Telehealth Market Size to Reach USD 598.3 Billion in 2028 | Industry Trend – Latest Advances in Digital Diagnostic Technologies
Rising prevalence of chronic and acute diseases and increasing healthcare expenditure are key factors driving the global telehealth market revenue growth.
Emergen Research has published its latest report titled “Telehealth Market, By Type (Tele-home, Tele-hospital), By Component (Services, Software, Hardware), By Deployment Model (Web and Cloud-based, On-premise), By Application (Radiology, Cardiac Monitoring, Primary/Urgent Care, Neurophysiological Monitoring, Remote ICU, Mental Health, Others), By End-use (Healthcare Providers, Healthcare Payers, Patients, Others), and By Region Forecast to 2028”
According to Emergen Research, the global telehealth market size was USD 70.5 billion in 2020 and is expected to reach USD 598.3 billion in 2028 and register a revenue CAGR of 29.2% during the forecast period, 2021-2028.
Market Dynamics:
Major factors providing impetus to the global telehealth market revenue growth are rising prevalence of chronic and acute diseases, growing geriatric population, increasing healthcare expenditure of people, and rapid adoption of healthcare information technology (HCIT) systems and solutions. Growing trends of mobile health (mHealth) and telemedicine amid the ongoing COVID-19 pandemic and rising cases of the SARS-CoV-2 infection worldwide are among the other key factors contributing to the global telehealth market revenue growth during the forecast period.
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Telehealth refers to the use of digital communication and information technologies to access or provide healthcare services remotely. Telehealth services mainly include remote patient monitoring, online consultations, videoconferencing, and wireless communications between patients and healthcare providers. Increasing investments by healthcare institutions in development of IT and telecommunications infrastructure, significantly growing patient pool, increasing adoption of telehealth services to enhance the operational efficiency of healthcare facilities and improve patient care, and rapid integration of technologies such as artificial intelligence, IoT, and big data analytics into health care are expected to further boost the global telehealth market revenue growth.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Tele-home Segment Accounted for Largest Revenue Share in 2020:
Based on type, the global telehealth market is segmented into tele-home and tele-hospital. The tele-home segment accounted for the largest revenue share in the global market in 2020. Tele-homecare services aid in controlling, mitigating, and treating chronic illnesses remotely and in real time. Rising prevalence of chronic diseases globally, growing demand of remote patient monitoring and treatment services, and increasing availability of advanced tele-homecare solutions are major factors driving revenue growth of this segment.
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Cardiac Monitoring Segment to Account for Fastest Revenue CAGR:
Based on application, the global telehealth market is segmented into radiology, cardiac monitoring, primary/urgent care, neurophysiological monitoring, remote ICU, mental health, and others. The cardiac monitoring segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Increasing incidences of heart disorders such as heart attack and stroke, rising demand for remote cardiac monitoring devices, and increasing collaborations between leading medical companies and research institutes to develop more advanced cardiac monitoring solutions are among the major factors expected to drive revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
The North America telehealth market dominated other regional markets in terms of largest revenue share in the global market in 2020. Factors boosting revenue growth of the North America market are rising burden of chronic and acute diseases, growing patient pool, rapid adoption of state-of-the-art healthcare technologies, and growing trend of telemedicine amid the COVID-19 pandemic. Presence of leading market players in the region, including GE Healthcare, Cerner Corporation, Cisco Systems, Inc., and Teladoc Health Inc., further contributes to the regional market growth.
Major Companies in the Global Telehealth Market Include:
- Koninklijke Philips N.V.
- Medtronic Plc
- GE Healthcare
- Cerner Corporation
- Siemens Healthineers
- Cisco Systems, Inc.
- Teladoc Health Inc.
- American Well
- AMC Health
- MDLive
- Doctor on Demand
- Medvivo Group Ltd
- Asahi Kasie Corporation
- Iron Bow Technologies
- Telespecialists LLC
- GlobalMed
- MedWeb
- IMediplus Inc.
- Vsee
- Chiron Health
- Zipnosis
For the purpose of this report, Emergen Research has segmented the global telehealth market on the basis of type, component, deployment model, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Tele-home
- Tele-hospital
Component Outlook (Revenue, USD Billion; 2018–2028)
- Services
- Remote Patient Monitoring
- Store-and-forward
- Live Video-Conferencing
- Mobile Health
- Software
- Integrated Software
- Standalone Software
- Hardware
- In-home messaging device
- Video telemonitor
- Interactive Voice Response (IVR)
- Medical Peripheral Devices
- Blood Pressure Monitors
- Blood Glucose Monitors
- Weighing Scales
- Pulse Oximeters
- Peak Flow Meters
- ECG Monitors
- Other Devices
Deployment Model Outlook (Revenue, USD Billion; 2018–2028)
- Web and cloud-based
- On-premise
Application Outlook (Revenue, USD Billion; 2018–2028)
- Radiology
- Cardiac Monitoring
- Primary/Urgent Care
- Neurophysiological Monitoring
- Remote ICU
- Mental Health
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Healthcare Providers
- Healthcare Payers
- Patients
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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