Market Industry Reports (MIR) has published a new report titled “Telehealth Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global telehealth market was estimated to account for over US$ 5.7 billion in 2019. It is anticipated to grow at a CAGR of ~24% from 2019 to 2030.
Some of the prominent players in the telehealth market include Cerner Corporation, Tunstall Group, Vidyo, Inc., Medvivo Group Ltd, Aerotel Medical Systems Ltd, American Well, Resideo Technologies, Inc., Medtronic, Koninklijke Philips N.V., and Cisco, among others.
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Scope of Report:
The significant market growth can be attributed to the growing geriatric population followed by several benefits offered by telehealth. Moreover, the increasing prevalence of various chronic diseases and improvements in telecommunication infrastructure in emerging countries are anticipated to boost market growth further, over the forecast period. The rate of adoption of telehealth is gradually increasing, especially in the field of radiology, cardiology, and online consultation, further augmenting market growth. Extensive research & development activities by major companies and universities across the globe to introduce new technologies with maximum safety & precision are expected to contribute significantly to market expansion.
In April 2019, InTouch Technologies, Inc. announced the launch of Solo, an end-to-end fully integrated care platform, which is suitable for different user types in healthcare setting. Solo is a flexible platform integrated with services such as enhanced emergency care solutions, direct-to-patient, and direct-to-customer.
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North America is estimated to account for the highest CAGR in the telehealth market over the forecast period. Rising healthcare expenses, upcoming regulatory policies, rising prevalence of chronic diseases, shortage of physicians, implementation of the Affordable Care Act (ACA), and increasing funds for telehealth will boost market growth. For instance, in February 2018, U.S. President Donald Trump signed the Bipartisan Budget Act of 2018 (BBA) that impacts major changes for telehealth policies in Medicare by incorporating policies from the Senate’s Creating High-Quality Results and Outcomes Necessary to Improve Chronic (CHRONIC) Care Act. The U.S. represents one of the largest markets for telehealth followed by Canada in the North America region.
Additionally, the aging population is contributing considerably to the overall market growth. According to the World Health Organization, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. Aging is a process that results from the impact of the accumulation of a wide variety of molecular and cellular damage over time. This leads to a gradual decrease in physical and mental capacity, a growing risk of diseases, and ultimately, death. These chronic illnesses cause an increasing burden on health systems and require treatment, which will boost the need for telehealth services. This, in turn, aids substantial growth of the telehealth market.
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