Market Overview

Telehealth Market Worth 12.1 Billion USD by 2023, Says Meticulous Research®


LONDON, July 26, 2018 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research®, the global telehealth market will grow at a CAGR of 23.0% from 2018 to 2023 to reach USD 12,105.2 million by 2023, majorly driven by growing pressure to reduce healthcare costs while improving quality of care, improving health IT infrastructure, aging population & rising prevalence of chronic diseases, shortage of healthcare professionals, increasing awareness about benefits of telemedicine, and favorable government initiatives & reforms/policies supporting digital health.

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With significant shortage of healthcare professionals' across the globe, patients and providers are increasingly adopting telehealth systems that connect patients to vital healthcare services through video conferencing, remote monitoring, electronic consults, and wireless communications. By increasing access to physicians and specialists, telehealth helps patients to receive the right care, at the right place, and at the right time.

The telehealth market is mainly segmented based on component, delivery, application, end-user, and geography. Technological advancements including high speed communication networks, improved storage medium, data security, application development, mobile technology, cloud computing and digitization has led to the transformation in uptake of telehealth devices, software as well as services. On the basis of component, services segment is expected to continue to dominate the market during the forecast period, mainly due to "advancements in telecommunication and mobile technology, growing application of telehealth in areas like mental/behavioral health and remote ICU services, and increasing adoption of telehealth services by patients in remote/ rural areas mainly due to shortage of physicians."

Applications of telehealth span different areas of healthcare. Currently, radiology and cardiac monitoring segments are the leading adopters of telehealth. However, telemental health/telebehavioral health is expected to offer high growth opportunities owing to the rising prevalence of mental illness and a severe shortage of mental health professionals across the globe.

Asia-Pacific region is expected to witness the fastest growth due to "accelerated economic growth of many countries in the region, growing government focus on digitization & use of telemedicine, significant patient population living in rural/underserved areas with limited access to healthcare, shortage of healthcare professionals, improving telecommunication infrastructure, and rising penetration of smartphones."

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