As per the recent market research report, “Telehealth Market Size & Share by End User (Providers, Payers, Patients), Component (Services (Remote Monitoring, Real-time Interactions), Hardware (Blood Glucose Monitors), Software (Integrated)), Mode of Delivery (Cloud, Web) & Region – Global Forecast to 2021.” Since 2016, the expected increase of the global telehealth market size is from USD 2.8 billion to USD 9.3 billion by 2021, with the rated CAGR growth of 27.5%.
The main parameters around which the growth of the telehealth industry is attributed include improvement of telecommunication infrastructure, geriatric population growth, varied technological advancements, shortage of worldwide healthcare professionals, increase in the use of the connected device for better management of chronic diseases, and the need of affordable treatment alternatives due to rising healthcare costs.
As far as the component factor is concerned, the global telehealth market is classified as hardware, software, and services. In 2016, by component, it was the service segment that held the largest market share. In remote rural areas, remote monitoring solutions are adopted extensively by patients, which is driving market growth — additionally, the introduction of ACA and related legislation in the United States, and technological advancement in telecommunications.
As far as the software segment is concerned, it acts as an interface between the end-users and the database. Moreover, it is an essential part of telehealth solutions. During the forecast period, due to its probable benefits, anticipated growth is likely to be witnessed by the software segment.
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Where the end-users are concerned, the growth of the telehealth market is projected towards patients, payers, providers and other users including government bodies and employer groups. In 2016, the provider’s segment took the largest share of the market, mainly due to the implementation of the Hospital Readmissions Reduction Program and the Affordable Care Act in the US. These aimed to lower the cost of healthcare while using novel solutions like telehealth.
Geographical growth scenario of Cold Plasma Market
The telehealth market is divided into Asia-Pacific, Europe, North America, and ROW. In 2016, North America took the lead followed by Europe and Asia-Pacific, while in the forecast period, Asia-Pacific showed the highest CAGR rate.
The growth in the geriatric population and enough ICT funding in Japan has supported the adoption of HCIT solutions, telepathology in China, the growth of the internet, and the low doctor-patient ratio in India were the few factors that contributed to the growth of Asia-Pacific market. Moreover, increasing HCIT programs and increasing prevalence of chronic disorders in Australia was also a prominent reason. Additional drivers include growing tourism in Singapore, Thailand, and India and telehealth funding in Australia. In the coming years, multiple factors will lead to the growth of the global telehealth market.
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Leading market players and strategies adopted
The key players of the worldwide telehealth market includes Cisco Systems, Inc. (United States), Tunstall Healthcare (UK), American Well (US), Cerner Corporation (United States), InTouch Health (United States), Medtronic plc (Ireland), Philips Healthcare (The Netherlands), Vidyo, Inc. (United States), Medvivo Group Ltd. (UK), Care Innovations (US), GlobalMedia Group, LLC (US), Honeywell Lifecare Solutions (United States), AMD Global Telemedicine, Inc. (United States).
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