Kenneth Research has examined the statistical and analytical approach that is required for the growth of Telehealth Market for the period 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Telehealth Market Products.
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According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.
Global Telehealth Market (2014-2022)
Telehealth is the combined use of medical devices and communication technologies to diagnose, analyze and monitor diseases and symptoms. The Telehealth industry makes use of telecommunication technologies to deliver health care, health information or health education at a distance. Also referred to as telemedicine, e-health or e-medicine, Telehealth is the overall term for the world of virtual care delivery as it encompasses a broad variety of technologies and tactics to deliver virtual healthcare solutions. Telehealth consulting services make it easier for patients to get a consultation from healthcare providers irrespective of their location.
The global Telehealth market is estimated to be valued at USD 25.30 billion in 2022, growing at a CAGR of 14% during 2014-2022.
This Telehealth report takes into consideration two segments – by technology and by application. Under technology segment, Remote Patient Monitoring, mHealth, and Video Telemedicine are included. The application segment consists of Teledermatology, Teleradiology, Telecardiology, Telepathology, and Others (Teleaudiology and Teleophthalmology).
Remote Patient Monitoring dominates the Telehealth technology segment with a 65% market share in 2014 and is projected to remain so through 2022. mHealth holds the second largest share with a significant CAGR of 18% through 2014-2022. Video Telemedicine contributes the least market share to Telehealth with a significant CAGR of 13%.
Teledermatology segment holds the largest share in 2014 but with the lowest growth rate. Teleradiology contributes the second highest share with an average CAGR of about 12%. Telecardiology is expected to dominate the application segment in 2022. Telepathology holds the least share throughout 2014-2022, out of the four mentioned segments with 17% CAGR.
Key growth factors
The incidence of chronic diseases requires continuity in treatment and care. Most patients are unable to make regular visits to hospitals because of their poor health conditions. So, the prevalence of chronic diseases serves as a major driver for the Telehealth market. Other key drivers are the emergence of mobile health hubs, advancement of healthcare technology and infrastructure and the expected growth in wearable technology.
Threats and key players
Although the global Telehealth market shows positive growth, it is not free from obstacles and challenges. Some of the critical threats are high installation charges of the Telehealth devices and Telehealth systems, lack of reimbursement policies, problems in practice regulations and licensing and lack of awareness of the technology spread.
Additionally, low internet penetration and lack of healthcare technology and infrastructure in some regions plays a significant role in restricting the expansion of global Telehealth solutions. Notably, most of the Middle Eastern and African countries face various infrastructural and economic challenges.
Some of the major players in the telematics market are McKesson Corporation, Cerner Corporation, Medtronic Inc., GE Healthcare, Cisco Systems, Allscripts Healthcare Solutions and Honeywell Life Care Solutions.
What’s covered in the report?
1. Overview of the Global Telehealth Market
2. Historical, current and forecast market size data for Global Telehealth Market, Remote Patient Monitoring, mHealth, Video Telemedicine, Teledermatology, Teleradiology, Telecardiology, Telepathology and Others sectors
3. Historical, current and forecast regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for Global Telehealth Market, Remote Patient Monitoring, mHealth, Video Telemedicine, Teledermatology, Teleradiology, Telecardiology, Telepathology and Others sectors
4. Telehealth market analysis consisting of telehealth services and telehealth devices – by value chain diagram
5. Analysis of the primary drivers and challenges affecting the Global Telehealth Market, Remote Patient Monitoring, mHealth, Video Telemedicine, Teledermatology, Teleradiology, Telecardiology, Telepathology and Others sectors
6. Analysis of the competitive landscape and profiles of major companies operating in the market
7. Market Trends in Global Telehealth Market
Why buy?
1. Get a broad overview of the Global Telehealth systems which would help in further telehealth research
2. Get region-specific drivers and challenges affecting the Global Telehealth Market
3. Device market-entry strategies by understanding the driving factors of the market
4. Get relevant company profiles and start-up company profiles
Customizations Available
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The Market report answers the following questions:
What is the aim of the report?
- The Telehealth Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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