Telehealth Market To Gain Impetus With Healthcare Concerns Prevailing to reach USD 15.22 Billion by 2023
The global market for telehealth is gaining traction from a number of factors, such as growth in geriatric population, rising frequency of chronic diseases, lack of healthcare professionals worldwide, improving telecommunication infrastructure, technological advancements, increasing utilization of connected devices for the management of chronic diseases, telehealth advantages and requirement for affordable treatment options owing to increasing healthcare costs.
As per the findings of a recent report by DecisionDatabases.com, the demand in the global telehealth market will increase at a CAGR of 27.2% during the forecast period of 2017 to 2023, reaching a valuation of US$15.22 bn by 2023, up from its evaluated worth of US$2.82 bn in 2016.
Which segments are most lucrative?
Based on mode of delivery, the report segments the global telehealth market into web-based, cloud-based and on premise. Of these, web-based segment dominate the global telehealth market by occupying the greatest share in the year 2016 owing to a wide variety of information solutions created by web-based technology to improve remote telehealth interactions. Cloud-based segment is expected to observe rapid growth in the coming six years due to increasing investment by IT firms in cloud computing technology. On the basis of end-user, the global telehealth market includes payers, providers, patients and other end users. Among these, providers hold the largest share in terms of market in 2016 due to growing internet use by the healthcare professionals for medical consultations. On the basis of component, the global telehealth market is classified into software, services and hardware. Of these, service segment is anticipated to hold the biggest share of the telehealth market globally owing to factors such as technological advancements in telecommunication and growing acceptance of remote monitoring solutions by patients in remote rural areas.
Which region is most profitable in the global telehealth market?
Geographically, the DecisionDatabases.com report the report covers telehealth market in the regions of North America, Europe, Asia-Pacific, and the Rest of the World. Among these, North America is poised to hold the largest market share due to growing geriatric population along with the rising prevalence of chronic diseases and rising healthcare expenditures. The aging population has the increasing incidence of chronic diseases including congestive heart failure (CHF), chronic obstructive pulmonary disease (COPD) which requires prolonged care. Thus these factors are expected to drive the telehealth market in this region over the next six years. The second largest share is anticipated to be occupied by Europe due to high internet and mobile phone penetration. The market in Asia-Pacific region is expected to expand for telehealth solutions in coming six years, especially India, China and Japan due to increasing awareness among healthcare professionals about telehealth benefits and improved healthcare infrastructure.
How stiff is the competition among the leading vendors?
As per the findings of the DecisionDatabases.com report, the global telehealth market is moderately fragmented, with American Well (U.S.), Care Innovations (U.S.),Cerner Corporation (U.S.), Tunstall Healthcare (U.K.), Cisco Systems, Inc. (U.S.), Medtronic plc (Ireland), Medvivo Group Ltd. (U.K.), Philips Healthcare (The Netherlands), Global Media Group, LLC (U.S.), Aerotel Medical Systems Ltd. (Israel), AMD Global Telemedicine, Inc. (U.S.), Honeywell Life Care Solutions (U.S.), InTouch Health (U.S.), and Vidyo, Inc. (U.S.).Technological advancements is the most prominent strategy for the players in this market to gain ground over their competitors.
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