Pune, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Global Telehealth Market size is projected to grow from USD 38,289 million in 2020 to USD 168,396 million by 2027, at a CAGR of 37.7%.
Telehealth is a process of providing healthcare services at a distance using a variety of communication technology such as mobile phones and computers. Telehealth services are frequently seen as the major means of delivering healthcare to persons living in rural areas and consumers who have limited mobility, time, or transportation options. The growing acceptance rate of telehealth technology in the fields of radiology, cardiology, and mental health, among others, is one of the main factors behind the huge rise of the telehealth market.
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Key Players
Koninklijke Philips N.V. , Medtronic ,GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc. , Teladoc Health Inc., American Well , AMC Health , MDLive , Doctor on Demand , Medvivo Group Ltd , Asahi Kasie Corporation , Iron Bow Technologies , Telespecialists Llc , GlobalMed , MedWeb , IMediplus Inc. , Vsee , Chiron Health , Zipnosis.
Active Government Initiatives for Telehealth Solutions is set to Propel Growth
Telehealth has proven to be effective in reducing distance barriers and ensuring healthcare delivery in rural areas. The majority of the population, particularly in developing countries, lives in rural areas where they do not have access to adequate healthcare. As a result, several governments are now focusing on providing healthcare services in remote areas via virtual care platforms.
The government is implementing experimental programs and rules that will help the market grow. The Federal Communications Commission in the United States launched initiatives to assist healthcare institutions in deploying telemedicine technology in March 2020.
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Market Segmentation
Based on the Component, the market is segmented into Software & services and hardware. The service segment is expected to have the largest market share over the projection period due to factors such as increased virtual consultations, government policy reimbursements for teleconsultation, and increased financing for technology, to mention a few.
Based on the application, the market is segmented into telemedicine, patient monitoring, continuous medical education, and others. The telemedicine sector held the largest share of the market. The increased acceptance of telemedicine software, as well as the increasing number of doctors adopting virtual consultation applications such as Practo and others, would all add to this segment's domination.
Based on the modality, the market is segmented into real-time (synchronous), store-and-forward (asynchronous), and remote patient monitoring. The real-time category is expected to develop significantly over the forecast period due to rising demand for e-visits and the lower cost of e-visits compared to face-to-face consultations. Strategic alliances, technical improvements, and new products are expected to drive growth in the remote patient monitoring industry.
Based on end user, the market is segmented into healthcare facilities, home care, and others. The market was dominated by the healthcare facilities segment. The key drivers of the segment's dominance are increased telemedicine deployment to relieve the work load on healthcare professionals and government-funded programs.
COVID-19 Impact on the Telehealth Market
The COVID-19 pandemic has had a terrible effect on global population health as well as a significant economic impact on most countries. There have been 43.7 million instances reported worldwide as of October 27, 2020, with 1,164,761 deaths (World meter). Due to the fact that social separation is the only available method capable of limiting exposure, the COVID-19 pandemic presents enormous prospects for telehealth solutions. Telehealth, in accordance with this, is an appealing, effective, and cost-efficient solution. Furthermore, this technology is crucial in ensuring the safety of healthcare providers.
Regional Analysis
Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The largest share of the telehealth market was in North America. Factors such as the increased prevalence of chronic illnesses, the need to cut healthcare spending, and the growing general and senior population can all be related to this region's considerable proportion of the worldwide telehealth industry. Due to the prevalence of chronic diseases and hospital overcrowding, the Asia Pacific market is predicted to develop at the fastest rate over the forecast period.
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