The global telehealth market size is estimated to grow at a CAGR of 13.5% from 2020 to 2026. Telehealth is defined as, a collection of methods to enhance public health, health care, and health education support and delivery using telecommunications technologies. The telehealth clinical services are delivered by, remote patient monitoring and video conferencing. Remote patient monitoring incudes electronic devices transmit patient health information to health care providers, wherein video conferencing is used for real-time patient-provider consultations from provider-to provider. The well-designed telehealth systems help to improve health care outcomes, especially chronic diseases. Telehealth not only save the cost, but also reduces the crowded facilities, and helps to make the health sector more resilient.
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Rising geriatric population, continuous technological advancements, and rising prevalence of life threatening diseases are some major factors responsible for the growth of global telehealth market. The increasing geriatric population increases the demand for health care checkup at home. Thus, telehealth provides easy connectivity of patient and doctors, and offers easy accessibility of quality-care to the chronically ill patients. Moreover, advancements in telecommunication infrastructure and increasing demand for cost effective and affordable treatment are expected to propel the growth of telehealth market. However, privacy, legality, and security concerns, and rising number of patient data loss, and poor connectivity of internet in developing countries may affect the growth of global telehealth market.
The global telehealth market is segmented based on component, deployment, end user, and by region. By component, the global telehealth industry is further segmented into hardware, software, and services. By hardware the market is categorized into medical peripheral devices and monitors. By software, market is further segmented into standalone software and integrated software. The services segment is further segmented into three major types, real-time interactions, remote monitoring, and store-and-forward consultations. The growing awareness, acceptance of remote monitoring solutions, and increasing technological advancement in telecommunication is the key factor responsible for high share of telehealth services in the global telehealth industry. The software segment in the global telehealth market is expected to grow at highest CAGR during the forecast period.
By deployment type, the global telehealth industry is further segmented into, web-based, cloud-based, and on premises deployments. The on-premise deployment is estimated to account major share in the global telehealth market, and cloud-based deployment model is expected to grow at high CAGR during forecast period. High data storage, easy accessibility, and easy recovery of data from cloud-based telehealth are some of the factors anticipated to propel the growth of segment in the global telehealth industry. By end user, the global telehealth market is further segmented into providers, payers, patients, and others. The provider end users accounted major share in the global telehealth industry in 2019.
Geographically, the global Telehealth market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America is estimated to account major share in the global telehealth market in 2019. The Asia Pacific is expected to register high CAGR during the forecast period, owing to growing economy, and rising healthcare expenditure. The continuous growth in healthcare industry in Asia Pacific, and growing funding from Australian government in Australia for telehealth is expected to propel the growth of the telehealth market in the Asia Pacific.
The key players operating in global telehealth market includes Medtronic plc, Koninklijke Philips N.V., McKesson Corporation, Tunstall Healthcare Group Ltd, AMD Global Telemedicine, Inc., Medvivo Group Ltd., Vidyo, Inc., Care Innovations, LLC, Cisco Systems, Inc., General Electric Company, and Honeywell Life Care Solutions are some of the key players in the telehealth market among others.