Telehealth Market Introduction & Overview

Telehealth refers to delivering health-associated solutions and data through telecommunications-based technologies. Telehealth enhances healthcare services and increases feasibility among them. Telehealth allows healthcare practitioners to easily offer their services including consultation, care management, diagnosis and self-management using information & communication technologies (ICT). These services are being offered through various modes of delivery such as on-premise, web-based, and cloud-based.

The global telehealth market is driven by the increasing geriatric population, higher incidents of non-communicable diseases such as Alzheimer’s, cardiovascular disease, cancers, diabetes and mental health problems that require prolonged treatment. Moreover, technological advancements & the introduction of new techniques have been pivotal in contributing to the extensive market growth. However, the low success rate and concerns associated with the security of the medical data are likely to restrain market growth to a certain extent.

The global telehealth market can be segmented by component, mode of delivery, end-user, and region.

Telehealth Market By Component

Based on component, the telehealth market can be segmented into services, software, and hardware. In terms of market share, the services segment is estimated to account for the largest market share owing to the high adoption of telehealth services by the healthcare providers and increasing preference for remote monitoring. The growing focus of healthcare providers on meeting the requirements of industry players will further propel market growth.

Telehealth Market By Mode of Delivery

Based on the mode of delivery, the telehealth market can be segmented into web-based, cloud-based, and on-premise. The cloud-based segment is estimated to account for the largest share owing to minimal software & hardware requirements, which further reduce upfront installation costs and the increasing adoption of cloud-based services by healthcare providers.

Telehealth Market By End User

Based on end-user, the telehealth market is segmented into providers, payers, and patients. The providers segment is estimated to account for the largest share in the global telehealth market. Growing adoption of telehealth products in hospitals, diagnostic centers and other health care settings is boosting this segment. Moreover, healthcare industry is experiencing a rise in partnerships between IT companies and various providers in the healthcare systems in order to deploy telehealth systems.

Telehealth Market By Region

The global telehealth market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America is expected to account for the largest share followed by Europe and the Asia Pacific and will continue to dominate the global telehealth market during the forecast period owing to factors such as rising healthcare costs, upcoming regulatory policies, rising prevalence of chronic diseases, shortage of physicians, implementation of the Affordable Care Act (ACA), and increasing funds to promote telehealth, among others. Moreover, in Canada, the market growth is driven by rising healthcare spending and the growing number of conferences & events that are generating awareness about telehealth services in the country.

Telehealth Market Prominent Players

Some of the prominent players in the global telehealth market include Cerner Corporation, Tunstall Group, Vidyo, Inc., Medvivo Group Ltd, Aerotel Medical Systems Ltd, American Well, Resideo Technologies, Inc., Medtronic, Koninklijke Philips N.V., and Cisco, among others.