Ottawa, Nov. 19, 2021 (GLOBE NEWSWIRE) — The global telehealth market size was reached at USD 40.3 billion in 2020. The global telehealth market is primarily driven by the rising adoption of smart and advanced technologies in the healthcare sector. The increased demand for the digital technologies following the COVID-19 pandemic has spread the awareness regarding the importance of developing and adopting digital health services across the globe. The telehealth is attracting the attention of the consumers. According to the Multidisciplinary Digital Publishing Institute, around 89% of the patients are willing to accept the telemedicine as a medical care. Therefore, rising adoption of telehealth among the consumers is augmenting the market growth. Furthermore, the rising investments to develop a strong IT and telecommunications infrastructure is boosting the market growth. The rising burden of chronic diseases and growing geriatric population is boosting the demand for the telehealth.
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The rising number of hospital admissions is increasing the burden on the health professionals. The adoption of telehealth in the hospital may reduce the stress on the doctors and physicians and can enhance the operational efficiency of the hospital in the patient care. Moreover, rising government initiatives to boost the adoption of telemedicine is augmenting the growth of the global telehealth market.
Scope of the Telehealth Market
|Market Size in 2020||USD 40.3 billion|
|Growth Rate From 2021 to 2030||CAGR of 18.8%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Companies Mentioned||Teladoc Health, Inc., American Well, MDLive , Inc., Dictum Health, Inc., Doctor on Demand, OpenTeleHealth, Grand Rounds, Inc., AirStrip Technologies, INTeleICU, Masimo|
North America was the dominant telehealth market in 2020. The improved healthcare infrastructure, strong IT and telecommunications sector, and increased awareness among the population regarding the telehealth is the major factor that boosted the growth of the market. Moreover, increases prevalence of diseases and growing geriatric population in the nation like US is significantly contributing towards the development of the telehealth market.
Asia Pacific is expected to be the fastest-growing market during the forecast period. This can be attributed to the rising adoption of digital technologies in the healthcare sector, rapidly developing telecommunications and IT infrastructure in the region. Moreover, rapidly growing adoption of internet ad smartphones is positively impacting the market growth in this region.
The rising adoption of latest technologies like artificial intelligence, data analytics, and 5G are expected to drive the market during the forecast period. The adoption of such latest technologies can improve analysis of data, enhanced security, and cost efficiency to the telehealth market players, boosting the growth of the market. Further, the high costs associated with the healthcare services can be reduced effectively and benefit the consumers.
The major issues related with the use of the digital health apps is the cybersecurity and data breach, which may lead to the financial losses to both the doctors and the consumers. This is a major challenge that needs to be tackled by the market players.
The lack of awareness among the population regarding the availability of telehealth in the developing and underdeveloped nations is a major restraining factor. Moreover, under-penetration of smart devices and internet connectivity in the rural areas of the developing and underdeveloped economies may restrict the growth of the telehealth market during the forecast period.
Based on the component, the hardware segment dominated the market in 2020. The hardware consists of wide variety of devices such as keyboards, monitors, communication lines, and various other devices. The extensive use of wide variety of costly hardware devices have significantly contributed towards the growth of this segment. Moreover, increasing investments on the acquisition of advanced hardware in the hospitals for improving the patient care services is positively impacting the segment growth.
Based on the end user, the homecare segment is estimated to be the most opportunistic segment during the forecast period. The rising number of old age patients in the developed countries are preferring treatments at homes. The rising awareness regarding the hospital acquired infections is compelling the consumers to obtain treatment at home that boosts the homecare segment of the telehealth market.
Based on the application, the telemedicine segment dominated the market in 2020. Telemedicine is gaining rapid traction among the consumers globally. Moreover, the surging adoption of internet and smartphones is boosting the segment growth.According to ITU, around 4 billion people were using internet by the end of 2019. Most of the internet users operates through their smartphones. Doctors and physicians are now increasingly adopting the telehealth platforms for offering consultations and other services. Hence, this segment is anticipated to remain dominant throughout the forecast period.
Segments Covered in the Report
By End User
- Patient Monitoring
- Medical Education
By Mode of Delivery
- Cloud Based
- On Premises
- North America
- Asia Pacific
- Rest of the World
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