Chicago, Illinois--(Newsfile Corp. - October 13, 2021) - According to the new market research report "Telehealth Market by Component (Software & Services, RPM, Real-Time), Application (Teleradiology, Telestroke, TeleICU), Hardware (Glucose Meters), End-User (Provider, Payer, patient), Delivery (On-Premise, Cloud) Global Forecast to 2025", published by MarketsandMarkets™, the telehealth market is projected to reach USD 191.7 billion by 2025 from USD 38.7 billion in 2020, at a CAGR of 37.7% during the forecast period.
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The growth of this market is majorly attributed to the shortage of physicians, rise in population & need to expand healthcare access, rising prevalence of chronic conditions & cost benefits of telehealth and telemedicine, advancements in telecommunications, and government support and raising awareness.
By component, the software and services segment took the largest share of the telehealth market in 2019
Based on component, the telehealth market is parted into software & services, and hardware segments. In 2019, the software & services segment accounted for the largest share of the telehealth market. The large share of this segment is attributed to the increasing adoption of telehealth and telemedicine across the globe. Telehealth software and services have experienced significant growth due to the COVID-19 pandemic, which has led to hospitals facing an acute shortage of beds and resources, as well as social distancing norms. However, the hardware segment is projected to register the highest CAGR of 18.6% in the forecast period.
Teleradiology segment commanded the largest share of the telehealth market, by application, in 2019.
Based on application, the telehealth market has been segmented into teleradiology, teleconsultation, teleICU, telestroke, telepsychiatry, teledermatology, and other applications. By application, the teleradiology segment accounted for the largest share of the telehealth market in 2019. The factors such as - the increase in imaging practices, increase in teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices are some of the major factors driving the growth of this segment. Moreover, the COVID-19 pandemic has supported the use of teleradiology, as radiologists seek to reduce patient exposure while still ensuring sufficient output.
Providers segment accounted for the largest end-user segment of the telehealth market.
Based on end-users, the telehealth market is segmented into providers, payers, patients and the other end users. The provider's segment accounted for the largest share of the global telehealth and telemedicine market, by end-user, in 2019. Factors contributing to the large share of this segment include the increase in adoption of remote monitoring in chronically ill and old aged patients, advancements in telehealth monitoring devices, the increased number of tele-specialty services offered by the providers, and the significant impact of COVID-19 pandemic, which has led to hospitals facing an acute shortage of beds and resources.
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North America dominates the telehealth market during the forecast period.
In 2019, North America accounted for the largest share of the telehealth market, followed by Europe. This large share can be attributed to factors such as the rising prevalence of chronic conditions in the region, the need to reduce healthcare expenditure, increasing overall and geriatric population. Additionally, the growing need to curtail COVID-19 cases, federal mandates to increase healthcare facilities, and a growing focus on improving the quality of care delivered to COVID-19 patients are some key factors driving the growth of the telehealth market in the US in the wake of COVID-19. However, the Asia Pacific region is expected to grow at the highest rate during the forecast period.
The key players operating in the telehealth market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems, Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Doctor on Demand (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), Zipnosis (US).
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