Telehealth Market Size to Hit USD 22.92 Bn by 2026: Brand Essence Market Research, Inc.
Telehealth Market is valued at USD 8.30 billion in 2019 and expected to reach USD 22.92 billion by 2025 with the CAGR of 18.43% over the forecast period.
Telehealth Market Importance: The growth in Shortage of Healthcare Professionals, Improvements in Telecommunication Infrastructure, Technological Advancements, Increasing Utilization of Connected Devices are the factors driving the growth of the market.
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Globally Manufacturers such asPolycom, Life Care Solutions, Siemens Healthcare, Robert Bosch Healthcare, Eladoc Inc., American Well, BioTelemetry Inc., Medtronic, Aerotel Medical Systems Ltd., InTouch Technologies Inc., Honeywell International Inc. GE Healthcare and many others are contributing in the growth of the market.
North America is the dominating region for Telehealth Market.
In Global Market, North America region accounts for the largest share for the Telehealth market. This is only due to the U.S. country has developed healthcare infrastructure, rising prevalence of chronic diseases,upcoming regulatory policies, shortage of physicians, implementation of Affordable Care Act (ACT) and increasing funding for Telehealth. According to the growing Crisis of Chronic Diseases in the United States estimated that about 133 million Americans i.e. 45% of the population are affected by the chronic diseases. In U.S. more than 1.7 million Americans are dead due to these chronic diseases every year. Also the gradual increase in number of e-visits and for online preference consultation is the main reason behind the expansion of the market in North America. According to National Health Expenditures 2017 highlights, it is estimated that US healthcare spending increased upto 3.9% to reach $3.5 trillion per person in 2017. Also they estimated that the overall share of gross domestic product (GDP) related to health care spending was 17.9% in 2017 similar to that in 2016.
Moreover, Europe is expected to expand the market due to emerging Telehealth policies and adoption of wearable remote monitoring devices. Also the Asia Pacific region is registering high market growth due to improving healthcare Scenario, technological advancements in digital imaging and high rural population.
Scope of Report: Health related service which provides information by usingelectronic and also telecommunication technologies are nothing but the Telehealth service. The services provided with Telehealth service are clinician contact, clinician advice, care, reminders education, intervention, monitoring and remote admissions. When there is conditions like lack of transport, lack of mobility, a lack of staff restrict access to care occurred in rural areas Telehealth helps to bridge the gap. Thefacilities such as video conference for discussing two clinicians over a case, a robotic surgery occurring through remote access, physical therapy done by digital monitoring instruments, tests being forwarded between facilities for interpretation by a higher specialist, home monitoring through continuous spending of patient health data, even videophone interpretation during a consult and many others facilities are provided by Telehealth services.
Telehealth Market is segmented on the basis of component, delivery model and end user. On the basis of component the market is segmented into hardware, software and services. On the basis of delivery model the market is segmented into real time, store and forward, remote patient monitoring and mHealth. On the basis of end user the market is segmented into B2B, Providers, Payers, Employers, B2C, Patients and Caregivers.
The regions covered in this Telehealth Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Hall Effect Sensor is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
FCC Expands Access to Broadband Resources for Telehealth Providers.
On 19 March 2020, the Federal Communication Commission officials has relaxed broadband rules to enable hospitals and health systems to work with Internet service providers to improve connectivity for Telehealth and mHealth programs. The FCC on that week announced changes to their Rural Health Care (RHC) and E-Rate programs which will make easier for broadband companies to support connected health outreach. FCC’s Wireline Competition Bureau has given its gift rules specifically to service and care providers to offer improved connections and telemedicine technology during the telemedicine technology during the Coronavirus (COVID-19) pandemic. The aim of these changes is to give healthcare providers in remote and rural areas access for the improved broadband connectivity so that Telehealth and mHealth programs can be offered to more people and with fewer problems. These Providers in many rural states have their mentioned connectivity as a particular challenge in offering, sustaining or scaling connected health programs.
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Increasing Prevalence of Chronic Diseases is Driving Telehealth Market Worldwide.
Geographically, the rate of adoption of Telehealth healthcare services is increased day by day in developed as well as developing countries. The Common chronic diseases include arthritis, asthma, cancer, chronic obstructive pulmonary disease, diabetes and some viral diseases such as hepatitis C and acquired immunodeficiency syndrome. According to National Health Council, approximately133 million Americans which mean more than 40% of the total population of this country are affected by chronic diseases and by2020 thatnumber will grow to an estimated 157 million, with 81 million having multiple conditions. So, due to this reason there is increase in prevalence of chronic diseases and this is the main driver to drive the growth of the market. Also the increase in geriatric population, scarcity of physicians, improved telecommunications infrastructure, technological advancements, increase in utilization of connected devices for the management of Chronic diseases and need for affordable treatment options because of increasing healthcare costs are also fueling the market growth. According to World Health organization estimated that about 125 million people are aged 80 years or older in today and by 2050, the world’s population aged 60 years and older is expected to about total 2 billion which is up from 900 million in 2015.
Key Benefits for Global Telehealth Market Reports –
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
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Global Telehealth Market Segmentation –
- By Components
- By Delivery Model
- Real Time
- Store and Forward
- Remote Patient Monitoring
- By End User
- By Regional & Country Analysis:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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