Press Release

North America to Dominate Telehealth Market until 2025

Increasing healthcare costs across the globe to drive the growth of global telehealth market

According to TechSci Research report, Global Telehealth Market By Component (Hardware, Software, Service), By Deployment Mode (On-Premise v/s Cloud), By Type (Telehospitals, Telehomes, mHealth), By Application (Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, Others), By End User (Providers, Payers, Patients, Others), By Region, Forecast & Opportunities, 2025, the global telehealth market is expected to witness robust growth rate during the forecast period on account of growing prevalence of chronic diseases such as CVD, renal disorders, asthma, hypertension, diabetes, cancer, among others, which has drastically increased the patient pool that requires remote monitoring. This in turn is anticipated to positively impact the market growth. Additionally, increasing costs of healthcare services and physician consultation fee is further expected to propel the market growth through 2025. This increase in healthcare costs has increased the need for accessible possible treatments, thereby driving the market. Also, shortage of skilled medical professionals is leading to a shift towards telehealth solutions, which is also supplementing the market. Furthermore, benefits such as reduced travel time, shorter hospital stays, improved disease management, among others associated with telehealth solutions, are anticipated to foster the growth of market through 2025. Besides, growing need to improve patient care and provide patient satisfaction is further expected to bolster the growth of market during forecast period. However, legality, secrecy and security issues might impede the market growth over the next few years. Furthermore, lack of awareness and adoption especially in the developing and underdeveloped economies might further hamper the market growth.

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The global telehealth market is segmented based on component, deployment mode, type, application, end user, company and region. Based on component, the market can be categorized into hardware, software and service. The service segment is expected to register highest CAGR during forecast period on account of the growing preference for teleconsulting among the patient pool. Furthermore, emerging telemedicine policies and widespread adoption of telemedicine across different healthcare settings is further anticipated to drive the growth of segment. Based on deployment mode, the market can be bifurcated into cloud and on-premise. The on-premise segment is expected to witness significant growth due to increasing awareness related to on-premise solutions among the hospital management and administration. Based on type, the market can be segregated into telehospitals, telehomes and mHealth. The telehomes segment is expected to dominate the market since they help to manage, reduce and avoid different chronic diseases through remote monitoring of patients. Additionally, they bring about savings for both hospitals and patients. Based on application, the market can be fragmented into teleradiology, tele-consultation, tele-ICU, tele-stroke, tele-psychiatry, tele-dermatology and others. The teleradiology segment is expected to dominate the market through 2025. This can be ascribed to the increase in imaging practices coupled with the increase in teleradiology workflow adoption by healthcare providers. The tele-stroke and tele-psychiatry segment are expected to witness significant growth since telemedicine services help in providing effective management of seizures and strokes. Based on end user, the market can be segmented into providers, payers, patients and others. The provider segment is expected to dominate the market over the next few years. This can be accredited to the increased adoption of remote monitoring services by the geriatric population and for those suffering from various chronic diseases. Furthermore, increased number of tele-specialty services offered by providers is further expected to drive the segmental growth.

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., Chiron Health, Zipnosis and others are some of the leading players operating in global telehealth market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in 2019, Koninklijke Philips N.V. launched IntelliSpace cognition platform.

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North America is expected to dominate the global telehealth market during the forecast period, owing to the well established healthcare IT infrastructure in the region. Additionally, increase in the number of e-visits and favourable reimbursement policies are further anticipated to fuel the market growth. Furthermore, growing preference among the geriatric population for online consultation is anticipated to bolster the market growth over the next few years. Also, key vendors operating in the market are expanding their businesses in the region, thereby creating lucrative opportunities for the growth of market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Telehealth Market By Component (Hardware, Software, Service), By Deployment Mode (On-Premise v/s Cloud), By Type (Telehospitals, Telehomes, mHealth), By Application (Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, Others), By End User (Providers, Payers, Patients, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global telehealth market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global telehealth market.

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