Telehealth Market Worth USD 559.52 Billion at 25.2% CAGR; Fear of Virus Transmission through Hospital Travels to Spur Growth, Fortune Business Insights™
Key Prominent Players Covered in the Telehealth Market Research Report Are American Well, MDLIVE Inc., Teladoc Health Inc., Doctor on Demand Inc., Dictum Health Inc., Grand Rounds Inc., OpenTeleHealth and other key market players.
Pune, Dec. 04, 2020 (GLOBE NEWSWIRE) -- The report mentions that global telehealth market size was USD 61.40 billion in 2019 and is projected to reach USD 559.52 billion by 2027, exhibiting a CAGR of 25.2% during the forecast period. The global telehealth market is expected to grow astonishingly in the near future on account of the rising preference for e-visits. They provide easy access to the required doctors, lower outpatient department waiting times, and are cost-effective. North America procured USD 26.14 billion in terms of revenue. This growth is attributable to the presence of favorable health reimbursement policies, as well as several reputed companies in the region.
*KEY INDUSTRY DEVELOPMENTS:*
· March 2020 – The Ministry of Health and Family Welfare (MoHFW), in collaboration with the Board of Governors (BoG) Medical Council of India (MCI) and NITI Aayog issued guidelines for telemedicine practice in India.
· January 2020 - Teladoc Health acquired InTouch Health which will provide the company with a network of more than 450 hospitals.
· June 2019 – Zava, a telemedicine service provider, announced a USD 32 million series A investment for the expansion in Europe from the equity firm, HPE Growth.
· April 2019 – InTouch Health announced the launch of Solo, an end-to-end fully integrated virtual care platform, which is suitable for any user type in any healthcare setting.
· January 2019 – UnitedHealth Group announced the acquisition of Vivify Health, Inc., a remote patient monitoring company.
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*Rising Need to Maintain Social Distancing amidst COVID-19 will Favor Growth *
The outbreak of the COVID-19 pandemic has reduced the demand for medical devices owing to the rising burden on healthcare professionals and hospitals, as well as reduced hospital visits. Besides, several cases of elective surgery have been postponed. This has opened doors to new opportunities for these platforms and software solutions. Hence, the demand for virtual consultations is anticipated to surge on account of the current scenario.
Telehealth is considered to be a very powerful weapon to battle the coronavirus pandemic. To avoid virus transmission while traveling to hospitals and clinics, people are rapidly inclining towards these digital platforms. Teladoc Health Inc., for instance, stated that as compared to the fourth quarter of 2019, the overall number of virtual consultations surged up to 60% and reached 2 million from January 2020 to March 2020. This proves that people are actively adopting remote monitoring and telehealth services worldwide to keep up with social distancing between the doctors and the patients.
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*To get to know more about the short-term and long-term impacts of the COVID-19 pandemic, please visit: *https://www.fortunebusinessinsights.com/industry-reports/telehealth-market-101065
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*Services Segment to Lead Backed by Rising Number of Virtual Consultations *
In terms of type, the market is bifurcated into services and products. Out of these, the services segment is set to dominate by generating the highest telehealth market share in the near future.
This growth is attributable to the introduction of reimbursement policies for teleconsultations, rising fundings by various start-up companies, and increasing number of virtual consultations. The products segment is expected to grow steadily because of the high demand for numerous telecommunication devices, such as tablets.
*High Rural Population to Augment Growth in Asia Pacific *
Based on geography, in 2019, North America procured USD 26.14 billion in terms of revenue. This growth is attributable to the presence of favorable health reimbursement policies, as well as several reputed companies in the region.
Apart from that, the region is adopting the latest technologies in the field of telehealth at a fast pace. Asia Pacific, on the other hand, is anticipated to grow remarkably in the near future on account of high rural population, technological advancements in digital imaging, and enhancements in healthcare scenario.
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*Quick Buy - Telehealth Market Research Report: *https://www.fortunebusinessinsights.com/checkout-page/101065
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*List of Key Players in Telehealth Market:*
· American Well (Boston, U.S.)
· MDLIVE Inc. (Sunrise, U.S)
· Teladoc Health Inc. (Purchase, U.S.)
· Doctor on Demand Inc. (San Francisco, U.S.)
· Dictum Health Inc. (Oakland, U.S.)
· Grand Rounds Inc. (San Francisco, U.S.)
· OpenTeleHealth (Balticagade, Denmark)
· Other Players
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*Global Telehealth Market Segmentation:*
*By Type*
• Products
• Services
*By Application*
• Telemedicine
• Patient Monitoring
• Continuous Medical Education
• Others
*By Modality*
• Store-and-forward (Asynchronous)
• Real-time (Synchronous)
• Remote Patient Monitoring
*By End User*
• Healthcare Facilities
• Homecare
• Other
*By Geography*
• North America (the U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa)
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*SECONDARY DATA SOURCES THAT WE REFER TO:*
· Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
· Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
· Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
· Industry journals and paid databases
*SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:*
· Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
· Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
· Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
· Number of procedures and average price of procedures
· Replacement rate and pricing of capital equipment
· Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
· Market & technological trends, new product developments, product pipeline.
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*Press Release: *https://www.fortunebusinessinsights.com/press-release/telehealth-market-9211