Telehealth Market Worth US$ 20 Billion by 2026

The Global Telehealth Market size is expected to reach around US$ 20 billion by 2026 and is expected to register a CAGR of above 13% during the forecast period 2019-2026.

Telehealth is a modern way of delivering healthcare services to the patients. It’s an easy way of patient self-management where the information and communication technology is used in diagnosis, consultation, treatment, education, etc. With rapidly changing healthcare standards across the globe approach towards providing service is also changing. Live video conference and remote patient monitoring are some service that are changing the way of patient care management.

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North America market in 2018 contributed to major revenue share, factors attributing to major share are growing healthcare standards and well-developed healthcare infrastructure. In addition, favorable government policies and presence of major players operating in the country in this region are among other factors expected to boost the growth of the target market. Moreover, approach towards business expansion activities through strategic partnerships and agreements are expected to further revenue support the growth in this region. For instance, in 2018, American Well acquired Avizia Limited this acquisition will help the company to strengthen their position in North America and expand product portfolio.

Rising government spending on development of healthcare sector is a major factor expected to drive the Asia Pacific market growth. Government in developing countries is focused on providing advanced healthcare services as there is an increase in geriatric population suffering from various chronic diseases. Consumers approach towards home healthcare is resulting in growing demand for telehealth services.

Global telehealth market regional segment is further divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Factors that are expected to drive the growth of the global telehealth market are increasing number of patient pool suffering from various chronic diseases across the globe, growing geriatric population, coupled with approach towards adoption of home healthcare. In addition, increasing government spending on development of healthcare infrastructure, favorable reimbursement policies in developed countries, and introduction of various user-friendly applications are factors further expected to boost the growth of target market.

Moreover, availability of fast internet along with high mobile penetration in developing countries is resulting in demand for remote monitoring services are expected to support growth of target market.

However, lack of regulatory framework related to telehealth in developing countries is expected to hamper the market growth. In addition, high cost of services and lack of required infrastructure in order to support the advanced devices are factors expected to challenge the growth of target market to a certain extent.

Developing government regulation related to healthcare services in developing countries, coupled with players approach towards investment in order to provide better telehealth services are factors creating new revenue opportunities thus supporting the growth of target market over the forecast period.

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Global telehealth market is segmented into type, application, end use, and region. The service market is expected to account for major revenue share owing to rising home healthcare approach among consumers. Geriatric population is suffering from various old age problems and prolongs stay in hospitals is not affordable due high cost of healthcare. This is growing patient’s inclination towards adoption of home healthcare services.

Some of the major players operating in the global Telehealth market are American Well, GlobalMed, Teladoc Health, Inc., Dictum Health, Inc., LLC, InTouch Technologies, Inc., Doctor On Demand, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD, and SnapMD, Inc. The market players are focused on providing new services and introduction of new products in product portfolio in order to attract new customers and increase their business presence. In addition, merger and acquisition activities in order to increase the business share are expected to further increase the competition in the market.

Key Findings

The global Telehealth market was valued at around US$ 7 Bn in 2018. Among the type segment the service segment is expected to contribute significant revenue shares in the market globally.

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