Transparency Market Research
(TMR) has published a new report titled, “Telehealth Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025”. According to
the report, the global telehealth
market was valued at US$ 6.0 Bn in 2016 and is projected to
expand at a CAGR of 13.0% from 2017 to 2025. The report suggests that increase
in prevalence of chronic diseases such as diabetes, cardiovascular diseases,
and others is anticipated to boost the growth of the telehealth market from
2017 to 2025. North America and Europe are projected to dominate the global
telehealth market during the forecast period owing to increase in focus on
services for business expansion in these regions. Players are continuously
expanding their services and products in North America and Europe. Increase in
adoption of technology and rise in demand for self-care devices/solutions is likely
to drive the telehealth market in Asia Pacific. The telehealth market in the
region is expected to expand at a CAGR of 15.0% from 2017 to 2025.
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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.
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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.
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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, and
clinical programs.
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