The global telehealth and telemedicine market size is expected to grow from USD 35.12 billion in 2020 to USD 205.14 billion by 2026 at a CAGR of 34.2%.
Growth in the telehealth and telemedicine markets is largely driven by such factors as population growth, the need to increase access to health care, increased disease and chronic conditions, shortage of doctors, communication development, government funding, awareness-raising, and increased technology after COVID-19. However, regional variability in regulation, fraud, and the use of social media in the provision of care will adversely affect market growth over the forecast period.
The COVID-19 epidemic has had a devastating global impact on human health and a major economic impact in many countries. As of October 27, 2020, 43.7 million cases have been reported worldwide, with 1,164 761 deaths (Worldometer). The COVID-19 epidemic offers great opportunities for telehealth solutions, considering that social isolation is the only solution already developed, capable of reducing exposure. Along with this, telehealth represents an attractive, efficient, and inexpensive option. In addition, this technology is very important in keeping health care providers safe.
The demand for health care and technology services has reached an all-time high after the epidemic. Technologies such as telemedicine, and chatbots, robots, have been used to help collect data, reassure people, treat patients, diagnose diseases, and prepare and vaccinate future vaccines. The strength of telehealth was emphasized, due to the global shortage of hospital beds and health workers. Players working in the telehealth market are focused on providing innovative solutions to COVID-19 to support hospitals and health care providers.
The illusion of health care is a very important issue in the realm of telehealth and telemedicine practices. There are many ways a patient or physician can be abused - for example, a doctor's name and his or her accounts can be used to receive payments from an insurance company, or unsuitable or unregistered institutional providers who are accustomed to filing incorrect code and making false claims.
Behavioral barriers may not be the most obvious limiting factor but they still pose significant barriers to accessing telehealth and telemedicine. Physicians and patients often suffer from a lack of familiarity with new habits and do not easily give up on existing (normal) habits. Older people may also be reluctant to use telehealth and telemedicine services because of poor technology.
Big data analytics can process data collected from telehealth methods, including both objectives (important indicators, environment) and subjective data (symptoms, patient behavior), and historical data to enable prediction and risk management. In addition, government agencies, public payers, and major commercial insurers have increased telehealth access amid the epidemic. Many of them struggle to ensure that telehealth is used in the right patients to obtain the right health care needs, increasing the efficiency and effectiveness of care delivery. Thus, there seems to be a great deal of power in analytics, AI, and machine learning, as the delivery of care favors the widespread use of telehealth. Data-driven analytics thus form an important part of ensuring the efficiency and effectiveness of telehealth.
By component, the telehealth and telemedicine markets are divided into software and services, and hardware. The software and services segment is expected to hold the largest share in the global telehealth and telemedicine market by 2020. A large share of this category is mainly due to the increasing popularity of telehealth and telemedicine. The hardware segment is expected to register the highest CAGR during the forecast period.
North America had the largest share of the telehealth market in 2020. The region's large share of the global economic market may be due to factors such as the increasing prevalence of chronic conditions, the need to reduce health spending, rising and population growth. The Asia Pacific market is expected to grow at a very high rate during the forecast period, due to the increase in chronic diseases and overcrowding in hospitals. In addition, the growing need to reduce COVID-19 cases, the state's ability to expand health care facilities, and the growing focus on improving the quality of care provided to COVID-19 patients are some of the key factors contributing to US telehealth market growth in the wake of COVID-19. However, the Asia Pacific region is expected to grow at its highest rate during the forecast period.
The major players operating in the global telehealth market are Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Medtronic (Ireland), 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 Telespecialists Llc (US), Kasie Corporation (Japan), Iron Bow Technologies (US), GlobalMed (US), Vsee (US), Chiron Health (US), MedWeb (US), Zipnosis (US), and IMediplus Inc. (China).