The global telehealth market size is anticipated to reach US$ 22 Bn by 2027 and is expected to register a CAGR of above 13.2% over the forecast period 2020 to 2027.
The growth of the industry can be attributed to growth in geriatric population, dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, technological advancements, increasing utilization of connected devices for the management of chronic diseases, and need for affordable treatment options due to rising healthcare costs.
The competitive landscape of the market is highly fragmented regarding the number of players who provide services like hardware and software. Due to the increase in the number of chronic diseases like asthma, cancer and diabetes, there is the flow of demand for self-care solutions or devices. This is accompanied by the advancement in technology in terms of mobile health care and medical imaging which further boosts the telehealth market globally.
The global Telehealth Market is likely to expand considerably with impetus from the ability of telehealth to serve the rural population.
The ability of telehealth to access and manage healthcare services has led to their rising uptake across the world. Telehealth is used to enhance healthcare services as well as increase feasibility within the healthcare services. Recent technological advancements in telehealth services have created huge potential for growth of the global Telehealth Market for the forthcoming years. The ability of telehealth services and products to reach out to rural areas and people who cannot access healthcare facilities has created a huge demand across the world. Resulting from such exceptional benefits for telehealth products, investors have identified this market as a gem and have identified several growth opportunities for the Telehealth Market companies around the world. Additionally, applications of telehealth in improving coordination and communication among the healthcare team will contribute to the increasing demand for telehealth products across the world.
Technological Advancements to Fuel Demand for Telehealth Services
The technological advancements in telehealth products and services have fuelled the demand for telehealth services across the world. The advent of user-friendly systems has contributed to a high demand, which in turn has led to an increase in the global Telehealth Market value in recent years. In 2019, InTouch announced the launch of a fully integrated end-to-end virtual platform aimed at providing enhanced patient care solutions. 'Solo' was a flexible platform integrated with services such as enhanced emergency care solutions, direct-to-patient, and direct-to-customer, which in turn will contribute to the growth of the global Telehealth Market in the coming years.
Company Collaborations Are Proving Chief Growth Drivers
Due to the increasing demand, Telehealth Market companies are adopting collaborative strategies with the aim of expanding business on a global scale. Furthermore, leading companies in the telehealth industry are focusing on mergers and acquisitions to gain competitive strength. Companies are trying to incorporate modern industrial concepts with a view to gain more end users. Fortune Business Insights expects market collaborations will help companies generate substantial Telehealth Market revenue. In April 2018, American Well acquired Avizia Limited with the aim of strengthening its position among the companies in the telehealth industry. American Well's acquisition of Avizia will help the company take a big leap in the Telehealth Market, owing to the exceptional portfolio of telehealth services bolstered by Avizia. The report includes company mergers, similar to American Well's latest acquisition and signifies the impact of such M&As on the global Telehealth Market.
North America and Europe are projected to dominate the global telehealth market during the forecast period owing to increase in focus on services for business expansion in these regions. Players are continuously expanding their services and products in North America and Europe. Increase in adoption of technology and rise in demand for self-care devices/solutions is likely to drive the telehealth market in Asia Pacific. The telehealth market in the region is expected to expand at a CAGR of 15.8% from 2020 to 2027.
Key Companies Covered in the Telehealth Market Research Report are American Well, Teladoc Health, Doctor On Demand, GlobalMed, Dictum Health, Inc., LLC, InTouch Technologies, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD, and SnapMD, Inc.
Focusing on inorganic growth strategies through various partnerships, collaboration, and expansions is the key strategy adopted by these leading players. For instance, in March 2017, GE Healthcare acquired Monica Healthcare, a monitoring technology company dedicated toward improving the birthing experience and enhancing obstetric care through wearable wireless fetal monitoring devices. Moreover, in January 2018, Royal Philips and American Well entered into strategic partnership to jointly deliver virtual care solutions across the world. Through this partnership, the two companies will work together to embed American Well's mobile telehealth services into an array of Philips solutions for both healthy consumers and patients with a medical need, spanning personal health & wellness, population health management, and clinical programs.
The Telehealth market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Telehealth market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Telehealth market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Telehealth market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Telehealth market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Telehealth capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Telehealth by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Telehealth market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Telehealth market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Telehealth market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Telehealth industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Telehealth market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Telehealth market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Telehealth market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Telehealth market. These factors have benefited the growth of the global market for Telehealth. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Telehealth. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Market by Type:
Market by Application:
Market by End Use
Market By Geography
In this study, the years considered to estimate the market size of Telehealth are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Diabetes Devices Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...
Pulmonary Drug Delivery Devices Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...
Cardiac Pacemakers Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...
Radiodermatitis Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...
Clinical Trial Management System Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...