Telehealth Market: Increasing Prevalence of Cardiovascular Disease to Drive Global Telehealth Market Growth

The telehealth market was valued at US$ 17,289.9 million in 2017 and it is projected to reach US$ 52,897.2 million in 2025; it is expected to grow at a CAGR of 15.7% from 2016 to 2025.

Telehealth is a technique of exchanging health data from a patient at home to clinician(s) for getting assistance in treatment. Telehealth enables to offer the services on consultation, care management, diagnosis, and self- management services by using information & communication technologies (ICT). Telehealth is a collection of means that is used to improve the care and education delivery. It involves a wide variety of innovative technologies that help to deliver health, virtual medical and education services to the users. Telehealth include instruments, apparatus, machines or software (including mobile applications) that are involved in the delivery of healthcare services. The growth of the global telehealth market is attributed to the increasing prevalence of cardiovascular disease, home monitoring for the treatment and reducing cost for the chronic treatments. However, cyber threat and rise in data security and tricky policies and reimbursement rules are the major factor hindering the Telehealth market growth.

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Key Findings from The telehealth Market

In terms of product, the global telehealth market is segmented into integrated and standalone platform. In 2017, the integrated segment held larger share of the market. Also, the same segment is estimated to continue its dominance during the forecast period.

In terms of type, the global telehealth market is segmented into hardware, software and services. In 2017, the software segment held larger share of the market. The same segment is expected to dominate the market during the forecast period.

Based on mode of delivery, the global telehealth market is segmented into on-premise, web-based, and cloud- based. The web-based delivery mode held the largest market share in 2017. However, the cloud- based segment is estimated to grow at the fastest rate during the forecast period.

Medtronic, Cerner Corporation, Tunstall Healthcare, AMD Global Telemedicine, Inc., Philips Healthcare, Cisco Systems, Inc., Aerotel Medical Systems Ltd., Honeywell Life Care Solutions, Medvivo Group Ltd. and American Well are among the leading companies operating in the global telehealth Market.

The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.

Increasing Prevalence of Cardiovascular Disease to Drive Global Telehealth Market Growth

Delivering healthcare via telehealth solutions could open up home monitoring of aged care patients with chronic diseases, improving health outcomes and significantly saving costs. Chronic diseases such as stroke, heart disease, cancer, depression, diabetes, obesity, and arthritis are the response for billions of medical cost. Telehealth is a powerful tool in reducing the rate of deaths and managing the negative health effects associated with these chronic conditions. Telehealth used information and communication technology (ICT) and mobile wireless devices which have been utilized in various clinical disease to reduce medical cost and improve outcome, especially in cardiovascular disease. With the help of advanced ICT technology, telehealth can improve the management of cardiovascular disease and also improve the access to health care and quality of health care delivery to their patients.

Cardiovascular disease is a leading cause of death in the United States where 1 to 3 deaths estimated every day. Heart failure is responsible for a high hospitalization rate in the region. To prevent cardiovascular diseases, improve care quality and reduce mortality hospitalization rate, Telehealth solutions are used. American Heart Association (AHA) and American Stroke Association support the telehealth strategies for acute stroke whenever physicians are not available on-site.

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