New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Telehealth Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Telehealth Market Size:
The global telehealth market is estimated to garner significant revenue by the end of 2033 by growing at a CAGR of ~35% over the forecast period. Further, the market generated a revenue of approximately USD 60 Billion in the year 2022. The growth of the market can be attributed to the rising chronic disorders. As per the Centers for Disease Control and Prevention, there are 6 in 10 adults in the United States suffering from a chronic disease. The global market is further expected to be propelled by factors, such as, surging adoption of health apps, increasing geriatric population, rising healthcare expenditure, increase in the smartphone users, and rise in the population across the world over the forecast period.
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Global Telehealth Market: Key Takeaways
- The North America region to gain the largest portion of the revenue by 2033
- The services sub-segment to dominate the revenue graph
- The healthcare providers sub-segment remains prominent in the end user segment
Increasing Geriatric Population around the Globe to Boost Market Growth
Telehealth refers to the use of digital information and communication technologies to access and manage healthcare services remotely. Computers and mobile devices like tablets and smartphones are examples of technologies. In rural areas, a nurse or other health care professional may provide telehealth services from a medical office or mobile van. Number of geriatric populations, who are more prone to use telehealth services, has been increasing significantly throughout the years and it is anticipated to increase more over the forecast period. According to the data by World Health Organization (WHO), the number and proportion of geriatric population, meaning the people aged 60 years and older in the population was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Hence, this is expected to be a prime factor to propel the growth of the global telehealth market.
In addition to this, growing worldwide prevalence of chronic or non-communicable diseases, such as diabetes and others, and development of treatment procedures across various health sectors are anticipated to be significant factors to influence the growth of the global telehealth market. It was noticed that non-communicable diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a NCD between the ages of 30 and 69 years; 85% of these premature deaths occur in low and middle-income countries. Increasing health spending by nations across the globe are also estimated to accelerate the market growth.
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Global Telehealth Market: Regional Overview
The global telehealth market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Prevalence of Chronic Diseases throughout the Region to Drive Market in the North America Region
The telehealth market in the North America region is projected to hold the largest market share by the end of 2033. The market growth can be associated with the highly structured health care industry, and awareness about therapeutic advancements in the region. Additionally, non-communicable or chronic diseases have become one of the leading causes of deaths in the region along with the high diagnosis rate of the diseases. It was observed that, in 2018, 51.8% (129 million) of civilian, noninstitutionalized adults had been diagnosed with at least 1 of 10 selected chronic conditions. More specifically, 24.6% (61 million) of adults had one chronic condition, and 27.2% (68 million) had more than two chronic conditions. Hence, this is expected to be a major factor to propel the growth of the regional market.
Increasing Percentage of Health Expenditure in GDP to Favor Market Growth in Asia Pacific Region
On the other hand, the market in the Asia Pacific region is expected to witness the fastest growth over the forecast period. The growth of the telehealth market can primarily be associated with growing investment in healthcare infrastructure, rising geriatric population, and increasing cases of chronic diseases. Additionally, high economic growth and increasing population in countries such as India and China are major factors contributing to the growth of the market. The increasing health expenditure in the region, is also estimated to boost the growth of the market. As per The World Bank, in the year 2019, share of global health expenditure in East Asia & Pacific region accounted to 6.67% of GDP.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Telehealth Market, Segmentation by Component
- Hardware
- Software
- Services
The services segment is anticipated to hold the largest share over the forecast period owing to the rising smartphone and internet penetration, and the growing need for telehealth applications & continuous monitoring of patient's health. For instance, as per the data by The World Bank, the number of individuals using the internet has increased to 60 percent in 2020 from 7 percent in 2000.
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Global Telehealth Market, Segmentation by End User
- Healthcare Providers
- Healthcare Consumers
- Healthcare Payers
- Others
The healthcare providers segment is estimated to hold a substantial market share in the telehealth market during the forecast period. The growth of the segment can be accredited to the existence of a huge patient pool in healthcare providers’ facilities. Furthermore, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of this segment. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Telehealth Market, Segmentation by Delivery Mode
- On-Premise
- Cloud
Few of the well-known market leaders in the global telehealth market that are profiled by Kenneth Research are Koninklijke Philips N.V., Optum, Inc., Allscripts Healthcare, LLC, Health Catalyst, Arcadia, Cotiviti, Inc., Orion Health, Honeywell International Inc., Boston Scientific Corporation, Innovaccer, Inc., and others.
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Recent Developments in the Global Telehealth Market
- In May 2022, in order to investigate the co-creation of healthcare innovations, Honeywell International Inc. announced the agreement.
- In December 2018, in order to treat patients, Boston Scientific Corporation announced the acquisition of Millipede Inc., which also included the IRIS Transcatheter Annuloplasty Ring System.
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