April 22, 2019
Global telehealth market is anticipated to reach USD 16.7 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2025.
The deployment of digital technologies to provide medical care, public health services, and health education by linking multiple users from varied locations is termed as telehealth. This encompasses technology-based telemedicine, medical care services, and services like tracking, communications, evaluation, prevention, and education. Furthermore, it also includes an array of telecommunications, video conferencing, digital image, and health information technologies. Telecommunications and virtual technology are utilized in telehealth to offer health care facilities beyond conventional health facilities.
The telehealth encompasses virtual health care, in which chronically sick or elderly patients are offered medical guidance along with treatment in some procedures by staying at home. Also, the emergence of telehealth has made accessing medical tools & guidelines easy for both patients as well as professionals with respect to patient care and diagnosis.
According to the report, the worldwide telehealth market is bifurcated based on the mode of delivery, region, component, and end user. In terms of component, the global market is segmented into 3 main categories, such as software, hardware, and services. Based on component, the services market segment amassed the biggest share of the global telehealth market, cites the report. The services segment is further divided into remote monitoring, real-time interactions, and store & forward consultations. The surging acceptance and awareness of remote monitoring solutions and growing technological advancement in the domain of telecommunication is the primary factor accountable for the huge share of services in the telehealth business space.
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The hardware component segment is further divided into 2 types, monitors and medical peripheral devices. As per the report, the software segment is further bifurcated into integrated software and standalone software. The software market segment is poised to grow at a high CAGR over the projected timeline. Software form an important component of telehealth systems, as it acts as an interface between the end user and database.
Depending on the end user, the market is further classified into patients, payers, providers, and others. Based on the mode of delivery, the market is further split into on premises, cloud-based, and web-based delivery system.
Speaking of the regional outlook, the key regions profiled in the study are Latin America, Asia Pacific, Middle East & Africa, North America, and Europe. The report cites that North America is predicted to accumulate a huge share in the global telehealth market in the year 2017. The constant increase in telehealth investment and government support for telehealth in the area is the key propeller for the regional growth. The Asia Pacific market segment is projected to record high CAGR over the forecast timeline, on account of the surging economy, and mounting healthcare expenditure in the region, cites the report.
The broad competitive spectrum of the global telehealth market comprises companies such as Koninklijke Philips N.V., Honeywell Life Care Solutions, General Electric Company, Cisco Systems, Inc., Care Innovations, LLC, Vidyo, Inc., Medvivo Group Ltd., AMD Global Telemedicine, Tunstall Healthcare Group Ltd, McKesson Corporation, and Medtronic plc among others. The surging investment for telehealth R&D activities amongst the leading players is anticipated to drive the global telehealth market growth.