Telehealth Market Size to Reach USD 598.3 Billion in 2028 | Increasing Prevalence of Chronic Diseases and Cost-Benefits of Telehealth are Some of the Key Factors Driving Industry Growth, According to Emergen Research
VANCOUVER, BC, Jan. 18, 2022 /PRNewswire/ — The global telehealth market size reached USD 70.5 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. The sudden outbreak of COVID-19 pandemic and shift to remote accessibility to healthcare services and care are key factors expected to drive market revenue growth.
Drivers:
Increasing global geriatric population, rising prevalence of chronic disease such as cardiovascular disease, metabolic disorders, and non-communicable conditions such as Alzheimer’s disease, cancer, diabetes, and mental health issues and conditions, which require prolonged treatment are projected to drive the growth of the telehealth market between 2021 and 2028.
Major players in this market are focused on network expansion through inorganic growth strategies such as partnerships, collaborations, mergers, acquisitions, product launches and others. In January 2021 for instance, Teladoc Health Inc. and DexCom Inc. launched CGM technology and personal insights for Type-2 diabetics. The new launch is aimed to offer inclusive recommendations and health profiles for members suffering from diabetes. Such strategic alliances offered by major players are expected to drive revenue growth of the market in future.
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Restraints:
However, concerns over privacy and security of data, low availability of telecommunication bandwidth, and lack of trained professionals in remote areas are some of the factors hindering growth of the global telehealth market.
Growth Projections:
The global telehealth market is expected to register a CAGR of 29.2% over the forecast period and revenue is projected to increase from USD 70.5 Billion in 2020 to USD 598.3 Billion in 2028. Active government initiatives are driving revenue growth of the market.
COVID-19 Impact Analysis:
The COVID-19 pandemic has created unprecedented challenges for the global economy and hampered growth of several industries and markets. However, demand for telehealth solutions has increased during the pandemic due to the strict lockdown imposed. Tele-homecare has been one of the best options for seeking medical advice at the comfort of a patient’s home.
Current Trends and Innovations:
Before the pandemic, having a video appointment with the doctor was virtually low. In 2020 however, rapid adoption of telehealth has helped many individuals to access medical treatment and care they need at the right time. According to the data from the U.S. Centers for Disease Control and Prevention, 95% of health centers in the U.S. offered telehealth options during the pandemic, compared to just 43% in 2019.
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Geographical Outlook:
Asia Pacific telehealth market revenue is projected to expand at a significantly robust CAGR over the forecast period due to presence of major market players. Major companies in the region include InTouch Technologies Inc., Allscripts Healthcare Solutions, Inc., Aerotel Medical Systems, and Resideo Technologies, Inc.
Strategic Initiatives:
Major companies included in the market report are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland),GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems, Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Doctor on Demand (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), and Zipnosis (US).
· In July 2021, Avera Health announced the acquisition of its telemedicine services, Avera eCare, by Aquiline Capital Partners, which is a private investment firm based in New York, U.S. and London, U.K., with US 6.4 billion in assets under management. Avel eCare has developed an innovative solution that provides critical services to underserved communities in the rapidly growing telemedicine market.
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Emergen Research has segmented global telehealth on the basis of type, component, deployment model, application, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Tele-Home
- Tele-Hospital
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Services
- a. Remote Patient Monitoring
- b. Store-and-forward
- c. Live Video-Conferencing
- d. Mobile Health
- Software
- a. Integrated Software
- b. Standalone Software
- Hardware
- a. In-home messaging device
- b. Video telemonitor
- c. Interactive Voice Response (IVR)
- d. Medical Peripheral Devices
- Blood Pressure Monitors
- Blood Glucose Monitors
- Weighing Scales
- Pulse Oximeters
- Peak Flow Meters
- ECG Monitors
- Other Devices
- Deployment Model Outlook (Revenue, USD Billion; 2018–2028)
- Web & Cloud-based
- On-premises
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Radiology
- Cardiac Monitoring
- Primary/Urgent Care
- Neurophysiological Monitoring
- Remote ICU
- Mental Health
- Other Applications
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- Healthcare Providers
- Healthcare Payers
- Patients
- Other End-users
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- a. U.S.
- b. Canada
- c. Mexico
- Europe
- a. Germany
- b. France
- c. U.K.
- d. Italy
- e. Spain
- f. Benelux
- g. Rest of Europe
- Asia Pacific
- a. China
- b. India
- c. Japan
- d. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. UAE
- c. South Africa
- d. Turkey
- e. Rest of MEA
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