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has published a new report titled,
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Services
Dominates the Global Telehealth Market
The report offers detailed
segmentation of the global telehealth market based on component, application,
and end-user. In terms of component, the services segment is poised to account
for leading share of the global telehealth market during the forecast period
from 2017 to 2025. Increase in adoption of remote monitoring solutions by
patients in remote rural areas are the factors likely to drive the services
segment during the forecast period. The software segment is anticipated to
expand at a comparatively higher growth rate than the hardware segment in terms
of revenue during the forecast period owing to continuous innovations in
software by major players.
Radiology to
be Major Application of Telehealth
The radiology segment is projected
to account for high share of the global telehealth market during the forecast
period. The segment is likely to expand at a CAGR of 13.0% from 2017 to 2025.
Telehealth technology and services enable knowledge and resource sharing
between rural and urban areas in minimum time duration. Moreover, consistent
evolution in information and communication technologies, effective image
transfer, consultation and reporting, and scarcity of radiologists across the
globe are the factors expected to drive the segment from 2017 to 2025.
Cardiology is another key application of telehealth and is anticipated to
account for 19.0% market share by 2025. Increase in prevalence of
cardiovascular diseases such as heart diseases and stroke are the factors
likely to drive the segment during the forecast period. According to the World
Health Organization, cardiovascular diseases accounted for an estimated 17.7
million deaths in 2015, representing 31% of all global deaths. Of these, an
estimated 7.4 million were due to coronary heart disease and 6.7 million were
due to stroke.
Providers is
a Promising End-user of Telehealth
In terms of end-user, the global
telehealth market has been segmented into payers, providers, patients, and
others. The providers segment accounted for major share of 50.0% in terms of
revenue in 2016 owing to increase in adoption of telehealth products in health
care settings and rise in partnerships between companies and hospitals for
telehealth systems. The payers segment is anticipated to expand at a higher
CAGR during the forecast period due to increase in adoption of telehealth and
connected medical devices by insurance companies for insurance claim
management.
North America
Projected to Dominate the Global Market during the Forecast Period
Geographically, the global
telehealth market has been segmented into five major regions: North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of
revenue, North America is likely to continue to dominate the global telehealth
market during the forecast period, owing to government initiatives to increase
adoption of telehealth solutions, technological advancements, and efforts of
key players to expand their market presence in North America. The market in
Asia Pacific is anticipated to expand at a significant CAGR of 15.0% during the
forecast period. Aging population, large patient pool suffering from chronic
diseases, surge in demand to cut down health care cost, and improving health care
infrastructure in countries such as India, China, and Australia are estimated
to propel the telehealth market during the forecast period.
Key Players
such as GE Healthcare, Koninklijke Philips N.V., Aerotel Medical Systems Ltd.,
and InTouch Technologies, Inc. Likely to Continue to Lead the Global Telehealth
Market
The global telehealth market is
highly fragmented in terms of number of players providing hardware, software,
and services. The key players contributing to the growth of the global
telehealth market include Teladoc, Inc., American Well, BioTelemetry, Inc.,
Medtronic, Aerotel Medical Systems Ltd., InTouch Technologies, Inc.,
Koninklijke Philips N.V., Honeywell International, Inc., GE Healthcare, and AMD
Global Telemedicine, Inc. Focusing on inorganic growth strategies through
various partnerships, collaboration, and expansions is the key strategy adopted
by these leading players. For instance, in March 2017, GE Healthcare acquired
Monica Healthcare, a monitoring technology company dedicated toward improving
the birthing experience and enhancing obstetric care through wearable wireless
fetal monitoring devices. Moreover, in January 2018, Royal Philips and American
Well entered into strategic partnership to jointly deliver virtual care
solutions across the world. Through this partnership, the two companies will
work together to embed American Well's mobile telehealth services into an array
of Philips solutions for both healthy consumers and patients with a medical
need, spanning personal health & wellness, population health
management
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