The global telehealth market is anticipated to expand at a CAGR of 13.0% within the forecast period of 2017 to 2025.
The global telehealth market is anticipated to expand at a CAGR of 13.0% within the forecast period of 2017 to 2025. Previously the market was valued at US$ 6.0 bn as of the 2016 records. The rising number of chronic diseases and their concern is presumed to expand the growth of the global telehealth market during the forecast period.
Inferable from the expansion in elderly population and increase in cardiovascular illnesses, the global telehealth market is foreseen to observe a quick development rate. The competitive scene of the market is exceptionally fragmented with respect to the amount of players who give services like software and hardware. Because of the increase in cases of chronic ailments such as asthma, diabetes and cancer, there is simply the stream of self-care solutions or gadgets. This is joined by the technological innovations as far as mobile healthcare and restorative imaging which further lifts the telehealth market globally.
Various Nations are Investing Heavily in Teleheath Market
Massachusetts as of late settled rules to enable 1.9 million people on Medicaid to get to mental wellness benefits through telehealth, yet a few specialists state the new standards might be more difficult than being helpful.
The global telehealth market is divided based on component, where the key orders are hardware, services, and software. The segment of software is additionally ordered into integrated programming and standalone programming. The administrations service segment additionally classified into store and forward, remote monitoring, and real-time services.
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Based on application, the global telehealth market is categorized as psychiatry, dermatology, urgent care, remote emergency unit or remote ICU, cardiology, and radiology. Cardiology, of all, appears to draw in more income into the market and is foreseen to be the key use of telehealth. Rise in cardiovascular infections and more heart sicknesses like strokes and assaults may represent practically around 19% share to the telehealth market in the coming years.
Popularity of Advanced Healthcare to Boost Growth of Telehealth Market
The end-client classification is sectioned as providers, payers, and patients. Out of these, payers segment is likely to expand with CAGR during the forecast period from 2017 to 2025. This is a direct result of the rising popularity of associated therapeutic and telehealth gadgets given by insurance agencies to guarantee their insurance.
With respect to income, North America apparently is having the predominance over the market all around the world. This is because of the administration activities to expand the reception of telehealth administrations. Along these lines, North America is foreseen to proceed with its strength over the telehealth market in later years as well.
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North America Projected to Dominate the Global Market during the Forecast Period
Geographically, the global telehealth market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of revenue, North America is likely to continue to dominate the global telehealth market during the forecast period, owing to government initiatives to increase adoption of telehealth solutions, technological advancements, and efforts of key players to expand their market presence in North America. The market in Asia Pacific is anticipated to expand at a significant CAGR of 15.0% during the forecast period. Aging population, large patient pool suffering from chronic diseases, surge in demand to cut down health care cost, and improving health care infrastructure in countries such as India, China, and Australia are estimated to propel the telehealth market during the forecast period.
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Key Players such as GE Healthcare, Koninklijke Philips N.V., Aerotel Medical Systems Ltd., and InTouch Technologies, Inc. Likely to Continue to Lead the Global Telehealth Market
The global telehealth market is highly fragmented in terms of number of players providing hardware, software, and services. The key players contributing to the growth of the global telehealth market include Teladoc, Inc., American Well, BioTelemetry, Inc., Medtronic, Aerotel Medical Systems Ltd., InTouch Technologies, Inc., Koninklijke Philips N.V., Honeywell International, Inc., GE Healthcare, and AMD Global Telemedicine, Inc. Focusing on inorganic growth strategies through various partnerships, collaboration, and expansions is the key strategy adopted by these leading players. For instance, in March 2017, GE Healthcare acquired Monica Healthcare, a monitoring technology company dedicated toward improving the birthing experience and enhancing obstetric care through wearable wireless fetal monitoring devices.
Moreover, in January 2018, Royal Philips and American Well entered into strategic partnership to jointly deliver virtual care solutions across the world. Through this partnership, the two companies will work together to embed American Well’s mobile telehealth services into an array of Philips solutions for both healthy consumers and patients with a medical need, spanning personal health & wellness, population health management, and clinical programs.
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