Increasing prevalence of various chronic diseases and rising demand for remote patient monitoring due to high elderly population are key factors driving global market revenue growth.
Increasing prevalence of various chronic diseases and rising demand for remote patient monitoring due to high elderly population are key factors driving global market revenue growth
The global telehealth market size is expected to reach USD 440.77 Billion in 2028 and register a robust revenue CAGR of 35.30% over the forecast period, according to a latest report published by Reports and Data. Key factors driving global market revenue growth are technological advancements in the healthcare sector, rising prevalence of various chronic conditions such as cardiovascular diseases, cancer, obesity, and diabetes, and increasing patient acceptance of telehealth.
Telehealth, sometimes referred to as e-medicine, is remote delivery of healthcare services over telecommunication. Telehealth services allow healthcare professionals to offer patient care, evaluate, diagnose, and treat patients via video conferencing. It can be classified into 3 major categories; remote patient monitoring, real-time, and store and forward services. One of the main advantages of telehealth is that healthcare professionals can monitor and treat patients even in remote areas who cannot travel long distances for in-patient visits. These services are convenient and available 24/7. In addition, there is no additional cost of visits, queues for appointments, and travel time involved. Revenue growth of the global market is significantly driven by factors such as shortage of physicians, increasing penetration of Internet and electronic devices such as smartphones and tablets, and favorable government initiatives to promote telehealth. In addition, favorable reimbursement scenario, as well as increasing investments by public and private sectors to develop enhanced telehealth services and products is expected to fuel market revenue growth going ahead.
However, factors such as increasing incidence of fraudulent activities by various virtual care service employees, high risk of data security and low acceptance of latest services, and technological barriers such as low storage capacity, and limited access to the internet in certain areas are factors that could hamper market revenue growth during the forecast period.
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Some key highlights from the report:
- Based on mode of delivery, cloud segment is expected to account for a robust revenue CAGR between 2021 and 2028, owing to factors such as increasing concerns regarding large data storage, higher preference for cloud-based services due to scalability, cost-effectiveness, and easy accessibility to medical records for patient and healthcare providers at any given time.
- Based on technology, real-time segment is expected to account for a larger revenue share over the forecast period. Factors such as increasing demand for e-visits and live communication with healthcare experts, high penetration of electronic devices such as smartphones, as well as tablets, and availability of high-speed internet are expected to drive revenue growth of this segment during the forecast period.
- Based on application, tele-consultation segment is expected to register a robust revenue CAGR over the forecast period, owing to increasing geriatric population, rising demand for remote monitoring services, increasing cases of chronic diseases, and higher focus on improving disease management.
- Europe is expected to account for a significant revenue share during the forecast period, owing to high patient pool, rapid developments in telecommunication, rising demand for remote patient monitoring, and increasing investments for developing more enhanced telehealth services.
- Asia Pacific market is expected to register a robust revenue CAGR between 2021 and 2028, owing to increasing prevalence of chronic diseases such as asthma, cancer, and diabetes, high awareness about telehealth services, and rising demand for remote patient monitoring services. In addition, increasing healthcare expenditure, rising per capita income, and investments in R&D activities to develop new products and services and modify existing ones are expected to fuel Asia Pacific market growth going ahead.
- Some major companies profiled in the market report are Medtronic, GE Healthcare, Cerner Corporation, Cisco Systems, Siemens Healthineers AG, American Well, Asahi Kasei Corporation, Iron Bow Technologies, Teladoc Health Inc., SnapMD, Dictum Health, Inc., American Well, InTouch Health, Inc., MDLive, Inc., Koninklijke Philips N.V. AMC Health, Doctor on Demand, Inc., Medvivo Group Ltd., Telespecialists LLC., GlobalMed, MedWeb, iMediplus Inc., Vsee, Chiron Health, Zipnosis, Inc.
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For the purpose of this study, Reports and Data has segmented the global telehealth market based on component, mode of delivery, technology, application, and region:
Component Outlook (Revenue, USD Billion, 2018-2028)
- Software
- Services
- Hardware
Mode of Delivery Outlook (Revenue, USD Billion, 2018-2028)
- Cloud-based
- On-Premise
Technology Outlook (Revenue, USD Billion, 2018-2028)
- Store and Forward
- Real Time
- Remote Patient Monitoring
Application Outlook (Revenue, USD Billion, 2018-2028)
- Teleradiology
- Tele-consultation
- Tele-ICU
- Tele-stroke
- Tele-psychiatry
- Tele-dermatology
- Others
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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