Global Telehealth Market (2021-2026) by Component, Application, Mode of Delivery, End-User, and Geography, Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Global Telehealth Market (2021-2026) by Component, Application, Mode of Delivery, End-User, and Geography, Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Introduction

The Global Telehealth Market is estimated to be USD 38.3 Bn in 2021 and is expected to reach USD 88.4 Bn by 2026, growing at a CAGR of 18.2%.

Certain factors such as a rise in the prevalence of chronic diseases and scarcity of physicians have led to a growth in this market. Moreover, with additional growth of investments in medical sciences, rising collaborations, and the fast up-grading of telecommunication technologies are likely to further strengthen the telehealth market. The sudden outbreak of coronavirus pandemic is expected to boost telemedicine usage as these solutions help consultants communicate effectively with their patients remotely and provide better solutions regarding their health concerns.

However, concerns regarding data privacy, resistance in technology acceptance by practitioners and patients, high cost of implementation, and knowledge about telehealth hamper the growth of this market.

Market Dynamics

Drivers

• Rising Population and Need to Expand Healthcare Access
• Rising Prevalence of Chronic Conditions
• Cost-Benefit Advantage of Tele-Health & Tele-Medicine
• The dearth of Physicians amidst Increasing Demand
• Growing Number of Smartphone Users

Restraints

• Privacy and Security Concerns
• Diverse Global Regulatory Environment
• Fraud in Telemedicine and Telehealth
• Lack of Knowledge and Trust in the Developing Nations

Opportunities

• High Utility in Combating Infectious Diseases and Epidemics
• Advancements in Telecommunications
• Government Support and Rising Awareness

Trends

• The emergence of Telehealth Robots and Robotic Platforms
• The advent of Technological Developments

Segments Covered

By Component, the Software segment is estimated to be the fastest-growing segment during the forecast period. The growth is attributed to the increasing adoption of telehealth solutions worldwide. The real-time virtual health segment and the remote patient monitoring (RPM) segment are likely to grow at a faster pace. Such systems are gaining popularity due to the acceptance of personal emergency response systems (PERS). Alternatively, the increasing cases of COVID 19 additionally require the implementation of remote patient monitoring systems, which has further fuelled the growth in the software solution segment

By Application, the Teleradiology segment is estimated to be the fastest-growing segment during the forecast period due to the adoption of preventive healthcare practices like the high demand for early imaging practices, rise in the workflow, and streamlining of teleradiology regulatory practices.

By Mode of Delivery, the Web-Based mode of delivery is witnessed to see a faster growth rate during the forecast period. The demand for a web-based mode of delivery is majorly seen in the developing economies as they are now embracing telehealth technology in remote areas for providing access to healthcare services. As the infrastructure support required for web-based technology is minimum and can be operated by any age group, there is added growth potential. Besides, with the increasing use of smartphones and tablets across age groups, there has been additional growth in the market.

By End User, the Provider segment is estimated to grow at a faster rate during the forecasted period. Providers’ i.e, the health care providers, are the end-users who operate various virtual health care platforms and offer a range of tele-specialty services to chronically ill patients and aged patients. Moreover, the hospitals are being well equipped in terms of infrastructure, providing the latest advancements in telehealth monitoring devices, which have further augmented the market growth of this segment.

By Geography, North America is anticipated to lead the market. The factors attributed to the growth of this market is the high prevalence of chronic conditions followed by the rising geriatric population. The US is known for its established healthcare infrastructure, regulatory policies like the implementation of the Affordable Care Act (ACT). With the outbreak of the Covid-19 pandemic globally, especially its effects were seen in the US, the health agencies urged the hospitals to promote the use of telehealth services, which has attributed to the growth of the market.

The Global Telehealth Market is further segmented on the basis of Component, Application, Mode of Delivery, End-User, and Geography.

Global Telehealth Market, By Component

• Introduction
• Software Services
• Remote Patient Monitoring Software & Services
• Real-Time Interaction Software & Services
• Store-And-Forward Software & Services
• Hardware
• Medical Peripheral Devices
• Blood pressure monitors
• Blood glucose meters
• Weight scales
• Pulse oximeters
• Peak flow meters
• ECG monitors
• Other Devices
• Monitors

Global Telehealth Market, By Application

• Introduction
• Tele-radiology
• Tele-psychiatry
• Tele-stroke
• Tele-ICU
• Tele-dermatology
• Tele-consultation
• Other Applications

Global Telehealth Market, By Mode of Delivery

• Introduction
• On-Cloud Mode of Delivery
• Web based
• On-Premise Mode of Delivery

Global Telehealth Market, By End User

• Introduction
• Providers
• Payers
• Patients

Global Telehealth Market, By Geography

• Introduction
• North America
• South America
• Europe
• Asia Pacific
• Rest of the World

Company Profiles

Some of the companies covered in this report are Koninklijke Philips, Medtronic, Ge Healthcare, Cerner Corporation, Siemens Healthineers AG, Cisco Systems, Asahi Kasei Corporation, Iron Bow Technologies, American Well, and Teladoc Health.

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share etc.

Lions:Represents companies with a strong foothold in the market, with the highest market share, large investments in technologies, new products.

Bulls:Companies that are medium in size competing with their USPs, growing companies with proven market share.

Rabbits:Small companies but growing rapidly, constantly improving their offerings in the market

Tortoise:Companies which are slow in growth, having a long legacy and stable or negative in performance

Why buy this report?

The report offers a comprehensive evaluation of the Global Telehealth Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources and projections about market size. The projections are calculated using proven research methodologies.

The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys and observation of renowned personnel in the industry.

The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.

The report also contains the competitive analysis using IGR Positioning Quadrants, Infogence’s Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market