The global Telehealth market accounted for USD 7,321.3 Million in 2020 and is expected to reach USD 61,385.1 Million by 2028, growing at a CAGR of 30.5% from 2021 to 2028.
Market Overview
The global Telehealth market accounted for USD 7,321.3 Million in 2020 and is expected to reach USD 61,385.1 Million by 2028, growing at a CAGR of 30.5% from 2021 to 2028.
Telehealth is the communication technologies to access health care services remotely and manage your health care. These technologies can be use from home or any place or the doctor’s uses to improve or support the health care services. It has various benefits such as limiting physical contact reduces everyone’s exposure to COVID-19, visiting virtually can address health issues wherever patients are, even from the comfort of home, staying put cuts down on commuting, travel in bad weather, time off from work, need for child care, and using virtual health care tools can shorten wait times to see a provider and expand the range of access to specialists who live further away.
Key players are focusing upon advancement of product and integrating the equipment with new features. Citing an instance, on August 29th 2018, Partners HealthCare, a U.S. based non-profit network of physicians & hospitals, has joined hands with Teladoc Inc., a key player across telehealth market, for introducing direct-to consumer telehealth service. Reportedly, the new service will provide health plan members a quick access to critical care services through video conferencing.
COVID-19 Impact Analysis:
The pandemic has created opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far, which is capable of minimizing exposure. Moreover, telehealth represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe.
The demand for telehealth care services has rapidly increased in the pandemic as people actively adopting teleconsultation and remote monitoring services. However, the pandemic has positively impacted on the telehealth market.
Growth Factors
Rising incidences of chronic ailments along with hefty expenditure on healthcare activities are the key factors stimulating the demand for telehealth services. Apart from this, telecommunications sector is witnessing a paradigm shift through the launch of new technologies and this will enable massive expansion of telehealth market over the forthcoming years.
Inadequate compensation benefits, rising technological costs, and lacuna in the interoperability rules, however, are likely to hinder the growth of telehealth market during the forecast timeline. Nevertheless, inception of cutting-edge technologies such as electronic health records is likely to facilitate the growth of telehealth market over the ensuing years, thereby normalizing the impact of hindrances on the market, reports the telehealth market study.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Component Type Segment Analysis Preview
Based on Component Type, the global Telehealth market is segmented into services, hardware, and software. Among these component type, the demand for hardware is relatively higher and the trend is anticipated to remain so over the next few years.
End User Segment Analysis Preview
On the basis of Mode of Delivery Type, the Telehealth market is segmented into Web-based, Cloud based, and, On-premise. The Telehealth market for Cloud based accounted for the largest share in 2020
End User Segment Analysis Preview
On the basis of End User, the Telehealth market is segmented into Providers, Payers, Patients, and Others. The providers segment is likely to gain a major traction in the market and anticipated to remain dominant throughout the forecast period. Increasing deployment of telemedicine to reduce the work burden on healthcare facilities and government funded project are the major factors for the growth of the market.
Regional Segment Analysis Preview
North America has been leading the worldwide telehealth market and is anticipated to continue on the dominant position in the years to come, states the market study. Rise in elderly population, high incidence of chronic diseases, and bulging healthcare costs are the key factors behind the dominance of the North America telehealth market.
Key Market Players & Competitive Landscape
The major players operating in the Telehealth market are Philips Healthcare, McKesson Corporation, Medtronic plc, Medvivo Group Ltd. and Tunstall Healthcare among others.
The global Telehealth market is segmented as follows:
By Component Type
By Mode of Delivery Type
By End User
By Region
List of Figures
FIG NO. 1. Market Attractiveness Analysis, By Component Type
FIG NO. 2. Market Attractiveness Analysis, By Mode of Delivery Type
FIG NO. 4. Market Attractiveness Analysis, By Region
FIG NO. 5. Global Telehealth Market Revenue, 2016 – 2028 (USD Million)
FIG NO. 6. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 7. Market Revenue Share, By Component Type, 2020 & 2028
FIG NO. 8. Global Telehealth Market for Hardware, Revenue (USD Million) 2016 – 2028
FIG NO. 9. Comparative Revenue Analysis of Telehealth Market for Hardware, By Country, 2020 & 2028
FIG NO. 10. Global Telehealth Market for Software, Revenue (USD Million) 2016 – 2028
FIG NO. 11. Comparative Revenue Analysis of Telehealth Market for Software, By Country, 2020 & 2028
FIG NO. 12. Global Telehealth Market for Services, Revenue (USD Million) 2016 – 2028
FIG NO. 13. Comparative Revenue Analysis of Telehealth Market for Services, By Country, 2020 & 2028
FIG NO. 14. Market Revenue Share, By Mode of Delivery Type, 2020 & 2028
FIG NO. 15. Global Telehealth Market for Web-based, Revenue (USD Million) 2016 – 2028
FIG NO. 16. Comparative Revenue Analysis of Telehealth Market for Web-based, By Country, 2020 & 2028
FIG NO. 17. Global Telehealth Market for Cloud based, Revenue (USD Million) 2016 – 2028
FIG NO. 18. Comparative Revenue Analysis of Telehealth Market for Cloud based, By Country, 2020 & 2028
FIG NO. 19. Global Telehealth Market for On-premise, Revenue (USD Million) 2016 – 2028
FIG NO. 20. Comparative Revenue Analysis of Telehealth Market for On-premise, By Country, 2020 & 2028
FIG NO. 21. Market Revenue Share, By End User, 2020 & 2028
FIG NO. 22. Global Telehealth Market for Providers, Revenue (USD Million) 2016 – 2028
FIG NO. 23. Comparative Revenue Analysis of Telehealth Market for Providers, By Country, 2020 & 2028
FIG NO. 24. Global Telehealth Market for Payers, Revenue (USD Million) 2016 – 2028
FIG NO. 25. Comparative Revenue Analysis of Telehealth Market for Payers, By Country, 2020 & 2028
FIG NO. 26. Global Telehealth Market for Patients, Revenue (USD Million) 2016 – 2028
FIG NO. 27. Comparative Revenue Analysis of Telehealth Market for Patients, By Country, 2020 & 2028
FIG NO. 28. Global Telehealth Market for Others, Revenue (USD Million) 2016 – 2028
FIG NO. 29. Comparative Revenue Analysis of Telehealth Market for Others, By Country, 2020 & 2028
FIG NO. 30. Global Telehealth Market Revenue Share, By Region, 2020 & 2028
FIG NO. 31. North America Telehealth Market Revenue, 2016 - 2028 (USD Million)
FIG NO. 32. Porter’s Five Forces Analysis for Global Telehealth Market
FIG NO. 33. PEST Analysis for Global Telehealth Market
FIG NO. 34. Pricing Analysis for Global Telehealth Market
FIG NO. 35. Value Chain Analysis for Global Telehealth Market
FIG NO. 36. Company Share Analysis, 2019
FIG NO. 37. Radar Determinant Chart, 2019
FIG NO. 38. Company Strategic Developments – Heat Map Analysis
FIG NO. 39. Philips Healthcare Business Segment Revenue Share, 2020 (%)
FIG NO. 40. Philips Healthcare Geographical Segment Revenue Share, 2020 (%)
FIG NO. 41. Market Channels
FIG NO. 42. Marketing Channel Development Trend
FIG NO. 43. Growth in World Gross Product, 2008-2018
FIG NO. 44. Research Methodology – Detailed View
FIG NO. 45. Research Methodology
List of Tables
TABLE NO. 1. Global Telehealth Market: Snapshot
TABLE NO. 2. Quarterly Telehealth Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Telehealth Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
TABLE NO. 6. Global Telehealth Market for Hardware, by Region, 2016 – 2028 (USD Million)
TABLE NO. 7. Global Telehealth Market for Software, by Region, 2016 – 2028 (USD Million)
TABLE NO. 8. Global Telehealth Market for Services, by Region, 2016 – 2028 (USD Million)
TABLE NO. 9. Global Telehealth Market for Web-based, by Region, 2016 – 2028 (USD Million)
TABLE NO. 10.: Global Telehealth Market for Cloud based, by Region, 2016 – 2028 (USD Million)
TABLE NO. 11.: Global Telehealth Market for On-premise, by Region, 2016 – 2028 (USD Million)
TABLE NO. 12. Global Telehealth Market for Providers, by Region, 2016 – 2028 (USD Million)
TABLE NO. 13. Global Telehealth Market for Payers, by Region, 2016 – 2028 (USD Million)
TABLE NO. 14. Global Telehealth Market for Patients, by Region, 2016 – 2028 (USD Million)
TABLE NO. 15. Global Telehealth Market for Others, by Region, 2016 – 2028 (USD Million)
TABLE NO. 16. G6obal Telehealth Market Revenue, By Region, 2016 – 2028 (USD Million)
TABLE NO. 17. North America Telehealth Market Revenue, By Country, 2016 – 2028 (USD Million)
TABLE NO. 18. North America Telehealth Market Revenue, By Component Type, 2016 – 2028 (USD Million)
TABLE NO. 19. North America Telehealth Market Revenue, By Mode of Delivery Type, 2016 – 2028 (USD Million)
TABLE NO. 20. North America Telehealth Market Revenue, By End User, 2016 – 2028 (USD Million)
TABLE NO. 21. U.S. Telehealth Market Revenue, By Component Type, 2016 – 2028 (USD Million)
TABLE NO. 22. U.S. Telehealth Market Revenue, By Mode of Delivery Type, 2016 – 2028 (USD Million)
TABLE NO. 23. U.S. Telehealth Market Revenue, By End User, 2016 – 2028 (USD Million)
TABLE NO. 24. Canada Telehealth Market Revenue, By Component Type, 2016 – 2028 (USD Million)
TABLE NO. 25. Canada Telehealth Market Revenue, By Mode of Delivery Type, 2016 – 2028 (USD Million)
TABLE NO. 26. Canada Telehealth Market Revenue, By End User, 2016 – 2028 (USD Million)
TABLE NO. 27. Mexico Telehealth Market Revenue, By Component Type, 2016 – 2028 (USD Million)
TABLE NO. 28. Mexico Telehealth Market Revenue, By Mode of Delivery Type, 2016 – 2028 (USD Million)
TABLE NO. 29. Mexico Telehealth Market Revenue, By End User, 2016 – 2028 (USD Million)
TABLE NO. 30. Drivers for the Telehealth Market: Impact Analysis
TABLE NO. 31. Restraints for the Telehealth Market: Impact Analysis
TABLE NO. 32. Major Buyers of Telehealth
TABLE NO. 33. Distributors/Traders List of Telehealth
TABLE NO. 34. Global Telehealth Market, Company Market Revenue, 2016 – 2019 (USD Million)
TABLE NO. 35. Global Telehealth Market, Company Y-o-Y Growth, 2017 – 2019 (USD Million)
This report is based on in-depth qualitative and quantitative analyses of the global Global Telehealth market. Zion Research has collected and analyzed key data belong to the global Global Telehealth market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Global Telehealth across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Global Telehealth industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Global Telehealth market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Telehealth is becoming vital to healthcare delivery system which enables remote patients’ access to healthcare professionals and connects the healthcare providers with other practitioners over worldwide. Telehealth is the transmission of information from one site to another through electronic information and telecommunication technology to facilitate the diagnosis, consultation, treatment, education, care management and self-management of a patient’s health care of patients residing in remote areas. For example, approximately 20 percent of Americans live in rural areas where many do not have easy access to primary care or specialist services. The availability of telehealth services to these areas provides better access to health care by eliminating the need to travel long distances to see an expert health care professional. One of the most important benefits of telehealth is in the reducing costs due to lowering in hospitalizations, readmissions, and length of stays.
Increasing prevalence of chronic diseases and rising healthcare cost drives the demand for telehealth solutions. In addition, increasing healthcare expenditures, the rapid increase in the software market, improving telecommunication infrastructure supplements the growth of telehealth market within the forecast period. Furthermore, telehealth market is on the rise due to improvements in technology that enables the healthcare professionals to see patients on screen from a distant location. According to the National Business Group on Health (NBGH), 74 percent of large U.S. employers say they plan to offer telehealth services were permitted under the law, an increase from 48% in an earlier survey. This suggests that telehealth usage is going to rise rapidly. However, lack of proper reimbursement policies, the high cost of technology and underdeveloped interoperability standards hampers the adoption of telehealth market within the forecast period. In spite of these restraints, technological advancements to produce more innovative telehealth solutions can be an opportunity in this market.
On the basis of the component, the global telehealth market is categorized into; hardware, software, and services. In this segment, hardware held around more than 45.5% market share in 2016 and is expected to grow at a double-digit CAGR in coming five years. The software is expected to witness a significant growth within the forecast period owing to advancements in telecommunication infrastructure coupled with increasing adoption of remote monitoring solutions by patients in rural locations.
An end-user segment of the telehealth market includes the: providers, payers, patients and other end users. In this segment, players have accounted for the second largest market share of the global telehealth market in 2016 and are expected to grow at a significant rate of CAGR in coming five years. In this segment, providers include the healthcare professionals such as physicians and clinicians, hospitals, and clinics.
North America has dominated the global telehealth market by accounting for 41.4% of market share in 2016 and is expected to grow at a CAGR of around 29.9% in coming five years. U.S. holds the largest market share in telehealth market in this region owing to the paucity of an adequate number of healthcare professionals, upcoming regulatory policies, and geriatric population. In Canada, 77 percent of primary care physicians are now using electronic medical records, 98 percent of hospitals offering telehealth video conferencing and 88 percent of lab test results are now digital.
North America is expected to follow by the Europe within the forecast period owing to increasing adoption of digital healthcare systems. In this region, U.K. attributed for largest market share owing to the aging population (11.4 million people in the UK are aged over 65) favorable government policies regarding telehealth and high telecare penetration.
Asia-Pacific is expected to show the fastest growth with a CAGR of 35.6% within the forecast period. Telehealth market growth in this region is expected to drive by increasing geriatric population and high internet penetration. In this region, For example, Japan has a large Health IT market size (around $4 billion), a significantly aging population, a high concentration of population clustered in urban areas and a tech-friendly society thus all these factors supplements the telehealth market growth.
Latin America is expected to show a moderate growth due to increasing awareness among healthcare professionals related to the benefits of telehealth. In this region, Brazil has a high growth rate in the over-60 population over the next 15 years, indicating that a huge potential telehealth market in coming five years. The Middle East and Africa, market growth for telehealth is expected to boost by increasing prevalence of chronic diseases coupled with the scarcity of healthcare professional.
The report presents comprehensive competitive outlook with company profiles of the key players operating in the global market. Key participants profiled in the report include Philips Healthcare, McKesson Corporation, Medtronic plc, Medvivo Group Ltd. and Tunstall Healthcare among others.
Request the coronavirus impact analysis across industries and markets
The global Telehealth market was valued at USD 7,323.3 Million in 2020.
The global Telehealth market is expected to reach USD 61,385.1 Million by 2028, growing at a CAGR of 30.5% between 2021 to 2028.
Major driving factors for the growth of Telehealth market are rising incidences of chronic ailments along with hefty expenditure on healthcare activities.
North America has been leading the worldwide telehealth market and is anticipated to continue on the dominant position in the years to come, states the market study. Rise in elderly population, high incidence of chronic diseases, and bulging healthcare costs are the key factors behind the dominance of the North America telehealth market.
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