Ottawa, Nov. 19, 2021 (GLOBE NEWSWIRE) – The world telehealth Marlet Cut was reached at USD 40.3 billion in 2020. The global telehealth market is mainly driven by the increasing adoption of smart and advanced technologies in the healthcare sector. The increased demand for digital technologies in the wake of the COVID-19 pandemic has raised awareness of the importance of developing and adopting digital health services across the world. Telehealth is attracting the attention of consumers. According to the Multidisciplinary Digital Publishing Institute, around 89% of patients are willing to accept telemedicine as medical care. Hence, the increasing adoption of telehealth among consumers is increasing the growth of the market. In addition, the increasing investments to develop a strong IT and telecommunications infrastructure are driving the growth of the market. The growing burden of chronic disease and the growing geriatric population are driving the demand for telehealth.
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The increasing number of hospital admissions increases the burden on healthcare professionals. Adopting telehealth in the hospital can reduce stress for physicians and physicians and can improve the hospital’s operational efficiency in patient care. In addition, the growing government initiatives to boost the adoption of telemedicine are increasing the growth of the global telehealth market.
Scope of the Telehealth Marlet
|Cover of the report||Details|
|Market size in 2020||$ 40.3 billion|
|Growth rate from 2021 to 2030||18.8% CAGR|
|Fastest Growing Market||Asia Pacific|
|The biggest market||North America|
|Year of reference||2021|
|Companies mentioned||Teladoc Health, Inc., American Well, MDLive, Inc., Dictum Health, Inc., Doctor on Demand, OpenTeleHealth, Grand Rounds, Inc., AirStrip Technologies, INTeleICU, Masimo|
North America was the dominant market for telehealth in 2020. Improved health care infrastructure, a strong IT and telecommunications sector, and increased public awareness of telehealth are the main factors that stimulated market growth. In addition, the increasing prevalence of diseases and the growth of the geriatric population in a country like the United States are contributing significantly to the development of the telehealth market.
Asia-Pacific is expected to be the fastest growing market during the forecast period. This can be attributed to the increasing adoption of digital technologies in the healthcare sector, the rapid development of telecommunications and IT infrastructure in the region. Moreover, the rapidly growing adoption of advertising smartphones on the internet is positively impacting the growth of the market in this region.
The increasing adoption of the latest technologies such as artificial intelligence, data analytics, and 5G are expected to drive the market over the forecast period. Adoption of these latest technologies can improve data analysis, enhance safety and cost efficiency for telehealth market players, thereby boosting market growth. In addition, the high costs associated with health services can be effectively reduced and benefit consumers.
The main issues with using digital health apps are cybersecurity and data breach, which can lead to financial losses for doctors and consumers. This is a major challenge that must be taken up by market players.
The lack of public awareness of the availability of telehealth in developing and underdeveloped countries is a major limiting factor. Moreover, the underpenetration of smart devices and internet connectivity in rural areas of developing and underdeveloped economies may restrain the growth of telehealth market during the forecast period.
Component-based, the hardware segment dominated the market in 2020. Hardware consists of a wide variety of devices such as keyboards, monitors, communication lines and various other devices. Extensive use of a wide variety of expensive hardware peripherals has contributed significantly to the growth of this segment. In addition, increased investment in the acquisition of advanced equipment in hospitals to improve patient care services has a positive impact on the growth of the segment.
Based on end user, the home care segment is estimated to be the most opportunistic segment during the forecast period. The growing number of elderly patients in developed countries prefer home treatments. The growing awareness regarding nosocomial infections is forcing consumers to seek home treatment which is boosting the home care segment of the telehealth market.
App based, the telemedicine segment dominated the market in 2020. Telemedicine is rapidly gaining ground among consumers around the world. In addition, the increasing adoption of internet and smartphones is driving the growth of the segment. According to ITU, around 4 billion people were using the internet at the end of 2019. Most internet users use their smartphones. Physicians and physicians are now increasingly adopting telehealth platforms to provide consultations and other services. Hence, this segment is expected to remain dominant throughout the forecast period.
Segments covered in the report
By end user
- Patient monitoring
- Medical education
By delivery method
- North America
- Asia Pacific
- Rest of the world
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