The telehealth market is projected to see a compound annual growth rate of 14.9% over the period between 2019 and 2026, according to a new report from Acumen Research and Consulting. The global telehealth market is expected to be worth $53.1 billion by the end of that period.
Factors driving the growth include an increasing number of patients suffering from chronic ailments, an increase in the geriatric population and a growing inclination toward home healthcare. Rapid urbanization in developing areas, the high penetration of mobile phones and technological advances in healthcare products and services are also fueling the growth. However, the lack of regulations and favorable policies in developing countries may limit the adoption of telehealth services in those markets, Acumen said.
North America held the largest share of the market in 2018, and is expected to continue to do so throughout the forecast period. However, the Asia-Pacific region is projected to grow at the fastest rate due to increasing adoption of IT services in healthcare.