Telehealth Market to Witness Huge Growth by 2027
Telehealth Market: Information By Component (Hardware, Software and Services), By Mode of Delivery (Web/Cloud-Based and On-Premise), By Application (Radiology, Cardiology, Primary Care, Neurophysiology and others), By End User (Hospitals and Clinics, Diagnostic Centers, Home Care and others) - Global Forecast till 2027
The global telehealth market is expected to exhibit a whopping 29.8% CAGR over the forecast period from 2018 to 2023, according to a new research report released by Market Research Future (MRFR). The global telehealth market is primarily driven by the growing prevalence of chronic diseases, which is driving the demand for convenient ways of bringing the patient and the doctor in touch so as to discuss the progress of the rehabilitation, and the rapid rise in the technological development of advanced telecommunications options, making sophisticated, futuristic telehealth services possible.
The global telehealth market has been driven by the growing prevalence of chronic diseases, which necessitate regular checkups with physicians to keep track of the patient’s progress and to discuss medication according to the severity of the condition. This leads to a considerable expenditure on both ends, as the cost of providing healthcare services as well as making the regular trips to the physician’s office are generated. Telehealth options help bring down the costs of patient-physician interaction considerably by enabling the two parties to communicate from their own stations, regardless of the geographical distance between them. The high convenience of telehealth solutions for patients suffering from chronic diseases is likely to be a major driver for the global telehealth market over the forecast period.
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The rapid development of sophisticated telecommunications solutions to enable refined and smooth telehealth networking is also likely to be a major driver for the global telehealth market over the forecast period. The telecommunications industry has enjoyed robust growth over the last few years due to the growing consumer demand, which has driven a rising amount of investment in the upgradation and enhancement of operations. This has led to the development of wireless connectivity across major regions, enabling easy installation of telehealth equipment in rural areas, where the need for telehealth solutions is most keenly felt. The sustained growth of the telecommunications industry is likely to be a major driver for the global telehealth market over the forecast period, as the availability of sophisticated equipment is a must for effective implementation of telehealth solutions.
Competitive Analysis:
The leading players in the global telehealth market include InTouch Technologies Inc., AMD Global Telemedicine Inc., Siemens Healthcare Private Limited, GlobalMedia Group LLC, Cerner Corporation, Care Innovations LLC, McKesson Corporation, General Electric Company, Medtronic, and Koninklijke Philips N.V.
Industry Updates:
In April 2019, the Medical University of South Carolina received a federal grant of USD 3.6 million to create a nationwide database of pediatric telehealth research.
Also in April 2019, the Arizona government passed a law extending telehealth insurance to all medical specialties.
Government support in the form of regulatory initiatives and monetary support is likely to play a key role in the development of the global telehealth market over the forecast period.
Segmentation:
The global telehealth market is segmented on the basis of components, types, end users, and region.
On the basis of component, the global telehealth market is segmented into hardware, software, and others. The hardware segment is further sub-segmented into monitors, medical devices, and others; monitors are further segmented into blood glucose monitors, blood pressure monitors, ECG monitors, and others.
On the basis of types, the market is segmented into web-based, on-premise, and cloud-based.
On the basis of end use, the telehealth market is segmented into hospitals and clinics, pharmaceutical companies, and others.
Regional Analysis:
The global telehealth market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas is likely to remain the leading revenue generator over the forecast period due to the widespread availability of telehealth services in the region. The region accounted for 40% of the global telehealth market in 2017 and is likely to retain a similar level of dominance throughout the forecast period. The strong position of the telecommunications industry in the U.S. and Canada is likely to be a major boost to the telehealth market in the region.
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