Pune, India, Sept. 06, 2021 (GLOBE NEWSWIRE) — The global telehealth market size is anticipated to reach USD 636.38 billion by 2028 and exhibit a CAGR of 32.1% during the forecast period. The growing adoption of telehealth in online consultation, behavioral health, cardiology, and radiology, coupled with the increasing start-ups funding, is expected to boost the growth of the market. Fortune Business Insights™ presented this information in its report titled, “Telehealth Market, 2021-2028”. The market size stood at USD 144.38 billion in 2020.
The governments of several underdeveloped nations are developing projects to ensure healthcare delivery in rural areas and remote locations. Governments are focused on developing virtual care platforms to deploy telemedicine technology. Hence, the increased government initiatives are anticipated to propel the growth of the market.
The sudden emergence of the humanitarian crisis has created unprecedented challenges for the global economy and hampered the growth of several industries and markets. However, the demand for telehealth solutions has increased during the pandemic as people feared contracting the virus from doctors and physicians. Online consultation has augmented manifold during the pandemic. According to Teladoc Health Inc., nearly 8 million to 9 million virtual consultations were recorded in 2020, twice the number recorded in 2019.
Additionally, the increased government’s support for digital health platforms has led to the formation of new policies and reimbursement guidelines. These factors are expected to bolster the growth of the market in the coming years.
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Based on type, the market is bifurcated into services and products. Based on application, the market is categorized into continuous medical education, patient monitoring, telemedicine, and others. Based on modality, the market is divided into remote patient monitoring, real-time (synchronous), and store-and-forward (asynchronous). By end-user, the market is segmented into healthcare facilities, home care, and others. Geographically, the market is classified into four major regions- North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints-
Surging Healthcare Costs to Propel Market Growth
The expanding geriatric population and the increasing prevalence of chronic diseases are expected to surge healthcare costs in the coming years. The Centers for Medicare and Medicaid Services projected an increase in the national healthcare expenditure in the U.S. from USD 3.81 trillion in 2019 to USD 4.01 trillion in 2020. Hence, the rising healthcare costs are anticipated to boost the global telehealth market growth.
Telehealth overcomes the distance barriers and ensures healthcare delivery across remote locations in developed and underdeveloped countries. The governments of numerous nations are forming policies and developing pilot projects to provide healthcare in rural areas. Hence, the increased government support is likely to boost the market growth.
However, the deployment of digital health services requires high-speed internet, the latest communication devices, and others, resulting in an infrastructural and technological barrier. These infrastructural and technological barriers may hinder the growth of the market.
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Increasing Preference for Teleconsultation to Fuel Growth in North America
North America is anticipated to witness the highest growth in the global telehealth market share. The favorable health reimbursements and the growing preference for teleconsultation are anticipated to boost the market’s growth. Additionally, the strategic presence of key players is likely to stimulate market growth.
Europe is expected to gain striking growth in the coming years due to the swift remote monitoring device adoption and the favorable regulatory scenario.
Asia Pacific is projected to exhibit immense growth in the global market due to the high rural population, technological advancements in digital imaging, and enhancing healthcare infrastructure.
The Middle East & Africa, and Latin America are anticipated to gain moderate growth due to increasing healthcare expenditure and high unmet patient populations.
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Inorganic Strategies by Key Players to be Highly Prosperous for Growth
In terms of revenue, the leading position is held by Teladoc Health Inc. due to the huge client base, paid memberships, and escalating number of virtual visits. The key players in this market are focused on network expansion through inorganic growth strategies such as partnerships, collaborations, mergers, acquisitions, and others. For instance, in March 2020, the Ministry of Health and Family Welfare (MoHFW) collaborated with NITI Aayog and the Board of Governors (BoG) Medical Council of India (MCI) to issue guidelines for telemedicine practice in India.
- January 2021: Teladoc Health Inc. and DexCom Inc. launched CGM technology and personal insights for Type-2 diabetics. The new launch is aimed to offers inclusive recommendations and health profiles for members suffering from diabetes.
Key Players in this Market are:
- American Well (Boston, U.S.)
- MDLIVE Inc. (Sunrise, U.S.)
- Teladoc Health Inc. (Purchase, U.S.)
- Doctor on Demand Inc. (San Francisco, U.S.)
- Dictum Health Inc. (Oakland, U.S.)
- Grand Rounds Inc. (San Francisco, U.S.)
- OpenTeleHealth (Balticagade, Denmark)
Table Of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Chronic Diseases – For Key Countries
- Ageing Population Data
- Regulatory & Reimbursement Scenario – For Key Countries
- Internet Users & Penetrations Statistics
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Global Telehealth Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By Application
- Patient Monitoring
- Continuous Medical Education
- Market Analysis, Insights and Forecast – By Modality
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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