An overview of the “Telehealth Market” the current state of the industry, market trends, significant market participants, product type, application, and geography are provided at the beginning of the study. It also covers how COVID-19 has affected market participants, end-user industries, future predictions, growth potential, and worldwide market trends.
The Telehealth Market are expected to drive the market, helping it expand at a CAGR of 14.1% during the 2017-2022 period.
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Key Companies Covered in the Telehealth Market Research are McKesson Corporation, Medtronic Inc., Cisco Systems, GE Healthcare, Allscripts Healthcare, Siemens Healthineers, LifeWatch AG, Philips Healthcare, Honeywell, Cerner Corporation and other key market players.
The telehealth market is witnessing a higher adoption rate owing to an increasing geriatric population, prevalence of chronic diseases, and higher government spending on healthcare. Telehealth has made it possible to provide better healthcare services by bridging the gap between doctors and patients.
Technology segment insights:
Remote patient monitoring (RPM) occupied a market share of 63% in 2017, being the most prevalent telehealth technology. Recent regulations in countries like the United States (U.S.), Canada, and the United Kingdom (U.K.), mandate the imposition of fines on readmission of patients within 30 days of discharge. These regulations, along with rising healthcare costs, are the significant drivers of RPM adoption. Mobile health (mHealth), having held a market share of 22% in the same year, shows a lot of promise in the wide distribution of medical information to both patients and medical practitioners. Video telemedicine accounted for a share of 15% in 2017.
Application segment insights:
The adoption of teledermatology is the highest among the application segments, due to the high cost of specialty healthcare. This segment includes dermatology and makes available advanced imaging technologies. Close on its heels are teleradiology (25%) and telecardiology (24%). Telecardiology is driven by the higher prevalence of cardiac ailments across the world, and specific heart conditions like cardiac arrhythmia which require constant monitoring over a long period. Cancer patients need regular check-ups, which may not be possible for patients who stay far from hospitals. Teleradiology is a boon for these patients, allowing them to lead healthy lives.
Regional insights:
North America has exhibited the highest adoption of telehealth market technologies and occupied approximately 49% of the global market in 2017. The region has stringent healthcare regulations, along with a high incidence of chronic diseases and steep healthcare expenses for employers, all of which resulted in the broader implementation of telehealth. Significant government investments in developing telehealth infrastructure have led to the growth of the market in Europe. Currently, the region accounts for a 33% market share. Asia-Pacific, Latin America, and the Middle East and Africa are nascent markets which are expected to exhibit high growth in the future.
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By Geography
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and the Rest of Asia Pacific)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and the Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
- North America (U.S. & Canada)
North America garnered a substantial market share in the Telehealth Market, due to growing demand for Telehealth Market products, and rising disposable income, followed by Latin America, Europe, and the Middle East & Africa respectively.
Presently, the Asia Pacific region conquers the Telehealth Market.
Highlight the Following Key Factors:
► Business Description: a particular description of agency operations and enterprise departments.
► Company Strategy: The analyst’s precis of the company’s commercial enterprise strategy.
► SWOT Analysis: Detailed evaluation of the company’s strengths, weaknesses, opportunities, and threats.
► Company History: The development of predominant occasions associated to the company.
► Main merchandise and services: A listing of the company’s fundamental products, services, and brands.
► Main Competitors: A listing of the company’s fundamental competitors.
► Important places and subsidiaries: The company’s major places and subsidiaries’ listing and contact information.
► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.
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