Telehealth Market 2020 Global Market, Size, Share, Growth, Industry Analysis By Component, Application, Competitive Landscape, Regional Forecast to 2024

Telehealth Market 2020 Global Market, Size, Share, Growth, Industry Analysis By Component, Application, Competitive Landscape, Regional Forecast to 2024

Telehealth Market
Telehealth Market: Information by Component (Hardware, Software and Services), by Mode of Delivery (Web/Cloud-Based and On-Premise), by Application (Radiology, Cardiology, Primary Care, Neurophysiology and others), by End User (Hospitals and Clinics, Diagnostic Centers, Home Care and others) – Global Forecast till 2024

Telehealth Market Scope

Telehealth market 2020 is on track to achieve a growth rate of 22.74% between 2016 and 2024 (evaluation period), estimates MRFR (Market Research Future). The global market size is also expected to touch USD 16,173.8 Million by 2024. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.

Technological Advancement to be the Latest Market Trend

Technological innovations in telehealth products and services have led to immense market growth in recent years. Rising use of user-friendly solutions and systems contributes majorly to the strong demand for telehealth products, adding a lot of value to the global market. For instance, in November 2020, Amwell released Amwell Now, which is a set of C500 telemedicine cart and Touchpoint Tablet software that assist the health systems to easily take advantage of telehealth as a quality, safe option. This software can be scaled throughout the organizations’ system as well as devices, making it simple to launch the telehealth technology across multiple specialties while serving the complete organization.

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Telehealth’s Impressive Benefits to Bolster Adoption Rate

Telehealth products have the ability to reach those that are unable to access necessary medical facilities, which has created a massive demand for the same among health care providers that work in remote areas. Taking into account the impressive benefits of telehealth, investors sense the opportunities that lie in the market and are striving to leverage the growth potential to gain higher impetus worldwide. Additionally, application of telehealth in healthcare, which is effectively coordinating and communicating between the team members, will be responsible for its rising uptake in the ensuing years.

Collaboration between Firms to be a Major Growth Booster

Considering the heightened demand, medical device manufacturers and telehealth vendors are adopting collaboration as a key strategy to boost business on a global scale. Top firms in telemedicine and telehealth industries are focusing on acquisitions and mergers to garner bigger share in the global industry. MRFR expects these collaborations as well as acquisitions to help the market generate colossal revenues over the next few years. To illustrate, in July 2020, Teladoc acquired InTouch Health, a move that would help the former boost its product offerings to InTouch Health’s customer base that consists of over 450 hospitals. This will help facilitate remote management of various chronic ailments, virtual acute visits, while offering latest specialty care modes as well as remote surgery. 

Telehealth Market Segmentation

The MRFR report highlights the global telehealth business through segments such as component, mode of delivery, application, and end user.

The telehealth market, with respect to component, caters to services, hardware and software. The services segment remains in the lead on account of the surge in companies’ efforts in terms of technical advances, while the software segment can procure the fastest expansion rate owing to the significant adoption rate observed by telehealth software in healthcare.

The various modes of delivery considered in the report are web/cloud-based as well as on-premise. Web/cloud-based mode of delivery is the top segment in the market, whereas on-premise delivery mode can project the fastest growth over the following years.

Application of telehealth is predominantly in cardiology, radiology, neurophysiology, primary care, and more. The radiology segment owns the biggest share, given the spike in the deployment of the telehealth technology within the radiology field. The cardiology segment can advance at the fastest pace, in view of the drastic increase in cardiovascular conditions across the world.

End users in the market include home care, diagnostic clinics, hospitals and clinics, and others. Hospitals and clinics form the leading segment as they are increasingly adopting the telehealth technology, while diagnostic clinics could be the fastest growing segment, as these are deploying telehealth services at a fast rate.

Telehealth Market Regional Analysis

Telehealth market has been geographically considered in terms of Asia Pacific/APAC, the Americas, Europe, and MEA/Middle East & Africa.

America to Gain the Upper Hand in the Global Market

The Americas should clinch the top position in the global market, primarily owing to the rising focus of the leading firms on the adoption based approach with regard to telehealth services in the United States. The mounting preference for online consultations, e-visits and telemedicine combined with the supportive insurance scenario could also bolster the market size in the region. Latest technologies like robots, chatbots and telemedicine are increasingly witnessing deployment in healthcare, to collect information, treat the growing patient pool, diagnose, and even develop potential vaccines, which can be a key growth booster for the American market.

Europe Shows Potential to be the Second Leading Market

Europe will be the second leading market for telehealth in the upcoming years, thanks to the amplified need for more organized and streamlined monitoring in the healthcare industry. In 2018, Italy seized a 12.4% share in the Western Europe market, with the reason behind the growth being the surging burden of chronic conditions; need to bring down healthcare costs and the burgeoning geriatric pool in the country. 

APAC to Make the Fastest Progress during Assessment Period

APAC is all set to progress at the fastest pace, in view of the mushrooming elderly population, mounting cases of chronic disorders, and the lack of technically skilled healthcare personnel. The significant unmet medical needs among the massive rural population are anticipated to open various growth avenues for the regional market in the forthcoming period. Overcrowding in hospitals and shortage of medical devices as well as hospital beds are huge challenges faced by APAC, by virtue of which the demand for telehealth has picked up pace like never before. This, coupled with the rising cases of stroke, heart disease, depression, cancer, obesity, arthritis and type 2 diabetes, can be quite favorable for the APAC in the near future.

Telehealth Market Renowned Players

Highly renowned players in the telehealth industry are Honeywell International Inc. (US), Siemens (Germany), Right Health (Canada), Care Innovations LLC (US), Dialogue (Canada), InTouch Technologies Inc. (US), GlobalMed (US), Boston Scientific Corporation (US), Cerner Corporation (US), Philips Healthcare (Netherlands), AMD Global Telemedicine Inc. (US), American Well (US), Maple (Canada), Cisco Systems Inc. (US), Livecare Health (Canada), Allscripts Healthcare Solutions (US), Medtronic PLC (Ireland), and more.

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