- The Global Telehealth Market is growing at a CAGR of 22.74% to reach $16 billion by 2024
- Based on Region, US is estimated to dominate the market due to increasing adoption of telehealth services
- Increasing prevalence of chronic disease attracts the adoption of telehealth services.
Telehealth refers to a collection of broad range of technologies which provide virtual healthcare, medical and education services with the help of various advanced technologies and related platforms. It comprises of wide range of diagnosis and management, education, and other healthcare related fields such as counselling, dentistry, home health, consumer and professional education and chronic disease monitoring and management.
Telehealth facilitates long-distance clinical health, patient self-management and support which incorporate asynchronous store and forward along with synchronous interactions. Telehealth provides convenient access to primary care which removes socio-economic barriers such as lack of transportation, and also minimizes the use of emergency departments as first point of contact.
Connecting patients and care providers increases the interaction between patients and physicians that help to enhance the patient’s cohere to treatment and medication. This further provide satisfaction and improves patient engagement. Telehealth comprises of four different domains of applications that includes Live video (synchronous), Store-and-forward (asynchronous), Remote patient monitoring and Mobile health (health).
The global telehealth market is driven by various factors which includes rising aging population, increasing prevalence of chronic diseases, lack of availability of healthcare professionals globally and upgradation in telecommunication infrastructure and many more.
Market Growth Factors
Market growth is highly influenced by chronic diseases such as Asthma, Arthritis, Chronic Kidney Disease, Chronic Obstructive Pulmonary Diseases, Cancer, Heart Diseases, Diabetes etc. There are around 56.4 million global deaths in 2015 out of which 39.5 million (70%) were attributed to non-communicable diseases (NCDs). The four most common NCDs are cancers, cardiovascular diseases, chronic lung cancer diseases and diabetes.
The burden of above diseases is rising high among lower income populations and countries, in 2015, around 30.7 million cases of NCD deaths were reported in low-and middle-income countries, with over 48% of deaths occurring before the age of 70 years. According to the World Health Organization (as quoted in blog section of Taxila American University), in 2015, the major causes of NCDs deaths were cardiovascular diseases, accounting for 17.7 million deaths/45% of all NCD deaths, cancers (8.8 million/22% of all NCD deaths) and 1.6 million deaths were reported by Diabetes.
According to the Fight Chronic Disease Organization in America, there are around 190 million (about 59%) of the population suffered from one or more chronic diseases in 2016. It is found that one chronic condition can lead to the risk of developing another chronic disease. Moreover, it is estimated that the number of people with three or more chronic diseases will increase to 83 million by 2030.
The medical and productivity cost per person who suffered from chronic disease is estimated to be $8,500 by 2030. In America, chronic diseases accounts for 7 of 10 deaths every year, and the cost incurred in treating people with chronic diseases is responsible for most of the nation’s health care costs. It was anticipated that the overall cost will lead to more than $42 trillion. Moreover, the Fight Chronic Disease Organization indicates, in America, there are around 191 million people who had one chronic disease and around 30.8 million are reported to have three or more chronic diseases in 2015, which is estimated to reach around 83.4 million by 2030.
Hence, increasing prevalence of chronic disease attracts the adoption of telehealth services globally and that in turn supports the market growth in long-term.