Telehealth or telemedicine leverages connected medical devices for the evaluation, diagnosis, and treatment of patients in remote locations. Although a relatively new concept, telehealth has been garnering many accolades owing to its ability to improve treatment, expedite treatment, and reduce costs made possible by advancements in telehealth technologies. Telehealth bridges the gap between patients and healthcare professionals by catering to the needs of both the ends. The global telehealth market is predicted to register an impressive CAGR of 29.8% over the forecast period of 2017-2023, asserts Market research Future (MRFR) in an in-depth study.
Towering healthcare costs and the need to overcome healthcare challenges along with the pressing need to enhance the quality of care has led to a growing interest in the application of telehealth solutions which is driving the growth of the global telehealth market.
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Improvement of telecom infrastructure and robust mobile engagement platform, especially in developing countries combined with the availability of funds for the deployment of telehealth solutions are leading growth within the global telehealth market. In addition, shortage in a number of healthcare professionals willing to serve in remote locations has necessitated the deployment of telehealth solutions to cater to the needs of patients in remote areas.
Telehealth could curb healthcare costs to a large extent, and the governments in multiple countries are endeavoring to implement telehealth solutions which are likely to stimulate the growth of the global telehealth market.
Other factors contributing to the growth of the market include the outbreak of natural disasters, the prevalence of chronic diseases, and rise in geriatric population. However, lack of awareness and unavailability of the needed infrastructure in many parts of the world are likely to deter the growth of the global telehealth market over the forecast period.
The global telehealth market has been segmented based on component, type, and end user.
By component, the global telehealth market has been segmented into hardware, software, and others. The hardware segment has been further segmented into monitors, medical devices, and others. The monitors sub-segment has been further segmented into blood glucose monitors, blood pressure monitors, ECG monitors, and others.
By type, the global telehealth market has been segmented into web-based, on-premises, and cloud-based.
By end user, the global telehealth market has been segmented into hospitals & clinics, pharmaceutical companies, and others.
By region, the global telehealth market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
North America has been actively working since the last few years towards the improvement of telehealth and telemedicine laws and guidelines with an aim to improve access to care which reflects favorably on the growth of the market. Moreover, due to robust healthcare infrastructure and technological superiority, the region is a frontrunner in the deployment of telehealth solutions.
Europe holds the second most significant share of the global telehealth market. Growing interest in telehealth services from the developed countries of the region is favoring the growth of the market. Germany is a key contributor to the Europe market.
The existence of rapidly emerging economies such as India and China who are increasingly leveraging telehealth solutions are favoring the growth of the APAC telehealth market.
Care Innovations LLC. (U.S.), Siemens Healthcare Private Limited (U.S.), Medtronic (Ireland), Cerner Corporation (U.S.), General Electric Company (U.K.), McKesson Corporation (U.S.), Koninklijke Philips N.V. (the Netherlands), InTouch Technologies Inc. (U.S.), GlobalMedia Group LLC (U.S.), and AMD Global Telemedicine Inc. (U.S.) are the notable players in the global telehealth market.
- In February 2019, Teladoc Health, leading telehealth provider, announced the expansion of its virtual care capabilities which would facilitate delivery of a wider range of virtual care services. The company has extended its services to specialty and complex care.
- In February 2019, Blum Telehealth, a leading provider of telehealth services, and Medxoom, a growing digital health identity, payments and engagement platform, announced partnership to modernize patient engagement and payments.
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