Telehealth Market To Account For USD 16,173.8 Million, By 2024 At a CAGR of 22.74%

Telehealth Market Report 2020, Size, Share, Trends, Growth and Industry Analysis by Component (Hardware, Software and Services), by Mode of Delivery (Web/Cloud-Based and On-Premise), by Application (Radiology, Cardiology, Primary Care, Neurophysiology and others), by End User (Hospitals and Clinics, Diagnostic Centers, Home Care and others) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Global Forecast till 2024

Telehealth Market Scope

Telehealth Market is set to progress at a rate of 22.74% during the forecast period (2016-2024). The market also demonstrates a high potential of reaching a valuation of USD 16,173.8 Million by 2024.

Growth Boosters and Main Challenges

Over the years, the adoption rate of telehealth has gradually increased, mostly in the field of cardiology, radiology, online consultation, which induces significant market growth. The market is also making provisions for the growing startups funding as well as product launches with respect to telehealth services. To illustrate, in April 2019, InTouch Health had launched Solo, which is a completely integrated virtual care platform, ideal for all types of users in any healthcare setting. Apart from this, with the emergence of a variety of telehealth policies and services, the market surge is inevitable in the near future.

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Telehealth effectively overcomes the huge distance barrier, making sure that healthcare delivery takes place even in remote locations. A large chunk of the population in underdeveloped economies reside in rural areas, which is characterized by unmet healthcare needs. Guided by these issues, government bodies are now focused on providing healthcare facilities to such areas via telehealth. Against this backdrop, the telehealth market size is anticipated to expand significantly during the projected timeframe.

Increasing number of service providers, rising collaborations between renowned vendors, fast-paced adoption of e-consultation, and the rapid surge in mobile health apps users also benefit the global market. Besides, the rising uptake of wearable devices for remote patient monitoring is also fueling the growth of the telehealth market.

Market Segmentation

The global market for telehealth has been segmented with regard to component, mode of delivery, application, and end user.

The telehealth market, with respect to component, includes software, hardware, and services. The services segment leads the market, given the rising number of initiatives undertaken by prominent companies. The software segment can achieve the fastest CAGR during the review period.

The modes of delivery covered in the report are web/cloud-based as well as on-premise. The web/cloud-based segment has taken the lead in the market owing to the rising popularity of cloud services across the healthcare industry. The on-premise segment, however, shows the potential to achieve the highest growth rate, because of the mounting awareness among hospital management across the world.

The primary applications of telehealth include cardiology, radiology, neurophysiology, primary care, and others. Radiology is the dominating segment, thanks to the rising use of the technology in the radiology field, while cardiology can be the fastest gaining segment, on account of the increasing cases of cardiovascular diseases.

The significant end-users in the telehealth market are diagnostic clinics, hospitals and clinics, home care, and more. Hospitals and clinics segment accounts for the most considerable share of the market, given the rising number of hospitals that are increasingly using telehealth software. Diagnostic clinics form the fastest expanding segment in the market.

Regional Analysis

The trends, as well as lucrative opportunities in the global telehealth market, have been analyzed in the MRFR report, considering the primary regions of Europe, the Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA).

The Americas shows the most promise in the global telehealth market and can take the lead in the coming years. Increasing healthcare standards coupled with well-developed healthcare infrastructure and favorable government policies, can induce substantial market growth in the region. Also, a large number of renowned companies in the region and constant business expansion activities among them such as partnerships and agreements, can facilitate considerable revenue generation in the following years.

Europe can be the second-most lucrative market for telehealth in the years ahead, thanks to the paradigm move towards a more organized way of healthcare monitoring. In 2018, Italy claimed a share of 12.4% in the whole of Western Europe telehealth market.

The APAC market can expand at the fastest rate, on account of the expanding geriatric population, increasing prevalence of chronic diseases, and lack of technical personnel. Government bodies across emerging countries are focusing on offering advanced healthcare services that can cater to more and more patients.

The MEA market is performing relatively slower than other regions, owing to restricted access to healthcare services and low financial status of the population.

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