Press Release

Telehealth Market to Grow at 23.4% CAGR to Reach US$ 266.8 Billion by 2026

The Global Telehealth Market is expected to reach around US$ 266.8 billion, growing at a CAGR of 23.4% during 2019-2016

The Global Telehealth Market is likely to expand considerably with impetus from the ability of telehealth to serve the rural population. According to a report published by Fortune Business Insights, titled “Telehealth: Global Market Analysis, Insights, and Forecast, 2019-2026,” The Global Telehealth Market was valued at US$ 49.8 Bn in 2018. Fortune Business Insights has predicted that the market will reach US$ 266.8 Bn by 2026, thereby exhibiting a CAGR of 23.4%.

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Key players leading the global Telehealth Market include

  • American Well,
  • Teladoc Health,
  • Doctor On Demand,
  • GlobalMed,
  • Dictum Health, Inc., LLC,
  • InTouch Technologies, Inc.,
  • MDLIVE Inc.,
  • Encounter Telehealth,
  • HelloMD,
  • SnapMD, Inc.

Company Collaborations Are Proving Chief Growth Drivers

Due to the increasing demand, telehealth market companies are adopting collaborative strategies with the aim of expanding business on a global scale. Furthermore, leading companies in the telehealth industry are focusing on mergers and acquisitions to gain competitive strength. Companies are trying to incorporate modern industrial concepts with a view to gain more end users. Fortune Business Insights expects market collaborations will help companies generate substantial telehealth market revenue. In April 2018, American Well acquired Avizia Limited with the aim of strengthening its position among the companies in the telehealth industry.

Segmentation

By Type

  • Products
  • Services

By Application

  • Telemedicine
  • Patient Monitoring
  • Continuous Medical Education
  • Others

By Modality

  • Store-and-forward (Asynchronous)
  • Real-time (Synchronous)
  • Remote Patient Monitoring

By End User

  • Healthcare Facilities
  • Homecare
  • Others

By Geography

  • North America (the USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

Technological Advancements to Fuel Demand for Telehealth Services

The technological advancements in telehealth products and services have fuelled the demand for telehealth services across the world. The advent of user-friendly systems has contributed to a high demand, which in turn has led to an increase in the global telehealth market value in recent years. In 2019, InTouch announced the launch of a fully integrated end-to-end virtual platform aimed at providing enhanced patient care solutions. ‘Solo’ was a flexible platform integrated with services such as enhanced emergency care solutions, direct-to-patient, and direct-to-customer, which in turn will contribute to the growth of the global telehealth market in the coming years.

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