Market Scenario
The global telehealth market is presumed to register 29.8 % CAGR during the forecast period (2017-2023) owing to the prevalence of chronic diseases, asserts Market Research Future (MRFR). Telemedicine or telehealth is a mode of delivering health care services to patients with the help of communication technologies. This facilitates treatment, diagnosis, education care management, consultation, and others. It acts as a bridge to improve the relationship between a patient and a health care provider and also improves patient satisfaction and behavioral changes by offering healthcare treatment and guidance.
Drivers and Constraints Impacting the Market
With the prevalence of chronic diseases such as diabetes and cancer, continuous growth in the healthcare technology, and increasing geriatric population, the global market for telehealth is likely to prosper. Increasing expenditure on healthcare, rapid development in technology, and growing need for home-based devices are further stimulating the market growth during the forecast period. Telehealth offers several benefits which include enhanced care coordination which maximizes clinical efficiency and improved outcomes at reduced costs. The uptake of telehealth is continuously growing as users view telehealth as a viable alternative to traditional visits. With the acceptance of telehealth among the patients, the market is stimulating during the estimated period. Moreover, the growing population is the major factor acting as a tailwind to the market growth. Also, factors such as portable connected devices, proliferation of the internet, growing adoption of smartphones, and development in telemedicine technologies are likely to influence the market growth.
On the flip side, unavailability of required infrastructure in several parts of the world, especially in the underdeveloped African and Asian regions and lack of awareness regarding telehealth is anticipated to retard the market growth in the coming years.
Global Telehealth Market: Segmental Analysis
The global telehealth market has been segmented on the basis of types, components, end-users, and region.
By mode of component, the global telehealth market has been segmented into software, hardware, services, and others. Among these, the hardware component is further sub-segmented into medical devices, monitors, and others. Monitors are sub-segmented into blood pressure monitors, ECG monitors, blood glucose monitors, and others. Among these, the services segment is presumed to command the largest market share owing to growing adoption of remote monitoring solutions by patients dwelling in remote rural areas and technological advancements in telecommunication.
By mode of type, the global telehealth market has been segmented into on-premise, web-based, and cloud-based.
By mode of end-users, the global telehealth market has been segmented into pharmaceutical companies, hospitals and clinics, and others.
Regional Insights
Geographically, the telehealth market span across regions namely, America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, America is presumed to dominate the global market due to the presence of a huge patient population suffering from chronic respiratory diseases and diabetes. Also, the presence of huge geriatric population is impacting the market positively. The United States has been the first choice for deployment of telehealth solutions due to technological advancements and established healthcare systems.
Europe is considered to hold the second position in the global market during the assessment period. Germany is likely to dominate the connected healthcare deployments in this region with varied solutions being offered and services delivered through messages and applications.
While Asia Pacific has the fastest market growth owing to the presence of rapidly developing countries such as India and China, the Middle East and Africa is considered to hold the least market share. Huge development opportunities and constantly developing healthcare infrastructure in the Asia Pacific region is likely to propel the market growth.
Industry News
October 5, 2018: The U.S. Senate has passed a bipartisan bill with a 98-1 vote to fight against the opioid crisis. Provisions in the law, which President Donald J. Trump is expected to sign, will remove significant barriers to treating opioid addicts via telehealth.
Competitive Dashboard
The major players operating the global market are InTouch Technologies Inc. (U.S.), Cerner Corporation (U.S.), Care Innovations LLC. (U.S.), GlobalMedia Group LLC (U.S.), General Electric Company (U.K.), AMD Global Telemedicine Inc. (U.S.), Medtronic (Ireland), Koninklijke Philips N.V. (the Netherlands), McKesson Corporation (U.S.), and Siemens Healthcare Private Limited (U.S.).
