Global Telehealth Market- Estimated To Be Valued At USD 25.30 Billion In 2022, Growing At A CAGR of 14% During 2018-2022.
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 20182022.
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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
Global Telehealth Market Threats and key players
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.
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.
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Global Telehealth Market 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.
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
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