Market Scope
Market Research Future (MRFR) has revealed in its new extensive study that the telehealth market 2020 can expect to record a striking growth rate of 22.74% from 2016 to 2024 (assessment period). By 2024, the market is anticipated to touch USD 16,173.8 million, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Growth Boosters and Main Barriers
Prior to the COVID-19 outbreak, telehealth had already gained sufficient momentum and since the pandemic, the technology has garnered more interest from the growing tech-savvy population worldwide. The lockdown measures owing to SARS-CoV-2 have compelled healthcare professionals and patients to opt for remote healthcare. At present, telehealth is not just a supplementary option but has become an essential aspect of the healthcare sector. The market growth is further induced by the rising need for healthcare access from any location, escalating cases of chronic illnesses, scarcity of physicians and the surge in technological innovations in telecommunications. Telehealth is progressively gaining traction in the field of cardiology, radiology, online consultation and behavioral health, which can be a promising factor in market growth.
Governments have been a big help in reducing the challenges posed by the novel coronavirus, by increasingly relaxing their standards and regulations pertaining to healthcare. For instance, in March 2020, the Health and Human Services Office (US Department) waived off the fines for any HIPAA violation to boost the uptake of video conferencing apps such as Zoom, Facetime, WhatsApp and more that don’t comprise the necessary security features.
The market attractiveness is also bolstered by the increasing number of start-ups and new launches, in particular for virtual consultations. To cite a reference, in August 2020, the Pune Smart City Development Corporation Ltd (India) launched a telehealth app to facilitate faster healthcare access to patients, especially given the surge in COVID-19. The app can be used via smartphones or any other devices and the users will be offered live visual/audio consultation, simpler scheduling, fast registration, EMR or HMIS integrations, smoother clinical documentation, summaries and visit notes.
Market Segmentation
Component, mode of delivery, application, and end user are the key segments as per which the telehealth industry has been considered in the MRFR study.
The telehealth market, with respect to component, can be narrowed down into software, hardware and services.
The various modes of delivery include on-premise as well as web/cloud-based. The web/cloud-based delivery mode leads the worldwide market while the on-premise category can observe the fastest growth in the following period.
The primary applications of telehealth are cardiology, radiology, neurophysiology, primary care, and more. In the lead is the radiology section, on account of the rising deployment of telehealth across the radiology field, while the cardiology segment can project the fastest expansion as a result of the accelerated increase in cardiovascular diseases worldwide.
The significant end-users in the telehealth market include home care, diagnostic clinics, hospitals and clinics and others. The biggest share in the global market belongs to hospitals and clinics while the fastest gaining segment can be that of diagnostic clinics.
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Regional Insight
The region-wise distribution of the global market covers the Middle East Africa/MEA, EU/Europe, Asia Pacific/APAC, and the Americas,
Over the next couple of years, the Americas can be the world leader in the telehealth market, thanks to the high adoption rate of the technology in the US/United States. Telehealth has been at the forefront in the battle against COVID-19 in the region, with more and more people actively taking up remote monitoring and teleconsultation services. The prevalence of social distancing between patients and healthcare professionals has boosted the uptake of telehealth as well. The surge in queries with regard to SARS-CoV-2 and various other medical conditions without the need to visit the hospital has driven the preference for online consultations.
The telehealth market in Europe is the second most profitable, in terms of growth. The accelerated need for more streamlined and consistent healthcare monitoring is cited to be a chief booster in the market growth. As of 2018, Italy had been the highest gainer in the Western Europe telehealth market, with a share of 12.4%, reveals MRFR.
APAC is all set to be the fastest gaining market in the foreseeable future, as a result of the expanding geriatric populace and the alarming rise in chronic diseases. The lack of technical personnel as well as the insufficient access to efficient healthcare services has been a major issue in various parts of the region. Therefore, governments have sharpened their focus on offering medical facilities at remote areas via virtual care platforms. For this, pilot projects are being developed, which can mean considerable profits for the telehealth market in the ensuing years.
Leading Vendors
Some of the leading vendors outlined in the extensive report include Allscripts Healthcare Solutions (US), Siemens (Germany), Cisco Systems Inc. (US), Care Innovations LLC (US), Medtronic PLC (Ireland), Honeywell International Inc. (US), InTouch Technologies Inc. (US), Livecare Health (Canada), AMD Global Telemedicine Inc. (US), Boston Scientific Corporation (US), American Well (US), Cerner Corporation (US), Maple (Canada), Philips Healthcare (Netherlands), Dialogue (Canada), GlobalMed (US), Right Health (Canada), to list a few.