[221+ Pages Report] We at Facts & Factors have recently published a new market study titled “Global Telehealth Market” that echoes an analytical overview of the market during the projected forecast period. We estimate that the global Telehealth Market will grow at a CAGR value of 26.5% from an initial value of USD 62.45 Billion in the year 2020 to a value of USD 475.50 Billion in the year 2026.
Telehealth is defined as the procurement of digital information and communicative technologies such as computers and mobile devices in order to provide health care-related services from a remote location in order to manage a variety of disorders for a large consumer base. The initial goal of telehealth services primarily focuses on making healthcare accessible for consumers living in rural and isolated communities and making healthcare service accessible for people suited with limited mobility, time, and transportation capabilities among others. Furthermore, these services are often employed by healthcare specialists to provide self-management of health care and providing a wider range of accessibility to medical specialists in order to increase their efforts for the betterment of their patients.
The global telehealth market is driven by the increased adoption rate of telehealth technology in the field of radiology, cardiology, behavioral health, and online consultation of services coupled with rising start-up funding, increased intensity of launching of products, and increase in virtual consultation among medical specialists to name a few. An increase in elective surgeries and reduced hospital visits for regular checkups among consumers will further boost the growth of the global telehealth market to a greater extent. Increased trends of teleconsultation and remote monitoring services are expected to propel the growth of the global telehealth market. The advent of COVID-19 and the rise in social distancing measures will further boost the growth of the telehealth market during the forecast timeframe.
The world governing bodies and local agencies actively trying to ensign policies regarding reimbursements in order to promote digital health platforms will further propel the growth of the global telehealth market. Rise in population, increased demand of expanding healthcare access, growing prevalence of chronic diseases and conditions, shortage of physicians, advancements in telecommunication measures, increased awareness among consumers and physicians alike, increasing technological adoptions in the wake of COVID-19 will further persuade the global telehealth market toward a positive outlook. However, regional variations in regulations and the use of social media for care provision leading to potential frauds will further hamper the growth of the global telehealth market to a certain extent.
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, increasing number of physicians joining virtual consultation applications, and 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. On the basis of mode of delivery, the global telehealth market can be divided into cloud-based delivery and on-premises delivery. The cloud-based delivery system will account for the largest market share owing to the precise and rapid form of communication will cement the dominant position of the segment. On the basis of end-users, the global telehealth market can be segmented into healthcare facilities, homecare, and others. The healthcare facilities segment will account for the largest market share during the forecast owing to increased deployment of telemedicine to reduce work burden on medical professionals and increase of government funded projects to name a few.
North America is expected to witness the largest market share during the forecast period. Contributing factors owing to the dominant position of the market can be credited to the increasing prevalence of teleconsultation, presence of key players in the region, favorable health reimbursement policies to name a few. Improved technological advancements and increased government support for research and developmental solutions will further aid the growth of the market in the region. Asia-Pacific is expected to witness the fastest growth at a high CAGR during the forecast owing to improvement in the healthcare scenario, technological advancements in digital imaging, high rural population, and entry of key players in the regions.
The key participants in the global telehealth market are American Well, MDLIVE, Inc., Teladoc Health, Inc., Doctor on Demand, Inc., Dictum Health, Inc., Grand Rounds, Inc., OpenTelehealth, Medtronic, GE Healthcare, Cerner Corporation, Teladoc Health, Inc., Asahi Kasie Corporation, Iron Bow Technologies, Telespecialists, LLC, and GlobalMed among others.
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