Northbrook, IL -- (SBWIRE) -- 01/06/2021 -- According to the new market research report "Telehealth Market by Component (Software & Services, RPM, Real-Time), Application (Teleradiology, Telestroke, TeleICU), Hardware (Glucose Meters), End-User (Provider, Payer, patient), Delivery (On-Premise, Cloud) Global Forecast to 2025" published by MarketsandMarkets™.

Revenue Growth Opportunities and Growth Drivers?

The global telehealth and telemedicine market is expected to grow at a CAGR of 37.7% during the forecast period, to reach USD 191.7 billion by 2025 from an estimated USD 38.7 billion in 2020.

Growth Boosting Factors:

# Rising population and need to expand healthcare access
# Rising prevalence of chronic conditions and cost-benefits of telehealth & telemedicine
# Shortage of physicians
# Advancements in telecommunications
# Government support and rising awareness
# Technology adoption in the wake of COVID-19

Opportunity: AI and Analytics;

Big data analytics can process data collected from telehealth modalities, including both objective (vital signs, ambient environment) and subjective data (symptoms, patient behavior), along with historical data to enable risk prediction and management. Moreover, federal agencies, public payers, and large commercial insurers have expanded telehealth access amid the pandemic. The majority of them are struggling to ensure that telehealth is being applied to the right patients for the right healthcare needs, increasing efficacy and efficiency in care delivery. In that regard, there appears to be significant potential in analytics, AI, and machine learning, as care delivery adapts to the extensive use of telehealth. Data-driven analytics thus forms an important component of ensuring efficacy and efficiency of telehealth.

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Leading Key Players in the Worldwide Industry:

The key players operating in the telehealth market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland),GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems, Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Doctor on Demand (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), Zipnosis (US)

Geographical Regions Mapped in Report:

In 2019, North America accounted for the largest share of the telehealth market, followed by Europe. This large share can be attributed to factors such as the rising prevalence of chronic conditions in the region, the need to reduce healthcare expenditure, increasing overall and geriatric population. Additionally, the growing need to curtail COVID-19 cases, federal mandates to increase healthcare facilities, and a growing focus on improving the quality of care delivered to COVID-19 patients are some key factors driving the growth of the telehealth market in the US in the wake of COVID-19. However, the Asia Pacific region is expected to grow at the highest rate during the forecast period.

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Market Segmentation in Detailed:

Based on application, the telehealth market has been segmented into teleradiology, teleconsultation, teleICU, telestroke, telepsychiatry, teledermatology, and other applications. By application, the teleradiology segment accounted for the largest share of the telehealth market in 2019. The factors such as- the increase in imaging practices, increase in teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices are some of the major factors driving the growth of this segment. Moreover, the COVID-19 pandemic has supported the use of teleradiology, as radiologists seek to reduce patient exposure while still ensuring sufficient output.

Based on, component, the telehealth market is parted into software & services, and hardware segments. In 2019, the software & services segment accounted for the largest share of the telehealth market. The large share of this segment is attributed to the increasing adoption of telehealth and telemedicine across the globe. Telehealth software and services have experienced significant growth due to the COVID-19 pandemic, which has led to hospitals facing an acute shortage of beds and resources, as well as social distancing norms. However, the hardware segment is projected to register the highest CAGR of 18.6% in the forecast period.