Telehealth Market Size to Reach USD 70.19 Billion by 2026 at a CAGR of 17.7% | Valuates Reports

BANGALORE, India, June 28, 2021 /PRNewswire/ -- The Global Telehealth Market is Segmented by By Component (Services, Hardware, and Software), Application (Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology), End Users (Hospitals and Clinics, Diagnostic Centers, Home Care, and Others), Geography (North America, Europe, APAC, and RoW) – Global Forecast up to 2026. . It is published on Valuates Reports in the Medical Facilities & Services Category.

The Telehealth Market is estimated to reach USD 70.19 Billion by 2026, from USD 26.4 Billion in 2020, and register a CAGR of 17.7% during the forecast period. 

Major factors driving the growth of the telehealth market are:

• Cost-effectiveness of teleconsultations, reduced outpatient department waiting times, and easy access.
• Furthermore, factors such as the rising population, the need to expand healthcare access, a shortage of physicians, advancements in telecommunications, government support, increasing awareness, and increasing technology adoption.

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TRENDS INFLUENCING THE TELEHEALTH MARKET GROWTH

The increasing need to reduce health care costs is expected to drive the growth of the telehealth market. Because of the rising prevalence of chronic diseases and the aging population, healthcare costs are rising dramatically. This has boosted the demand for technology-driven platforms that, on the one hand, can provide high-quality healthcare while also lowering costs. Telehealth is quickly being implemented in all healthcare settings because it successfully meets these needs.

Telehealth is becoming more popular among the urban population as a result of its convenience. In addition, the recent COVID-19 outbreak has boosted the number of patients seeking telemedicine consultations. All of these factors are contributing to the growth of the telehealth market.

Favorable government initiatives are expected to drive the telehealth market. Telehealth has proven to be effective in reducing distance barriers and ensuring healthcare delivery in rural areas. The majority of the population, particularly in developing countries, lives in rural areas with limited access to high-quality healthcare. As a result, several governments are now focusing on providing healthcare services in remote areas via virtual care platforms. This in turn is expected to provide a lucrative growth opportunity for the growth of the telehealth market during the forecast period. 

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TELEHEALTH MARKET SHARE ANALYSIS

Based on application, Due to an increase in mental health difficulties among people, teleradiology has gained a significant proportion of the telehealth market in the past year. Due to a lack of healthcare providers, the telehealth business has a wide range of chances to meet end-user demand.

Based on components, software & services segmented accounted for the larger share of the global telehealth market in 2019.

Based on region, North America is expected to be the most lucrative during the forecast period. The increase of chronic diseases like cancer, asthma, etcare driving the adoption of telehealth services to avoid the expensive costs charged by hospitals in this region.

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TELEHEALTH MARKET SEGMENTATION

By Component

• Software
• Services
• Hardware

By Application

• Teleradiology
• Tele-consultation
• Tele-ICU
• Tele-stroke
• Tele-psychiatry
• Tele-dermatology

By End Users

• Hospitals and Clinics
• Diagnostic Centers
• Home Care
• Others

By Region

• North America
• Europe
• APAC
• RoW

Key Companies

• Teladoc
• Doctor on Demand
• GE Healthcare
• SnapMD
• Encounter Telehealth
• GlobalMed
• HelloMD
• MDLIVE Inc
• InTouch Technologies
• Dictum Health, Inc., LLC
• American Well

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SIMILAR REPORTS

-  Healthcare Tele-Consultation Services Market is segmented by Type Voice Calls, Video Calls, Kiosks, by Application Hospitals, Clinics, Others and by various regions.

-  Telehealth Mobile Application Market is segmented by Type Software, Services, by Application Healthcare Institutions, Healthcare Payers, Patients and by various regions.

-  The global Direct To Consumer Telehealth Services market is projected to reach USD 442.3 Million by 2026, from USD 292.9 Million in 2019, at a CAGR of 5.6% during 2021-2026.

-  Emergency Telemedicine Services Market is segmented by Type Tele-consultation, Tele-monitoring, Tele-education, Tele-care, Tele-surgery and by various regions.

-  Telehealth and Patient Monitoring Market is segmented by Type Blood Pressure Monitoring Facilities, Anesthesia Monitoring Facilities, Heart Monitoring Facilities, by Application Home Healthcare, Hospitals.

-  Telehealth Software Market is segmented by Type Real-Time Communication, Store-and-Forward, Remote Patient Monitoring, by Application Therapeutists, Psychologists, Social Workers, Instructors and by various regions.

-  The global teleradiology market accounted for USD 2,709 Million in 2017 and is expected to reach USD 10,621 Million by 2025 with a CAGR of 18.4% from 2018 to 2025.

-  Tele ICU Market is segmented by Type Hardware, Software, etc, by Application into Hospitals, Clinics and by various regions.

-  Telestroke Services Market is segmented by Type Ischemic, Hemorrhagic, by Application Telehospitals/Teleclinics, Telephone.

-  Telepsychiatry Market is segmented by Type Routine Telepsychiatry, Forensic Telepsychiatry, Crisis Telepsychiatry, In-home Telepsychiatry, by Application Geriatric Populations, Adults, Teenagers.

-  Tele Dermatology Market is segmented by Type Store and Forward Method, Video Conferencing, by Application Hospitals, Clinics, Medical Universities and Colleges.

-  Telehealth Virtual Visits Market is segmented by Type Telehealth Virtual Visits Market, Allergies, Urgent Care, Preventive Care, Chronic Care management, Behavioral Health, by application Age 18-34, Age 35-49, Age 50-64, Age 65 and above.

-  Veterinary Telehealth Market is segmented by Type Canine, Feline, Equine, Bovine, Swine, by Application Telemedicine, Teleconsulting, Telemonitoring and by various regions.

-  Next Generation Telehealth Market is segmented by Type Appointment Management, Data Management, Vital Sign Telemonitoring and by various regions.

-  eClinical Solutions Market is growing at a CAGR of 12.5% during the forecast period of 2020-2026, with a base value of USD 6.27 Billion in 2020 to USD 12.76 Billion in 2026.

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