Major players in the telehealth market are Teladoc Health Inc, American Well, MDLive, Doctor on Demand, GlobalMed, Siemens Healthineers, Cisco Systems, Inc, Medtronic, Dictum Health, Inc, Koninklijke Philips N.V., GE Healthcare, AMC Health, Medvivo Group Ltd, Iron Bow Technologies, Telespecialists Llc, MedWeb, IMediplus Inc., Vsee, Chiron Health, Zipnosis, Allscripts Healthcare Solutions, Honeywell International Inc., Right Health, Boston Scientific Corporation, Care Innovations LLC, InTouch Technologies, Inc., Encounter Telehealth, HelloMD, SnapMD, Inc., and OpenTeleHealth.
The global telehealth market is expected to decline from $83.08 billion in 2020 to $80.53 billion in 2021 at a compound annual growth rate (CAGR) of -3.06%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $218.5 billion in 2025 at a CAGR of 28.34%.
The telehealth market consists of sales of telehealth services by entities (organizations, sole traders and partnerships) that are engaged in providing telehealth services for the smooth functioning of healthcare services.Telehealth is the use of electronic data and telecommunications technology to promote long-distance medical healthcare services, patient and professional health education, public health, and health management.
The main types of telehealth solutions include software, services, and hardware and are delivered on-premise and through the cloud. These are used by healthcare providers, patients, and payers across a range of healthcare applications including teleradiology, teleconsultation, tele-ICU, telestroke, telepsychiatry, and teledermatology.
North America was the largest region in the telehealth market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The data security concern associated with the potential mishandling of patient data is expected to hamper the growth of the telehealth market in the coming years.The healthcare sector is digitizing business management and data management systems and is introducing new technologies to increase performance and minimize costs, but many weaknesses have been identified in this technology in several cases.
The healthcare sector is regularly targeted by cyber-criminals who are searching for some tool in their armor to carry out their hacks, and several of these attacks have been successful.According to the Healthcare Protection Vision Study from CyberMDX released in February 2020, nearly 30% of healthcare delivery organizations (HDOs) have suffered a data breach in the last 12 months.
Therefore, the security concerns regarding patient data restrain the growth of the telehealth market.
In July 2020, BioTelemetry, Inc., a US-based remote medical technology company focused on the delivery of health information to improve quality of life and reduce the cost of care, acquired On.Demand, a remote patient monitoring (RPM) and coaching platform that is operated by Envolve People Care, Inc., for an undisclosed amount. Through this acquisition, BioTelemetry becomes an exclusive provider to Centene Medicaid members for diabetes RPM services. Envolve PeopleCare, Inc., a US-based company focused on transformative health management through education and empowerment.
The outbreak of COVID-19 propelled the growth of the telehealth market.Telehealth is recognized to be an effective tool in the fight against the coronavirus pandemic, to prevent the spread of the virus due to traveling to clinics and hospitals.
Individuals, both patients and healthcare providers, are increasingly moving towards these online platforms.For instance, Teladoc Health, a virtual healthcare company based in the USA, has seen a huge increase in virtual visits, with an increase of 92% in total visits in the first quarter.
Teladoc announced that the US subscription amounted to 43 million users in the first quarter of 2020, up 61% from 27 million users in the same quarter in 2019. Therefore, the outbreak of COVID-19 contributed to the growth of the telehealth market.
Major companies operating in the telehealth sector are focusing on developing advanced solutions for telehealth that help remote monitoring easily.For instance, in April 2020, Royal Philips, a technology company that is engaged in healthcare, lighting, and consumer well-being markets, introduced Avalon CL Fetal and Maternal Pod and Patch for remote monitoring.
The goal of the new wireless Avalon CL Fetal and Maternal Pod and Patch is to minimize unwanted physical contacts between physicians and patients, which is of quite a significance during the COVID-19 pandemic.
The countries covered in the telehealth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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