These are the times of solutions on your fingertips and the healthcare sector is no exception of this growing trend. Telehealth also called as telemedicine uses advances in communication technologies to deliver healthcare services such as diagnosis, education, consultation, and others.
The Global Telehealth Market is anticipated to develop at a wholesome CAGR of 29.8% during the forecasted period 2018-2023.
August, 2017 – Expansion of community health and greater support and initiatives by governments is expected to be the latest trend. For example, the U.S. is expected to launch major initiatives such as the telehealth program for veteran’s healthcare for mental healthcare and suicide prevention. The statement of VA Secretary David Shulkin speaks much. He stated “the goal of the program is to provide better healthcare for veterans even in rural areas. He also said “existing telehealth programs provide care to more than 700,000 veterans per year, which will be expanded by the latest program.”
Market Dynamics of Global Telehealth Market:
Ease of access, lower delivery costs, expansion of healthcare reach and development of technology are the critical drivers of the market. The greater comfort afforded by the leverage of the technologies coupled with greater cost effectiveness and efficiency due to technological gains adds to the attractions of telehealth. The cost of delivery is also reduced due to the lesser travel time needed and the lower number of face to face appointments afforded by the technology.
Lower servicing costs per new customer due added to an existing platform, improvements in analytics, remote management, generates services at much reduced costs to the patients. Growing adoption of mobile devices is expected to result in faster market growth. The falling divide for smartphone ownership between developing and developed economies will also favor the market due to the huge unmet needs in these regions. Smartphone ownership rates in emerging and developing nations climbed from a median of 21% in 2013 to a whopping 37% in 2015.
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The explosive growth of chronic diseases, rising geriatric population, increasing healthcare expenditure, growing adoption of smart devices, are other factors driving the market. Technological convergence is expected to benefit the market as evident in the growing smartphone telehealth apps.
Some of the major players for the global telehealth market are Koninklijke Philips N.V. (the Netherlands), Medtronic (Ireland), General Electric Company (UK), McKesson Corporation (US), Care Innovations, LLC. (US), Cerner Corporation (US), Global Media Group, LLC (US), Siemens Healthcare Private Limited (US), AMD Global Telemedicine, Inc. (US), InTouch Technologies, Inc. (US).
Koninklijke Philips N.V., headquartered in the Netherlands, focused on electronics and healthcare. The company manufactures a number of telehealth devices used in hospital and at home. Some of the major telehealth softwares developed by the company: eICU Outreach Program, eCareManager, eCareCoordinator.
Medtronic, headquarters in Dublin, Ireland, is a medical device company. The company is one of the world’s largest standalone medical technology developers. In 2017, Medtronic Care Management Services (MCMS) awarded a national contract from the U.S. Department of Veterans Affairs (VA) for Home Telehealth Technologies.
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
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Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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