offerings, or to expand their patient market.
Key Segments of the Global Telehealth Market
Product Overview, 2019-2028 (USD Million)
Application Overview, 2019-2028 (USD Million)
Users Overview, 2019-2028 (USD Million)
Distribution Channel Overview, 2019-2028 (USD Million)
- Direct Sales
- Indirect Sales
End-users Overview, 2019-2028 (USD Million)
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
- South Africa
- Rest of Middle East and Africa