North America is poised to account for the largest share of the telehealth market, followed by Europe and Asia-Pacific.
Northrook, IL -- (SBWIRE) -- 12/03/2019 -- The growth of the industry can be attributed to growth in geriatric population, dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, technological advancements, increasing utilization of connected devices for the management of chronic diseases, and need for affordable treatment options due to rising healthcare costs.
What the Market Looks Like?
Predicted to grow at a CAGR of 27.5% during the forecast period, the global Telehealth market is estimated to reach USD 9.35 Billion by the end of 2021
By component, the global market for telehealth is categorized into services, software, and hardware. The services segment is expected to command the largest share of the global market, by component in 2016. This is attributed to factors such as increasing adoption of remote monitoring solutions by patients in remote rural areas, technological advancements in telecommunication, and introduction of ACA and similar legislations in the U.S.
On the basis of end users, the global market for telehealth is segmented into providers, payers, patients, and other end users (employer groups and government bodies). In 2016, the providers segment is estimated to account for the largest share of the global telehealth market, by end user. This can be attributed to the implementation of the Affordable Care Act and Hospital Readmissions Reduction Program in the U.S. (which is aimed at lowering healthcare costs by making use of novel solutions such as telehealth) as well as the high demand for telehealth solutions among healthcare providers owing to various benefits offered by these solutions.
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What Drives the Market?
The growth of the global market for Telehealth is primarily influenced by the following factors:
- Rising Prevalence of Chronic Diseases
- Shortage of Healthcare Professionals Worldwide
- Improvements in Telecommunication Infrastructure
- Technological Advancements
- Benefits of Telehealth
- Need for Affordable Treatment Options Due to Rising Healthcare Costs
Geographical growth scenario of Telehealth Market:
Geographically, the global market for telehealth is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America is poised to account for the largest share of the telehealth market, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period.
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Leading market players and strategies adopted:
The prominent players in the Telehealth market include Philips Healthcare (The Netherlands), Medtronic plc (Ireland), Honeywell Life Care Solutions (U.S.), Tunstall Healthcare (U.K.), Care Innovations (U.S.), Cerner Corporation (U.S.), Cisco Systems, Inc. (U.S.), Medvivo Group Ltd. (U.K.), GlobalMedia Group, LLC (U.S.), Aerotel Medical Systems Ltd. (Israel), AMD Global Telemedicine, Inc. (U.S.), American Well (U.S.), InTouch Health (U.S.), and Vidyo, Inc. (U.S.). These companies adopted strategies like new product launches, acquisitions, collaborations, expansions, and other developments in order to achieve sustained growth and expand their global presence as well.
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