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Telehealth Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Jan 2022
  • Pages: 120
  • SKU: IRTNTR40923
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The telehealth market share is expected to increase by USD 109.98 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 30.44%.

This telehealth market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers telehealth market segmentation by product (services and solutions) and geography (North America, Europe, Asia, and ROW). The telehealth market report also offers information on several market vendors, including American Well Corp., Cisco Systems Inc., Doctor On Demand Inc., Enghouse Systems Ltd., General Electric Co., Honeywell International Inc., Koninklijke Philips NV, MDLIVE Inc., Medtronic Plc, and Teladoc Health Inc. among others.

What will the Telehealth Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Telehealth Market Size for the Forecast Period and Other Important Statistics

 

Telehealth Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing cases of chronic diseases are notably driving the telehealth market growth, although factors such as privacy and data security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the telehealth industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge. 

Key Telehealth Market Driver

One of the key factors driving the global telehealth market growth is the increasing cases of chronic diseases such as cardiovascular diseases (CVDs), cancer, Alzheimer’s disease, asthma, and diabetes that have fueled the demand for telehealth services and solutions. The use of telehealth helps in the effective management of chronic diseases by helping patients to consult medical professionals in time by using mobile devices, live videos, and other smart digital tools. The number of cancer cases is increasing across the globe. For instance, according to the CDC, in the US, 23.31 million adults aged 18 years and above were diagnosed with cancer in 2018. The increasing number of people with cancer is increasing the cost burden on patients and governments. In 2021, the CDC stated that the cost of cancer care is expected to increase by USD 174 billion by 2022 in the US. Hence, the telehealth market is expected to grow significantly during the forecast period.

Key Telehealth Market Trend

The growing demand for technology is another key factor driving the global telehealth market growth. Healthcare professionals are widely using technological advances to provide high-quality, remote patient care. The growing internet connectivity and increasing adoption of smartphone devices will support the market growth. Moreover, research institutions are focusing on the development of advanced technologies such as mobile health (mHealth) technology for RPM. For instance, it was published in March 2019 that researchers from New York’s Rochester Institute of Technology were focusing on developing a sensor-embedded toilet seat. The seat is capable of clinical-grade measures for heart stroke volume, blood pressure, and peripheral blood oxygenation, which would help healthcare providers monitor patients with congestive heart failure. Such factors are expected to support the growth of the market in focus during the forecast period.

Key Telehealth Market Challenge

One of the key challenges expected to impede the global telehealth market growth is the growing privacy and data security concerns as the consultation requires the collection and aggregation of data from patients’ medical devices for routine monitoring of their health. Hence, several federal and state guidelines are already established for maintaining the security and privacy of telehealth solutions. For instance, the Health Insurance Portability and Accountability Act (HIPPA) of 1996 includes privacy standards that ensure the protection of patients’ medical records shared with any third parties such as doctors and healthcare providers. Factors such as unauthorized access of medical data, data theft, data breaches and hacking by unauthorized people or data hackers, and the loss of data during the transmission of patient data on cloud-based networks in telehealth are major threats that are expected to hamper the uptake of telehealth services to a certain extent during the forecast period.

This telehealth market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global telehealth market as a part of the global healthcare technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the telehealth market during the forecast period.

Who are the Major Telehealth Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • American Well Corp.
  • Cisco Systems Inc.
  • Doctor On Demand Inc.
  • Enghouse Systems Ltd.
  • General Electric Co.
  • Honeywell International Inc.
  • Koninklijke Philips NV
  • MDLIVE Inc.
  • Medtronic Plc
  • Teladoc Health Inc.

 

This statistical study of the telehealth market encompasses successful business strategies deployed by the key vendors. The telehealth market is fragmented and the vendors are deploying growth strategies such as the introduction of low-cost plans and partnerships with other key players to compete in the market.

Product Insights and News

  • Cisco Systems Inc - The company offers streamlined telehealth and collaboration where virtual care and collaboration make a difference on both sides of the screen.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The telehealth market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Telehealth Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the telehealth market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global healthcare technology market includes the following core components:

  • Medical device OEMs and software developersInputs
  • Connectivity and enablement
  • Network services
  • Middleware and application platforms
  • Storage
  • Distribution channels
  • System integrators and service delivery
  • Application support and maintenance
  • Marketing and sales
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Telehealth Market?

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34% of the market’s growth will originate from Europe during the forecast period. The UK and Germany are the key markets for telehealth in Europe. Market growth in this region will be faster than the growth of the market in other regions.

The increasing incidences of chronic diseases, the adoption of advanced technologies in telehealth, and the presence of many prominent vendors will facilitate the telehealth market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 led to a substantial increase in the sales of telehealth solutions in Europe in 2020. The high incidence of COVID-19 during the second wave of the outbreak again led to restrictions on the movement of people. Moreover, disruptions in supply chains and logistics for goods, including pharmaceuticals, are delaying many business activities. Such lockdowns across the EU, owing to the outbreak of the COVID-19 pandemic, are having minimal effect on the growth of the telehealth market in Europe. Thus, the COVID-19 pandemic is expected to boost the growth of the telehealth market in Europe during the forecast period.

What are the Revenue-generating Product Segments in the Telehealth Market?

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The telehealth market share growth by the services segment will be significant during the forecast period. The technological innovation and improvement in internet services (for live video conferencing, remote patient monitoring, and mobile health) will increase the adoption of telehealth services by healthcare providers and payers. The increasing uptake of telehealth services by healthcare providers will further increase the demand for a comprehensive range of clinical and non-clinical telehealth services in the healthcare industry, thereby positively driving the growth in this segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the telehealth market size and actionable market insights on post COVID-19 impact on each segment.

 

Telehealth Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 30.44%

Market growth 2021-2025

$ 109.98 billion

Market structure

Fragmented

YoY growth (%)

23.87

Regional analysis

North America, Europe, Asia, and ROW

Performing market contribution

Europe at 34%

Key consumer countries

US, China, UK, Germany, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

American Well Corp., Cisco Systems Inc., Doctor On Demand Inc., Enghouse Systems Ltd., General Electric Co., Honeywell International Inc., Koninklijke Philips NV, MDLIVE Inc., Medtronic Plc, and Teladoc Health Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Telehealth Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive telehealth market growth during the next five years
  • Precise estimation of the telehealth market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the telehealth industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of telehealth market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Services - Market size and forecast 2020-2025
    • Solutions - Market size and forecast 2020-2025
    • Market opportunity by Product

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • Asia - Market size and forecast 2020-2025
      • ROW - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • American Well Corp.
      • Cisco Systems Inc.
      • Doctor On Demand Inc.
      • Enghouse Systems Ltd.
      • General Electric Co.
      • Honeywell International Inc.
      • Koninklijke Philips NV
      • MDLIVE Inc.
      • Medtronic Plc
      • Teladoc Health Inc.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The telehealth market growth will increase by $109981.00 million during 2020-2025.
      The telehealth market is expected to grow at a CAGR of 30.44% during 2020-2025.
      Technavio has segmented the telehealth market by product (Services and Solutions) and geographic (North America, Europe, Asia, and ROW).
      American Well Corp., Cisco Systems Inc., Doctor On Demand Inc., Enghouse Systems Ltd., General Electric Co., Honeywell International Inc., Koninklijke Philips NV, MDLIVE Inc., Medtronic Plc, Teladoc Health Inc. are a few of the key vendors in the telehealth market.
      Europe will register the highest growth rate of 34.38% among the other regions. Therefore, the telehealth market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the telehealth market growth are:
      • Increasing cases of chronic diseases
      • Growing number of M&A
      The telehealth market vendors should focus on grabbing business opportunities from the services segment as it accounted for the largest market share in the base year.
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