LOS ANGELES, Feb. 14, 2020 /PRNewswire/ -- The Telehealth Market is poised to garner growth at a CAGR of 14.9% over the forecast period 2019 to 2026. The global telehealth market is expected to attain the valuation of around US$ 53.1 billion by 2026.
Factors attributed to the growth of the global telehealth market are increasing number of patient suffering from chronic diseases, increase in number of geriatric population and inclination towards home healthcare. Rapid urbanization in developing countries, high penetration of mobile phones and introduction of various apps based services are some other factors expected to support the growth of the target market. Technological advancement in healthcare products & services and introduction of advanced products has fuelled the growth of global market. However, lack of regulatory scenario and favorable policies in developing countries is expected to limit the adoption of these services thus hampering growth of global telehealth market.
North America held the largest share of the global telehealth market in 2018 and is anticipated to hold its share during the forecast period. This can be attributed to the high adoption of advanced technology, supportive government initiatives to enhance the usage of technology in the healthcare field, and easy access to refined medical services. The availability of a large number of service providers is another key reason to propel the market growth. However, Asia Pacific is anticipated to grow at the fastest rate during the forecast period due to increasing adoption of IT services in healthcare as a result of government initiatives. Furthermore, increasing healthcare expenditure and the development of well-equipped hospitals & clinics are some of the other factors to propel the market growth.
Based on the component, the market has been divided into products and services. In 2018, the services segment accounted for the largest share of the market and is expected to maintain its dominance during the forecast period. Technological advancement and growing penetration in remote areas as well are the key factors for the dominance of telehealth services across the world. The introduction of various products by major market players in recent years is expected to observe a significant growth in the market.
Based on the application, the telehealth market has been segmented into telemedicine, continuous medical education, patient monitoring, and others. Telemedicine accounted for the largest share of the market in 2018 and is anticipated to hold its share during the forecast period. Patient monitoring is expected to observe the significant growth during the forecast period due to increasing awareness about telehealth services to monitor the patient's health and rising geriatric population.
Based on the end-user, the market has been segmented into healthcare facilities, patients, and payers. In 2018, healthcare facilities accounted for the largest share of the market. This can be attributed to the presence of well-equipped hospital and the high adoption of technology in hospitals settings across the world.
Major players operating in the telehealth market in 2018 are Teladoc Health; Doctor On Demand; American Well; GlobalMed; InTouch Technologies, Inc.; Dictum Health, Inc.; Encounter Telehealth; MDLIVE Inc.; SnapMD, Inc.; and HelloMD. The maximum share accounted by the Teledoc Health, Doctor On Demand, and American Well in 2018. This can be attributed to its huge number of online consultations and a large number of the client base.
Some of the key observations regarding the telehealth industry include:
In November 2019, American Well acquired Aligned Telehealth to expand its telepsychiatry and behavioral health services. This acquisition helped American Well to become one of the largest enterprise telepsychiatry platforms present in the U.S.
In June 2019, American Well has signed a partnerships agreement with Cisco Systems to deliver virtual care through television for seniors.
In April 2019, AdvantiaHealth acquired Pacify, a telehealth company that provides perinatal care for expectant and new moms and parents. The combined entity enables to provide on-demand 24/7 virtual care to new moms through the Pacify platform.
In April 2019, Doctor on Demand expanded its presence in virtual primary care with health insurer Humana across the U.S. The telemedicine company initially started with an urgent care platform and currently broadens its reach to 24/7 virtual presence for preventive, primary, and chronic care.
In June 2018, Teledoc acquired Advance Medical, a global virtual care provider, to strengthen and expand international footprint. With the acquisition of Advance Medical, Teladoc builds its successful track record of integrating companies with complementary capabilities and access to new geographical markets.
In April 2018, American Well acquired Avizia to expand its presence in acute care services. Through this acquisition, American Well received access to Avizia'scustom software workflows and hospital-based cart lineup for more than 40 clinical specialties, such as telebehavioral health services and telestroke.
In April 2018, InTouch Health acquired REACH Health, a telemedicine software company. Through the acquisition, InTouch Health enhanced its market share due to strong partnerships of REACH Health with various health systems and hospitals.
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