As per telehealth market analysts, the global market is anticipated to witness growth owing to the factors such as technological advancements as well as high penetration of mobile phones. However, the telehealth market will face challenges and restraints due to lack of regulatory scenario and unfavorable policies during the forecast period 2016 to 2024.
The global telehealth market share, during the forecast period 2016 to 2024, will register growth at a CAGR of 22.74%. The market for telehealth is set to reach US$16,173.8 million 2024. The increasing penetration of mobile phones in the telehealth market is set to play a key role in determining the growth potential during 2016 to 2024years. Analysts have also studied the telehealth market to understand potential threats and challenges the telehealth market companies could face. Although the market for telehealth is poised to grow at a fast pace across application, component, end-user, and mode of delivery segments, factors such as the lack of regulatory scenario could slow down the telehealth market's growth worldwide.
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Market Segmentation
The telehealth industry has been segmented into application, component, end-user, and mode of delivery. Based on the segment which is application, the market is categorized on the basis of neurophysiology, cardiology, radiology, primary care, and others. The global market for telehealth is further segmented based on components into hardware, services, and software. Furthermore, the market, on the basis of end-user is segmented into diagnostic clinics, home care, hospitals and clinics, and others. Based on the segment which is mode of delivery, the market is categorized on the basis of on-premise and web/cloud-based.
The global telehealth market research report covers all the aspects of the telehealth industry based on the segmental analysis of these application, component, end-user, and mode of delivery segments. Analysts have also studied the global telehealth market's regional markets spread across many continents and countries. The application, component, end-user, and mode of delivery segments along with their sub-segments have been analyzed and companies functioning in the telehealth market across these segments are profiled and analyzed based on input and feedback from telehealth market based decision makers as well as primary and secondary sources. The telehealth market research report presents analysis based information for companies functioning in the telehealth market.
Competitive Landscape
Telehealth has seen increased demand over the years, due to the ease to access, growing collaboration among the key players and favorable initiatives taken by the government. Companies functioning in the global telehealth market are also being challenged due to lack of infrastructure to support the market and shortage of skilled human resources. Mergers and acquisitions by telehealth market companies are anticipated to help the market during the forecast period 2016 to 2024. As the telehealth market is set to register a high CAGR of 22.74% and is also anticipated to reach a US$16,173.8 million 2024, the report highlights key areas companies need to focus on. The report suggests that the telehealth market will see a healthy growth in the long run till 2024. Based on SWOT analysis and telehealth market’s analysis based on Porters’ Five Force Model presented in the telehealth market report. Mergers and acquisitions by telehealth market companies are anticipated to help the market during the forecast period 2016 to 2024.
MRFR recognizes the following companies as the key players in the global telehealth market— Boston Scientific Corporation (US), GlobalMed (US), Maple (Canada), Siemens (Germany), Cisco Systems Inc. (US), AMD Global Telemedicine Inc. (US), Allscripts Healthcare Solutions (US), Care Innovations LLC (US), Right Health (Canada), Honeywell International Inc. (US), American Well (US), InTouch Technologies Inc. (US), Philips Healthcare (Netherlands), Medtronic plc (Ireland), Dialogue (Canada), Livecare Health (Canada)and Cerner Corporation (US).
Regional Overview
The dearth of favorable supportive policies in developing countries may hinder the telehealth market growth. The market research report suggests that companies in the telehealth market could be supported by the rising reliance on various apps to avail healthcare services as well as the on-going technological development during the forecast period. The telehealth industry is set to register growth at a high CAGR owing to these key factors. The telehealth market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global telehealth market research report reveals that APAC, North America, and Europe regional telehealth markets will dominate the global market for telehealth during the forecast period 2016 to 2024. As per telehealth market analysts, the market is set to witness tremendous growth across diagnostic clinics, radiology, and web/cloud-based segments in North America which covers telehealth markets across the United States, Canada, Mexico and several other regional markets. Companies active in the telehealth market are also analyzed and studied in the telehealth market research report.
The telehealth market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the telehealth market research report covers the Asia-Pacific region covering telehealth markets from India, China, Japan, Australia, and others. The telehealth market is also spread across the rest of the world. The telehealth market report covers all such regions including the Middle East, Africa, Brazil, and others.
Industry News
Cigna revealed Friday morning that it would purchase telehealth network MDLive. MDLive has been a long-time associate and donor with Cigna, and the company will be folded into its Evernorth affiliate, which houses the company's health care division. Regulatory approvals pending, the sale is scheduled to close in the second quarter of 2021. Cigna said it plans to raise $20 per share this year, despite acquisition-related costs, and will include more information on the merger at its investor day on March 8. Evernorth's capacity to have "a more accessible, comfortable, and connected patient care experience" would be enhanced with the inclusion of MDLive, according to the insurer.
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