Global Telehealth Market Outlook and Forecasts 2019-2024 - Demand for Virtual Visits, Remote Patient Monitoring, and mHealth
DUBLIN, April 30, 2019 /PRNewswire/ -- The "Telehealth Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global telehealth market is expected to reach around $40 billion, growing at a CAGR of 25% during 2018-2014
The access to telehealthcare has improved medical treatment and helped in cost-reduction, which has significantly increased the reach of the global telehealth market. The demand for virtual visits, remote patient monitoring, and mHealth is growing at a phenomenal rate, which, in turn, is driving the growth of the global telehealth market.
The market is highly dynamic and competitive; local vendors offer a wide range of hardware and software solutions. Hardware manufacturers are collaborating with software/application developers and healthcare providers to enhance health quality service in the healthcare market. The presence of diversified global and local vendors; international players would increase their footprint in the telehealth market.
The increasing use of smart wearables, the implementation of new techniques (robotics), health and wellness gadgets to track day-to-day physical and health activities are expected to the global telehealth market. Growing R&D investments for the improvement and development of telehealth platforms will augment the growth of the healthcare industry during the forecast period.
The market research report covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The study includes insights on segmentation based on modality (real-time virtual health, remote patient monitoring and store-and-forward), components (services, hardware, and software), delivery modes (web/app-based, cloud-based, and on-premise), end-users (healthcare providers, patients, employer groups and government bodies, and payers), and geography (North America, Latin America, Europe, APAC, and MiddleEast and Africa).
Telehealth Market Dynamics
Globally, many vendors are focusing on collaborations that can help to extend their brand's visibility in the global telehealth market. For example, UCLA Health recently partnered with the city of Zhengzhou in China to establish the Zhengzhou International Telemedicine Center (ZITC).
Currently, the global telehealth market is witnessing the advent of various new-age facilities such as mHealth, virtual visits, and tele-ICUs. The industry players such as InTouch Health, iRobot, and Vecna Technologies have developed robots that serve as the physician's stand-in in remote clinics, which are expected to provide new dimensions to the market in the coming years.
Telehealth Market Segmentation
This market research report includes a detailed segmentation of the global market by modalities, components, delivery modes, end-users, and geographies.
In terms of modality, the global telehealth market is classified into real-time virtual health, remote patient monitoring, and store-and-forward. The real-time virtual health segment occupies around half of the worldwide market, growing at a CAGR of around 33% during the forecast period. It provides a platform for patients and consumers to communicate with physicians through personal computers (PCs), tablets, or smartphones. Real-time virtual visits include video visits, audio visits, and chat consultation; video visits can also be performed via a kiosk. The video visits market is expected to grow due to expanding health insurance coverage.
The global telehealth market by components is divided into services, hardware, and software. In 2018, the services segment captured nearly half of the global market share, which is expected to grow at a CAGR of around 30% during the forecast period. This segment includes services such as conducting and processing virtual visits, offering online consultations of patients, interacting with other healthcare professionals, and monitoring the patient on a real-time basis. It also provides end-to-end solutions that are offered by the companies to healthcare providers such as hospitals, clinics, and home care settings.
The global telehealth market by modes of delivery is broadly categorized into web/application-based, cloud-based, and on-premise. The web/application-based segment captures nearly one-third of the global market and expected to flourish at a CAGR of around 24% during the forecast period. The web-based delivery model requires minimal software and hardware components for delivering remote healthcare solutions.
The demand for this model is expected to gain new dimensions due to budding web-based telehealth, especially in emerging economies. The launch of new-age cellular devices such as tablets and smartphones has further accelerated the use of application-based services. The market is witnessing the competition based on technology, services offered, user-friendly interfaces, product differentiation, and pricing.
Healthcare providers, patients, employer groups and government bodies, and payers are the major end-users of the global telehealth market. Healthcare providers are the largest end-users and captured approximately half of the global market. Among all healthcare providers, hospitals are the most significant revenue contributors. The global telehealth market is influencing the healthcare delivery system by enabling healthcare providers to connect with consulting practitioners and patients from long distances.
Key Vendor Analysis
The advent of advanced technologies such as robotics, real-time virtual health, remote patient monitoring is expected to revolutionize the telehealth market. Local as well as global industry players are adopting the latest technology to increase their global footprint. There is a significant rise in the demand for web/application-based solutions as they enable users to consult the doctor instantly, maintain their healthcare records and access the world-class treatment.
Market Dynamics
Market Growth Enablers
- Increasing Target Pool of Patients Requiring Telehealth
- High Demand for mHealth Fueling Telehealth Adoption
- Rising Demand for RPM Platforms & Connected Medical Devices
Market Growth Restraints
- Legal Barriers & Lack of Standard Regulations for Telehealth
- Lack of Standard Interoperability & Data Integration with Telehealth Infrastructure
- Data Security & Privacy Risks Associated with Telehealth
Market Opportunities & Trends
- Rapid Technological Advancements Fueling Telehealth Adoption
- Increasing Strategic Partnerships & Acquisitions
- Emergence of Telehealth Robots & Robotic Telehealth Platforms
Major Vendors in the Global Telehealth Market are:
- AMD Global Telemedicine
- American Well
- Biotelemetry
- Global Media Group
- Honeywell Life Care Solutions
- Medtronic
- Philips Healthcare
- Teladoc Health
- InTouch Technologies
Other Prominent Vendors are:
- AirStrip Technologies
- iMDsoft
- A&D Company
- Abbott
- BIOTRONIK
- Boston Scientific
- Biotricity
- Cisco
- Chiron Health
- edgeMED Healthcare
- eVisit
- GE Healthcare
- INTeleICU
- iSelectMD
- Masimo
- MDLIVE
- Capsule Technologies
- MedXCom
- Virtual Health Care
- Vidyo
- VSee
- Spacelabs Healthcare
- Zipnosis
For more information about this report visit https://www.researchandmarkets.com/r/gwg5tv
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