Telehealth is a broader array of digital healthcare activities & services and can be defined as distribution of health-related services & information including medical care, provider & patient education, health information services, and self-care via electronic information and telecommunication technologies. Telehealth mainly includes technologies such as mobile health apps, remote patient monitoring (RPM), live video conferencing and “store and forward” electronic transmission. It allows long-distance contact, care, advice, reminders, education, intervention & monitoring between patients and healthcare professionals. It is also used between two healthcare professionals for discussion over a case on video conference, interpretation of tests & imaging scans by a higher specialist and for robotic surgery occurring through remote access.
Market - Headwinds & Tailwinds
The global telehealth market is mainly driven favorable ‘CMS 2021 Payment Rule’ for telehealth services, increasing role of AI, machine learning, predictive analytics & virtual assistants in telehealth, Covid-19 driven enablement of care at home, conducive funding environment for start-ups & established players, growing government support & initiatives for telehealth, increasing prevalence of chronic & infectious diseases, growing geriatric population, technological advancements in telecommunication and growing investments by private & public sectors. Furthermore, rising adoption of tele-consultation during COVID-19 pandemic has also played a pivotal role in contributing to the growth of the market globally. However, fraud & abuse in telehealth, security issues, technical barriers such as lack of knowledge and access to technical capabilities among providers related to telehealth modalities and behavioral concerns among physicians and patients regarding new approaches and changing roles & responsibilities are likely to hinder the growth of the market to a certain extent.
Market Segmentation & Insights
The global telehealth market has been analyzed from three main perspectives: Component, Application and Region.
Telehealth Market, By Component
Based on component, the telehealth market has been segmented into hardware and software & services. The software & services segment holds the largest share in the market. Significant rise in tele-consultation specially during the COVID-19 pandemic, convenience, high utility, real-time interaction and potential to increase patient access are some of the key factors driving its demand. Furthermore, growing number of startups, rising investments in the industry and increasing adoption of cloud-based technologies are also expected to boost the growth of the market.
Telehealth Market by Application
Based on application, the telehealth market has been segmented into tele-psychiatry, substance use disorder, tele-endocrinology, tele-rheumatology, tele-stroke, tele-radiology, tele-cardiology, tele-ICU tele-dermatology and others (tele-oncology, tele-hematology, tele-neurology, tele-gastroenterology, tele-gynecology, etc.). The tele-radiology holds the largest share in the market. The growth of the segment can mainly be attributed to rising number of radiology procedures such as X-rays, CTs, MRIs, nuclear medicine scans, PET scans and ultrasound and its growing adoption in rural areas. In several countries, medical institutes in rural areas often face problems related to reading of imaging scans due to shortage/unavailability of experienced sub-specialized radiologists (such as MRI radiologists, neuroradiologists etc.) who are capable of reading complicated scans. Tele-radiology provides a potential solution, thereby allowing patients from rural area to have better access to healthcare.
Telehealth Market by Region
Based on region, the global telehealth market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the telehealth market, followed by Asia Pacific. The large share of North America in the global market can largely be attributed to Covid-19 which has fueled surge to move from hospital care to home-care, favorable reimbursement policies related to telehealth, increase in utilization of connected devices for the management of chronic diseases, growing burden of chronic diseases, rising geriatric population, growing adoption of tele-consultation, increasing awareness regarding telehealth, presence of key prominent players and increasing strategic collaborations among prominent players.
The telehealth market is marked by presence of prominent players such as Medtronic, Teladoc Health, Inc., Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Siemens Healthcare GmbH, Cisco, AMC Health, GlobalMed, 98point6, Amwell and Cerner Corporation. Other players operating in the market are K Health, Beam Health, Kry, Tytocare, Psyalive, Nutrimedy Inc., Zipnosis, MDLIVE, Doctor On Demand, Inc., MedWeb, Chiron Health, Gyant, OlaMD, Dictum Health, among others.
Snapshot: Industry Developments
• In May 2021, Australian startup studio IDE Group entered into partnership with Kipuwex, a Finnish health device maker. The partnership aims to develop new telehealth solutions over the next two to three years
• In May 2021, Recuro Health announced the acquisition of SupDoc, an AI-enabled virtual health solution for care delivery. The acquisition is expected to enhance Recuro’s virtual health platform
• In Apr 2021, T-Mobile US entered into partnership with Zyter with an aim to deliver telehealth, remote patient monitoring and care team collaboration to healthcare providers
• In Feb 2021, Premier Health and Wayne HealthCare expanded their telehealth partnership to include TeleIntensivist (Tele-ICU) coverage, a telehealth program that provides access to intensivists through video consultation
Key Insights Captured in the Report
• Quantitative (market size and forecasts) and qualitative insights of the market across years - historical years, current year and forecasted years
• Deep-rooted insights on headwinds, tailwinds and opportunities prevailing in the market
• Quantitative (market size and forecasts) and qualitative insights at segment and sub-segment level
• Comprehensive quantitative (market size and forecasts) and qualitative insights on geographic, regional and country level markets
• Granular insights on the competitive landscape prevailing in the market
• Competitive mapping of strategic developments
|Market Size Period||2018-2031|
|Market Segments||Asessment of Telehealth Market By:
|Geographic Scope||• North America
◦ Rest of Europe (RoE)
• Asia Pacific
◦ Rest of Asia Pacific (RoAPAC)
• Rest of the World
◦ Latin America
◦ Middle East & Africa
|Companies Covered||Medtronic, Teladoc Health, Inc., Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Siemens Healthcare GmbH, Cisco, AMC Health, GlobalMed, 98point6, Amwell and Cerner Corporation, K Health, Beam Health, Kry, Tytocare, Psyalive, Nutrimedy Inc., Zipnosis, MDLIVE, Doctor On Demand, Inc., MedWeb, Chiron Health, Gyant, OlaMD, Dictum Health, among others.|
1 RESEARCH ENVELOPE
1.1 Market Classification
1.2 Scope of the Study
1.2.1 Timeline Considered for Market Study
• Historic Years – 2018 & 2019
• Base Year – 2020
• Projected Years – 2021 to 2031
1.3 Currency Used in the Report
2 RESEARCH METHODOLOGY
2.1 Research Approach
2.2 Data Collection Methodology
2.3 Data Sources
2.3.1 Secondary Sources
2.3.2 Primary Sources
2.4 Market Crackdown Methodology
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Data Forecasting Model
2.6 Limitations and Assumptions for Study
3 HEADWINDS & TAILWINDS ASSESSMENT
4 MARKET OPPORTUNITIES ASSESSMENT
5 PREMIUM INSIGHTS
5.1 Key Market Trends
5.2 Key Players & Their Competitive Positioning (2020)
5.3 COVID-19 Impact Assessment
6 GLOBAL TELEHEALTH MARKET - ANALYSIS & FORECAST, BY COMPONENT
6.2 Software & Services
7 GLOBAL TELEHEALTH MARKET - ANALYSIS & FORECAST, BY APPLICATION
7.2 Substance Use Disorder
7.10 Others (Tele-oncology, Tele-hematology, Tele-neurology, Tele-gastroenterology, Tele-gynecology, Etc.)
8 GLOBAL TELEHEALTH MARKET - ANALYSIS & FORECAST, BY REGION
8.1 North America Telehealth Market
8.1.1 North America Telehealth Market, By Country
8.1.2 North America Telehealth Market, By Component
8.1.3 North America Telehealth Market, By Application
8.2 Europe Telehealth Market
8.2.1 Europe Telehealth Market, By Country/Region
184.108.40.206 Rest of Europe (ROE)
8.2.2 Europe Telehealth Market, By Component
8.2.3 Europe Telehealth Market, By Application
8.3 Asia Pacific Telehealth Market
8.3.1 Asia Pacific Telehealth Market, By Country/Region
220.127.116.11 Rest of Asia Pacific (RoAPAC)
8.3.2 Asia Pacific Telehealth Market, By Component
8.3.3 Asia Pacific Telehealth Market, By Application
8.4 Rest of the World (RoW) Telehealth Market
8.4.1 Rest of the World Telehealth Market, By Region
18.104.22.168 Latin America
22.214.171.124 Middle East & Africa
8.4.2 Rest of The World Telehealth Market, By Component
8.4.3 Rest of The World Telehealth Market, By Application
9 COMPANY PROFILES
9.1.1 Business Overview
9.1.2 Financial Metrics*
9.1.3 End-user Portfolio
9.1.4 Key Developments
9.2 Teladoc Health, Inc.
9.5 Koninklijke Philips N.V.
9.6 GENERAL ELECTRIC COMPANY
9.7 Siemens Healthcare GmbH
9.10 Beam Health
9.12 AMC Health
9.16 K Health
9.20 Cerner Corporation
9.25 Dictum Health
*Insights on financial metrics is subject to availability of information in the public domain
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